Weekly Current Affairs
1. RBI’s new monetary policy review
Recently a meeting of the 'Monetary Policy Committee was held. In this monetary policy review, for the first time after May 2020, RBI has changed the monetary policy rates.
The Monetary Policy Committee (MPC) has raised the policy repo rate by 40 basis points to 4.40% and raised the cash reserve ratio (CRR) of banks by 50 basis points to 4.5% with immediate effect
- Repo Rate: 4.40%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility (MSF): 4.65%
- Bank Rate: 4.65%
- CRR: 4.50%
- SLR: 18%
- Monetary Policy committee
- June 27, 2016
- Formed under the Finance Act, 2016
- To make interest rate-setting more relevant and transparent
- Six members : 3 from RBI + 3 appointed by the central government
- RBI Governor ex-officio committee
- RBI Deputy Governor in charge of the committee
- Maintaining price stability while keeping in view the economic growth
- According to the RBI Act, 1934, the Government of India in consultation with the RBI will fix the inflation target once in every 5 years.
- According to the ‘consumer price Index’ (CPI), the central government has set it at 4 (+ or 2) percent for the period August, 2017 to March 31, 2022.
2 . State of the world’s Forest Report, 2022
Why in News?
Recently the State of the world’s forests 2022 (SOFO, 2022) Report was released by the United Nations Food and Agriculture Organization.
Highlights of the report
Forests cover an area of 4.06 billion hectares of the Earth’s geographical area. Between 1990 and 2020, 420 million hectares of forests have been destroyed due to deforestation.
An estimated 289 million hectares of deforestation in the tropics alone will be deforested between 2016 and 2050, resulting in emissions of 169 GtCO2e if additional action is not taken.
Greenhouse gas totals are expressed as billion tonnes based on global annual CO2 equivalent emissions (GtCo2e/year)
Increase in infectious diseases Of the 250 emerging infectious diseases, 15% are associated with forests. Example – Covid-19, drug-resistant infection, Zika virus, etc.
Deforestation and land-use change can be attributed to 30% of new diseases reported since 1960.
Rise in poverty level Estimates of the cost of global pandemic containment strategies based on curbing illegal wildlife trade, avoiding land-use change, and increasing surveillance rose by US$22 billion to US$31 billion.
More than 124 million people fell into extreme poverty following COVID-19 and increased use of wood-based fuels in some countries during the pandemic, which could have long-term effects.
Consumption of natural resources The world population is projected to reach 9.7 billion by the year 2050, which will increase competition for land, as the demand for food for this large population will increase by 35 to 56% by the year 2050.
GDP dependency on forests More than half of the world’s GDP (US$84.4 trillion in 2020) depends on minimum (US$31 trillion per year) and maximum (US$13 trillion per year) on ecosystem services provided by forests.
Global Report on Food Crisis 2022
Why in New?
Recently an annual report titled global Report on Food Crisis 2022 was released by the Global Network Against Food Crisis (GNAFC).
Global Network Against Food Crisis
- The Global Report on the Food Crisis is a flagship report of the Global Network Against Food Crisis, which is published each year under the auspices of the Food Safety Information Network.
- The Global Network Against Food Crisis was established in 2016 by the European Union, the Food and Agriculture Organization (FAO), and the World Food Program (WFP).
- It is a coalition of activists working together to support Sustainable Development Goal-2 (SDG-2) to prevent the food crisis and end hunger.
Food Safety Information Network
- The Food Security Information Network is a global initiative of the food and Agriculture Organization (FAO) and the World Food Program WFP). Focused on food security and nutrition on a global scale.
Highlights of the report
- In the report, food insecurity is mainly attributed to conflict, extreme weather, and economic crisis. Also in this report, a comprehensive analysis has been presented at the global level, not analyzing country-specific.
- According to the report, more than 40 million people globally experienced a crisis or worse level of acute food insecurity in 2021 compared to 2020.
- More than half a million people in Ethiopia, Southern Madagascar, South Sudan, and Yemen suffer from acute food insecurity
- More than 193 million people in 53 countries experienced a crisis of extreme food insecurity in 2021.
- The conflict forced 139 million people in 24 countries to live in conditions of acute food insecurity. Whereas in the year 2020, this number was more than 15.7 million in 15 countries.
- More than 23 million people in eight countries/territories have been forced to live in conditions of acute food insecurity due to extreme weather. Whereas in the year 2020, 99 million people in 23 countries were forced to live in conditions of food insecurity.
- Due to the economic crisis, more than 30 million people in 21 countries in 2021 and more than 40 million people in 17 countries faced acute food insecurity in the year 2020.