46th session of World Heritage Committee
Global Collaboration in Heritage Conservation
World Heritage Convention
#summit
Global Collaboration in Heritage Conservation
World Heritage Convention
#summit
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.
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.
Consumer Price Index
-> It measures price changes from the perspective of a retail buyer. The CPI has several sub-groups including food and beverages, fuel and light, housing and clothing, bedding and footwear. Four types of CPI:
1.CPI for Industrial Workers (IW)
2.CPI for Agricultural Labourer (AL)
3.CPI for Rural Labourer (RL).
4.CPI (Rural/Urban/Combined).
-> The first three are published by Labour Bureau, Ministry of Labour and Employment and last by NSO, Ministry of Statistics and Programme Implementation.
-> CPI-IW is mainly used for determining dearness allowance (DA) paid to central/state government employees and workers in the industrial sectors besides measuring inflation in retail prices, fixation and revision of minimum wages in scheduled employments.
-> Base year- 2016
-> It measures price changes from the perspective of a retail buyer. The CPI has several sub-groups including food and beverages, fuel and light, housing and clothing, bedding and footwear. Four types of CPI:
1.CPI for Industrial Workers (IW)
2.CPI for Agricultural Labourer (AL)
3.CPI for Rural Labourer (RL).
4.CPI (Rural/Urban/Combined).
-> The first three are published by Labour Bureau, Ministry of Labour and Employment and last by NSO, Ministry of Statistics and Programme Implementation.
-> CPI-IW is mainly used for determining dearness allowance (DA) paid to central/state government employees and workers in the industrial sectors besides measuring inflation in retail prices, fixation and revision of minimum wages in scheduled employments.
-> Base year- 2016
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