Daily Current Affairs Notes for 08 December 2022

The South Asian Association for Regional Cooperation (SAARC) Charter Day is observed every year on 8th December.

Overview

SAARC Charter Day 2022:

The South Asian Association for Regional Cooperation (SAARC) Charter Day is observed every year on 8th December. On this day in 1985, SAARC Charter was adopted in Dhaka, during the first summit of the group. This year marks the 38th Anniversary of the regional group. The charter was signed by the Leaders of SAARC Countries Heads of State or Government of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka at the First SAARC Summit held in Dhaka, Bangladesh.

The prime focus of SAARC is to work collectively to promote the welfare of people in the region and to improve their standard of living through social progress and economic development. The aim of SAARC members is to promote stability, peace and progress in the region. SAARC has organised 18 summits since 1985. These specialised bodies promote regional cooperation by SAARC members in various fields.

History and significance of the SAARC Charter:

SAARC Charter Day is observed annually on 8 December. The day marks the signing of the SAARC Charter in 1985 by the heads of state or heads of government of the SAARC countries of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka at the first SAARC summit held in Dhaka. Since the inception of the Association, the SAARC Secretariat, Member States, Regional Centers and Apex/Accrediting Bodies have been observing 8th December as SAARC Charter Day and celebrate it with great enthusiasm by organizing programs and events. The main focus of SAARC is to work collectively to promote the welfare of the people in the region and improve their quality of life through social progress and economic development.

In the consecutive fifth hike this year, the RBI’s Monetary Policy Committee has raised the repo rate by 35 basis points (bps) to 6.25 per cent.

Overview

RBI Monetary Policy 2022:

In a move that will raise borrowing costs for corporates and individuals even further, the RBI Monetary Policy Committee led by Governor Shaktikanta Das hiked Repo Rate by 35 basis points to 6.25 percent on Thursday. Due to which the loan has become expensive. The policy rate is now at the highest level since August 2018. RBI maintains policy stance on 'withdrawal of accommodation'

Notably: The next meeting of the MPC is scheduled during February 6-8, 2023.

RBI Repo Rate: Consequently, the various rates are as under

• Policy Repo Rate: 6.25% (Changed)
• Standing Deposit Facility (SDF): 6.00% (Changed)
• Marginal Standing Facility Rate: 6.50% (Changed)
• Bank Rate: 6.50% (Changed)
• Fixed Reverse Repo Rate: 3.35%
• Cash Reserve Ratio (CRR): 4.50%
• Statutory Liquidity Ratio (SLR): 18.00%

Key Points of the Monetary Policy:

• RBI has maintained consumer price index (CPI) inflation forecast for FY23 at 6.7%. Real FY23 GDP forecast lowered to 6.8% from 7%.
• Inflation expected to be above 4% in the next 12 months.
• Standing Deposit Facility rate, Marginal Standing Facility rate also increased by 35 basis points each to 6% and 6.5%
• India’s retail inflation fell to a three-month low of 6.77% in October, down from 7.41% in September. However, remained above the RBI’s tolerance band for the 10th consecutive row.
• Equities open flat with a negative bias as Sensex dips over 55 points, Nifty falls 0.2% ahead of RBI’s policy decision.
• Liquidity conditions are set to improve. Weighted average lending rate is up 117 bps in May-October.

The Monetary Policy Committee

Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government by notification in the Official Gazette. The first such MPC was constituted on September 29, 2016. The present MPC members, as notified by the Central Government in the Official Gazette of October 5, 2020, are as under:

1. Governor of the Reserve Bank of India—Chairperson, ex officio;
2. Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy—Member, ex officio;
3. One officer of the Reserve Bank of India to be nominated by the Central Board—Member, ex officio;
4. Prof. Ashima Goyal, Professor, Indira Gandhi Institute of Development Research —Member;
5. Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad—Member; and
6. Dr. Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research, Delhi—Member.

(Members referred to at 4 to 6 above, will hold office for a period of four years or until further orders, whichever is earlier)

What is the role of MPC?

• The MPC determines the policy repo rate required to achieve the inflation target.
• The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members.
• Each member of the MPC has one vote, and in the event of an equality of votes, the Governor has a second or casting vote.
• Each Member of the Monetary Policy Committee writes a statement specifying the reasons for voting in favour of, or against the proposed resolution.

