IMPORTANT DAYS

Mahaparinirvan Diwas observed on 6 December 2024.

• Mahaparinirvan Diwas was observed on 6th December 2024, marking the 69th death anniversary of Dr. B.R. Ambedkar.

• Dr. B.R. Ambedkar, the principal architect of the Indian Constitution, is remembered on this day.

• Vice President Jagdeep Dhankhar, PM Modi, and others paid floral tributes to Dr. Ambedkar at Prerna Sthal, Parliament House, New Delhi.

• Dr. Ambedkar chaired the drafting committee of the Indian Constitution.

• He served as India's first Minister of Law and Justice from 1947 to 1951.

• Dr. Ambedkar was posthumously awarded the Bharat Ratna in 1990.

• Chaitya Bhoomi in Mumbai is the place where Dr. Ambedkar was cremated.

• Dr. B.R. Ambedkar passed away on 6th December 1956.

BANKING, ECONOMY AND FINANCE

RBI has decided to keep policy repo rate unchanged at 6.50% for 11th time.

• RBI has kept the policy repo rate unchanged at 6.50%, marking the 11th consecutive time.

• The decision to maintain the repo rate was made by a majority vote of 4:2.

• Standing Deposit Facility (SDF) rate is set at 6.25%, and the Marginal Standing Facility (MSF) rate remains at 6.75%.

• Since February 2023, the RBI has maintained stable benchmark interest rates.

• The Monetary Policy Committee (MPC) has unanimously decided to continue with a 'neutral' policy outlook.

• Cash Reserve Ratio (CRR) has been reduced by 50 basis points to 4%.

• The GDP growth projection for FY25 has been lowered to 6.6%, down from the earlier estimate of 7.2%.

• The inflation projection for FY25 remains at 4.8%, and small finance banks are now allowed to approve UPI credit lines.

Morgan Stanley has revised India's FY25 GDP growth projection from 6.7% to 6.3%.

• India's GDP growth projection for FY25 has been revised by Morgan Stanley from 6.7% to 6.3%.

• India's GDP growth for July-September 2024 slowed to 5.4%, the lowest since March 2023.

• The 5.4% growth in Q2 2024 fell short of Morgan Stanley's 6.3% forecast.

• Both private consumption and capital expenditure showed signs of slowing.

• Private consumption grew at a higher rate than expected.

• The services sector remained resilient with a growth rate of 7.1%.

• Manufacturing and energy sectors were the main contributors to a 3.9% growth in industrial output.

• Key factors for long-term recovery include cash balances with the RBI, government spending, agricultural performance, and domestic liquidity.

NATIONAL NEWS

PM Modi inaugurated Ashtalakshmi Mahotsav at Bharat Mandapam in New Delhi on 6 November 2024

• PM Modi inaugurated the Ashtalakshmi Mahotsav at Bharat Mandapam, New Delhi, on 6th November 2024.

• The three-day event celebrates the unique products, crafts, textiles, and culture of the eight Northeastern states.

• Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura are the Ashtalakshmi states inspiring the event.

• 34 GI-tagged products will be showcased, including handicrafts, handlooms, and agri-horti items.

• Over 250 artists will exhibit their creations during the event.

• The Rural Haat Bazaar, featuring works from 320 local farmers and artisans, is a major highlight.

• The Mahotsav aims to boost economic growth in the Northeast, benefiting artisans, weavers, and entrepreneurs.

• The event opens new opportunities for business and cultural exchange for North East communities.

GOVERNMENT SCHEMES

Union Minister launched ‘Anna Chakra’ to enhance the efficiency of the PDS supply chain.

• Union Minister Pralhad Joshi launched 'Anna Chakra' to improve the efficiency of the Public Distribution System (PDS) supply chain.

• Developed in partnership with the World Food Programme (WFP) and IIT-Delhi's FITT, 'Anna Chakra' aims to optimize PDS logistics.

• The tool will streamline food grain transportation through route optimization, enhancing supply chain operations.

• 'Anna Chakra' will reduce the carbon footprint by minimizing transportation-related emissions.

• A new portal, SCAN (Subsidy Claim Application for the National Food Security Act), was introduced to automate food subsidy processes.

• SCAN will facilitate the seamless release and settlement of food subsidies, ensuring better service delivery.

• The initiatives aim to increase transparency, efficiency, and accountability in PDS implementation.

• These advancements are set to modernize the PDS logistics network and improve food distribution nationwide.

SUMMIT AND CONFERENCE

13th round of Foreign Office Consultations held between India and Egypt.

• The 13th round of Foreign Office Consultations (FOC) between India and Egypt was held.

• Both countries reiterated their commitment to strengthening the Strategic Partnership.

• Discussions focused on enhancing political, economic, and socio-cultural ties.

• Shared perspectives on key regional and global issues were exchanged.

• India and Egypt's relations are rooted in historic and civilizational connections.

• Both sides expressed mutual interest in deepening bilateral cooperation.

• Future collaborations in various sectors were explored during the meeting.

• The next round of FOC will be held in Egypt.