Repo Rate is RBI's primary monetary policy tool.
It is the rate at which commercial banks borrow money from the Reserve Bank of India against government securities. A higher repo rate makes borrowing more expensive for banks, generally reducing liquidity in the market and potentially curbing inflation.
Goods and Services Tax (GST) replaced multiple indirect taxes.
Implemented on July 1, 2017, GST is a comprehensive, multi-stage, destination-based tax levied on every value addition. It aims to streamline the tax structure, reduce cascading effects of taxes, and create a common national market.
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) is a major health scheme.
It provides health cover to economically vulnerable sections of society, offering cashless hospitalization for eligible beneficiaries across public and empanelled private hospitals. It aims to reduce catastrophic out-of-pocket health expenditure.
Fundamental Duties were added to Indian Constitution by 42nd Amendment.
Inspired by the Constitution of the USSR, these duties (currently 11) were recommended by the Swaran Singh Committee. They are non-justiciable, meaning they cannot be enforced by courts, but serve as a reminder to citizens of their responsibilities.
Gaganyaan is India's first human spaceflight mission by ISRO.
The mission aims to send Indian astronauts to low Earth orbit and safely bring them back to Earth. ISRO is developing the necessary capabilities, including a human-rated launch vehicle (GSLV Mk III) and a crew module for this endeavour.
IMF and World Bank Group are headquartered in Washington D.C.
The International Monetary Fund (IMF) works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment, and sustainable economic growth. It provides financial assistance to member countries.
Major Dhyan Chand is a legend in Indian hockey.
Known as 'The Wizard' or 'The Magician,' he led India to three Olympic gold medals in hockey (1928, 1932, 1936). His birthday, August 29th, is celebrated as National Sports Day in India.