Content:

1. Amid High Inflation, RBI Retains Repo Rate at 6.5%
2. No Card, No Work’: MGNREGS Deletions Hit Rural Workers Hard
3. European Space Agency to Support Gaganyaan Mission
4. Nicobarese Ancestral Connection with Austroasiatic Populations
5. Employees’ Provident Fund Organisation Wins Global Award
6. No Plans for De-Dollarisation

Amid High Inflation, RBI Retains Repo Rate at 6.5%

Context: The RBI’s Monetary Policy Committee (MPC) has made key decisions balancing inflation management and economic growth.

Relevance: GS 3 (Banking)

• Repo Rate Unchanged:
  • Policy repo rate remains at 6.5% for the 11th consecutive meeting.

• Focus is on durable inflation alignment.

• CRR Cut:
  • Cash Reserve Ratio reduced by 50 bps to 4% to ease liquidity.

• Infuses ₹1.16 lakh crore into the banking system.

• Revised GDP Growth Forecast:
  • Growth forecast for 2024-25 revised downward from 7.2% to 6.6%.

• Reflects concerns over growth slowdown.

• Inflation Projections:
  • Retail inflation projected at 4.8% (up from 4.5%).

• Rise attributed to increasing food prices.

• Support for Growth:
  • Steps taken to ensure liquidity while balancing inflation concerns.

• Additional Insights:
  • RBI Governor emphasized the challenge of balancing inflation and growth.

• Liquidity constraints expected in coming months due to tax outflows and currency circulation.

‘No Card, No Work’: MGNREGS Deletions Hit Rural Workers Hard

Background: In Bihar, a significant number of workers have been deleted from the MGNREGS scheme.

Relevance: GS 2 (Governance )

• Mass Deletions:
  • 84.8 lakh names deleted between April and September.

• Net deletion: 39.3 lakh workers after additions.

• Protests:
  • Workers protested under NREGA Sangharsh Morcha in Delhi.

• Demands: Address delayed wages, deletion of job cards, and inadequate fund allocation.

• Aadhaar-Based Payment System (ABPS):
  • Mandated nationwide from January 2023.

• Job card linking with Aadhaar and bank accounts made compulsory.

• Challenges:
  • Workers without job cards face livelihood issues.

• App-based attendance and Internet issues disrupt wage payments.

• Government Response:
  • Ministry denies correlation between ABPS and deletions.

European Space Agency to Support Gaganyaan Mission

Context: ISRO and ESA have signed a Technical Implementing Plan (TIP) for ground tracking support in Gaganyaan missions.

Relevance: GS 3 (Science & Technology, Space)

• Ground Tracking Agreement:
  • Enables continuous communication with the orbital module.

• Signed at Satish Dhawan Space Centre.

• Historical Collaboration:
  • ISRO and ESA share a long-standing partnership in space missions.

• Gaganyaan Project Highlights:
  • Aims to launch a 3-member crew into a 400 km orbit for 3 days.

• Safe return planned in Indian waters.

Nicobarese Ancestral Connection with Austroasiatic Populations

Relevance: GS 1 (Heritage & Culture, History, Society)

Findings from Recent Genetic Research:

• Ancestral Links:
  • Nicobarese show genetic ties with Austroasiatic populations from Southeast Asia.

• Likely settled in Nicobar ~5,000 years ago.

• Genetic Affinity:
  • Closely linked to the Htin Mal community, an Austroasiatic-speaking group.

• Research Details:
  • Conducted by CSIR-CCMB and BHU with DNA analysis of 1,559 individuals.

• Significance:
  • This research enriches understanding of Austroasiatic heritage and migration patterns.

Employees’ Provident Fund Organisation Wins Global Award

Context : EPFO received the ISSA Good Practice Award (Asia-Pacific 2024) in Riyadh, Saudi Arabia.

Relevance: GS 2 (Governance)

• Recognized for innovations like e-proceedings, district outreach, and multilingual call centers.

• Reflects India’s commitment to social security reforms.

EPFO

• Formation : EPFO is a statutory body under the Ministry of Labour and Employment, Government of India.

• It administers provident funds, pension funds, and insurance for workers in the organized sector in India.

• Objectives: Provide social security benefits to employees in the organized sector.

• Enforce the Employee Provident Funds & Miscellaneous Provisions Act, 1952.

• Operates multilingual call centers for assistance in various languages.

No Plans for De-Dollarisation

Context: RBI Governor clarified India’s stance on de-dollarisation amidst global discourse on a BRICS common currency.

Relevance: GS 3 (Economy), GS 2 (International Relations)

•  Local Currency Trade: Focus on de-risking trade, not replacing the U.S. dollar.

• BRICS Currency: Discussions are in preliminary stages; geographical challenges noted.

• Preparedness: Robust forex reserves to mitigate potential global spillovers.

• India prioritizes trade stability over currency shifts.