Economy Current: Dollar Swap agreement, National Land Monetization Corporation (NLMC), EPFO interest rates & more

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Mrunal's Win22 Series for Economy Updates for UPSC Prelims & Mains 2022

– EcoPill3A-BoP/Intl-Trade: $5 bn dollar-rupee swap. E.g. Axis bank will buy US Dollars from the RBI (e.g. at $1:75) & simultenously Axis agrees to RE-SELL those dollars back to RBI (e.g. at $1:76) at the end of the Swap period (e.g. 3 years). 😍1) increase the dollar supply in the system → weakening of rupee controlled: that helps saving Indian economy from imported inflation and worstening of current account deficit. 🤔 2022-Feb-March: Rupee Weakened: $1:74 to $1:77. Reasons 1) Russia-Ukraine war → crude oil price. ⏫: import bill ⏫ → CAD⏫: Rupee becomes weak. 2) Fed Tapering → FPI exiting India → they send the Indian company shares receive rupees to convert it into dollars and runaway. Has the demand for dollars in Indian currency exchange market⏫. Solution to prevent weakening of Rupee: RBI conducted $5 bn dollar-rupee- meaning RBI sold its dollars to Bank/NBFC/Forex Dealers to increase the supply of dollars in the market → strengthen the rupee back to ‘normal’ level e.g. $1:74-75. (डॉलर के मुक़ाबले रुपये की गिरावट को क़ाबू में रखने के लिए रिज़र्व बैंक ने पाँच बिलियन डॉलर का मुद्रा अदला बदली समझौता भारतीय वित्तीय संस्थानों के साथ किया है)

– EcoPill1D-Pension- EPFO interest rate ⏬ from 8.5% (2020-21) to 8.1% (2021-22).This is lowest in four decade, but still slightly better than small saving schemes of the government of India. E.g. Kisan Vikas Patra 6.9% Sukanya Samriddhi 7.6% 🤔 EPFO is unable to generate high level return because it does not invest large qty of subscribers money into private sector companies shares. Then again Sharemarket has been fallen since November 2021 on account of Fed Tapering → FPI exit, Russia Ukraine crisis. so it is better to keep the subscribers money saved by not investing it heavily in the share market at present. (EPF बचत ब्याज दर में की गई कटौती. हालाँकि फिर भी इसका ब्याज दर सरकारी लघु बचत योजनाओं से अधिक है. EPFO संगठन मज़दूरों का पैसा ज़्यादातर सरकारी प्रतिभूतियों में निवेश करता है जहाँ की ब्याज दर कम मिलते हैं वो शेयर बाज़ार में पैसा ज़्यादा निवेश नहीं करता क्योंकि वहाँ जोखिम ज़्यादा लगता है इसी कारण से मुनाफ़ा मर्यादित रहता है.)
– ⚾️📻⚾️🎙✋ LABOUR Ministry is considering bringing in a proposal to tweak the rules for pension scheme under the Employees’ Provident Fund Organisation (EPFO) to ensure wider coverage for workers who move into unorganised sectors – let them notify

– EcoPill2-disinvestment: Budget 2021 announced plans to set up a special purpose vehicle (SPV) Company monetising surplus land and building assets of Central Public Sector Enterprises (CPSEs) / Govt Companies /other govt org.→ 2022: National Land Monetization Corporation (NLMC under Finance Ministry @5000cr capital.) for this purpose. Earlier this work was done by Department of Investment and Public Asset Management (DIPAM) 😍 NLMC will hire professionals from the private sector from areas such as market research, legal due diligence, valuation, master planning, investment banking and land management. सरकारी कंपनियों की अतिरिक्त ज़मीन / इमारत संपत्तियों का क्मौद्रिकरण करना यानी कि उसे किराये पे चढ़ा देना, या बेच देना- सबके लिए सरकार राष्ट्रीय ज़मीन मौद्रिकरण निगम की स्थापना करने जा रही है।

– EcoPill3A-BoP/Intl-Trade: Oil- previously the oil prices has skyrocketed in February 2022 due to Russia Ukraine were but 2022-March: OPEC producers UAE and Iraq save the word increase the oil production → oil prices fell by 17% (UAE तथा इराक़ ने कहा कि हम अपने अपने कच्चे तेल की उत्पादन/आपूर्ति को बढ़ाएंगे इसके बाद कच्चे तेल की क़ीमतों में गिरावट)

– EcoPill1D-Insurance- IRDAI’s new Chairman is Debasish Panda. Earlier he was Financial Services Secretary (IAS). Insurance Regulatory and Development Authority of India (Irdai) headquarters is located in Hyderabad.

