The Hindu Editorial Analysis- 16th March 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Looking to the future on St. Patrick’s Day 

Why in News?

St. Patrick’s Day 2024 in India is especially important. This year we celebrate 75 years of diplomatic relations between Ireland and India. We remember the proud history of Ireland’s partnership with India in the struggle we both went through for freedom from colonial oppression.

The History of St. Patrick’s Day

• St. Patrick was a Christian missionary who brought Christianity to Ireland in the 5th century. 
• He is known for using the shamrock, a three-leafed plant, to explain the Holy Trinity to the Irish people. 
• Over time, St. Patrick became the patron saint of Ireland and his feast day, March 17th, became a holy day of obligation for Irish Catholics.

St. Patrick’s Day Traditions

• The wearing of green is a prominent tradition on St. Patrick’s Day. It is believed to bring good luck and was originally associated with the Irish independence movement in the late 18th century. Green is also associated with the lush green landscape of Ireland.
• Parades are also a popular tradition on St. Patrick’s Day. The first St. Patrick’s Day parade took place in New York City in 1762 and has since become a worldwide phenomenon. In Ireland, the largest St. Patrick’s Day parade takes place in Dublin and attracts hundreds of thousands of visitors every year.
• Irish music and dance are an integral part of St. Patrick’s Day celebrations. Traditional Irish instruments such as the fiddle, bodhrán, and tin whistle are often played during parades and festivals. 
• Irish dancing, with its distinctive footwork and costumes, is also a popular feature of St. Patrick’s Day events.

Food and Drink

• Irish food and drink are an essential part of St. Patrick’s Day celebrations. Corned beef and cabbage, a dish made from salt-cured beef and boiled cabbage, is a traditional St. Patrick’s Day meal in the United States. 
• In Ireland, however, it is not a traditional St. Patrick’s Day dish, and instead, a meal of bacon and cabbage is more common.
• Beer is also an important aspect of St. Patrick’s Day celebrations. 
• Guinness, the famous Irish stout, is often consumed in large quantities on this day. In Ireland, many pubs offer live music and entertainment, and the celebration often continues late into the night.

Food Factor

Why in News?

The latest retail inflation data, yet again, underscores how volatile food prices continue to hold hostage not only broader inflation but also the lynchpin of economic growth, namely, personal consumption. While February’s headline Consumer Price Index (CPI)- based reading remained virtually unchanged from the preceding month, at 5.09%, the pace of food price gains computed from the Consumer Food Price Index accelerated by 36 basis points to 8.66%.

About Retail Inflation

• CPI is calculated for a fixed basket of goods and services that may or may not be altered by the government from time to time.
• The change in the price index over a period of time is referred to as CPI-based inflation, or retail inflation.

What Does the CPI tell? 

Following are a few things that the CPI index interprets:

• Cost of living
• The purchasing power of consumers
• The expensiveness of different articles that consumers buy and services that are availed
• Value of the Indian rupee

How is CPI calculated?

• CPI is calculated as a percentage. It is a comparison of the general price level in the markets in a particular time period from a time frame in the past. This is known as the base year.
• CPI, therefore, is calculated by referring to a base year, which is a benchmark. Currently, the base year is 2012.
• The formula for calculating the CPI index is:
• CPI = (Cost of a Fixed Basket of Goods and Services in the Current Year/Cost of a Fixed Basket of Goods and Services in the Base Year) * 100
• The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), compiles All India as well as state-wise CPI for Rural, Urban, Combined sectors and releases the CPI numbers every month.

How is the Consumer Price Index (CPI) Used?

• It is used as a macroeconomic indicator of inflation, as a tool by the central bank and government for inflation targeting and for inspecting price stability, and as a deflator in the national accounts.
• CPI also helps understand the real value of salaries, wages, and pensions, the purchasing power of the nation’s currency, and regulating rates.