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UPSC Key- December 8, 2022: Why you should read ‘Current Repo Rate’ or ‘Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)’ for UPSC CSE

Exclusive for Subscribers from Monday to Friday: The Indian Express UPSC Key December 8, 2022 will help you prepare for the Civil Services and other competitive examinations with cues on how to read and understand content from the most authoritative news source in India.

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Important topics and their relevance in UPSC CSE exam for December 8, 2022. If you missed the December 7, 2022 UPSC key from the Indian Express, read it here

FRONT PAGE

Inflation war far from over: RBI hikes rate, lowers growth

Syllabus:

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Preliminary Examination: Economic and Social Development

Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment

Key Points to Ponder:

• What’s the ongoing story- Setting The Stage for a further rise in lending and deposit rates, the Reserve Bank of India’s Monetary Policy Committee (MPC) Wednesday hiked the repo rate — the rate at which the RBI lends money to banks to meet their short-term funding needs — by 35 basis points (bps) to 6.25 per cent to rein in retail inflation.

• Why Reserve Bank of India’s Monetary Policy Committee (MPC) hiked the repo rate?

• What is repo rate?

• After hike, what is the Current Repo Rate?

• What is Cash Reserve Ratio (CRR) Rate?

• What happens when Repo Rate and CRR is increased?

• How this move will impact overall Economy?

• Do You Know-The six-member committee, headed by RBI Governor Shaktikanta Das, also lowered the GDP forecast for the financial year 2022-23 to 6.8 per cent from an estimate of 7 per cent earlier as risks continue to emanate from protracted geopolitical tensions, global slowdown and tightening of global financial conditions. Das also signalled that the battle against inflation is far from over.

• What does accommodative stance mean with respect to monetary policy?

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• In a majority 4:2 decision, the MPC also retained the stance on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth-What is withdrawal of accommodation meaning?

• What is Monetary Policy Framework?

• Why RBI is failing to meet the inflation target recently?

• What are the steps taken by RBI to control inflation?

• What is Monetary policy?

• What is the primary objective of the monetary policy?

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• The Monetary Policy Committee (MPC) is a Statutory Body-True or False?

• Under Section 45ZB of the amended (in 2016) RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee (MPC)- What is the Monetary Policy Committee (MPC)?

• What is the composition of Monetary Policy Committee (MPC)?

• The amended RBI Act, 1934 provides for the inflation target be set by the Government of India, in consultation with the Reserve Bank, once in every five years-What is inflation target?

• What are the various Instruments of Monetary Policy to control Inflation?

• How Inflation is Measured in India?

• What do you understand by Wholesale Price Index (WPI) and Consumer Price Index?

• What is CPI-based Inflation or Retail Inflation?

• The base year of Wholesale Price Index (WPI)?

• Base Year for Consumer Price Index (CPI)?

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• Impact of increase in the REPO and CRR on Money Supply on an Economy-Inflation or Deflation?

• Know about these terms-Bank Rate, Reverse Repo Rate, Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) etc.

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• New Standard for Measuring Inflation in India and Old Standard for Measuring Inflation-Key Differences

Other Important Articles Covering the same topic:

📍RBI to banks: Be cautious in lending to companies with exposure to West

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Bring before us records of demonetisation decision: SC to Centre, RBI

Syllabus:

Preliminary Examination: Current events of national and international importance.

Mains Examination: General Studies II: Structure, organization and functioning of the Executive and the Judiciary—Ministries and Departments of the Government; pressure groups and formal/informal associations and their role in the Polity.

Key Points to Ponder:

• What’s the ongoing story-The Supreme Court Wednesday asked the Centre and Reserve Bank of India (RBI) to produce before it records related to the decision-making process on the demonetisation of Rs 500 and Rs 1000 currency notes in 2016.

• For Your Information-A five-judge Constitution Bench, comprising Justices S Abdul Nazeer, B R Gavai, A S Bopanna, V Ramasubramanian and B V Nagarathna, reserved its order after hearing extensive arguments over several days on different aspects of the 2016 decision including the deadline to exchange old currency notes.

• What is Demonetization?

• Demonetisation of Rs 500 and 1000 currency notes-Know the background

• Why Centre is calling this matter an academic issue only?

