The Monetary Policy Committee (MPC) is a committee formed by the central bank of a country, tasked with setting the monetary policy. It typically consists of central bank officials and external members appointed by the government. The MPC’s primary objective is to regulate the money supply and interest rates to achieve specific macroeconomic goals, such as price stability or economic growth.MPC’s main function is setting interest rates,formulating monetary policy and communicating it to the public. The MPC typically meets at regular intervals, usually monthly or quarterly, to review economic conditions and decide on monetary policy actions. Members analyze economic data, such as inflation, GDP growth, employment figures, and exchange rates, to assess the current state of the economy and future outlook. Discussions among committee members lead to a consensus decision on whether to adjust interest rates or maintain the current policy stance.Under Section 45ZB of the amended (in 2016) RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee (MPC).
There are a total of six members in the committee, three members are from RBI itself and the rest of them are appointed by the Government of India. They are:
1.RBI Governor (Chairperson)
2.RBI Deputy Governor in charge of monetary policy,
3.One official nominated by the RBI Board
4.The Government of India will propose three members [committee chaired by the Cabinet Secretary].
The nominees of MPC will hold office for a period of four years and will not be eligible for reappointment. RBI prohibits appointment of MPs , legislatures, public servants or employee/ committee members of RBI or anyone with a conflict of interest with RBI or anybody above age 70 years. The Central government also retains the powers to remove its nominees from MPC subject to certain conditions and if the situation warrants the same.

The RBI on August 10, 2023 had announced the setting up of a Public Tech Platform for Frictionless Credit and has announced the introduction of a new technology platform called the Unified Lending Interface (ULI) by its subsidiary Reserve Bank Innovation Hub.ULI is a digital platform that is expected to make the lending process easy. It would enable friction-less credit while delivering banking services to farmers and MSME borrowers.ULI facilitates seamless flow of digital information, including land records of various states, from multiple data service providers to lenders. It is expected to cater to large unmet demand for credit across various sectors, particularly among agricultural and MSME borrowers.The ULI architecture has common and standardised APIs designed for a plug-and-play approach to ensure digital access to information from diverse sources, i.e., information relevant to a lender giving out a loan to a potential borrower.The entire system is based on the consent of the potential borrower. ULI reduces the complexity of multiple technical integrations.ULI will be part of the ‘new trinity’ of JAM (Jan Dhan, Aadhaar, and Mobile), UPI, and ULI, representing a significant advancement in India’s digital infrastructure.

Woman Robot Astronaut ‘Vyommitra’ will fly into space ahead of ISRO’s ambitious ‘Gaganyaan’ mission, which will be India’s first human-manned space flight carrying Indian astronauts into space. Vyommitra, a name derived from the Sanskrit words “Vyoma” meaning “space” and “Mitra” meaning “friend,” encapsulates the essence of this remarkable creation by ISRO’s Inertial Systems Unit (IISU) in Vattiyoorkavu, Kerala. While Vyommitra lacks functional legs, its semi-humanoid design includes a robotic torso, head, and two arms, giving it a human-like appearance. This unique design allows Vyommitra to float in microgravity, interact with astronauts, and engage with the Gaganyaan spacecraft.This female robot astronaut is equipped with the capability to monitor module parameters, issue alerts, and execute life support operations. It can perform tasks such as operating six panels and responding to queries.Beyond its technical functions, it also offers emotional support to astronauts, serving as a companion during the stressful and critical phases of space travel.Vyommitra joins a select group of humanoid robots sent to low Earth orbit by countries like the USA, Russia, and Japan. NASA’s Robonaut 2, Russia’s FEDOR, and Japan’s Kirobo are just a few examples of robots that have helped astronauts in various tasks.

Vadhvan Port, which is located near Dahanu town in Palghar (around 150 km from Mumbai), will be one of India’s largest deep-water ports. It will provide direct connectivity to international shipping routes, help reduce transit times and costs, cater to large container vessels, offer deeper drafts and accommodate ultra-large cargo ships.Prime Minister Narendra Modi on 30th August,2024 , laid the foundation stone for the construction of Vadhvan Port project, at a budget of around Rs 76,220 crore, in Maharashtra’s Palghar. The Vadhvan port will be one of India’s largest deep water ports and is part of the Centre’s ambitious Sagarmala programme that seeks to improve the country’s logistics with a focus on the maritime sector.Dubbed the “ultimate shipping powerhouse”, it will be equipped with state-of-the-art technology and infrastructure and will boast nine 1000-meter-long container terminals, multipurpose berths, liquid cargo berths, Ro-Ro berths, and a dedicated Coast Guard berth.It will also feature efficient cargo handling facilities and modern port management systems.It is positioned as a hub port in the Arabian Sea and will forge trade links with the Far East, Europe, the Middle East, Africa, and America.The port is expected to generate significant employment opportunities, stimulate local businesses and contribute to the overall economic development of the region. According to the Centre, the port can create up to 12 lakh jobs and nearly 1 crore indirect employment opportunities.This port is going to be India’s 13th major port, which will also be an integral part of the ambitious India-Middle East-Europe Economic Corridor (IMEEC). It will aid EXIM (Export-Import) trade flow through IMEEC and INSTC (International North South Transportation Corridor).Once completed, the port will be one of the top 10 ports in the world. The first phase of the project will be ready by 2029 while the second and final phase is expected to be completed by 2039.This port will handle 15 million TEU containers in the first phase and 23.2 million TEUs after the commissioning of its second phase.The project involves the reclamation of 1,448 hectares of area in the sea and the construction of 10.14 km of offshore breakwater and container/cargo storage areas.It will be constructed by a joint venture in which Jawaharlal Nehru Port Authority (JNPA) will have a 74 percent stake and Maharashtra Maritime Board will hold 26 percent. The port is expected to generate significant employment opportunities, stimulate local businesses and contribute to the overall economic development of the region. According to the Centre, the port can create up to 12 lakh jobs and nearly 1 crore indirect employment opportunities.

The heat index, also known as the apparent temperature, is what the temperature feels like to the human body when relative humidity is combined with the air temperature. This has important considerations for the human body’s comfort. When the body gets too hot, it begins to perspire or sweat to cool itself off. If the perspiration is not able to evaporate, the body cannot regulate its temperature. Evaporation is a cooling process. When perspiration is evaporated off the body, it effectively reduces the body’s temperature. When the atmospheric moisture content (i.e. relative humidity) is high, the rate of evaporation from the body decreases. In other words, the human body feels warmer in humid conditions. The opposite is true when the relative humidity decreases because the rate of perspiration increases. The body actually feels cooler in arid conditions. There is direct relationship between the air temperature and relative humidity and the heat index, meaning as the air temperature and relative humidity increase (decrease), the heat index increases (decreases). Recently, the weather station near Dayrestan Airport in Iran’s southern registered the heat index of 82.2°C and a dew point of 36.1°C (97°F), which if confirmed will set a new record for the highest heat index.