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Daily Current Affairs - June 9, 2023

RBI's Monetary Policy Committee decisions

  • The Monetary Policy Committee of the Reserve Bank of India decided to 
    • keep policy repo rate unchanged at 6.50%
    • project CPI inflation for the current fiscal year to average 5.1%.

What is repo rate ?

The rate at which the RBI provides short-term loans to Scheduled Commercial Banks (SCBs) against approved securities is called repo rate.

What is CPI inflation ?

CPI stands for Consumer Price Index. It measures the change in retail prices of both goods and services on monthly basis. CPI focuses on tow homogeneous groups of consumers, i.e, rural households and urban households. Thus, inflation occurred to CPI indexed goods is known as CPI inflation.

 What is MPC ?

MPC stands for Monetary Policy Committee. It was set up in 2016 to meet the objectives of Monetary Policy Framework Agreement (entered in 2015 between RBI and GOI). The RBI has been entrusted the take of inflation targeting keeping in mind the objective of economic growth. The RBI has responsibility to maintain inflation at 4 percent with +2% and -2% with upper and lower thresholds respectively. This means that inflation should not go beyond 6% upper limit nor should it go below 2% lower limit.

Composition of MPC - 

  • It has total of 6 members - 3 from the RBI, and rest 3 appointed by the GOI.
  • The external members have 4-year term and cannot be re-elected. 
  • Parliamentary MPs/MLCs or public servants cannot be appointed as members of MPC by the GOI. 
  • RBI governor is the ex-officio chairperson of the MPC.
  • Members meet at least four times a year.

 

Why is India upset with Canada these days?

 Canadian Sikh separatists or 'Khalistani' groups recently celebrated Indira Gandhi's assassination by her bodyguards in 1984. Her assassination is seen by Sikhs as revenge for Operation Bluestar on June 5. They marched parades celebrating the assassination depicting an effigy of the then Prime Minister being shot and killed by her bodyguards.

External Affairs Minister S. Jaishankar sharply rebuked Canad for the incident lambasting its government for 'giving space' to extremists, separatists and those who advocated violence. He suggested that the failure to act against these groups was due to a desire to cater to Canadian "vote-banks' that the much broader community of about 8,00,000 Sikhs constitute. 

Canada has, from time to time, been upsetting India with its failure to stop pro-Khalistani or separatist Sikh groups from doing anti-India activities. Canada itself in 2020 gave statement against government's three farm bills.

 

Why does Nepali PM's visit to India matters ?

  • India and Nepal share open border that allows their nationals to move freely.
  • India is a major trade and transit partner of Nepal where a number of Nepalis continue to earn a living or pursue higher education. 
  • Good ties with Nepal helps India address security and geopolitical issues in its neighborhood more smoothly.
  • Important agreements signed during the visit include: -
    • increasing the export of of power from Nepal to India to 10,000 MW within 10 years.
    • development of new transmission lines
    • construction of a petroleum supply pipeline between Siliguri and Jhapa
    • extension of existing pipelines
    • taking forward the Indian proposal of the export of Nepal's hydropower to Bangladesh through Indian territory. 

 

Why do tribes in Manipur distrust the state government ?

  • Over 35 communities inhabit the valleys and hills in Manipur.
  • Recent conflict in the state began after the High Court ordered the state government to give ST status to the Meitei community.
  • Sometimes ago, the state govt. had started the drive to evict tribal villages from reserved forests which was seen as the anti tribal move. 
  • Many Kuki people were dislodged from their homes without being rehabilitated. 
  • Meiteis constitute 52% of the total state population, yet they have not been given ST status. 
  • Meiteis, constituting 52% of population, are restricted to 10% of the geographical area (in Imphal valley) in the state. Rest of 90% is occupied by Nagas and Kukis. 

What measures are being taken to restore peace ?

  • Indian Army, CRPF, BSF and IAF have been deployed.
  • Union Home Minister visited the state for starting peace process.
  • Director General of CRPF was sent to Imphal as security advisor.
  • Govt. crack downs on perpetrators.
  • Combing operation is on, relief camps are in place.

 

DRDO successfully tested ballistic missile 'Agni Prime'

  • New generation of ballistic missile 'Agni Prime' was successfully flight-tested by Defence Research and Development Organization (DRDO).
  • The launch was made from Dr. APJ Abdul Kalam Island off Odisha on June 7, 2023.
  • It was the first pre-induction night launch after three successful developmental trial.
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