UPSC Key-August 19, 2022: Why you should read ‘RBI and Inflation’ or ‘Lord Curzon’ or ‘Dolo-650’ for UPSC CSE

Inflation target breach: RBI committee will meet to draft report for Govt

Syllabus:

Preliminary Examination: Economic and Social Development

Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilisation, of resources, growth, development and employment.

Key Points to Ponder:

• What’s the ongoing story– The Reserve Bank of India will call a special meeting of its Monetary Policy Committee (MPC) after October 12 to discuss a report it will have to submit to the Union government explaining the reasons for the average retail inflation remaining above the upper tolerance limit of 6 per cent for three consecutive quarters.

• What is Monetary Policy Framework?

• Do You Know-With the political class over years realising that inflation or price rise hurts the poorest the most and also adversely impacts growth in the long run, the Union government decided to provide a statutory basis for implementing inflation targets by the RBI. A monetary policy framework was signed between then RBI Governor Raghuram Rajan (on behalf of the RBI) and then Finance Secretary Rajiv Mehrishi (on behalf of the President) on February 20, 2015. The RBI Act, 1934, was amended in May 2016, giving effect to this framework agreement.

• Why RBI is failing to meet the inflation target recently?

• What are the steps taken by RBI to control inflation?

• What is Monetary policy?

• What is the primary objective of the monetary policy?

• The Monetary Policy Committee (MPC) is a Statutory Body-True or False?

• Under Section 45ZB of the amended (in 2016) RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee (MPC)- What is the Monetary Policy Committee (MPC)?

• What is the composition of Monetary Policy Committee (MPC)?

• The amended RBI Act, 1934 provides for the inflation target be set by the Government of India, in consultation with the Reserve Bank, once in every five years-What is inflation target?

• What are the various Instruments of Monetary Policy to control Inflation?

• Know these Terms-Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), Open Market Operations (OMOs), Market Stabilisation Scheme (MSS), Repo Rate, Reverse Repo Rate, Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) Bank Rate

• For Your Information-The Union government, in consultation with the RBI, fixes the inflation target for the central bank every five years. It had fixed it at 4 per cent plus/ minus 2 per cent (upper limit 6 per cent, lower limit 2 per cent) for the period August 5, 2016 to March 31, 2021, and retained it for the next five years ending March 31, 2026. The framework agreement requires the RBI to submit a report to the Union government if it is in breach of the inflation targets for three consecutive quarters. In eight years, this will be the first time the RBI would have let retail inflation slip beyond the upper tolerance limit of 6 per cent for three straight quarters.

Other Important Articles Covering the same topic:

📍ExplainSpeaking: What RBI’s surveys tell about India’s economy

📍MONETARY POLICY

GOVT & POLITICS

Eye on China, Jaishankar says Quad will benefit Indo-Pacific

Syllabus:

Preliminary Examination: Current events of national and international importance.

Mains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Key Points to Ponder:

• What’s the ongoing story– The entire Indo-Pacific region will benefit from the Quad and any reservations to the activities of the four-nation bloc is possibly a “unilateralist opposition to collective and cooperative endeavours”, External Affairs Minister S Jaishankar said on Thursday, in an apparent reference to China’s objection.

• What is Quadrilateral Security Dialogue (QUAD)?

• Formation of Quadrilateral Security Dialogue (QUAD) and 2004 tsunami relief operations-Connect the Dots

• Know the Principles and the motive behind the Quadrilateral Security Dialogue (QUAD)

• What are U.S. interests in the Quad?

• What is Japan’s aims for the Quad?

• How is China’s relations with each of the Quad members?

• The QUAD in the Indo-Pacific region and its geopolitical implication-Know in detail

• The Term ‘Indo-Pacific’-What does it mean? Define this term in Geopolitical and in geographical context.

• How QUAD is Significant for India?

• India’s Role in Quadrilateral Security Dialogue (QUAD)?

• What is QUAD Plus?

• Who are member nations in Quadrilateral Security Dialogue (QUAD)?

• Who are observer nations in Quadrilateral Security Dialogue (QUAD)?

• Know the difference between observer and member countries

• What are the challenges and opportunities for QUAD in Current Scenario?

Other Important Articles Covering the same topic:

📍Explained: How was the Quad formed, and what are its objectives?

📍Quad: Opportunities, challenges

📍The Quad in the Indo-Pacific: What to Know

Split over Lord Curzon gate: TMC statue politics riles Opp, experts

Syllabus:

Preliminary Examination: History of India and Indian National Movement.

