Which of the given options best describes the word 'GIFT NIFTY' recently in the news?

1
It is the first cross-border initiative in connecting India and Singapore’s capital markets.
2
It is the principle that allows social media platforms to avoid liability for posts made by users.
3
It is the first cross-border initiative in connecting India and China’s capital markets.
4
It is a single window clearance for the environmental clearances in the country.

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