[Hindu,PIB notes]DAILY IASTODAY CAPSULE-JULY 24 2017
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Russia keen on selling MiG-35 jets to India
- MiG-35 was “the best” and definitely better than Lockheed Martin’s fifth-generation combat aircraft F-35.
- They claimed that the MiG-35 would beat the American jet in air-to-air combat.
- The MiG-35 is Russia’s most advanced 4++ generation multipurpose fighter jet developed on the basis of the serial-produced MiG-29K/KUB and MiG-29M/M2 combat aircraft.
- MiG aircraft have been used by India for almost 50 years.
- Ordinance is also called temporary law of parliament.
- On the recommendation of cabinet president form ordinance which have same effect as parliament law.
- This ordinance will be in effect till 6 week after resemble of parliament.
- Number of ordinances are increasing which make parliament and democracy questions quality.
- so government should avoid frequent use of it.
- Ordinance should be used as last resort.
- Indian navy’s Vagli submarine decommissioned.
- The proposed museum plan is in veil.
Anti submarine warfare corvette
- INS kadmatt is an anti submarine warfare corvette.
- India is building this submarine under garden reach ship building unit.
- According to recent report of CAG reveals that there is sensitive change in the design
- launching will be late than scheduled.
- India’s long-term record in managing inflation has been very impressive when compared with most developing countries.
- Inflation is the artificial price rise in which real value of money become unstable.
- Even though there are many economic complexity and uncertainty; india never face hyperinflation situation that show the real strength of our central bank
- In india inflation is measured with food price rise in CPI that affect actual consumer of any item. MPC is relevant in this context-
Monetary policy committee (MPC)
- The Monetary Policy Committee of India is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India.
- The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.
- Price stability is biggest problem of any countries central bank and they have to maintain economic stability.
- RBI formulate committee headed by RBI governor on inflation target to be primary and core goal of RBI.
- Now RBI have formulated monetary committee consisting of member form finance ministry and RBI.
- Committee to be headed by governor of RBI and have casting vote in time of tie.