RBI hikes repo rate by 25 bps to 6.5%, raises inflation projection

  • The Reserve bank of India’s monetary policy committee (MPC) raised policy rates by 25 basis points to 6.5%, in its Third Bi-monthly Monetary Policy Statement for 2018-19.
  • Consequently, the reverse repo rate under the liquidity adjustment facility (LAF) is adjusted to 6.25%.
  • The decision of the MPC is in line with the neutral stance of the monetary policy. The objective is to achieve the medium-term target for consumer price index (CPI) inflation of 4%.

IT Ministry launches e-Aksharayan language software

  • At a symposium for Indian Languages Technology Industry ‘Bhashantara’ in New Delhi, the IT Ministry’s Ajay Prakash Sawhney has launched e-Aksharayan in 7 Indian languages.
  • e-Aksharayan is desktop software that can convert scanned printed Indian Language documents into a fully editable text format in Unicode encoding.
  • e-Aksharayan will work in the following languages: Hindi, Malayalam, Tamil, Kannada, Bangla, Gurmukhi, and Assamese.

Govt launches Seva Bhoj Yojna scheme to help charitable institutions

  • The Ministry of Culture launched the Seva Bhoj Yojna scheme to reimburse CGST and IGST to religious and charitable institutions who provide food for free.
  • Under the scheme, the government has set aside Rs.325 crores for the financial years 2018-19 and 2019-20.
  • This means that religious and charitable institutions will effectively not have to pay CSGT and IGST on food that is provided free of cost to the public or devotees.
  • IGST stands for Integrated Goods and Service Tax.

Indian-origin mathematician Akshay Venkatesh wins prestigious Fields medal

  • Indian-Australian mathematician Akshay Venkatesh, along with three others, has won mathematics’ prestigious Fields medal.
  • The Fields medal is known as the Nobel prize for mathematics.
  • Venkatesh, who teaches at Stanford University, received the honour for his profound contributions to an exceptionally broad range of subjects in mathematics.
  • Each winner receives 15,000 Canadian dollars.

Neeraj Chopra wins gold medal at Savo Games in Finland

  • Indian javelin athlete Neeraj Chopra won a gold medal at the Savo Games in Lapinlahti, Finland.
  • Chopra recorded a throw of 85.69 metres to win the gold at the event.
  • Chao-Tsun Cheng of Chinese Taipei recorded a throw of 82.52m to win the silver medal.

Gopalkrishna Gandhi to get Rajiv Gandhi Sadbhavana Award

  • The Congress announced that the 24th Rajiv Gandhi National Sadbhavana Award will be given to former West Bengal Governor Gopalkrishna Gandhi.
  • He will receive the award for his outstanding contribution towards promotion of communal harmony.
  • The Rajiv Gandhi National Sadbhavana Award is given to mark the birth anniversary of the late Prime Minister.
  • The award carries a citation and a cash award of Rs.10 lakh.
  • Former recipients of the award include Mother Teresa, Ustad Bismillah Khan, Mohammed Yunus, Lata Mangeshkar and Dilip Kumar.

China launches high-resolution Earth observation satellite

  • China launched Gaofen-11, an optical remote sensing satellite, as part of the country’s high-resolution Earth observation project.
  • The Gaofen-11 satellite was launched on a Long March 4B rocket.
  • It was the 282nd flight mission by a Long March carrier rocket.
  • The satellite can be used for land survey, urban planning, road network design, agriculture, and disaster relief.
  • Data from the satellite will also be used for the Belt and Road Initiative.

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