DAILY PRELIMS BOOSTER 9th FEBRUARY 2022

EPFO: The Employees’ Provident Fund Organisation is the statutory body under the Government of India’s Ministry of Labour and Employment, which is responsible for regulation and management of provident funds in India. The EPFO administers the mandatory provident fund.

Agriculture Orientation Index: AOI for Government Expenditures is defined as the Agriculture share of Government Expenditure, divided by the Agriculture value added share of GDP, where Agriculture refers to the agriculture, forestry, fishing and hunting sectors. India’s index is one of the lowest, reflecting that the spending towards the agri sector is not commensurate with the sectors contribution to the GDP.

FRBM Act: FRBM Act provides a legal institutional framework for fiscal consolidation. The objective of the Act is to ensure inter-generational equity in fiscal management, long-run macroeconomic stability, better coordination between fiscal and monetary policy, and transparency in the fiscal operation of the Government. Act envisages the setting of limits on the Central government’s debt and deficits. It limited the fiscal deficit to 3% of the GDP.

Central Bank Digital Currency: A CBDC is a digital token representing a country’s official fiat currency. A CBDC is no different from the cash that we hold in our wallets, except that it exists in a digital form. The CBDC will be held in a digital wallet that is supervised by the Central bank. It should be noted that the RBI’s digital rupee will not directly replace demand deposits held in banks. People can opt to convert their bank deposits into the new digital rupee.

PM-AASHA: Pradhan Mantri Annadata Aay SanraksHan Abhiyan is an umbrella scheme aimed at ensuring remunerative prices to the farmers for their produce. It includes the mechanism of ensuring remunerative prices to the farmers and is comprised of: Price Support Scheme (PSS), Price Deficiency Payment Scheme (PDPS) and Pilot of Private Procurement & Stockist Scheme (PPPS).

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