{"id":2232,"date":"2024-11-04T10:44:32","date_gmt":"2024-11-04T10:44:32","guid":{"rendered":"https:\/\/upscmentorship.com\/upsc-exam\/?p=2232"},"modified":"2024-11-04T10:44:32","modified_gmt":"2024-11-04T10:44:32","slug":"current-affair-3-september-2024","status":"publish","type":"post","link":"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/","title":{"rendered":"Current Affair &#8211; 3 September 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#PM_Modi_Says_India_Trusted_Partner_in_Jamaicas_Development_Journey\" >PM Modi Says India Trusted Partner in Jamaica\u2019s Development Journey<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#India-Jamaica_Relationship\" >India-Jamaica Relationship<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#What_is_Indian_Diaspora\" >What is Indian Diaspora?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Key_Aspects_of_the_Indian_Diaspora\" >Key Aspects of the Indian Diaspora<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Key_Areas_of_Cooperation_in_India-Jamaica\" >Key Areas of Cooperation in India-Jamaica<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#What_is_STEM_Education\" >What is STEM Education?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Defence_and_Security\" >Defence and Security:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Cultural_and_People-to-People_Ties\" >Cultural and People-to-People Ties:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Way_Forward\" >Way Forward<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Explained_The_Significance_of_Indias_Mission_to_Develop_Supercomputers\" >Explained: The Significance of India\u2019s Mission to Develop Supercomputers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Supercomputers\" >Supercomputers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#National_Supercomputing_Mission_NSM\" >National Supercomputing Mission (NSM)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Recent_Developments\" >Recent Developments<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Applications_of_Supercomputers\" >Applications of Supercomputers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Historical_Significance\" >Historical Significance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Achievements\" >Achievements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Way_Forward-2\" >Way Forward<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Explained_The_Significance_of_Indias_Mission_to_Develop_Supercomputers-2\" >Explained: The Significance of India\u2019s Mission to Develop Supercomputers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Supercomputers-2\" >Supercomputers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#National_Supercomputing_Mission_NSM-2\" >National Supercomputing Mission (NSM)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Recent_Developments-2\" >Recent Developments<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Applications_of_Supercomputers-2\" >Applications of Supercomputers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Historical_Significance-2\" >Historical Significance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Achievements-2\" >Achievements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Way_Forward-3\" >Way Forward<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Centre_Reconstitutes_Monetary_Policy_Committee_Ahead_of_RBI_Rate_Review\" >Centre Reconstitutes Monetary Policy Committee Ahead of RBI Rate Review<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Monetary_Policy_Committee_MPC\" >Monetary Policy Committee (MPC)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#What_is_Repo_Rate\" >What is Repo Rate?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Key_Responsibilities_of_the_MPC\" >Key Responsibilities of the MPC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Recent_Developments-3\" >Recent Developments<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#What_is_Inflation_Targeting\" >What is Inflation Targeting?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/#Way_Forward-4\" >Way Forward<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"PM_Modi_Says_India_Trusted_Partner_in_Jamaicas_Development_Journey\"><\/span><strong>PM Modi Says India Trusted Partner in Jamaica\u2019s Development Journey<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What in News?<\/strong><br \/>\nIndia has been a \u201ctrusted partner\u201d in Jamaica\u2019s development journey, ready to share expertise in areas such as digital public infrastructure, biofuel, innovation, and health, says Indian PM.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"India-Jamaica_Relationship\"><\/span><strong>India-Jamaica Relationship<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The bilateral relationship between India and Jamaica is strong, deeply rooted in historical and cultural ties. The Indian diaspora, which arrived in Jamaica 180 years ago as indentured laborers, plays a significant role in people-to-people connections.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_Indian_Diaspora\"><\/span><strong>What is Indian Diaspora?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The population of Indian-origin people who live outside India, either as expatriates, citizens of other countries, or descendants of earlier emigrants.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Aspects_of_the_Indian_Diaspora\"><\/span><strong>Key Aspects of the Indian Diaspora<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li><strong>Size and Global Presence:<\/strong> The Indian diaspora is one of the largest in the world, contributing significantly to the economies of their host countries.<\/li>\n<li><strong>Migration Waves:<\/strong> Various waves of migration, including those during colonial times and economic opportunities in the post-independence era.<\/li>\n<li><strong>Economic Impact:<\/strong> The diaspora contributes to global economies through remittances, investments, and entrepreneurship.<\/li>\n<li><strong>Cultural Influence:<\/strong> Indian culture, festivals, and cuisine have enriched the cultural tapestry of countries where the diaspora resides.<\/li>\n<li><strong>Political and Diplomatic Influence:<\/strong> The Indian diaspora plays a vital role in fostering diplomatic relations between India and host nations.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_Areas_of_Cooperation_in_India-Jamaica\"><\/span><strong>Key Areas of Cooperation in India-Jamaica<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Digital Public Infrastructure:<\/strong> Jamaica looks to India&#8217;s progress in digitization, seeking to strengthen its capabilities in the digital sphere.