- CPI-IW base year revised to 2016
The issue in news
The Labour and Employment Ministry has revised the base year of the Consumer Price Index for Industrial Workers (CPI-IW).
- The base year has been revised from 2001 to 2016.
- The revision has been made to reflect the changing consumption pattern, giving more weightage to spending on health, education, recreation and other miscellaneous expenses, while reducing the weight of food and beverages.
- The reduction in weight to spending on food and beverages indicated an increase in disposable income.
- The change in the base year of CPI-IW may give a much real inflation index and thus influence the connected pay matrices.
Consumer Price Index for Industrial Workers (CPI-IW):
- The CPI-IW is used to measure inflation in retail prices.
- It is used to regulate the dearness allowance (DA) of government staff and industrial workers.
- It is also used to revise minimum wages in scheduled employments.
What is CPI?
- Consumer Price Index or CPI is the measure of changes in the price level of a basket of consumer goods and services bought by households. CPI is a numerical estimation calculated using the rates of a sample of representative objects the prices of which are gathered periodically.
- The CPI captures changes in price level at the consumer level.
- Changes in prices at the producer level are tracked by the Wholesale Price Index (WPI).
- CPI can capture the change in the prices of services which the WPI cannot
- Regional Raw Drug Repository (RRDR)
The issue in news
Inauguration of Regional Raw Drug Repository of National Medicinal Plants Board at AIIA, New Delhi.
Main points
- The Minister of State for AYUSH inaugurated the Regional Raw Drug Repository (RRDR) at the All India Institute of Ayurveda in New Delhi.
- This RRDR is the second in the series of repositories proposed by the National Medicinal Plants Board (NMPB), Ministry of AYUSH and will be dedicated to the Trans-Ganga Plain Region.
What is Regional Raw Drug Repository (RRDR)?
- The National Medicinal Plants Board (NMPB), in 2016, took up the initiative of developing a National Raw Drug Repository (NRDR) and Regional Raw Drug Repositories (RRDR) in respect of raw drugs being used in the ASU&H systems of medicine.
- RRDRs is a centrally sponsored scheme of the National AYUSH Mission. Three RRDRs are already ready.
- The newly inaugurated RRDR for the Trans-Ganga Plain Region covers four states -Haryana, Chandigarh, Delhi and Punjab.
Objectives of RRDRs:
- Act as a collection centre of raw drugs available and used in each region.
- Act as an accredited reference library for the authentication of raw drugs.
- Establish standard protocols and keys for the authentication of raw drugs used in the herbal industries.
- Act as an educational centre for disseminating general awareness about the usefulness of raw drugs.
Activities and tasks of RRDRs:
- Collection, compilation, cataloguing of raw drugs and documentation (including digitization) on the information of raw drugs that are used in the traditional systems of medicine.
- Collection of plants and raw drug samples and preserving those specimens.
- Having a digital database of plants.
- Providing standard, genuine and authenticated reference samples of raw drugs to the needy.
- Development of appropriate manuals of identification keys to delineate the features for easy understanding and field identification.
- Testing of raw drugs for pesticide residues, aflatoxins, heavy metals and microbial load, etc. to international standard or any other as per requirement.
National Medicinal Plants Board (NMPB):
- NMPB was formed in 2004 and functions under the Ministry AYUSH.
- The Board has been established by the Government of India to coordinate with all matters relating to medicinal plants and support policies and programs for the growth of trade, export, conservation and cultivation.
- The main objective of NMPB is to encourage the cultivation of medicinal plants and its sustainable management across the country and to reduce pressure on the collection from wild habitat in forests.
- To meet the increasing demand for medicinal plants, NMBP focuses on in-situ & ex-situ conservation and augmenting local medicinal plants and aromatic species of medical significance.
- The NMPB also promotes research & development, capacity building through training, raising awareness through promotional activities like the creation of Home/School herbal gardens.
- NMPB also seeks to support programs for quality assurance and standardization through the development of Good Agricultural and Collection Practices (GACPs), development of monographs laying down standards of quality, safety and efficacy; development of agro-techniques and credible institution a mechanism for certification of quality of raw drugs, seeds and planting material.
- NAG Missile
The issue in news
Final User Trial of NAG Missile.
Main points
Final user trial of 3rd generation Anti Tank Guided Missile (ATGM) NAG was carried out from the Pokhran range.
About ATGM NAG:
- ATGM NAG has been developed by DRDO to engage highly fortified enemy tanks in day and night conditions.
- The missile has “Fire & Forget”, “Top Attack” capabilities with passive homing guidance to defeat all MBTs equipped with composite and reactive armour.
- The NAG missile carrier NAMICA is a BMP II based system with amphibious capability.
- With this final user trial, NAG will enter into the production phase. The missile will be produced by Defence PSU Bharat Dynamics Limited (BDL), whereas Ordnance Factory Medak will produce the NAMICA.
- INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (IFSCA)
The issue in news
The International Financial Services Centres Authority (IFSCA) prescribed the regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.
Main points
- IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC. Additionally, InvITs have been permitted to raise funds through private placements also,” an official statement said.
- The REITs and InvITs registered in International Financial Services Centre (IFSC) have been permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions.
- The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock exchanges in IFSC.
Important Info :
- The IFSCA was established on April 27 this year with head office in Gandhinagar with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
- In December 2019, Parliament passed a Bill to set up a unified authority for regulating all financial activities at the IFSCs in the country.
- G-20 ANTI-CORRUPTION WORKING GROUP
The issue in news
Union minister Jitendra Singh addressed the first-ever ministerial meeting of G-20 anti-corruption working group.
Main points
- In June 2010 at the Toronto Summit, the G20 Anti-Corruption Working Group’s (ACWG) was set up.
- Its primary goal is to prepare “comprehensive recommendations for consideration by leaders on how the G20 could continue to make practical and valuable contributions to international efforts to combat corruption”.
- The ACWG has led the G20 anti-corruption efforts coordinating the collective and national actions taken by its members. The ACWG actively works with the World Bank Group, the OECD, the UNODC, the IMF, the FATF, as well as with the Business 20 (B20) and the Civil Society 20 (C20).
G-20
- It is an informal group of 19 countries and the European Union (EU), with
representatives of the IMF and the World Bank.
- The G20 membership comprises a mix of the world’s largest advanced and
emerging economies, representing about two-thirds of the world’s population,
85% of global gross domestic product (GDP) 80% of global investment and over
75% of global trade.
- One nation holds the chair every year, known as the ‘G20 Presidency’.
Members:
- The members of the G20 are Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi
Arabia, South Africa, Turkey, the UK, the USA, and the EU.
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