Content:
- Amid High Inflation, RBI Retains Repo Rate at 6.5%
- No Card, No Work’: MGNREGS Deletions Hit Rural Workers Hard
- European Space Agency to Support Gaganyaan Mission
- Nicobarese Ancestral Connection with Austroasiatic Populations
- Employees’ Provident Fund Organisation Wins Global Award
- No Plans for De-Dollarisation
Amid High Inflation, RBI Retains Repo Rate at 6.5%
Context: The RBI’s Monetary Policy Committee (MPC) has made key decisions balancing inflation management and economic growth.
Relevance: GS 3 (Banking)
- Repo Rate Unchanged:
- Policy repo rate remains at 6.5% for the 11th consecutive meeting.
- Focus is on durable inflation alignment.
- CRR Cut:
- Cash Reserve Ratio reduced by 50 bps to 4% to ease liquidity.
- Infuses ₹1.16 lakh crore into the banking system.
- Revised GDP Growth Forecast:
- Growth forecast for 2024-25 revised downward from 7.2% to 6.6%.
- Reflects concerns over growth slowdown.
- Inflation Projections:
- Retail inflation projected at 4.8% (up from 4.5%).
- Rise attributed to increasing food prices.
- Support for Growth:
- Steps taken to ensure liquidity while balancing inflation concerns.
- Additional Insights:
- RBI Governor emphasized the challenge of balancing inflation and growth.
- Liquidity constraints expected in coming months due to tax outflows and currency circulation.
‘No Card, No Work’: MGNREGS Deletions Hit Rural Workers Hard
Background: In Bihar, a significant number of workers have been deleted from the MGNREGS scheme.
Relevance: GS 2 (Governance )
- Mass Deletions:
- 84.8 lakh names deleted between April and September.
- Net deletion: 39.3 lakh workers after additions.
- Protests:
- Workers protested under NREGA Sangharsh Morcha in Delhi.
- Demands: Address delayed wages, deletion of job cards, and inadequate fund allocation.
- Aadhaar-Based Payment System (ABPS):
- Mandated nationwide from January 2023.
- Job card linking with Aadhaar and bank accounts made compulsory.
- Challenges:
- Workers without job cards face livelihood issues.
- App-based attendance and Internet issues disrupt wage payments.
- Government Response:
- Ministry denies correlation between ABPS and deletions.
European Space Agency to Support Gaganyaan Mission
Context: ISRO and ESA have signed a Technical Implementing Plan (TIP) for ground tracking support in Gaganyaan missions.
Relevance: GS 3 (Science & Technology, Space)
- Ground Tracking Agreement:
- Enables continuous communication with the orbital module.
- Signed at Satish Dhawan Space Centre.
- Historical Collaboration:
- ISRO and ESA share a long-standing partnership in space missions.
- Gaganyaan Project Highlights:
- Aims to launch a 3-member crew into a 400 km orbit for 3 days.
- Safe return planned in Indian waters.
Nicobarese Ancestral Connection with Austroasiatic Populations
Relevance: GS 1 (Heritage & Culture, History, Society)
Findings from Recent Genetic Research:
- Ancestral Links:
- Nicobarese show genetic ties with Austroasiatic populations from Southeast Asia.
- Likely settled in Nicobar ~5,000 years ago.
- Genetic Affinity:
- Closely linked to the Htin Mal community, an Austroasiatic-speaking group.
- Research Details:
- Conducted by CSIR-CCMB and BHU with DNA analysis of 1,559 individuals.
- Significance:
- This research enriches understanding of Austroasiatic heritage and migration patterns.
Employees’ Provident Fund Organisation Wins Global Award
Context : EPFO received the ISSA Good Practice Award (Asia-Pacific 2024) in Riyadh, Saudi Arabia.
Relevance: GS 2 (Governance)
- Recognized for innovations like e-proceedings, district outreach, and multilingual call centers.
- Reflects India’s commitment to social security reforms.
EPFO
- Formation : EPFO is a statutory body under the Ministry of Labour and Employment, Government of India.
- It administers provident funds, pension funds, and insurance for workers in the organized sector in India.
- Objectives: Provide social security benefits to employees in the organized sector.
- Enforce the Employee Provident Funds & Miscellaneous Provisions Act, 1952.
- Operates multilingual call centers for assistance in various languages.
No Plans for De-Dollarisation
Context: RBI Governor clarified India’s stance on de-dollarisation amidst global discourse on a BRICS common currency.
Relevance: GS 3 (Economy), GS 2 (International Relations)
- Local Currency Trade: Focus on de-risking trade, not replacing the U.S. dollar.
- BRICS Currency: Discussions are in preliminary stages; geographical challenges noted.
- Preparedness: Robust forex reserves to mitigate potential global spillovers.
- India prioritizes trade stability over currency shifts.
