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.

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

Three back to back Cop America Final Loss , World cup final lost in 2014 .
But they kept on fighting and now they are the only team in 15 years to win 3 trophies in a row ( Famously called Triple crown ) .

🕸Persistence serves and hard work one day shows results !

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

Most important BIHAR SPECIAL current affairs questions(JUNE to 15th JULY 2024) 👇👇👇