<\/li>\n<li><strong>STEM Education:<\/strong> Jamaica\u2019s interest in improving STEM education with India\u2019s assistance was emphasized by PM Holness.<\/li>\n<li><strong>Energy and Biofuel:<\/strong> Collaborative efforts in energy security and biofuel development are set to expand, benefiting both nations.<\/li>\n<li><strong>Health:<\/strong> Health sector partnerships were underscored, with India poised to share innovations.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"What_is_STEM_Education\"><\/span><strong>What is STEM Education?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>STEM Education refers to the integrated teaching of Science, Technology, Engineering, and Mathematics, focusing on real-world applications and problem-solving. It promotes interdisciplinary learning, encourages critical thinking, and involves project-based activities.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Defence_and_Security\"><\/span><strong>Defence and Security:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Challenges like organized crime, drug trafficking, and terrorism will see both nations cooperating in defense training and capacity building for Jamaica\u2019s armed forces.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Cultural_and_People-to-People_Ties\"><\/span><strong>Cultural and People-to-People Ties:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The road in front of the Jamaica High Commission in New Delhi has been named &#8220;Jamaica Marg&#8221; in honor of the strong ties between the two nations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Way_Forward\"><\/span><strong>Way Forward<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Engaging the Indian diaspora requires diplomacy, economic opportunities, political inclusion, cultural exchange, and tackling challenges to strengthen India\u2019s global influence and economic growth.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Explained_The_Significance_of_Indias_Mission_to_Develop_Supercomputers\"><\/span><strong>Explained: The Significance of India\u2019s Mission to Develop Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What in News?<\/strong><br \/>\nOn September 26, 2024, the inauguration of three PARAM Rudra supercomputers marked a significant step in India&#8217;s National Supercomputing Mission (NSM). This initiative aims to enhance the country\u2019s scientific capabilities through advanced computational resources.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Supercomputers\"><\/span><strong>Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>High-capacity computing systems designed for complex computations in various fields such as quantum mechanics, climate research, and big data analytics. These machines are essential for tasks that require extensive processing power, which regular computers cannot handle efficiently.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"National_Supercomputing_Mission_NSM\"><\/span><strong>National Supercomputing Mission (NSM)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Launched in 2015 with a budget of \u20b94,500 crore, NSM aims to develop a grid of 70 supercomputers across research institutions and universities in India. The initiative is jointly managed by the Department of Science and Technology (DST) and the Ministry of Electronics and Information Technology (MeitY).<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Recent_Developments\"><\/span><strong>Recent Developments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The newly inaugurated supercomputers (PARAM Rudra) are located in Pune, Delhi, and Kolkata, focusing on high-performance computing (HPC) for weather and climate research. Since the launch of NSM, over 20 supercomputers have been deployed nationwide, significantly boosting India&#8217;s computational capacity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applications_of_Supercomputers\"><\/span><strong>Applications of Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Climate modeling<\/li>\n<li>Weather forecasting<\/li>\n<li>Aerospace engineering<\/li>\n<li>Molecular dynamics<\/li>\n<li>National security<\/li>\n<\/ul>\n<p>Supercomputers also support research in computational biology, energy, and medical research.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Historical_Significance\"><\/span><strong>Historical Significance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>India&#8217;s drive to develop indigenous supercomputing technology stems from past experiences of technology denial by Western nations, notably in the 1970s and 1990s.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Achievements\"><\/span><strong>Achievements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Between 2019 and 2023, NSM successfully commissioned a total capacity of 24.83 petaFLOPS in HPC machines. The mission has trained 1.75 lakh personnel in high-performance computing and facilitated over 73.25 lakh computational queries.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Way_Forward-2\"><\/span><strong>Way Forward<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The National Supercomputing Mission signifies a pivotal advancement in India&#8217;s scientific research capabilities. By developing indigenous supercomputing technologies, India not only enhances its research capacity but also strengthens its position in the global scientific community.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Explained_The_Significance_of_Indias_Mission_to_Develop_Supercomputers-2\"><\/span><strong>Explained: The Significance of India\u2019s Mission to Develop Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What in News?<\/strong><br \/>\nOn September 26, 2024, the inauguration of three PARAM Rudra supercomputers marked a significant step in India&#8217;s National Supercomputing Mission (NSM). This initiative aims to enhance the country\u2019s scientific capabilities through advanced computational resources.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Supercomputers-2\"><\/span><strong>Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Supercomputers are high-capacity computing systems designed for complex computations in various fields such as quantum mechanics, climate research, and big data analytics. These machines are essential for tasks that require extensive processing power, which regular computers cannot handle efficiently.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"National_Supercomputing_Mission_NSM-2\"><\/span><strong>National Supercomputing Mission (NSM)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Launched in 2015 with a budget of \u20b94,500 crore, the NSM aims to develop a grid of 70 supercomputers across research institutions and universities in India. The initiative is jointly managed by the Department of Science and Technology (DST) and the Ministry of Electronics and Information Technology (MeitY).