By: D.K Chaudhary
1. Repo Rate Increased By 25 Bps In Second Bi-Monthly Monetary Policy Statement (2018-19)
i. Monetary Policy Committee (MPC) of Reserve Bank of India has increased the policy Repo Rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 percent in the Second Bi-monthly Monetary Policy Statement (2018-19). Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 percent.
ii. MPC revised CPI inflation for 2018-19 to 4.8-4.9% in the first half and 4.7% in the second half. The MPC stated that the GDP growth rate for 2018-19 is retained at 7.4 percent.
- The Monetary Policy Committee (MPC) is a committee of the RBI headed by its Governor.
- The next meeting of the MPC is scheduled on July 31 and August 1, 2018.
- Urjit Patel is Present Governor of RBI.
2. Global Economy Is Healthy But Growth Will Slow: World Bank
i. The steadily expanding global economy should remain resilient, at least for a couple of years, the World Bank has stated. The anti-poverty agency predicts global growth will decelerate slightly from a solid 3.1 percent this year to 3 percent next year and 2.9 percent in 2020.
ii. The World Bank predicts that US growth will register 2.7 percent in 2018, aided by tax cuts, before slowing to 2.5 percent next year and 2 percent in 2020. China’s growth is projected at 6.5 percent this year, 6.3 percent in 2019 and 6.2 percent in 2020.
- The World Bank is an international financial institution that provides loans to countries of the world for capital projects.
- World Bank has 189 member countries.
- Jim Yong Kim is President of the World Bank.
3. World Environment Day 2018 Celebrated In New Delhi
i. Prime Minister Narendra Modi has addressed the global celebrations of World Environment Day 2018 on 05th June in New Delhi. Prime Minister also visited the exhibition set up on the occasion, themed ‘Beat Plastic Pollution’. India was the global host nation for the 43rd edition of this event.
ii. Environment Ministers, representatives from United Nations and members from various industry bodies were among the various dignitaries who attended the event.
4. Maharashtra Announces Financial Aid For Tur Farmers
i. Maharashtra government will provide the financial grant of 1,000 rupees per quintal to those farmers whose tur and gram could not be purchased by the administration before the May 31 deadline.
ii. The state government had set up tur procurement target of 44.6 lakh quintals. The government had started purchasing tur from farmers by offering them guaranteed rates following bumper tur production. Chief Minister Devendra Fadnavis stated the government will also give a financial aid of 160 crore rupees to farmers whose crops got damaged due to unseasonal rain or hailstorm. The chief minister also announced a special subsidy for milk producers.
- Chennamaneni Vidyasagar Rao is present Governor of Maharashtra.
- Maharashtra is the second-most populous state and third-largest state by area in India.
5. Polythene To Be Completely Prohibited From 31st July In Uttarakhand
i. In Uttarakhand, Polythene will be completely prohibited from 31st July in the state. All the polythene vendors have been asked to finish the polyethylene stock before 31st July.
ii. In Dehradun on the occasion of World Environment Day, Chief Minister Trivendra Singh Rawat stated, a comprehensive public awareness campaign will be launched on environmental damage caused by polythene, one week before the entire ban on polythene in the state.
- Krishna Kant Paul is present Governor of Uttarakhand.
- Dehradun is the capital of Uttarakhand.
- Uttarakhand was formed on 09th November 2000 as the 27th State of India, when it was carved out of northern Uttar Pradesh.