Current Affairs Question - 08 February 2020

Explanation :

• The submarine project called “Project-75 India (P-75I)” was first approved by the defence ministry in 2007 but has been delayed due to politico-bureaucratic apathy.
• The Project 75I-class submarine is a follow-on of the Project 75 Kalvari-class submarines for the Indian Navy.
• Under this project, the Indian Navy intends to acquire six diesel-electric submarines, which will also feature advanced air-independent propulsion (AIP) systems to enable them to stay submerged for longer duration and substantially increase their operational range.
• The French Naval Group is among the five Original Equipment Manufactures (OEM) who have been shortlisted for the Indian Navy’s project for advanced submarines under Project-75I.
• All six submarines are expected to be constructed in Indian shipyards.
• The first Scorpene submarine, Kalvari, was commissioned in 2017 and it would go for a normal refit after six years in 2023, during which time the AIP would be installed.
• Second Scorpene Khanderi was inducted in September 2019.

Explanation :

• The Reserve Bank of India (RBI) Act, 1934 was amended by Finance Act (India), 2016 to constitute MPC, to bring more transparency and accountability in fixing India's Monetary Policy.
• The committee comprises six members - three officials of the RBI and three external members nominated by the Government of India.
• The Governor of Reserve Bank of India is the chairperson ex officio of the committee.
• The MPC is responsible for fixing the benchmark interest rate in India.
• The meetings of the Monetary Policy Committee are held at least 4 times a year.