The four Indians in the BBC's 100 Most Influential Women's list are actor Priyanka Chopra Jonas, author Geetanjali Shree, engineer and astronaut Sirisha Bandla, and social worker Sneha Jawale.

Overview

The BBC has published the list of 100 most influential women in the world and has included women from several areas such as politics, science, sports, entertainment, and literature. 

The BBC's 100 most influential women's list also includes four Indians — Actress Priyanka Chopra Jonas, author Geetanjali Shree, engineer and astronaut Sirisha Bandla, and social worker Sneha Jawale.

The annual list celebrates the achievements of women internationally, from grassroots volunteers to global leaders, and is used by BBC to focus on women's experiences around the world through a dedicated series of interviews, documentaries and features. For the first time this year, the BBC asked some of the previous ‘100 Women’ to nominate women they feel deserve a place on the 2022 list.

Some of the notable names included in the BBC 100 most influential women’s lists:

• European Commission President Ursula von der Leyen,
• Barbados Prime Minister Mia Mottle,
• Ukraine’s First Lady Olena Zelenska,
• Music star Billie Eilish,
• Actress and disability activist Selma Blair,
• Iranian climber Elnaz Rekab who recently made waves in Iran for competing in South Korea without wearing a headscarf.
• From sport, Iranian climber Elnaz Rekab who recently made waves in her home country for competing in South Korea without wearing a headscarf.
• Tunisian tennis star Ons Jabeur who became the first Arab or African woman to reach a Grand Slam final in the Open era.

About the BBC Releases 100 Most Influential Women’s List:

The BBC most influential women's list is celebrating its 10th season, as well as the 90th anniversary of the BBC World Service and the centenary of the BBC. The theme for ‘100 Women’ in 2022 is progress – and the related set of programmes for the season will take the opportunity to look back at what’s changed over the past decade, as well as highlighting the inspiring women who have made a difference.

Four veteran diplomats and a US lawmaker have been honoured with this year’s annual ‘Diwali- Power of One’ award here for their efforts in working towards a peaceful and secure world.

Overview

Four veteran diplomats and a US lawmaker have been honoured with this year's annual 'Diwali- Power of One' award at the United Nations (UN) Headquarter at New York, US on 5 December for their efforts in working towards a peaceful and secure world. The award, which is also known as the  ‘Oscars of Diplomacy', is presented to former  top diplomats of the United Nations or a member state  for their  effort to help form a more perfect, peaceful and secure world for all."  

The 2022 award ceremony was co-organised by Diwali Foundation USA and the Delegation of the European Union to the United Nations, and the Permanent Missions of Chile, Georgia, India, Kazakhstan, Kiribati, Morocco, Oman and Sri Lanka to the United Nations. Due to the Covid-19 pandemic, the awards were suspended in 2020 and 2021.

Notably: Previous honourees of the award include former Deputy Executive Director of UN Women Lakshmi Puri, former UK Ambassador to the UN Matthew Rycroft, Ukraine’s former UN envoy Yuriy Sergeyev and Vietnam’s former Permanent Representative to the UN Nguyen Phuong Ngai.

Award Winner 2022

• Former Permanent Representative of Georgia to the UN Kaha Imnadze,
• Former Permanent Representative of Grenada to the United Nations Keisha McGuire,
• Former Permanent Representative of Bulgaria to the UN Georgi Velikov Panayotov,
• Former Permanent Representative of Benin to the UN Jean-Claude do Rego,
• Former Chairman, Foreign Affairs Committee of the US House of Representatives Eliot Lance Engel.

About the Diwali Stamp-Power of One Awards:

The UN General Assembly recognised the significance of Diwali in its resolution in 2014. Thereafter, Diwali Foundation USA Inc. Was established in 2017 to promote a peaceful and consensus-based process to achieve societal ‘Good’, as befits the high hopes and ideals of humanity enshrined in the United Nations Charter. The Foundation established the “Diwali Stamp – The Power of One” Award to celebrate and highlight the important work done in a peaceful manner, especially at the United Nations.