Daily : October 4, 2017

Fourth Bi-monthly Monetary Policy Statement, 2017-18

Fourth Bi-monthly Monetary Policy Statement, 2017-18

  • On October 4th, 2017, Reserve Bank of India has issued Fourth Bi-monthly Monetary Policy Statement, 2017-18.
  • Monetary Policy Committee (MPC) made a resolution on the basis of an assessment of the current and evolving macroeconomic situation.

Monetary Policy Committee (MPC) has decided:

  • To keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent.
  • Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent.
  • The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

The main considerations underlying the decision are set out in the statement below-

  • The projection of real GVA growth for 2017-18 has been revised down to 6.7 per cent from the August 2017 projection of 7.3 per cent, with risks evenly balanced.
  • The MPC was of the view that various structural reforms introduced in the recent period will likely be growth augmenting over the medium- to long-term by improving the business environment, enhancing transparency and increasing formalisation of the economy.
  • The MPC also decided to keep the policy stance neutral and monitor incoming data closely.
  • The MPC remains committed to keeping headline inflation close to 4 per cent on a durable basis.

Reference:
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=41852

World Maritime Day 2017

World Maritime Day

Question: World Maritime Day is celebrated on –
(a) September 23
(b) September 28
(c) September 29
(d) September 25
Answer- (b)
Related Facts:

  • On 28th September, 2017, World Maritime Day was celebrated throughout the world.
  • The theme of this day in 2017 – was the connecting ships, ports and people.
  • It is notable that the International Maritime Organization (IMO) was established in the year 1959 as a special agency of the United Nations.
  • Its headquarters is located in London, United Kingdom.
  • The IMO Convention entered into force in 1958 and the new Organization met for the first time the following year (1959).
  • It is noteworthy that the original name was the Inter-Governmental Maritime Consultative Organization, or IMCO, but the name was changed in 1982 to IMO.

Reference:
http://www.imo.org/en/About/Events/WorldMaritimeDay/Pages/WMD-2017.aspx
http://www.un.org/en/events/maritimeday/
http://www.imo.org/en/About/HistoryOfIMO/Pages/Default.aspx
https://international-maritime-rescue.org/eventseducation/south-america/world-maritime-day-2017-panama-city

World Tourism Day 2017

World Tourism Day

Question: ‘World Tourism Day’ is celebrated on-
(a) September 26
(b) September 22
(c) September 27
(d) September 29
Answer: (c)
Related Facts:

  • On 27th September, 2017, World Tourism Day was celebrated across the world.
  • Theme of this day for 2017 was ‘Sustainable Tourism-a Tool for Development’.
  • The purpose of this day is to increase awareness on the role of tourism among the international community.
  • It is notable that Last year alone, 1.235 million travellers crossed international borders in one single year.
  • By 2030, this 1.2 billion will become 1.8 billion.
  • The tourism industry contributes 10.2 percent of the world’s GDP.
  • It is estimated that every 10th person in the world works in the tourism industry.
  • In India too, the livelihood of a very large number of people is linked to the tourism industry.
  • In the year 2016, tourism’s contribution to GDP was 9.6 percent and 9.3 percent to total employment.
  • This year the ‘World Tourism Day’ event was held officially in Doha, Qatar.
  • The President of India Shri Ram Nath Kovind presented the “National Tourism Awards, 2015-16” to various segments of the travel, tourism and hospitality industry at a function held in New Delhi.

Reference:
http://media.unwto.org/press-release/2017-08-10/world-tourism-day-2017-celebrated-theme-sustainable-tourism-tool-developm-0
http://wtd.unwto.org/official-messages-world-tourism-day
http://www.un.org/en/events/tourismday/
http://pib.nic.in/newsite/erelease.aspx

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