1. RBI slashes key policy rate by 0.25 percent
(i) The RBI cut the repo rate by 0.25 percent for the third time this year on Tuesday in a move aimed at boosting growth by lowering borrowing cost.
(ii) The RBI governor, Raghuram Rajan, yielded to the demands of Finance Minister Jaitley and India Inc and went ahead with the rate cuts despite the worries of deficit monsoon rains and its impact on prices.
(iii) RBI cut the repo rate from 7.5 percent to 7.25 percent but other policy tools remained unchanged with cash reserve requirement (CRR) at 4 percent and Statutory Liquidity Ratio (SLR) at 21.5 percent.
(iv) Allahabad Bank became the first to reduce the lending rate by 0.3 percent.
2. Government plans to convert rivers into waterways to boost economic growth
(i) With the aim of boosting economic growth, the Government plans to explore waterways, which are one of the cheapest modes of transport.
(ii) To this end, an ambitious plan has been chalked out to convert 101 rivers in the country into waterways. The detailed project reports for 16 rivers are likely to be completed this month and the plans for another 40 rivers will be ready by the end of this year.
(iii) Among the conventional modes of transportation, road transportation costs Rs. 1.5 per kilometer and rail transport costs Rs. 1 per kilometer while the cost of water transportation gets reduced by 30 paise per kilometer, thus making it the cheapest mode of transport in the country.
3. Ship capsizes on the Yangtze river in Southern China – 450 people missing
(i) At least 450 people, most of whom were elderly, went missing after a ship capsized on the Yangtze river in Southern China due to a cyclone.
(ii) The ship Dongfangzhixing or ‘Eastern Star’ was carrying 406 Chinese tourists.
(iii) Chinese President Xi Jinping has ordered ‘all out rescue efforts’ with more than 30 boats pressed for the rescue operations.
4. Sushma Swaraj lays the foundation stone of the South Asian University at New Delhi
(i) The External Affairs Minister, Sushma Swaraj, laid the foundation stone of the South Asian University at Maidangarh, New Delhi on Wednesday.
(ii) On this occasion, she spoke of bringing students of the South Asian Association for Regional Cooperation (SAARC) closer through academic engagement and discourse.
(iii) South Asian University is an international university established by the eight member nations of the South Asian Association for Regional Co-operation (SAARC) viz. Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
5. Rajasthan Chief Minister Vasundhara Raje flags off the Jaipur Metro Rail Services
(i) The Jaipur Metro rail was rolled out by the Rajasthan Chief Minister Vasundhara Raje on Wednesday.
(ii) The first phase of the metro rail will run between nine stations from Mansarovar to Chandpole which is a 9.6 km stretch.
(iii) Jaipur became the sixth state in the country to have Metro Rail Services.
6. BIS app launched by the Government on Monday
(i) Food and Agriculture Affairs Minister Ram Vilas Paswan launched a BIS app for registration of complaints regarding sub-standard quality of ISI marked products or Hallmark Jewellery.
(ii)This app now allows consumers to file complaints regarding sub-standard products and jewellery.
(iii) Paswan asserted that end to end computerisation of FCI operations is underway and it will further bring in transparency in the system and curb corruption.
7. Ericsson inks pact with Sterlite Technologies
(i) Ericsson has inked a pact with Sterlite Technologies with the aim of working together for the smart city initiative in India.
(ii) Under this agreement, Ericsson will collaborate with Sterlite to design a roadmap and provide services required to create a fully functioning knowledge based society.
(iii) In the Budget, the Government announced plans to develop 100 smart cities by 2022, with the Finance Ministry allocating Rs. 7,060 crores for developing the same.
8. French Open: Stanislas Wawrinka dumps Roger Federer
(i) Stanislas Wawrinka knocked out the Swiss second seed Roger Federer with a fearsome performance scoring 6-4, 6-3, 7-6 in the quarter finals at the French Open.
(ii) It’s been three years since Roger Federer won a big game post Wimbledon 2012.
(iii) In another quarterfinal, Tsonga won 6-1, 6-4, 4-6, 3-6, 6-3 over Kei Nishikori.
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