UPSC EXAM QUIZ 11.10.2024

Explanation:

• 51st Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) was chaired by the RBI Governor.

Key Decisions Taken at the 51st MPC Meeting

• Unchanged Repo Rate: Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5% for the 10th consecutive time.
• Change in Monetary Policy Stance: The MPC changed the policy stance to ‘Neutral’ from ‘withdrawal of accommodation’. Neutral stance allows the MPC greater flexibility to adjust monetary policy as needed while “withdrawal of accommodation” means restrictive monetary policy stance where the RBI aims to reduce the money supply in the economy (curb inflationary pressures). When the RBI withdraws accommodation, it signals that it is less inclined to support economic growth through lower rates, focusing instead on stabilising prices.

Explanation:

• Union Cabinet chaired by the Prime Minister Narendra Modi has approved the development of National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The project is a significant step towards preserving and showcasing India’s rich maritime heritage, which dates back over 4,500 years.
• The NMHC is going to be a world-class museum that will boost tourism, generate employment, and promote India’s cultural and maritime heritage.

National Maritime Heritage Complex

• It is being built on about 400 acres of land at Lothal, Gujarat.
• It is being developed by the Union Ministry of Ports, Shipping and Waterways under the Sagarmala Project in collaboration with the Government of Gujarat.
• It is being developed as an international tourist destination
• India's maritime heritage from ancient to modern times will be showcased here

Explanation:

• India's National Space Commission has officially approved Lunar Polar Exploration Mission (Lupex), the country's fifth moon mission.
• The mission comes after the successful landing of Chandrayaan-3 in August 2023, which made India the fourth country to land on the moon.
• Lupex, a collaborative effort between India's ISRO and Japan's JAXA, aims to explore the moon's resources, especially water in the polar regions.

Objectives of the Lupex Mission

• The main goal of the Lupex mission is to study water and other important resources on the Moon. Scientists want to understand how much water is present, where it is located, and whether it is just on the surface or also beneath the Moon’s soil, known as regolith.

Explanation:

• Integration of the UMANG app with digilocker has been announced by the National e-Governance Division.
• This has been done to provide citizens seamless access to a wide range of government services.
• With this collaboration, users will be allowed to manage multiple services through a single platform.
• The UMANG app is accessible to all Android users.
• Services of the UMANG app can be accessed through the digilocker app.
• Digilocker is a flagship initiative under the Digital India program.
• It is aimed at providing secure cloud-based storage of documents.
• The UMANG app provides a single platform for all Indian citizens to access pan-India e-Government services, spanning from Central to Local Government organisations.

Explanation:

• A scholarship scheme for faculty members from academic institutions has been announced by RBI.
• Full-time faculty members teaching economics or finance at any UGC or AICTE-recognized university or college in India can apply under the scheme for short-term research.
• The scheme covers monetary and financial economics, banking, real sector concerns, and other themes of relevance to the RBI.
• The scheme aims to raise awareness of the RBI's activities among faculty and students while also providing exposure to various operational areas of the RBI.
• A maximum of five scholarships will be offered to candidates selected based on their curriculum vitae, a research proposal of no more than 1,000 words, and an interview with a selection panel.
• The deadline for submitting applications is the 5th of next month.