India shifts from being net exporter to net importer of steel in Q1 FY25

#Economy #Exports

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Dr. Poonam Gupta shall be the Convenor of the Advisory Council of 16th Finance Commission

Monetary Policy Committee (MPC):
Statutory body established under Reserve Bank of India Act, 1934 (RBI Act) in 2016.
Function: Fixing the benchmark policy rate (repo rate) required to contain inflation within 4%, +/- 2%.
Composition:
MPC will have six members - RBI Governor (Chairperson), RBI Deputy Governor, one official nominated by RBI, and the remaining three by the Government of India.
-> The quorum for a meeting shall be four Members, at least one of whom shall be the Governor and, in his absence, the Deputy Governor.
-> The MPC takes decisions based on a majority vote. In case of a tie, the RBI governor will have the second or casting vote.
-> The decision of the MPC would be binding on the RBI.

Monetary policy stance
1) Accommodative- expand the money supply to boost economic growth
2) Neutral- can either cut rate or increase rate
3) Hawkish- hike interest rates to curb money supply to reduce demand
4) Calibrated tightening- During the current rate cycle, a cut in the repo rate is off the table.