<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Recent_Developments-2\"><\/span><strong>Recent Developments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The newly inaugurated supercomputers (PARAM Rudra) are located in Pune, Delhi, and Kolkata, focusing on high-performance computing (HPC) for weather and climate research. Since the launch of NSM, over 20 supercomputers have been deployed nationwide, significantly boosting India&#8217;s computational capacity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applications_of_Supercomputers-2\"><\/span><strong>Applications of Supercomputers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Climate modeling<\/li>\n<li>Weather forecasting<\/li>\n<li>Aerospace engineering<\/li>\n<li>Molecular dynamics<\/li>\n<li>National security<\/li>\n<\/ul>\n<p>These supercomputers also support research in computational biology, energy, and medical research.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Historical_Significance-2\"><\/span><strong>Historical Significance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>India&#8217;s drive to develop indigenous supercomputing technology stems from past experiences of technology denial by Western nations, notably in the 1970s and 1990s.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Achievements-2\"><\/span><strong>Achievements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Between 2019 and 2023, the NSM successfully commissioned a total capacity of 24.83 petaFLOPS in HPC machines. The mission has trained 1.75 lakh personnel in high-performance computing and facilitated over 73.25 lakh computational queries.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Way_Forward-3\"><\/span><strong>Way Forward<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The National Supercomputing Mission signifies a pivotal advancement in India&#8217;s scientific research capabilities. By developing indigenous supercomputing technologies, India not only enhances its research capacity but also strengthens its position in the global scientific community.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Centre_Reconstitutes_Monetary_Policy_Committee_Ahead_of_RBI_Rate_Review\"><\/span><strong>Centre Reconstitutes Monetary Policy Committee Ahead of RBI Rate Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>What in News?<\/strong><br \/>\nThe central government has reconstituted the Monetary Policy Committee (MPC) ahead of the upcoming RBI monetary policy review. The committee now includes three new external members who will serve for four years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Monetary_Policy_Committee_MPC\"><\/span><strong>Monetary Policy Committee (MPC)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The MPC is responsible for fixing the benchmark interest rate, also known as the repo rate, which influences other interest rates in the economy. The primary goal of the MPC is to maintain price stability while supporting economic growth.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_Repo_Rate\"><\/span><strong>What is Repo Rate?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks when there is a shortfall of funds. It is used as a tool to control inflation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Responsibilities_of_the_MPC\"><\/span><strong>Key Responsibilities of the MPC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Inflation Targeting:<\/strong> Under the flexible inflation targeting regime, the RBI aims to maintain the Consumer Price Index (CPI) within a 2-6% range.<\/li>\n<li><strong>Price Stability:<\/strong> The primary goal is to ensure price stability, which is a prerequisite for sustainable economic growth.<\/li>\n<li><strong>Policy Formulation:<\/strong> The MPC assesses the current and evolving macroeconomic situation to determine the appropriate repo rate and liquidity conditions.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Recent_Developments-3\"><\/span><strong>Recent Developments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The reconstitution of the MPC will influence future monetary policy decisions, especially as inflation concerns remain high. In the August 2024 monetary policy meeting, the MPC, with a 4:2 majority, kept the repo rate unchanged at 6.5%, citing inflation risks, particularly from high food prices.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_Inflation_Targeting\"><\/span><strong>What is Inflation Targeting?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Inflation targeting is a monetary policy strategy used by central banks to control inflation by setting a specific target for inflation levels. The RBI aims to keep CPI inflation within the 2-6% range, with a long-term target of 4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Way_Forward-4\"><\/span><strong>Way Forward<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The reconstitution of the MPC ahead of the October 7-9 monetary policy review is significant as it may shape the future course of India&#8217;s monetary policy. Inflation control and economic growth remain central to the MPC\u2019s objectives, with the repo rate expected to stay at 6.5%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Read Time: <\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> PM Modi Says India Trusted Partner in Jamaica\u2019s Development Journey What in News? India has been a \u201ctrusted partner\u201d in Jamaica\u2019s development journey, ready to share expertise in areas such as digital public infrastructure, biofuel, innovation, and health, says Indian PM. India-Jamaica Relationship The bilateral relationship between India and Jamaica is strong, deeply rooted in&hellip; <a class=\"more-link\" href=\"https:\/\/upscmentorship.com\/upsc-exam\/current-affair-3-september-2024\/\">Continue reading <span class=\"screen-reader-text\">Current Affair &#8211; 3 September 2024<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"acf":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/posts\/2232"}],"collection":[{"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/comments?post=2232"}],"version-history":[{"count":2,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/posts\/2232\/revisions"}],"predecessor-version":[{"id":2234,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/posts\/2232\/revisions\/2234"}],"wp:attachment":[{"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/media?parent=2232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/categories?post=2232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/upscmentorship.com\/upsc-exam\/wp-json\/wp\/v2\/tags?post=2232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}