You can conquer almost any fear if you will only make up your mind to do so. For remember, fear doesn’t exist anywhere except in the mind.– Dale Carnegie
23rd Oct Current Affairs News Analysis | Prelims & Mains 2021
CPI-IW : Base year shifted to 2016
Consumer Price Index (CPI-IW) – Industrial Worker : Base year shifted to 2016, no change in dearness allowance
WHY IN NEWS:
The government on Thursday launched the new series for retail inflation for industrial workers shifting the base year to 2016 from 2001.
SYLLABUS COVERED: GS 3 : Economy : Inflation
- The CPI-IW is mainly used for determining dearness allowance (DA) paid to central/state government employees and workers in the industrial sectors .
- Dearness allowance, which is linked to the Consumer Price Index for Industrial Workers (CPI-IW), will remain unchanged for now.
- Taking this into account, the CPI-IW for September is 118, and with linking factor it works out to be 339.8 as against 322.
- The new series also incorporates the changes in the consumption pattern of the working class families since the earlier base year of 2001.
- Weight of fuel and light segment will now have a weight of 5.5 per cent as against 6.43 per cent earlier.
- Pan, supari, tobacco and intoxicants will hold 2.07 per cent weight as against 2.27 per cent.
- In the new 2016 series, 88 centres have been covered as against 78 centres in the 2001 series.
- The dearness allowance is linked to an outdated index, but hereon, the aim is to keep revising the series every five years. – Labour Secretary
WHAT IS CONSUMER PRICE INDEX (CPI)?
- The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services.
- Changes in the CPI are used to assess price changes associated with the cost of living.
- The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
- The Consumer Price Index measures the average change in prices over time that consumers pay for a basket of goods and services.
- The CPI statistics covers professionals, self-employed, poor, unemployed and retired people in the country.
- It excludes non-metro or rural populations, farm families, armed forces, people serving in prison and those in mental hospitals.
- CPI-W measures the Consumer Price Index for Urban Wage Earners and Clerical Workers while the CPI-U is the Consumer Price Index for Urban Consumers.
- As per the recommendations of the International Labour Organization (ILO), Index Review Committee (IRC) and National Statistical Commission (NSC), the base year of price index numbers should be revised at frequent intervals.
- Generally it should not be exceeding 10 years to reflect the changes that take place in the consumption pattern of consumers.
SOURCES:THE HINDU | 23rd Oct Current Affairs News Analysis
2+2 talks : Focus on regional issues
2+2 talks will focus on regional issues
WHY IN NEWS:
Timing not unusual, says MEA
SYLLABUS COVERED: GS 2 : IR
2+2 MINISTERIAL DIALOGUE
- This is an indication that ties with China will be on the agenda for talks on October 27.
- In addition, both sides will also exchange views on salient regional and global issues.
WHAT IS THE ‘2+2’ TALK?
- India holds such talks with Japan and Australia, at the foreign secretary and defence secretary level.
- India holds ministerial-level talks only with the US. Apart from India, the United States holds such ministerial dialogues with Australia and Japan also.
- The talks were announced when Prime Minister Narendra Modi met US President Donald Trump in June 2017.
- The “2+2” dialogue has replaced the Strategic and Commercial Dialogue between the foreign and commerce ministers of the two countries that were held during the previous Obama administration.
- Even though there is a tonne of expectations from this mutual dialogue between the two countries, the dialogue is also the source of some worry.
- The US has always been sceptical of India’s mammoth oil import from Iraq.
- Another problematic pointer is India’s voluminous weaponry imports from Russia.
SOURCES:PIB | 23rd Oct Current Affairs News Analysis
Kisan Suryodaya Yojana
PM to inaugurate three key projects in Gujarat on 24th October
WHY IN NEWS:
- PM to launch ‘Kisan Suryoday Yojana’ for the farmers of Gujarat
- PM to inaugurate Paediatric Heart Hospital attached with U.N Mehta Institute of Cardiology and Research Centre
- PM to inaugurate Ropeway at Girnar
SYLLABUS COVERED: GS 3: Scheme
KISAN SURYODAYA YOJANA
The Gujarat Government under Chief Minister Shri Vijay Rupani had recently announced the ‘Kisan Suryodaya Yojana’.
- Under this scheme, farmers will be able to avail power supply from 5 AM to 9 PM.
- The state government has allocated a budget of Rs.3500 crore for installing transmission infrastructure under this scheme by 2023.
- 234 ‘66-Kilowatt’ transmission lines, with a total length of 3490 circuit kilometers (CKM) will be established under the project.
- Dahod, Patan, Mahisagar, Panchmahal, Chhota Udepur, Kheda, Tapi, Valsad, Anand and Gir-Somnath have been included under the Scheme for 2020-21.
The remaining districts will be covered in a phase-wise manner by 2022-23.
SOURCES:THE HINDU & PIB | 23rd Oct Current Affairs News Analysis
Indian National Science Academy
CSIR-CDRI Scientist Dr Saman Habib elected as fellow of Indian National Science Academy, New Delhi
WHY IN NEWS:
Dr Habib bagged fellowship of all three premier Science Academies of India
SYLLABUS COVERED: GS 2 : Institutions
THE INDIAN NATIONAL SCIENCE ACADEMY
- The Indian National Science Academy was established in January 1935 .
- Promotion of scientific knowledge in India including its practical application to problems of national welfare.
- Coordination among Scientific Academies, Societies, Institutions, Government Scientific Departments and Services.
- To present internationally the scientific work done in the country.
- To act through properly constituted National Committees, in which other learned academies and societies may be associated.
For undertaking scientific work of national and international importance which the Academy may be called upon to perform by the public and by the Government.
SOURCES: PIB | 23rd Oct Current Affairs News Analysis