BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation)
Why in News?
The GoI has decided to retain the inflation target of 4%, with a tolerance band of +/- 2 percentage points for the Monetary Policy Committee (MPC) of the RBI for the next five years.
About Inflation Targetting:
It is a type of central banking policy that revolves around adjusting monetary policy to achieve a pre-specified annual rate of inflation.
Inflation targeting is generally known to result into more stable, predictable, and transparent monetary policy.
Types of Inflation Targeting Practices:
Strict Inflation Targeting: If the central bank is only concerned to keep inflation as close to the given inflation target as possible, and nothing else.
Flexible Inflation Targeting: When the central bank apart from inflation control is also concerned with other things, like, the stability of interest rates, exchange rates, output and employment, etc.
Inflation Targeting in India:
In 2016, GoI gave mandate to RBI to keep the retail (CPI based) inflation at 4% with a margin of 2% on either side for a five-year period i.e., 2016-2021.
The Consumer Price Index (CPI) is to be used to track the change in retail prices of goods and services which households purchase for their daily consumption.
Flexible Inflation Target (FIT) was adopted in 2016, after amendment to The Reserve Bank of India Act, 1934. Hence FIT has statutory backing.
The Act provides for the inflation target to be revised by the Government of India (GoI), in consultation with RBI, once every five
Related Information: MPC
It is a statutory framework under the RBI Act, 1934,to maintain price stability, keeping in mind the objective of growth.
The RBI Governor is ex-officio Chairman of the committee.
It determines the policy interest rate (repo rate) required to achieve the inflation target (2-6%).
RBI-appointed Urijit Patel committee, 2014led recommended the establishment of the Monetary Policy Committee.
Global Gender Gap Report 2021
Why in News?
Global Gender Gap Report 2021 was released recently by World Economic Forum stating India’s 28 places fall in the ranking.
About GGG Report:
Published by the WEF.
Economic Participation and Opportunity,
Health and Survival and
Over the Index, the highest possible score is 1 stating most equality and the lowest possible score is 0 revealing most inequality.
India and GGG Report 2021:
India has now become one of the worst performers in South Asia, with ranking 140 among 156 countries.In GGG 2020, it was ranked 112/153.
Nearby Countries Ranks:
Bhutan 130. and
Sri Lanka 116.
The World Economic Forum is the International Organization envisioned to promote Public-Private Cooperation.
Established in 1971 as a not-for-profit foundation, headquartered in Geneva, Switzerland.
WEF aims to demonstrate entrepreneurship in the global public interest while also upholding the highest standards of governance.
Some other reports published by WEF are:
Energy Transition Index.
Global Competitiveness Report.
Global Gender Gap Report.
Global Risk Report.
Global Travel and Tourism Report.
Art and Culture
Why in News?
Recently, an online staging of Kutiyattam theatre form was organised.
It is one of the oldest traditional theatre forms of Kerala..
In Malayalam language, kutiyattam means combined acting.
In it, usage ofnetra abhinaya (eye expression) and hasta abhinaya (the language of gestures) are the most prominent. They also focus on the thoughts and feelings of the main character.
They are performed in theatres called Kuttampalams, located inside the Hindu temples.
Male actors called Chakyars
Female performers called Nangiars,
Drummers assisting them are called called Nambiars.
Pakarnattam is a part of Kutiyattam which involves embodying both male and female roles.
Nangiar Koothu: solo section of female performance.
Plays of almost all the major Sanskrit playwrights like Bhasa, Harsha,Bodhayana, Saktibhadra, Neelakantha,Kulasekhara,etc are staged. However, works of Kalidasa and Bhavabhuti, are not traditionally part of Kutiyattam.
Kutiyattam is one of themasterpieces of the Oral and Intangible Heritage of Humanity by UNESCO.
Why in News?
Recently OPEC+ Countries announced that they would boost crude oil output in the upcoming months. The move is expected to reduce the oil process.
The Organization of the Petroleum Exporting Countries (OPEC) was created after Baghdad Conference, 1960
Five founding countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
It is a permanent intergovernmental organization to co-ordinate and unify petroleum policies among member nations.
Headquarter: Vienna, Austria.
OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.
Currently, OPEC has a total of 14 Member Countries.
The non-OPEC countries which export crude oil are included in OPEC plus
Notable OPEC plus countries: Malaysia, Oman, Russia.
USA is not part of OPEC+.
Oman is not part of OPEC but part of OPEC+.
BIMSTEC(Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation)
Why in News?
Ministerial Meet of BIMSTEC was recently held.
It is a regional multilateral organisation.
Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
7 Members: Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, Thailand etc.
It aims to create an enabling environment for
rapid economic development
accelerate social progress;
Collaboration on matters of common interest in the region.
The organisation came into being in 1997 through the Bangkok Declaration.
Initial four Member States: Bangladesh, India, Sri-Lanka and Thailand. (BIST-EC)
It was renamed BIMST-EC following the inclusion of Myanmar.
With the inclusion of Nepal and Bhutan in 2004, the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).