• How demonetization impacted on the GDP for the current year? (Know short-term and Long term effect)

• “The issue needs to be examined on the doctrine of proportionality too as 86% currency notes were rendered invalid by the decision”- What is doctrine of proportionality?

• What is doctrine of proportionality in administrative law?

• Does demonetization served the purpose of curbing black money and terror funding? (What economic survey said about it?)

• Demonetisation has been implemented twice in the past-When, why and how?

• Demonetisation in 1946 and 1978 and Demonetisation in 2016-compare and contrast

• Demonetisation in 2016 was the decision taken in haste and not gone into the nitty-gritties of this step-Do you agree?

• Demonetisation in 2016-How it impacted common man?

Other Important Articles Covering the same topic:

📍Demonetization: Meaning, Example, and How It Works

📍Four years since demonetisation: Cash in system steadily rising, at all-time high

EXPRESS NETWORK

Wildlife protection amendment Bill introduced in RS

Syllabus:

Preliminary Examination: General issues on Environmental ecology, Bio-diversity and Climate Change

Mains Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment.

Key Points to Ponder:

• What’s the ongoing story-ENVIRONMENT AND Forest Minister Bhupender Yadav on Wednesday introduced in the Rajya Sabha a Bill to amend the Wild Life (Protection) Act, 1972 to strengthen protection for endangered species and enhance punishment for illegal trade in wildlife.

• What is Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)?

• What is the main objective of CITES?

• The Wild Life (Protection) Amendment Bill, 2021 and Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)-connect the dots

• What is the Constitutional Provisions for Wildlife in Indian Constitution?

• Why Wildlife (Protection) Act, 1972?

• What are the Salient Features of Wildlife (Protection) Act, 1972?

• How many bodies are established under the Wildlife Protection Act 1972?

• Why amendment is required in the Wild Life (Protection) Act, 1972?

Other Important Articles Covering the same topic:

📍The Wild Life (Protection) Amendment Bill, 2021

THE EDITORIAL PAGE

A higher peak

Syllabus:

Preliminary Examination: Economic and Social Development

Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment

Key Points to Ponder:

• What’s the ongoing story-Saugata Bhattacharya writes: In line with analysts’ expectations, the Monetary Policy Committee (MPC) voted by a majority 5-1 to increase the policy repo rate by 35 basis points to 6.25 per cent. This marks a shift from the earlier front loaded rate hikes of 50 bps. The policy stance was retained as remaining “focused on withdrawal of accommodation”, indicating that members continue to attach primacy to moderating inflation.

• Given the persistence of core inflation (that is, non-food and fuel) at around 6 per cent and the continuing momentum in many of its components, will a terminal rate of 6.5 per cent be sufficient?

• How long will this level need to be retained before headline inflation starts falling towards the target of 4 per cent?

• What is Open Market Operations (OMOs) and CRR (cash reserve ratio)?

• “A relative tightness in system liquidity is important both from the point of keeping short-term money market rates closer to the upper band of the policy rate corridor”-Comment

Other Important Articles Covering the same topic:

📍Why the Indian government should resist the temptation to increase spending

EXPLAINED

Reading monetary policy

Syllabus:

Preliminary Examination: Economic and Social Development

Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment

Key Points to Ponder:

• What’s the ongoing story-On Wednesday, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) unveiled its latest review of the monetary policy. In it, the RBI cut India’s GDP (gross domestic product) growth forecast for the current financial year, maintained the inflation forecast, and raised the repo rate by 35 basis points. Even though the raising of the repo rate by 35 basis points is in line with market expectations, most observers saw the latest policy statement as “hawkish”.

• What is the need for monetary policy reviews?

• What is the significance of the latest policy review?

• What is the latest outlook on inflation and interest rates?

• Why is RBI’s stance being called hawkish?

• What about GDP growth?

• RBI rate hike: Was the decision unanimous?

• What impact will the RBI’s decision have?

• Why did the Monetary Committee raise the rate?

• How has the interest rate moved in recent cycles?

• How has the rate transmission progressed?

• What is the RBI’s growth and inflation forecast?

Other Important Articles Covering the same topic:

📍RBI hikes key interest rate by 35 bps: what does this mean?

For any queries and feedback, contact priya.shukla@indianexpress.com
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First published on: 08-12-2022 at 19:52 IST
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