Mains Examination: General Studies I: The Freedom Struggle — its various stages and important contributors/contributions from different parts of the country.

Key Points to Ponder:

• What’s the ongoing story– He achieved infamy for his decision to partition Bengal in 1905 and now a 119-year-old structure built in honour of Lord Curzon, who served as the Viceroy of India for six years from 1899, in the city of Bardhaman in West Bengal is at the centre of a political row.

• Who was Lord Curzon?

• Why Lord Curzon was disliked then?

• How and why did the partition of Bengal take place?

• What were the consequences of the Bengal partition?

Other Important Articles Covering the same topic:

📍Explained: Who was Lord Curzon, the Viceroy of India who partitioned Bengal in 1905?

EXPRESSNETWORK

Your job to recover what farmers owe us, discom tells sugar mills

Syllabus:

Preliminary Examination: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.

Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Key Points to Ponder:

• What’s the ongoing story- Maharashtra’s electricity distribution company has asked the state’s sugar mills to ensure that payments to sugarcane farmers for their cane is made only after adjusting power dues owed by these farmers to the electricity company.

• What are the main by-products of the sugarcane industry?

• How Biomass has always been an important energy source?

• What is the current availability of biomass in India?

• What is Bagasse?

• How Bagasse is used for the generation of steam and power required to operate the sugar factory?

• How much electricity is produced from bagasse?

• What are the advantages and disadvantages of bagasse?

• What are the Central Financial Assistance and Fiscal Incentives for Biomass based Cogeneration Projects?

• Map Work-Sugar Industry’s in India

• Fair and Remunerative Price and sugar mills-connect the dots

Other Important Articles Covering the same topic:

📍BIO ENERGY

📍Sugar output in 2022-23 may dip slightly 355 lakh tonnes: ISMA

THE EDITORIAL PAGE

‘Is this how justice ends?’

Syllabus:

Preliminary Examination: Current events of national and international importance

Mains Examination: General Studies II: Structure, organization and functioning of the Executive and the Judiciary—Ministries and Departments of the Government; pressure groups and formal/informal associations and their role in the Polity.

Key Points to Ponder:

• What’s the ongoing story-Pratap Bhanu Mehta writes: We live in an age where crime and justice, innocence and guilt, have no autonomous meaning of their own, other than as part of a communal project

• Who is Bilkis Bano?

• Bilkis Bano case: What did the CBI find in its investigation?

• According to the author, “The Supreme Court may, if approached, overturn it although it gave permission for the remission application to be considered. But the damage has already been done. “Is this how justice ends?”-decode the statement

• “Unfortunately, in the Indian justice system, the way in which bail, punishment and remission are practised is shot through with wide discretion”-critically analyse Indian justice system

• “Greater communalisation, but also totalisation of communal identity”-what have you understood by this statement? Is communalisation is above justice-Put both the sides of argument

• How did the trial in the case proceed?

• What are the laws on remission?

• Articles 72 and 161 of the Constitution-Know in detail

• In ‘Laxman Naskar v. Union of India’ (2000) the Supreme Court laid down five grounds on which remission is considered-Know them in detail

• Laws on remission and the Bilkis case convict-Know in detail

• What you know about Gujarat’s remission policy?

• How Gujarat’s remission policy applied to Bilkis case?

• What are the legal remedy available to Bilkis now

Other Important Articles Covering the same topic:

📍Bilkis case remission: Judge who convicted 11 says for court to see

THE IDEAS PAGE

Drawing lines in high seas

Syllabus:

Preliminary Examination: Current events of national and international importance

Mains Examination: General Studies II: India and its neighbourhood- relations.

Key Points to Ponder:

• What’s the ongoing story– Abhijit Singh writes: Should India demand special rights in its near-seas, especially in circumstances when international law does not fully account for foreign activity that could imperil its national security?

• What is this Chinese ship that will dock in Hambantota?

• ‘Yuan Wang 5’-Know in detail

• Why is this ship headed to Hambantota?

• What strategic importance does Hambantota port have?

• Map Work-Hambantota port

• What explains Sri Lanka’s U-turn on the docking of the Chinese ship Yuan Wang-5 at Hambantota?

• According to the Writer, “there are two ways to construe the possible hazards posed by the YW-5”-What are they?

• What International laws says for the passage of ships?

• Why is India concerned about this development?

Other Important Articles Covering the same topic:

📍IN CHOPPY WATERS

📍Explained: A Chinese spy ship is set to dock at Sri Lanka port today — here’s why India is watching closely

📍Step back from water’s edge

EXPRESS NETWORK

A serious issue, we will look into it: SC on claim that Dolo firm gave freebies to docs

Syllabus:

Preliminary Examination: Economic and Social Development–Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.

