June 6 & 7, 2018

National:

• Central package for sugar mills:

The cabinet committee on Economic Affairs(CCEA) approved a slew of measures that would help the cash starved sugar industry and farmers. CCEA has decided to set the minimum selling price of white / refined sugar at Rs 29/kg  and impose stock holding limits on sugar mills.

It also decided to set aside a sum of Rs 4400 crore to boost ethanol production capacity and creating a buffer stocks of 3 million tonnes of sugar.

• World Bank nod for Rs 6000 crore ground water recharge plan:

The World Bank has approved a Rs 6000 crore  scheme called Atal Bhujal Yojana (ABHY).

ABHY is a central sector scheme of the Ministry of Water Resources , River Development and Ganga Rejuvenation.

ABHY aims to improve ground water management in priority areas in the country through community participation.

The scheme is to be implemented over a period of five years from 2018-19 to 2022-23 with World Bank assistance.

• India’s rank marginally improves in peace index:

According to the Global Peace Index (GPI) released by Australia based Institute for Economics and Peace (IEP), India’s rank has marginally improved in global peacefulness.

India’s GPI rank was 137 out of 163 countries for the year 2016.  Now the rank has moved upto 136 for 2017.

Banking:

• RBI Monetary Policy Review:

The Monetary Policy Committee of the Reserve Bank of India has decided to hike the repo rate by 25 basis point to 6.25 % from 6.00 %. Consequently the reverse repo adjusted to 6.00% from 5.75%. This is the first rate hike in four – and- a- half years, the last was in January 2014.

The current policy rates of RBI are

Repo rate  – 6.25%

Reverse Repo rate – 6.00%

Marginal Standing Facility (MSF) rate – 6.5%

RBI revised upwards  the retail inflation range to 4.8 – 4.9% in the first half  and  4.7% in the second half of 2018 -19.

CPI based inflation is projected at 4.6% in the first half and 4.7% in the second half.

• Co-operative banks can become small finance banks , says RBI:

The Reserve Bank of India decided to allow urban co -operative banks to convert into small finance banks with a aim to bring these entities into mainstream banking.

Sports:

• Virat Kohli wax statue unveiled at Madame Tussauds:

The Indian cricket team captain Virat Kohli’s wax statue was unveiled at the Madame Tussauds museum in New Delhi.

• Argentina call off controversial World Cup warm up against Israel:

Argentina have cancelled their final World Cup warm up match against Israel citing unspecified threats against Barcelona super star Lionel Messi.