26 செப்., 2022
At the beginning of every sowing season, the Government of India declares Minimum Support Price for 22 crops at which the government purchases from farmers/producers. It gives a guaranteed price and assured market to the farmers by protecting them from Market fluctuations and imperfections.
Minimum Support Price :
During the mid-1960 when the Green revolution was helping the government was fighting against the food deficit that India faced, the government realised that unless the crops were guaranteed a minimum support price the farmers won't be motivated to plant high-yielding varieties of Paddy and Wheat crops. MSP was fixed beginning with Wheat.
The government of India sets MSP twice a year. It is recommended by the Commission of Agricultural Costs & Prices which is under the Ministry of Agriculture and Farmers Welfare. The recommendations are of advisory nature and it is not binding on the government.
Calculation of MSP:
The commission takes various factors while calculating the MSP like
- Cost of Production
- Trends in Market Prices
- Changes in Input prices
- Input-output Price Parity
- Effect on the cost of living
- International price situation
- Demand & Supply
- Effect on issue prices & Implications of subsidy
20 செப்., 2022
The Constitution (103rd Amendment) Act introduces reservations for economically weaker sections (EWS). This amendment provides reservations in central government and private educational institutions (except minority educational institutions) for admission and recruitment in central government jobs.
Constitution (103rd Amendment) Act, 2019
The
103rd amendment was enacted to promote the welfare of the poor who are not covered under the 50% reservation policy for SCs, STs and the OBCs. The act enables the Centre and the state governments to provide reservations for the EWS. Since this is a law on subjects in the Concurrent list, the individual state governments need to ratify it before adopting it.
14 செப்., 2022
Why in the news?
- Prime Minister Thiru Narendra Modi participated virtually in the plenary session of 7th Eastern Economic Forum(EEF)
Eastern Economic Forum (EEF)
The Eastern Economic Forum was established by Russian President Vladimir Putin in 2015 to support and encourage the economic development of Russia's Far East and to expand international cooperation in the Asia-Pacific Region. During the opening day of the EEF 2022, the 2nd International Tiger Forum was held.
Eastern Economic Forum covers a wide range of topics including economic, political, and cultural relations between the Asia Pacific and Russia. For the UPSC exam, it is important to understand the key
themes and goals of the Eastern Economic Forum, as well as its impact on the
global economy. By studying the EEF, you can gain insights into the economic
and political dynamics of the Asia-Pacific region and be well-prepared for
questions about the forum on the UPSC exam.
While talking about the International North-South Corridor, The Chennai-Vladivostok Maritime Corridor and the Northern Sea Route Prime Minister Narendra Modi mentioned that "Connectivity will play an important role in the development of our relations in the future". So, EEF gains prominence in the Exams on the background of recent meetings held.
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| Source: Flickr |
India - Eastern Economic Forum :
India has signed a number of agreements with Russia and
other countries at the Eastern Economic Forum (EEF). Some of the key agreements
that have been signed between India and the EEF include:
- Investment cooperation agreement: In 2018, India and Russia
signed an agreement to cooperate on investment projects in various sectors,
including energy, infrastructure, and industrial development.
- Energy cooperation agreement: In 2019, India and Russia
signed an agreement to cooperate on energy projects, including the development
of renewable energy sources.
- Cooperation in the field of small and medium-sized
enterprises: In 2017, India and Russia signed an agreement to cooperate in the
field of small and medium-sized enterprises, with the aim of promoting entrepreneurship
and innovation.
These agreements demonstrate the strong economic ties
between India and Russia, and the importance of the Eastern Economic Forum as a
platform for cooperation and collaboration between the two countries.
