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The repo rate rose to 4.40 percent

  • The Monetary Policy Committee of the Reserve Bank meets regularly every two months. In this context, an emergency meeting of the Reserve Bank Monetary Policy Committee was held on the 2nd.
  • Controlling inflation was discussed at the meeting on the 2nd and 4th. Reserve Bank Governor Sakthikantha Das announced the outcome of the meeting. Inflation is higher than expected. Inflation rose to 6.95 per cent in March from 6.07 per cent in February. This is an increase not seen in the last one and a half years.
  • He said the repo rate would be raised to control inflation. Moreover, the global economic recovery has been hampered by the Ukraine-Russia war.
  • The repo rate has been hiked by 0.40 per cent to offset rising inflation. Thus the repo rate has now risen from 4 per cent to 4.40 per cent.
  • The repo is also the interest rate charged on a loan issued by the Reserve Bank to a bank. Now that the Reserve Bank has raised the repo rate, other banks will also raise interest rates on loans they make to the public. Thus the interest rate on home, auto and personal loans is likely to increase.
Modi meets 5 Prime Ministers at 2nd Nordic Summit
  • Prime Minister Modi left for Germany on the 2nd of this month on a three-day visit to European countries. There he met with President Olab Scholes. Arrived in Denmark on the 2nd day trip. There he was received at Copenhagen Airport by the country's Prime Minister, Mete Frederickson.
  • The two leaders discussed Denmark's investment in sectors including renewable energy and food processing. Modi then attended a dinner hosted by Queen Margaret II of the country. There he was given a special welcome in the traditional manner of the state.
  • Following this, Prime Minister Modi attended the 2nd Nordic Summit in Denmark on the 2nd yesterday. The Prime Ministers of 5 countries namely Denmark, Finland, Iceland, Norway and Sweden participated in it. The Nordic countries are India's key allies in sustainability, renewable energy, digitalisation and innovation.
  • Prior to the summit, he met separately with Norwegian Prime Minister Jonas Kar Store, Swedish Prime Minister Magdalena Anderson, Icelandic Prime Minister Katherine Jakobstotir, Danish Prime Minister Frederickson and Finnish Prime Minister Sanna Marin.
  • This includes innovations, an agreement for information technology investment, and renewable energy. Modi discussed various issues including fisheries.
Tamil Nadu student team wins NASA competition in human exploration rover design
  • 91 teams from 58 colleges and 33 high schools from around the world participated in the 'NASA 2022 Anthropological Rover' competition held by the US space center NASA.
  • In this competition, a man-made rover will be designed and tested on an artificial platform such as a rocky terrain in the solar system. In it, it was stipulated that these teams should perform tasks including sampling and spectrographic analysis.
  • Decent Children Model Presidency High School from Punjab was selected for the school level award in this competition. 
  • Similarly, the team of the Vellore Institute of Technology (VIT) in Tamil Nadu has won in the social media category in the college and university category. This was announced during the NASA Awards Ceremony held on the 29th via video.
Processor to track the arrival of city buses
  • SS Sivasanka, Minister of Transport, introduced the 'Chennai Bus' processor at the General Secretariat, Chennai, which was designed to make the public aware of the location of the Municipal Transport Corporation buses.
  • Chennai Bus Processor can be downloaded from the Google Play Store. With this, newcomers to Chennai can find out the nearest bus stand and details of the buses arriving there. The Chennai Bus Processor features an SOS button to let passengers know the emergency and security message immediately to those they know.
Arvind Krishna on the Board of Directors of the US Federal Reserve
  • Arvind Krishna is the CEO of IBM-E, a US-based multinational computer technology company.
  • The 60-year-old has been named director of the 'B' division of the Federal Reserve. He will remain in this position until December 31, 2023. Arvind Krishna hails from Andhra Pradesh and started his schooling in Coonoor, Tamil Nadu. Continued to study at Kanbo IIT.
  • He later earned a doctorate from the University of Illinois at Urbana-Champaign. She joined IBM in 1990 and has worked in various capacities there. He was the CEO of the company in the year 2020. Arvind Krishna's father was a Maj. Gen. in the Indian Army.
India selected as the first prestigious country in the Cannes Film Market
  • Union Minister of Information and Broadcasting Anurag Thakur has announced that India has been accorded the status of 'Honorable Country' in the Marseille Film Festival, which is being held between the 75th Cannes Film Festival in France.
  • Another highlight of the event is the film 'Rocketry', produced by Mr. R. Madhavan, which will be screened at the Cannes Film Festival on behalf of India.

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