IMF cuts India’s growth forecast to 6.8% this year
- The world, including India, will experience an overall slowdown in the next year owing to the impact of the Russia Ukraine war, tightening monetary conditions globally, the highest inflation in decades, and lingering effects of the pandemic, according to the International Monetary Fund.
- India is projected to grow at 6.8% in the current fiscal year, following 8.7% growth in fiscal year that ended March 31 as per figures released in the IMF’s October 2022 World Economic Outlook
- Inflation in India was above the RBI’s target, Mr. Gourinchas said, adding that the fiscal and monetary policy should be “probably be on the tightening side”. The IMF has projected 6.9% consumer price inflation this year and 5.1% next year.
About International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an organization of 190 member countries, each of which has representation on the IMF’s executive board in proportion to its financial importance, so that the most powerful countries in the global economy have the most voting power.
Objectives of IMF
- Foster global monetary cooperation
- Secure financial stability
- Facilitate international trade
- Promote high employment and sustainable economic growth
- And reduce poverty around the world
- Macro-economic growth
- Policy advise & financing for developing countries,
- Promotion of exchange rate stability, and an international payment system
About Inflation
Inflation is the general rise in the price level of goods and services over a period of time within a particular economy where the purchasing power of the customer decreases. When the general prices rise, each unit of currency buys lesser goods and services. Inflation in India is measured by the Ministry of Statistics and Programme Implementation (MoSPI)
In simple words, Inflation is defined as the rise in the price of goods and services within an economy over a period of time due to which each unit of currency has less purchasing power.
- It can have positive and negative consequences like it is good for tangible assets but has a negative effect on cash holdings.
- It is estimated as the % rate of change in price index over the reference time period.
- The rate of Inflation in India is measured with the help of the Consumer Price Index- combined (Base year- 2012).
- Till April 2014, the Inflation rate was measured with the help of the WPI (Wholesale Price Index).
- Rate of Inflation = (Current period price index-Reference period price index)/(Reference Period Price Index)×100
Types of Inflation
Demand Pull Inflation
Cost Push Inflation
Built-In Inflation
Monetary Inflation
Based on Speed or Intensity, the types of inflation are as follows:
- Creeping or Mild Inflation
- Walking or Trotting Inflation
- Galloping and Hyperinflation:
- Stagflation:
- Core Inflation
- Headline Inflation
Assam communities demanding ST tag
- Leaders of six communities in Assam, which are agitating for Scheduled Tribe status in their State, have stressed the need to stay united in their fight.
- The leaders of Tai – Ahom, Matak, Moran, Chutia, Koch Rajbongshi, And Adivasi communities demanding ST status
Process of Inclusion in the ST List
- The process to include tribes in the ST list begins with the recommendation from the respective State governments, which are then sent to the Tribal Affairs Ministry, which reviews and sends them to the Registrar General of India for approval.
- This is followed by the National Commission for Scheduled Tribes’ approval before the list is sent to the Cabinet for a final decision
Benefits in the Inclusion in the ST List
- The move will enable members of the communities newly listed in the revised list of Scheduled Tribes to derive benefits meant for STs under the existing schemes of the government.
- Some of the major benefits include post-matric scholarship, overseas scholarship and the national fellowship, besides education, concessional loans from the National Scheduled Tribes Finance and Development Corporation, and hostels for students.
- In addition, they will also be entitled to benefits of reservation in services and admission to educational institutions as per the government policy.
Status of Scheduled Tribes in India
- As per Census-1931, Schedule tribes are termed as “backward tribes” living in the “Excluded” and “Partially Excluded” areas. The Government of India Act of 1935 called for the first time for representatives of “backward tribes” in provincial assemblies.
- The Constitution does not define the criteria for recognition of Scheduled Tribes and hence the definition contained in 1931 Census was used in the initial years after independence.
- However, Article 366(25) of the Constitution only provides process to define Scheduled Tribes: “Scheduled Tribes means such tribes or tribal communities or parts of or groups within such tribes or tribal communities as are deemed under Article 342 to be Scheduled Tribes for the purposes of this Constitution.”
- 342(1):The President may with respect to any State or Union Territory, and where it is a State, after consultation with the Governor, by a public notification, specify the tribes or tribal communities or part of or groups within tribes or tribal communities as Scheduled Tribe in relation to that State or Union Territory.
- The Fifth Schedule of the Constitution lays out provision for Administration and Control of Scheduled Areas and Scheduled Tribes in states other than Assam, Meghalaya, Tripura and Mizoram.
- The Sixth Schedule deals with the administration of the tribal areas in Assam, Meghalaya, Tripura and Mizoram.
