Relevance IN - Prelims (about EoLI and MPI) + Mains(GS II Government policies and interventions for development in various sectors and issues arising out of their design and implementation
What's the NEWS

• Two Assessment Frameworks, viz. Ease of Living Index (EoLI) and Municipal Performance Index (MPI) 2019 have been launched by the Ministry of Housing & Urban Affairs.
• Both these indices are designed to assess quality of life of citizens in 100 Smart Cities and 14 other Million Plus Cities.

Know! more about the Indexes
Municipal Performance Index 2019

• With the Municipal Performance Index 2019, the Ministry has sought to assess the performance of municipalities based on five enablers namely Service, Finance, Planning, Technology and Governance which have been further divided into 20 sectors which will be evaluated across 100 indicators.
• This will help Municipalities in better planning and management, filling the gaps in city administration, and improving the liveability of cities for its citizens.

Ease of Living Index

• Ease of Living Index is aimed at providing a holistic view of Indian cities - beginning from the services provided by local bodies, the effectiveness of the administration, the outcomes generated through these services in terms of the liveability within cities and, finally, the citizen perception of these outcomes.
• The key objectives of the Ease of Living Index are four-folds, viz.

1. generate information to guide evidence-based policy making;
2. catalyse action to achieve broader developmental outcomes including the SDG;
3. assess and compare the outcomes achieved from various urban policies and schemes; and
4. obtain the perception of citizens about their view of the services provided by the city administration.
   

• EoLI 2019 will facilitate the assessment of ease of living of citizens across three pillars: Quality of Life, Economic Ability and Sustainability which are further divided into 14 categories across 50 indicators.
• For the first time, as part of the Ease of Living Index Assessment, a Citizen Perception Survey is being conducted on behalf of the Ministry (which carries 30% of the marks of the Ease of Living Index).

Defence
DRDO Signs Technology Development Contract with Rosoboronexport Russia

Relevance IN - Prelims (about HEMRL and about the contract) + Mains (GS III awareness in the field of space)
What's the NEWS

• During DefExpo 2020, HEMRL, Pune signed technology development contract with Rosoboronexport, Russia for development of Advanced Pyrotechnic Ignition

Know! more about it

• High Energy Materials Research Laboratory (HEMRL) is the DRDO laboratory working in the development of spectrum of high energy materials required for missiles, rockets and guns.
• This will enable advancement in the field of energetic materials and pyrotechnic technology leading to the development of advanced ignition systems.
• This will meet futuristic requirements of high-performance propulsion systems.
• The propulsion systems are the power behind the rockets and missiles. This technology development will facilitate design and development of state of art solid rocket motors for upcoming products.

Economic Development
RBI's sixth bi-monthly monetary policy review meeting

Relevance IN - Prelims (about MPC and about takeaways of the recent bi-monthly review meeting) + Mains (GS III Economic development)
What's the NEWS

• The monetary policy committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged at 5.15 per cent - a 10-year low in its last policy review of the financial year 2019-20 (FY20).
• Consequently, the reverse repo rate stands unchanged at 4.90 per cent.

Know! the takeouts

• Further, the bank said it will maintain 'accommodative' policy stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
• The committee voted 6-0 in favour of the status quo of the interest rates.
• GDP growth forecast for the financial year 2020-21 (FY21) is projected at 6 per cent and in the range of 5.5-6.0 per cent in the first half of the next fiscal
• GDP growth forecast for FY20 was slashed to 5 per cent from 6.1 per cent.

Inflation rate breaching the upper band

• The CPI inflation projection has been revised upwards to 6.5 per cent for Q4:2019-20; 5.4-5.0 per cent for H1:2020-21; and 3.2 per cent for Q3:2020-21,
• The MPC noted that inflation surged above the upper tolerance band around the target in December 2019, primarily on the back of the unusual spike in onion prices.

Know! about MPC

• Monetary Policy Committee (MPC) is a 6 member committee formed after the amendment in the RBI Act, 1934 through the Finance Act, 2016.
• The basic objective of MPC is to maintain price stability and accelerate the growth rate of the economy.

Know! the Various Monetary Policy Stances
Calibrated Tightening
MPC is not bound to increase rate at every meeting means there are only two actions, either MPC may increase the rate or keep them steady.
Neutral Policy Stance

• Neither expansionary nor contractionary and keeps the economy operating on an even keel.
• It is effective and appropriate if the economy is at full employment with low inflation and steady sustainable growth.

Accommodative Policy Stance

• Accommodative monetary policy occurs when a central bank attempts to expand the overall money supply to boost the economy when growth is slowing (as measured by GDP).

Prelims Factoids
Madhya Pradesh Tourism announces festival in Orchha
Relevance IN - Prelims (about the festival Namaste Orccha)
What's the NEWS

• The Madhya Pradesh Tourism announced a three-day 'Namaste Orchha' cultural festival, beginning from March 6.
• Through 'Namaste Orchha', the Madhya Pradesh Tourism showcase the historic town on the offbeat destination map located on the banks of Betwa river.
• Madhya Pradesh Tourism want Orchha to become a part of the 'Golden Circle' (Jaipur-Agra-Delhi)

Know! more about the Cultural festival

• The three-day extravaganza in this ancient and quaint town will feature diverse activities of music, dance, art, wellness, travel, nature, adventure, history and culture.
• These activities would be led by experts in their respective fields with participants comprising invited delegates.
• The Madhya Pradesh Tourism Board has recently won ten National Awards and the state has also been listed among the top three 'Best Value Destination' of the world by Lonely Planet.
• Orchha has been awarded the Best Heritage City at the National Tourism Awards 2019 and is being developed by the government as 'must-visit' destination
• The Orchha Fort Complex hosts the legendary and unique Ram Raja Temple, built in honour of Lord Ram and is the only place where he is worshipped both as a god and as a king.
• Already on the shortlist for UNESCO World Heritage Sites, Orchha has the potential to become an alternative destination as part of the Golden Triangle for travellers in India.

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