– EcoPill6: HRD: Census: GOVERNMENT updates Census rules to allow online self-enumeration in the upcoming Census and National Population Register (NPR). Census, scheduled to begin in March 2020 but had been postponed indefinitely due to the Covid-19 pandemic. जनगणना में ऑनलाइन तरीक़े से व्यक्ति ख़ुद अपना पंजीकरण और ख़ुद ही अपनी गिनती करवा सके ऐसे कुछ नियमों को सरकार लागू करने वाली।
– EcoPill6: HRD: Women: Sikkim Govt scheme “Bahini” for free and safe sanitary pads for school girls.

– EcoPill6: HRD: medical education updates. 1) THE NATIONAL Medical Commission (NMC) has removed the upper age limit for the National Eligibility-cum-Entrance Test (Undergraduate) (NEET-UG). Previously age limit was 25 years of General and 30 for reserved candidates 2) medical college control 2022: 😥 Earlier there was no control on the fee structure for private deemed universities at all. Their fees were decided by their internal committees 😍 After reform: state regulatory committees to approve the fees – by looking at the operating cost of the medical college. (मेडिकल कॉलेजों में दाख़िले के लिए NEET परीक्षा में विद्यार्थियों की आयु मर्यादा जो पहले 25-30 वर्ष की बात करती थी उसे हटा दिया गया है. 😍 और दूसरा सुधार की निजी मेडिकल कॉलेजों में फ़ीस निर्धारण के लिए राज्य स्तर पर समितियां बनायी जाएगी)

– ⚾️📻⚾️🎙✋ Fertilisers likely to hike subsidy bill, but tax mop-up may keep deficit in check
– ⚾️📻⚾️🎙✋ Govt has till May 12 to launch LIC IPO without seeking fresh Sebi nod’

– ⚾️📻⚾️🎙✋ government is looking at creating a fund for agritech startups, Commerce and Industry Minister Piyush Goyal said at a webinar- let them first of all announce.
– ⚾️📻⚾️🎙✋ Covid, lockdown hit MSMEs hardest, their bad loans spiked Rs 20,000 crore in 2020-21

– ⚾️📻⚾️🎙✋ EcoPill1A1-Digital Payments: Dubai has adopted its first law governing virtual assets. Let’s wait for India to make the law. And even when it is done, we need not Waste time comparing how it is similar or different then Dubai.

– ⚾️📻⚾️🎙✋ Sebi greenlights LIC IPO, ball in govt court now

– ⚾️📻⚾️🎙✋ EcoPill1B1-Banks: Paytm Payments Bank barred from onboarding clients; RBI directs IT audit.
– ⚾️📻⚾️🎙✋ HDFC Bank set for Digital 2.0 as RBI lifts curbs on business generating activities.
Page Columns:
– 1) Medical education system must be reformed to stop exodus of students to places like Ukraine 2) NOIDA that failed people CAG report raises questions on land acquisition, process of allotment to builders, points to governance deficits 3) Society gains from startups and investors underestimating their odds of failure 4) 🤔 Monetising surplus land held by state is a good idea, it needs to be done with transparency, sensitivity to public interest 🤔 Selective cattle slaughter could be introduced in UP to contain the stray animals menace, keep dairy viable 🤔 Current global crisis has a silver lining: India could fill the supply gap in wheat, help farmers and consumers
Page Polity

– Polity: judiciary: United Nations General Assembly announced to observe March 10 of every year as International Day of Women Judges. India was among the nations that sponsored the resolution. FIRST-EVER ‘INTERNATIONAL DAY OF WOMEN JUDGES what is observed on 10 March 2022. महिला जजों का अंतरराष्ट्रीय दिवस 10 मार्च को मनाया जाएगा.

– Polity: Rights issue: freedom of speech: there are three aspects freedom of speech — discussion (but cannot do defamation), advocacy (but cannot do sedition/ advocate in favour of something is against the Constitution / public order e.g. untouchability), 3-Incitement (can incite patriotism slogans in favour of a sports team but cannot incite violence). ANY SPEECH made against a government policy or action “cannot be seditious” and views in favour of fundamental rights have to be taken (वाणी स्वतंत्रता के तीन आयाम होते हैं 🤔 1: चर्चा करना लेकिन मान हानि नहीं कर सकते. 🤔2: किसी मामले की वकालत करना। लेकिन असंवैधानिक मामलों की तरफ़दारी में वकालत नहीं हो सकती है- जैसे कि छुआछूत को जायज़ ठहराना। 🤔 3: भड़काना/ उत्तेजन देना- राष्ट्रभक्ति को भड़का सकते हैं- लेकिन राजद्रोह / हिंसा को नहीं।)

– ⚾️📻⚾️🎙✋ Polity: Explained: How EVMs move before and after votes are cast. This much operational details and James Bond information not IMP.
Page IR

