G-20 - Group of Twenty
G-20 stands for Group of Twenty is the premier international forum for global economic cooperation.
The members of the G-20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and European Nation.
G20 members accounts for 85% of the World Economy, 75% of the Global Trade, and 2/3rd of the World's population.
G20 meets annually at the G20 Summit. Finance Ministers and Central Bank Governors meet regularly.
Engagement Groups maintains dialog with the policy makers. These groups represents civil society, business labour leaders, the scientific and research community, think tanks, women and youth.
The G20 summits 2020 will be held in the city of Riyadh, Saudi Arabia.
The 17lh G20 Summit will be held in India in 2022, the year the country would celebrate the 75"' anniversary of its Independence.
BIMSTEC - Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation.
BIMSTEC Stands for Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation.
It came Into existence on 6" June, 1997 through Bangkok Declaration.
It is an international organization of seven nations of South Asia and South East Asia, The BIMSTEC s member states deriving from South Asia including Bangladesh, Bhutan, India, Nepal, Sri Lanka and two from South East Asia Including Myanmar and Thailand.
The objectives
To harness shared and accelerated growth through mutual cooperation in different areas of common interests by mitigating the onslaught of globalization and by utilizing regional resources and geographical advantages.
It is a Sector driven organization including trade, technology, energy, transport, tourism and fisheries.
It expand to embrace9 more sectors including agriculture. public health. poverty alleviation, counter terrorism, environment, culture, people to people contact and climate change in 2008.
Leaders of BIMSTECC were invited to Indian prime minister's swearing ceremony held on May 30, 2019.
The three days International Seminar on Climate Smart Farming System' for BIMSTEC countries organized in New Delhi on December 11,2019 by Department of Agricultural Research a Education, Ministry of Agriculture & Farmers Welfare and Indian Council of Agricultural Research.
The 4th BIMSTEC summit organized at Kathmandu in August 2019.The Objective of the seminar was to have experience sharing to enable improvement of tropical smallholder farming systems for greater productivity and resilience to climate change through ecological approach.
NITI AAYOG - National Institution for Transforming India.
NITI AAYOG abbreviation for National Institution for Transforming India.
Established in January 2015 by Government of India in keeping with its reform agenda to replace the planning commission which was established in March, 1950.
Objective
To act as a platform for resolution of cross- sectoral issues between central and state governments, capacity building and to act as knowledge and innovation hub.
To foster cooperative federalism through direct interactions with the line ministries, also helps to address issues in a relatively shorter time.
To foster Competitive federalism by performance based rankings to states across various verticals. It helps to identify best practices in different states in various sectors and then try to replicate them to
other states.
Think Tank for innovative ideas from all possible sources- Industry, academic, civil society or foreign specialist and flow into government system for implementation.
Provides technical advice to center and states.
Constitution
Chairperson - Sri Narendra Modi
Vice Chairperson - Dr. Rajiv Kumar
Ex-Officio Members - Amit Shah, Rajnath Singh, Nirmala Sitaraman and Narendra Singh Tomar.
Special Invitees - Nitin Gadkari, Piyush Goyal, ThawarChand Gehlot and Rao lnderjit Singh.
Chief Executive Officer (CEO) : Amitabh Kant
Reserve Bank of India (RBI)
Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of Reserve Bank of India Ad, 1984.
The Central Office of Reserve Bank where Governor sits and where policies formulated was initially established in Calcutta but was permanently moved to Mumbai In 1937.
Though privately owned initially, it was nationalised in 1949 and since then fully owned by Government of India.
Basic Function of RBI is to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modem monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."
Policy Rates as on AUG 6 2020
- Policy Repo Rate: 4 %
- Reserve Repo Rate: 3.35 %
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25 %
Reserve Rates as on AUGUST 6.2020
- Cash Reserve Ratio (CRR): 3 %
- Statutory Liquidity Ratio (SLR): 21.5%