EDITORIALS THE HINDU DAILY IMPORTANT EDITORIALS 02/AUG/2018PART-1 PRESENTED BY ISHAN EDUCATOR ON UNACADEMY)
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Scaledupsolutinsforafutureofwaterscarcity PIC CREDIT-THE
Prudent increase The RB's decision to raise benchmark rates I.PRUDENT INCREASE TOPIC- GS Prelims,GSM3 Context-The RBI's decision to raise benchmark rates spotlights concerns about inflation. PIC CREDIT-THE HINDU PAGE-8
KEY POINTS MPC-The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability, while keeping in mind the objective of growth. The Monetary Policy Committee would be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level . As per the provisions of the RBl Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBl and the other three Members of MPC will be appointed by the Central Government. REPO RATE- Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. Source- PIB
1. PRUDENT INCREASE The decision by the Reserve Bank of India's Monetary Policy Committee to raise benchmark interest rates again by 25 basis points is a prudent one. This is the second successive rate increase in as many months,a response to mounting uncertainties on the Inflation front. . Continuing volatility in crude oil prices, the recent softening notwithstanding,and its vulnerability to geopolitical tensions and supply disruptions is one of the main risks to the inflation outlook Among the RBl's other concerns are volatile global financial markets, possibilities of fiscal slippage at the Central and State levels, the likely impact of the increase in the minimum support price for kharif crops, and the staggered impact of upward revisions to house rent allowance paid by State governments Rainfall has so far been 6% below the long period average and deficient over a wider area than last year-more than a fifth of the country's 36 subdivisions have reported shortfalls. This has resulted in a drop in the total sown area under kharif.
. The monetary authority has flagged the need to keep a close watch on rain over the remainder of the season, given the risks regional imbalances may pose to paddy output and CPI inflation. . The June round of the RBI's own survey of household inflation expectations reveals that families see prices hardening even further over both the three and 12month horizons. Domestic economic activity having strengthened to a point where the output gap has 'virtually closed', manufacturers polled by the central bank have reported higher input costs and selling prices over the April-June quarter. with retail inflation having accelerated to 5% in June, the RBI has revised its projection for CPI inflation in the second half of the current fiscal year to 4.8%, from the June forecast of 4.7%, and now sees price gains accelerating to 5% in the April-June quarter of 2019. Depreciations in the value of most currencies against the strengthening dollar have rippled through many major advanced and emerging economies, spurring inflation across these markets. . The MPC's primary remit is to ensure that retail inflation stays firmly within a band of 26%, and preferably anchored at 4% over the medium term. With inflation widely accepted as a hidden tax on the poor, the containment of price gains justifiably ought to be the raison d' tre of monetary policy.
Reconsider the ban 2. Reconsider the Ban Topic-GS Prelims, GSM 3 Context-A clampdown on the sale of oxytocin will have severe public health consequences. PIC CREDIT-THE HINDU PAGE-8
WHAT IS OXYTOCINA Oxytocin is a hormone produced by the hypothalamus and secreted by the pituitary gland. male reproduction better understanding of how your body functions. . This important hormone plays a crucial role in the childbirth process and also helps with . Understanding oxytocin will help you take better care of your health and lead you toward a In women, oxytocin is responsible for signaling contractions of the womb during labor. . The hormone stimulates the uterine muscles to contract, so labor begins. It also increases the production of prostaglandins, which move labor along and increases the contractions even more. Because of this effect, synthetic oxytocin (pitocin) is sometimes used to induce a woman to start labor if she cannot start naturally, or it can be given to make contractions stronger if a woman's labor is slowing. . For men, oxytocin function is less important, but it does have a role to play in moving sperm. It also appears to affect the production of testosterone in the testes.
2. RECONSIDER THE BAN . The Union Health Ministry's ban on the retail sale and private manufacture of oxytocin, expected to kick off on September I, is an extremely ill thought-out one. . The drug, a synthetic version of a human hormone, is a lifesaver for women. Doctors use it to induce labor in pregnant women and to stem postpartum bleeding. . So critical is its role in maternal health that the World Health Organization recommends it as the drug of choice in postpartum hemorrhage. . The government's ban ignores this, and is motivated instead by the misuse of the hormone in the dairy industry. Because oxytocin stimulates lactation in cattle, dairy farmers inject the drug indiscriminately to increase milk production. . The right approach would have been to strengthen regulation, and crack down on illegal production. One of the concerns was that oxytocin leads to infertility in dairy animals, and some studies show this to be true.
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