Special Current Affair for IBPS
Exam
Topic: Economy & Energy
[Part-9]
- Repo Rate Unchanged at 7.25 Percent
- National Mission on Food Processing to be continued
- The Import Duty on Gold and Platinum hiked
- International Pepper Conclave 2013
- SEBI notified Norms for Listing of Preference Shares
- What is Preference Shares?
- Revival of Nagaland Pulp and Paper Company Limited approved
- India 3rd Most Attractive Destination for Investment
- The Real Estate Bill 2013 Approved
- Mineral Production during April 2013
- India’s Food grain Production registered 30 % Growth
Repo Rate Unchanged
at 7.25 Percent
The Reserve Bank of
India (RBI), in its June mid-quarter monetary policy on 17 June 2013, left its
key policy, repo rate unchanged at 7.25 percent in line. Cash reserve ratio (CRR),
remained at 4 percent. Repo is the rate at which banks borrow from the Central
bank. CRR is the portion of deposits that banks are mandated to keep with RBI.
Consequently, the reverse repo rate will remain unchanged at 6.25 per cent, and
the marginal standing facility (MSF), rate and the Bank Rate at 8.25 per cent.
RBI kept the interest
rate stable possibly because despite the fact that the inflation rate has been
coming down and manufacturing growth has not been much to speak of, it realised
that the interest rate difference between Indian markets and Western market has
actually shrunk, which is why the Foreign Institutional Investors, who are
playing in our debt market have pulled off about three billion dollars. They
would not like to aggravate the situation by reducing interest rate at this
point of time and encouraging FII to pull out more from the debt market.
National Mission on
Food Processing to be continued
The Cabinet Committee
on Economic Affairs on 28 June 2013 approved the continuation of the National
Mission on Food Processing (NMFP) for the remainder of 12th Five Year Plan
(2013-17) based on detailed proposals submitted by the Ministry of Food
Processing Industries (MOFPI). The NMFP outlay for 2012-17 has been kept at 1600
crore rupees consisting of 1250 crore rupees provided by the Government of India
(GOI) and corresponding State share of 350 crore rupees. This includes 320 crore
rupees already approved for 2012-13, of which 250 crore rupees was the GOI share
and 70 crore rupees was the State share.
The following schemes
under the NMFP will be implemented by State Governments for the remainder of
12th Five Year Plan in pursuance of today‘s approval:
-
Scheme for
technology up-gradation / establishment / modernisation of food processing
industries.
-
Scheme for cold
chain, value addition and preservation infrastructure for non- horticulture
products.
-
Setting up/
modernization/ expansion of abattoirs.
-
Scheme for Human
Resource Development (HRD).
-
Scheme for
promotional activities.
-
Creating primary
processing centres / collection centres in rural areas.
-
Modernization of
meat shops.
-
Reefer vehicles.
-
Old Food Parks.
Continuation of NMFP
shall help in the decentralization of the implementation of the Ministry‘s
schemes, which will lead to substantial participation of State Governments /
Union Territories (UTs). Beneficiaries of MOFPI schemes will also find it easier
to deal with State Governments.