– IR/Defense: India’s Missile test-fired from Sirsa towards Mahajan field firing range. But accidentally reached towards Main Channu-Multan Pakistan due to Malfunction. None injured. Pakistan and India to investigate. (भारतीय मिसाइल/प्रक्षेपास्त्र परीक्षण के दौरान गलती से पाकिस्तान चला गया हालाँकि किसी की जान हानि नहीं हुई और दोनों ही देश इसकी तहक़ीक़ात/ छानबीन करेंगे)

– ⚾️📻⚾️🎙✋ Iran claims responsibility for missile barrage near US consulate in Iraq. Until this creates a really big crisis at global level requiring India to take a stand in favour of either USA or Iran, this is not an issue affecting India and interest immediately for 250 words for UPSC mains exam,

– IR/Defense: Ukraine- Indian moves the embassy of Ukraine to Poland because of the ongoing Russia attack. – 2) Britain PM announcing new subsidy scheme: citizens to get £350 a month to give shelter to Ukraine refugees. although they may have to undergo criminal record checks (to prevent human trafficking and prostitution of the refugees).

– IR/Defense: Russia supports Syria. Syria fights against Turkey. During Russia Ukraine war- Turkey cited 1936 Montreux Convention to close Bosphorous and Dardanelles Straits for Russian war ships. But this does not mean Turkey and Russia are enemies. Turkey relies on oil-gas from Russia. Turkey bought the S 400 Triumf surface-to-air missile de- fence system from Russia

– ⚾️📻⚾️🎙✋ Explained: How S Asia views the war Some of India’s neighbours voted against Russia at the UN General Assembly, some abstained. From history to current economics and geopolitics, a look at what is behind their respective positions.

– ⚾️📻⚾️🎙✋ Explained: How war can hit semiconductor supply

– ⚾️📻⚾️🎙✋ Explained: The letter Z as a statement across Russia: what does it signify ‘Z’ represents a number of slogans that begin with the Russian word “for” (Za): “For Victory”; “For Peace”; as well as other phrases starting with the letter “Z”, including a correctly spelt version of what was painted on Flores’s door, “We are end- ing this war”, and #ZAPATSANOV (#FORTHEBOYS).
Page Environment
– Environment/ Biodiversity: Halari donkeys being raised in Halara, a region that covers parts of Rajkot, Jamnagar, Devbhumi Dwarka and Porbandar districts of gujarat.

PIN
– History- Culture: Ancient Monuments and Archaeological Sites and Remains (AMASR) Act, any new construction within 100 metres of a monument are prohibited. But National Monument Authority gave No Objection Certificate (NOC) to the Odisha state government for the construction of a toilets etc Puri Heritage Corridor project. 😥 ARCHAEOLOGICAL Survey of India (ASI) has written to the Odisha government to stop Puri Heritage Corridor project because continuous use of bulldozers → earth shaking → is endangering the to the structural safety of the Puri Jagannath Temple. (प्राचीन ऐतिहासिक इमारत धर्मस्थल इत्यादि के 100m दायरे में कोई भी नया विनिर्माण ग़ैर क़ानूनी है. उड़ीसा राज्य सरकार के द्वारा पूरी जगन्नाथ मंदिर के आस पास हो रही ऐसा निर्माण. पुरातत्व सर्वेक्षण विभाग ने शिकायत की है.)
– Award: Nepal’s transgender activist Bhumika Shrestha has bagged the US Department of States’ prestigious International Women of Courage (IWOC) Award 2022 for her dedication to improving the lives of the LGBTI community.
– PIN: Books: 15TH edition of the Jaipur Literature Festival (JLF) Held in Jaipur Rajasthan in 2022 March. This event was not held physically in 2020 and in 2021 due to Corona.
– Death: Historian B.P Sahu / Bhairabi Prasad Sahu, from University of Delhi.
– Gujarat: India Nation’s GDP growth was 5.1% (2012 to 2021) but Gujarat GSDP grew at 8.21 per cent in the same time.
– GPSC: Places- WHO Global Centre for Traditional Medicine (WHO GCTM) in Jamnagar to promote AYUSH systems.
– GPSC: guj Govt’s SANKALP scheme launched in 2018 is to strengthen skill development. This scheme operated by Gujarat Skill Development Mission (GSDM). 2022: Guj Gov has allowed small business and units having a turnover of Rs 50 lakh to participate in the SANKALP (Skills Acquisition and Knowlegde awarness for livelihood promotion) scheme
– GPSC: Gujarat government unveiled Sports Policy 2022-27 to setup four new High Performance Centre (HPC)

Indian History Freedom Struggle Pratik Nayak

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