Mains Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.

Key Points to Ponder:

• What’s the ongoing story- The Supreme Court on Thursday described as a “serious issue” the matter raised by an NGO relating to the CBDT’s allegation against the makers of Dolo tablets that they had distributed freebies worth about Rs 1,000 crore to doctors for prescribing their 650 mg anti-inflammatory, fever reducer drug.

• Do you Know-Federation of Medical and Sales Representatives Association of India’, that the market price of any tablet up to 500 mg is regulated under price control mechanism of the government but the price of the drug above 500 mg can be fixed by the Pharma company concerned.

• What is the allegation?

• What is Dolo-650?

• What made Dolo-650 pandemic’s go-to fever drug?

• How other paracetamol brands fared against Dolo?

• For your Information-The Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations of 2002 prescribe a Code of conduct for doctors in their relationship with the pharmaceutical and allied health sector industry. But, this Code is enforceable against doctors. However, it does not apply to drug companies, leading to anomalous situations where doctors’ licenses are cancelled for misconduct which is actuated, encouraged, aided, and abetted by pharma companies.

• How unethical drug promotion can adversely influence doctors’ prescription attitudes and harm human health by over-use/over-prescription of drugs?

Other Important Articles Covering the same topic:

📍Explained: Under tax lens now, how Micro Labs made Dolo-650 Covid pandemic’s go-to fever drug

EXPLAINED

An India Blockchain Platform

Syllabus:

Preliminary Examination: Economic and Social Development and Current events of national and international importance

Mains Examination: General Studies III: Indian Economy, Awareness in the fields of IT, Space, Computers, robotics, nano-technology, bio-technology and issues relating to intellectual property rights.

Key Points to Ponder:

• What’s the ongoing story-A digital infrastructure based on blockchain technology will transform the digital ecosystem in India, and will enable the future of digital services, platforms, applications, content, and solutions.

• How in recent years, India has made a significant effort to become a digital society by building a large citizen-scale digital public infrastructure?

• According to authors, “In the current digital ecosystem, existing different digital infrastructures are not interconnected as a design; a technical integration is required to make them conversant and interoperable”-Elaborate

• What is a Web 3.0?

• What is Blockchain Technology?

• Blockchains-How does it operate?

• Issues and Challenges Associated to Blockchain Technology

• Digital India programme-Know the background

• How do you explain Digital India?

• The Digital India programme is centred on three key vision areas-Know that three key Vision areas

• What is the main purpose of Digital India?

• Digital India aims to provide the much needed thrust to the nine pillars of growth areas. They are?

• What are the Approach and Methodology for Digital India programme adopted by Government of India?

• What are Various Schemes of Digital India programme?

• Significant Achievements of Digital India-Know in detail

• What are the issues and challenges associated with Digital India Programme?

Other Important Articles Covering the same topic:

📍Explained: Digital currencies and how they work

📍From Web3 to Web5: How the evolution of internet is focused on data privacy

MEGALODON

Syllabus:

Preliminary Examination: General Science

Mains Examination: General Studies III: Science and Technology

Key Points to Ponder:

• What’s the ongoing story– Using fossil evidence to create a three-dimensional model, researchers have found new evidence about the life of one of the biggest predatory animals of all time — the Megalodon.

• How heavy and big could Megalodon be?

• Know the significance of this research

Other Important Articles Covering the same topic:

📍Giant sharks once roamed the seas, feasting on huge meals

How humans gave monkeypox to a pet dog

Syllabus:

Preliminary Examination: Current events of national and international importance.

Mains Examination: General Studies III: Science and Technology- developments and their applications and effects in everyday life.

Key Points to Ponder:

• What’s the ongoing story-The first case of human-to-animal transmission of monkeypox has been reported in a dog, according to research published in the medical journal The Lancet on August 10. Following the news, the United States public health agency, the Centres for Disease Control (CDC) and Prevention, has updated its prevention recommendations on infected persons having pets at home.

• Monkeypox and Monkeypox virus-Know in detail

• How can dogs or other pets get monkeypox through humans?

• What precautions need to be taken for households with pets?

• Where has monkeypox occurred before?

• What does Monkeypox as a Public Health Emergency of International Concern (PHEIC) mean?

• Is monkeypox sexually transmitted?

Other Important Articles Covering the same topic:

📍Quixplained: How to keep safe from Monkeypox

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