Former governor of the Reserve Bank of India (RBI) said that the central bank raising interest rates to counter soaring inflation is inevitable and should not be seen as an ‘anti-national act’, but rather as an investment into economic stability of the country. He said in a note that during his term from September 2013, the RBI raised the repo rate from 7.25% to 8% to counter inflation that reached 9.5%. India’s retail inflation was 6.95% in March.
Adani Power has become the sixth company in the Adani Group to have reached the ₹1 trillion market capitalization mark today even as broader markets ended lower on a domestic and global level, and its stock price is now ₹272.05. BSE data shows that Adani was at the 49th position in overall market capitalization today. This represents a 90% rise in the company’s stock price in one month as against a 1% decline in Sensex.
Independent Gujarat MLA and Dalit activist Jignesh Mevani has been granted bail after being arrested by Assam police from his home state on the complaint of a BJP leader who said his comments could ‘incite sections of a particular community’. He was granted bail by a local court in Assam but was re-arrested by police from Barapet, although it is not specified as to which offense he was arrested for. Mevani had compared himself to Chandrashekhar Azad and Rohit Vemula, and said he was being targeted.
Congress spokesperson Randeep Surjewala said that an 8-member task force of the Congress has submitted its report on the plan for the upcoming 2024 Lok Sabha elections to party president Sonia Gandhi. Poll strategist Prashant Kishor has been in talks with the Congress, although the party has not officially stated what his role will be. Next month, the party will hold a convention to reorganize its structure and form a political game plan.
The war between Russia and Ukraine has now completed 2 months, and Ukrainian President Volodymyr Zelenskyy held high-level meetings with senor US officials including Secretary of State Anthony Blinken, to discuss security guarantees, arms supplies, and further sanctions on Russia. Russian President Putin addressed military officers, saying that the ‘military operation’ was on track, and Russian business is thriving despite western sanctions. Air raid alerts were issued throughout Ukraine today, as new attacks occurred in central and western Ukraine including five railway stations, as per local authorities.