PRELIMS
G7 Countries
Why in News: The U.S. has urged G7 nations to impose tariffs on countries purchasing Russian oil, to cut funding for Moscow’s war in Ukraine.
About G7:
- Members: U.S., U.K., Canada, France, Germany, Italy, Japan.
- Informal bloc of advanced industrialised democracies.
- No permanent secretariat; annual summits hosted by rotating presidency.
- Focus: Global economy, trade, security, climate change.
U.S. Position:
- President Donald Trump demanded NATO allies completely halt Russian oil imports.
- Proposed 50–100% tariffs on China till war ends.
- Imposed 50% tariffs on Indian goods, including 25% additional duty linked to India’s purchase of Russian crude.
India’s Context:
- India’s imports of Russian oil increased to ~42% of total crude basket (from <1% before 2022).
- Facing tariff-related trade pressure from the U.S.
Prelims Static Pointers:
Tariff: A customs duty levied on imports/exports.
Sanction: Restrictive economic/financial measures by one or more countries to influence behaviour of another state.
NATO: Military alliance of 32 countries (North America + Europe).
DeFi Risks
Why in News: Rapid growth of Decentralised Finance (DeFi) has raised global concerns about misuse for money laundering and terrorist financing, prompting calls for regulation.
What is DeFi?
- Financial services using blockchain, smart contracts & dApps.
- Operates without banks/intermediaries → peer-to-peer transactions.
- Users access via digital wallets, often with minimal/no KYC.
- Services include: savings, lending, remittances, insurance.
Global Adoption:
- Market size: $30.07 bn (2024) → $178.63 bn (2029) at 43% CAGR.
- India ranks 3rd globally in DeFi value (2024 Global Crypto Adoption Index).
Risks & Vulnerabilities:
- Anonymity → misuse for terror financing & money laundering.
- Smart contract hacks and DAO governance issues.
- Borderless, multi-wallet system complicates fund tracing.
- Use of crypto-mixers and multiple blockchains to mask transactions.
Global Regulatory Views:
- US Treasury: DeFi must follow AML/CTF laws; ignorance of users worsens risks.
- EU & UK (2025 National Risk Assessment): flagged laundering & terror threats.
- FATF: global struggle to apply AML/CTF standards to DeFi.
India’s Position:
- Faces heightened terror financing risks.
- Banning DeFi impractical → promote tech-driven, risk-based regulation.
- Suggested: National Risk Assessment for DeFi, industry collaboration, and awareness.
- Balance financial inclusion benefits vs. security concerns.
Exotic Eustoma Blooms in Odisha
Why in News: The exotic flower Eustoma (also known as Lisianthus), native to Mexico & parts of the Americas, has bloomed locally for the first time in Odisha. The success was achieved by CSIR-National Botanical Research Institute (NBRI), Lucknow.
Where:
- In a polyhouse at Sanatanpali, Sambalpur district, Odisha on NBRI’s campus.
Economic Potential:
Farmers can grow Eustoma twice a year. In one season, earnings could be up to ₹2 lakh per acre.
About Eustoma:
- Scientific name: Eustoma grandiflorum (gentian family).
- Known in horticulture as Lisianthus, prized for its large, showy, bell-shaped flowers in shades of pink, purple, white, blue.
- Plant height: approximately 30-90 cm depending on variety.
Importance for Farmers & Floriculture Sector:
- Reduces reliance on imports of Eustoma at national/local floriculture markets.
- Can diversify income for farmers in Odisha, especially under protected environments (polyhouse).
- Adds to ornamental/horticultural crop portfolio; good for export potential.
Waqf (Amendment) Act, 2025
Why in News: The Supreme Court will deliver its verdict (Sept 15, 2025) on pleas seeking a stay on the implementation of the Waqf (Amendment) Act, 2025, challenged as unconstitutional by multiple petitioners.
The Waqf (Amendment) Act, 2025 amends the Waqf Act, 1995.
- Passed by Parliament in April 2025, received Presidential assent on April 5, 2025.
Key Amendments:
- Inclusion of non-Muslims in Central and State Waqf Boards.
- Restricts/removes waqf-by-user (properties without formal deeds but historically used as waqf).
- New conditions: property must be declared by a practising Muslim for at least 5 years.
- Strengthened government oversight of registration and auditing of waqf properties.
Petitioners’ Arguments:
- Violates Article 26 (right to manage religious affairs).
- Encroaches on minority rights, affects freedom of religion.
- Invalidates long-standing waqf-by-user properties.
Waqf:
- Permanent dedication of property by a Muslim for religious/charitable purposes (e.g. mosques, madrasas, graveyards, orphanages).
- Governed historically by Waqf Act, 1995 (earlier Acts of 1954, 1959).
Wound-Healing Innovation
Why in News:Jawaharlal Nehru Tropical Botanic Garden & Research Institute (JNTBGRI), Kerala developed a novel wound-healing pad using nanotechnology and a bioactive molecule from the Red Ivy plant (Strobilanthes alternata).
Key Discovery
- Identified Acteoside in Red Ivy for the first time.
- Acteoside → pharmacological properties: anti-inflammatory, antimicrobial, wound-healing.
- Incorporated in the pad at 0.2% concentration, alongside neomycin sulfate.
Design of the Wound Pad
- Multi-layered structure with an electro-spun nanofibre layer.
- Made from biodegradable, non-toxic FDA-approved polymers.
- Ensures gas exchange for wound healing, controlled drug delivery, infection resistance.
Botanical & Traditional Knowledge
- Scientific name: Strobilanthes alternata.
- Local name: Murikooti pacha (Kerala).
- Ayurvedic reference: Vranaropani (“wound healer”).
- Used traditionally in folk medicine for cuts, wounds, bleeding, infections.
Geographical Distribution
- Native to tropical Asia – India, Malaysia, Indonesia, China, Japan.
- Uses in Indonesia: urination aid, infection treatment, bleeding control.
- Also grown as an ornamental plant in the U.S. and U.K.
Static Relevance
- Nanotechnology in medicine: Electro-spinning creates nanofibres mimicking natural tissue.
- Integration of phytochemicals + nanotech enhances healing & reduces infection.
- Example of traditional knowledge + modern science synergy in drug development.
