Monetary Policy Committee (MPC) Subject: Economy Context: As widely expected, the RBI’s Monetary Policy Committee (MPC) maintained status quo on the policy repo rate with economic recovery still nascent and even as it assessed that the recent inflation pressures are transitory. Concept The MPC is a statutory and institutionalized framework under the RBI […]

    Non-tax revenue Subject: Economy Context: The Covid crisis has stretched State finances by impacting both GST and cess collections. This, along with the imminent end of GST compensation in July 2022, has forced States to look at other revenue options. Concept: Tax revenue is charged on income earned by an individual or an entity […]

    Anti-dumping duty Subject: Economy Context: The Directorate General of Trade Remedies has recommended that the existing antidumping duties on import of ceramic tableware and kitchenware (excluding knives and toilet items) from China should be extended to imports of similar items from Malaysia as well as it has established that Chinese items are being […]

    Long Term Repo Operation (LTRO) Subject: Economy Context: The Reserve Bank of India (RBI) is understood to have broached the possibility of conducting Long Term Variable Rate Reverse Repo (LTRR) auctions with banks in the run-up to the normalisation of its ultra-accommodative policy Concept: Open market operations: Open Market Operations (OMOs) are market […]

    Current account Subject: Economy Context: The Reserve Bank of India (RBI) has allowed banks time until October-end to implement the new rules on current accounts issued in 2020 following requests from banks and borrowers. Concept: A current account A current account, also known as financial account is a type of deposit account maintained […]