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08 Dec, 2022
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RBI Raised Repo Rate By 50 Basis Points To Lower Down Inflation

RBI Raises Repo Rate To Control Rising Inflation Rates

The Reserve Bank of India (RBI), on Friday, August 5, 2022, raised its repo rates by 50 basis points to 5.40 per cent. With this rate hike, interest rates returned to pre-pandemic levels.

The decision for a rate hike was taken in a recently held meeting of the Monetary Policy Committee. Along with this, the RBI governor announced the scrapping of policies announced during the pandemic time for support. 

So far, the RBI has changed the repo rates three times since the start of the 2022-23 financial year. Earlier, the MPC unanimously decided to raise the interest rates by 50 basis points in June.

The decision to hike repo rates defines the measure the RBI is taking to bring down inflation from above the upper threshold value of the central bank’s target since the start of this calendar year.

Kerala Floods: The Situation In Kerala Is Same As That Of 2018 Floods

South Indian state Kerala is once again witnessing a flood-like situation as heavy downpours triggered by strong monsoon winds lashing the state’s central region. According to reports, the situation in central Kerala is precarious, as swollen rivers inundated several low-lying areas. 

Learning from the havoc of the 2018 Kerala floods, the state administration started the evacuation of people from flood-prone areas. 

According to sources, as many as three persons lost their lives in various rain-related incidents on Thursday. This increased the total death tally to 22 in five days. The sources also mentioned that the administration has successfully shifted a total of 6,411 people to 221 relief camps established by the state administration. 

Through media support, chief minister Pinarayi Vijayan appealed to people to follow the administration’s instructions and shift to safe locations. 

India Is No More A Democracy But A Synonym Of Dictatorship: Rahul Gandhi

Flagging off the nationwide protest against rising inflation and GST imposition on essential items, ex-Congress chief Rahul Gandhi addressed a press briefing, targeting the ruling party for recent decisions. In his address, Rahul Gandhi said India is no longer a democratic nation. Instead, it has turned into a dictator state ruled by four people. He said, “India is witnessing the death of democracy. He added, “What India built brick by brick a century ago is being destroyed in front of your eyes. Anyone who dares to raise his voice is viciously attacked, jailed, arrested, and beaten up by central agencies”. 

Taking a jibe at the BJP, Rahul Gandhi compared the Modi government to that of Hitler’s rule. He stated, “Hitler, too, won elections. How did he use to rule his nation? He had full control of all of Germany’s institutions… Give me the entire system, then I will show you how simple is to win elections“. 

For the last few days, the Congress party has been regularly protesting against the government’s decision to levy GST on essential items like- Curd, paneer, and others. Due to this, some of the MPs were also suspended from both houses of the parliament. 

China-Taiwan Tension: Beijing Summoned European Diplomats Over Statements On Military Drills

Angered due to the recent visit of US House Speaker Nancy Pelosi to the island nation, Beijing on Friday, August 05, 2022, summoned European diplomats to show its protest against the statements issued by G7 and European countries. Earlier, the G7 and EU countries criticized Chinese military drills surrounding the island nation following Pelosi’s visit. 

Describing Beijing’s stand, the Chinese Foreign Ministry said Vice Minister Deng Li made ‘solemn representations’ in an international arena via his statement- “wanton interference in China’s internal affairs“. 

Meanwhile, Nancy Pelosi, speaking at an event in Tokyo, said on Friday, “China made the missile strikes by using her Taiwan visit as ‘an excuse’ and that her travel schedule is not set by the Chinese government”. She reiterated that the US supports peace and the status quo in Taiwan.

Commonwealth Games 2022: Sudhir Scripted History By Bringing First Gold In Heavyweight Para Powerlifting Event

On Thursday, Indian athletes put their efforts into bringing two medals to India’s tally in CWG 2022. 

Indian para heavyweight powerlifter Sudhir brought the first gold medal in the men’s heavyweight para powerlifting event. In addition, Murali Sreeshankar bagged a silver medal in the men’s long jump event to give India a second medal in athletics at the Commonwealth Games 2022.

With their winning, the overall medal tally of India has reached the 20 medal mark.

Covid-Bulletin: India Logs 20,551 New Covid-19 Cases; Recovery Rate At 98.50%

According to the latest data released by the union health ministry, India has registered 20,551 new covid-19 cases in the previous 24 hours. The active caseload of the country currently stands at 1,35,364. Meanwhile, daily recoveries continue to outnumber active covid-19 cases registering 21,595 recoveries in the last 24 hours. The total recoveries have reached 4,34,45,624. The daily and weekly positivity rates stand at 5.14% and 4.64%, respectively. As per the Indian Council of Medical Research, the country has conducted 87.71 crore covid-19 tests so far. On the vaccination front, India has administered 205.59 crore covid-19 vaccine doses so far under the nationwide vaccination drive.

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