Repo Rate changes - The Monetary Policy Committee (MPC) of India, led by RBI Governor Shaktikanta Das, decided to keep the repo rate unchanged as of June 7, 2024. This decision followed the three-day MPC meeting that began on June 5, 2024, shortly after the Lok Sabha election results.
Key points from the announcement: • The RBI revised the GDP growth projection for FY 25 to 7.2%, up from 7%. • The RBI's mandate is to maintain CPI inflation at 4%, with a 2% margin on either side. • With the repo rate unchanged, lending rates linked to it will also remain unchanged, preventing an increase in EMIs for borrowers.
India - Pak highlights - In a thrilling T20 World Cup 2024 match at the Nassau County International Cricket Stadium in New York, India secured a nail-biting victory over Pakistan by 6 runs. Despite India being bowled out for 119 in 19 overs after batting first, Pakistan couldn't chase down the target, managing only 113/7.
Jasprit Bumrah's exceptional bowling performance of 3/14 earned him the Player Of The Match award for the second consecutive time. Rishabh Pant's valuable contribution with the bat, scoring 42 off 31, and his skillful wicketkeeping further bolstered India's performance.
Despite dramatic batting collapses from both teams, India held their nerves to clinch the victory, securing 4 points from 2 matches in the tournament.
India and its Cabinet - Prime Minister Narendra Modi was sworn in for a third consecutive term, leading a coalition government after two terms where the BJP enjoyed a majority on its own.
The newly formed Modi 3.0 council of ministers includes 30 Cabinet Ministers, five ministers of state with independent charge, and 36 ministers of state.
This marks an expansion from the Modi 2.0 cabinet, which had 24 Cabinet-rank ministers, nine ministers of state with independent charge, and 24 ministers of state.
Modi, aged 73, joins Jawaharlal Nehru in the feat of winning three consecutive general elections.