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Varma diverged from policy stance, called for tightening

Context: A member of the MPC, has strongly argued for tightening the policy stating that inflation and growth risks are “well beyond the control” of the MPC. Previous Monetary Policy Committee (MPC) key decision While the Reserve Bank’s Monetary Policy Committee (MPC) retained the accommodative stance and kept the main policy rates... .Read more

Updated on 23 October, 2021 GS3 Economy

Failure of large NBFC can disrupt small, mid-sized ones: RBI Dy Guv

Context: Reserve Bank of India Deputy Governor recently cautioned that the failure of any large non-banking finance company (NBFC) or housing finance company (HFC) may translate into a risk to its lenders with the potential to create a contagion. Failure of any large and deeply interconnected NBFC can also cause disruption to the operations of the smal... .Read more

Updated on 23 October, 2021 GS3 Economy

To check edible oil prices, centre suggests limit to states: no sticking beyond 2 months

Context: With cooking oil prices continuing to remain high, the Centre has called a meeting of states on October 25 to review enforcement of its order regarding stock limit of edible oils and oilseed. The Guidelines The government has also asked states to ensure that stakeholders do not hold stock beyond two months of their capacity. Demand and co... .Read more

Updated on 23 October, 2021 GS3 Economy

India weighs ‘net zero’ targets ahead of CoP

Context: India has not entirely ruled out the possibility of agreeing to a “net zero” climate target, though it will not budge on demanding that developed nations make good their commitments. Background India has been pushing for rich countries to meet their Paris Accord climate finance commitment of $100 billion per year. ... .Read more

Updated on 23 October, 2021 GS3 Environment

SC rues delay in filling of vacancies in consumer bodies

Context: The Supreme Court recently expressed anguish over the delay in filling of vacancies in district and state-level consumer bodies and expressed that it is not a happy situation that the judiciary is called upon to look into the issue. Background The court was hearing a suo motu case on the delay in appointment of president and members of Dist... .Read more

Updated on 23 October, 2021 GS2 Governance

Petro taxes funding vaccines: Petroleum Minister

Context: Petroleum Minister, reiterating that the excise duty levied on petroleum products is funding free COVID-19 vaccines and public welfare schemes. He also stated that global oil prices would likely fall by the time India vaccinated its entire population, indicating no tax cuts might be expected at that time. Centre rationale for high p... .Read more

Updated on 23 October, 2021 GS3 Economy