Legal Provisions:
o Protection of Civil Rights Act, 1955 against Untouchability.
o Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989.
o Provisions of the Panchayats (Extension to the Scheduled Areas) Act, 1996.
o Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006.
Related Initiatives:
o TRIFED
o Digital Transformation of Tribal Schools
o Development of PVTGs
o Pradhan Mantri Van Dhan Yojana
40 Posts of information commissioners remain vacant across country
- 40 The number of posts of information commissioners vacant in India against the sanctioned strength of 165, while Gujarat and Jharkhand are working without Chief Information Commissioners (CICs), according to an official report.
- Less than 5% of the posts of information commissioners are occupied by women
About Central Information Commission (CIC):
- Establishment: The CIC was established by the Central Government in 2005, under the provisions of the Right to Information Act (2005). It is not a constitutional body.
- Members: It consists of a Chief Information Commissioner and not more than ten Information Commissioners.
- Appointment: They are appointed by the President on the recommendation of a committee consisting of the Prime Minister as Chairperson, the Leader of Opposition in the Lok Sabha and a Union Cabinet Minister nominated by the Prime Minister.
- Jurisdiction: The jurisdiction of the Commission extends over all Central Public Authorities.
- Tenure: The Chief Information Commissioner and an Information Commissioner shall hold office for such term as prescribed by the Central Government or until they attain the age of 65 years, whichever is earlier.
- They are not eligible for reappointment.
Power and Functions of CIC:
- To receive and inquire into a complaint from any person regarding information requested under RTI, 2005.
- It can order an inquiry into any matter if there are reasonable grounds (suo-moto power).
- While inquiring, the Commission has the powers of a civil court in respect of summoning, requiring documents etc.
D.Y. Chandrachud nominated as next Chief Justice of India
- U. Lalit’s recommendation will begin the process for his appointment as the 50th Chief Justice of the country
- chief Justice of India U.U. Lalit nominated Justice D.Y. Chandrachud as his successor in a brief meeting held at the Supreme Court judges’ lounge in the presence of all judges of the cour
- Chief Justice Lalit’s recommendation to the government would start the process for appointment of Justice Chandrachud as the 50th Chief Justice of India.
- If the government approval comes through, Justice Chandrachud would be the first second generation
- His father, Justice Y.V. Chandrachud, was the 16th CJI and one of the longest serving.
His Judicial career
- Justice Chandrachud was appointed judge of the Supreme Court on May 13, 2016.
- He was before that the Chief Justice of the Allahabad High Court from October 31, 2013.
- Justice Chandrachud began his career as a judge in the Bombay High Court on March 29, 2000 until his appointment as the Chief Justice of the Allahabad High Court.
- He was Additional SolicitorGeneral from 1998 until appointment to the Bombay High Court Bench.
- He was designated a senior advocate by the Bombay High Court in June 1998 and had practised law at the Supreme Court and the Bombay High Court.
Mulayam Singh Yadav’s last rites held with state honours
- Last rites of Samajwadi Party patriarch Mulayam Singh were held with state honours at his native town Saifai in Uttar Pradesh.
- Leaders from across the political spectrum and a sea of people bid him final farewell.
- Defence Minister Rajnath Singh, Rajasthan Chief Minister Ashok Gehlot, his Chhattisgarh counterpart Bhupesh Baghel, Telangana Chief Minister K. Chandrasekhar Rao, Bihar Deputy Chief Minister Tejashwi Yadav were among the leaders who paid their respects.
United Nations Secretary General Antonio Guterres will travel to India next week to attend the launch of a special environmental programme
- UN Secretary-General, PM to launch initiative on environment in Gujarat
- The programme, which is part of the ‘Lifestyle For Environment’ initiative, will be held at the Statue of Unity in Kevadia next week and attended by External Affairs Minister S. Jaishankar, over a hundred diplomats and heads of Indian missions
- The programme, which is part of the “Lifestyle for Environment” (LiFE) initiative announced by Mr. Modi in June, will be organised by the NITI Aayog.
- Guterres, who will be in India from October 18 to 20, will participate in the LiFE event, and also visit a field project to highlight climate change challenges and solutions for the world.
Justice Prasanna Varale of Bombay High Court has been appointed as Karnataka High Court Chief Justice by the Centre
BEL in collaboration with HPCL set up its 1st EV facility in Amravati Enclave on Chandigarh-Shimla Highway
Ashok Leyland signed an MoU with IIT Madras to develop hybrid electric vehicles turbine technology
PM Narendra Modi lay the foundation for Deep Sea Pipeline Project in Gujarat
Gandhi Museum opened built by the Aditya Birla Group in collaboration with the Gandhian Society in New Jersey, USA
12th October Observed as
- World Arthritis Day
- International Day for Disaster Reduction