RBI announced its fourth bi-monthly monetary policy
The Reserve Bank of India (RBI) maintained the repo rate at 6.5% in its fourth bi-monthly monetary policy on October 6, 2023. This is the fourth consecutive time the rate has been kept unchanged. The GDP growth and inflation projections for FY24 remain at 6.5% and 5.4% respectively. The central bank adopted a ‘withdrawal of accommodation’ stance, indicating a move away from economic support measures.
India shines at Asian Games: Archery and Squash teams bag gold
On October 6, 2023, India’s performance at the Asian Games was commendable. The women’s archery team and the squash mixed doubles team clinched gold medals. The men’s compound team also secured a gold medal in archery. As of this date, India held the 4th position in the medal tally with a total of 95 medals, including 22 gold.
Tragic boat capsize near Kochi, search for missing fishermen underway
A fishing boat named ‘Nanma’ capsized near Munambam harbour, north of Kochi, leading to four fishermen going missing. Three others were rescued by a nearby fishing vessel. The Indian Coast Guard initiated rescue operations, but poor weather conditions are hampering the search. Efforts to find the missing fishermen are ongoing.
Sharad Pawar attends Election Commission’s hearing amid NCP infighting
The Election Commission held a hearing with the conflicting factions of the Nationalist Congress Party (NCP). Founder Sharad Pawar and Ajit Pawar are contesting for the party’s name and election symbol. Sharad Pawar was present in person, emphasizing the importance of this dispute. The hearing is set to continue on October 9.
ADIA’s significant investment in Reliance Retail Ventures
The Abu Dhabi Investment Authority (ADIA) has declared an investment of ₹4966.80 crore in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries. This substantial investment places RRVL’s pre-money equity value at a staggering ₹8.38 lakh crore, ranking it among the top four companies in India by equity value. The investment secures ADIA a 0.59 percent equity stake in RRVL on a fully diluted basis.