Midday News -

THE HEADLINES::

RBI cuts repo rate by 25 basis points to 6 percent; Switches to accommodative stance to spur growth.
RBI also lowers GDP growth projection to 6.5 percent for current financial year.
Prime Minister Narendra Modi describes climate change as biggest crisis; Says, solution lies in sustainable lifestyle.
Agriculture Ministers of BIMSTEC countries meet in Kathmandu.
104 percent reciprocal tariff imposed by US President Donald Trump on China comes into force; 26 percent tariffs on imports from India also come into effect.
And in IPL cricket, Gujarat Titans to take on Rajasthan Royals in Ahmedabad this evening.

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The Reserve Bank of India (RBI) has cut its policy repo rate by 25 basis points to six per cent, for the second straight time having cut its rate for the first time in five years back in February. Announcing this in Mumbai today, RBI Governor Sanjay Malhotra said the six-member committee voted unanimously for the rate cut in the first meeting of the financial year.

The MPC also changed the monetary policy stance from neutral to accommodative – signalling further reductions in the repo rate.

While announcing the decisions, the RBI Governor said the MPC has also decided to slash the GDP growth forecast to 6.5 per cent in 2025-26 from 6.7 per cent projected earlier. He added that retail inflation is expected to be 4 per cent in 2025-26.

Our correspondent has filed this report:

“RBI Governor Sanjay Malhotra today said that the growth prospects have been slashed from 6.7 to 6.5 percent to reflect the impact of global trade and policy uncertainties. He, however, said that growth prospects of the agriculture sector remain bright on the back of healthy reservoir levels and robust crop production, manufacturing activity is also showing signs of revival while services sector activity continues to be resilient. Going forward, net services and remittance receipts are expected to remain in large surplus, partly offsetting the trade deficit with the current account deficit-CAD for 2024-25 and 2025-26, expected to remain well within the sustainable level. with Nisha Raney, this is Ankita Apte, Akashvani News, Mumbai.”

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Prime Minister Narendra Modi has described climate change as the biggest crisis today, saying its solution lies in sustainable lifestyle, which is being practiced by the Jain community for centuries. Mr Modi stated this while addressing a function on the occasion of Navkar Mahamantra Divas in New Delhi today. He remarked that the Jain community has been living the principles of simplicity, restraint, and sustainability for centuries.

Underscoring that the world’s trust in India is deepening, with India’s efforts and results becoming a source of inspiration, Mr Modi highlighted that global institutions are now looking towards India because of its progress, which opens pathways for others. He connected this to Jain philosophy, emphasizing that life thrives on mutual cooperation. He noted that this perspective has raised global expectations from India, and the nation has intensified its efforts.

The Prime Minister also called for promoting local products, saying that more and more items made in India should be bought and others must also be encouraged to do so. He underlined the need to make local to global.

Highlighting that the philosophy of Navkar Mahamantra is connected to the vision of a developed India, he appealed to the people to take nine resolutions. These are – resolution to save water, one tree in the name of mother, mission of cleanliness, vocal for local, domestic tourism, adopting natural farming, adopting healthy lifestyle, bringing yoga and sports into life and finally resolution to help the poor.

The Prime Minister outlined the importance of Jainism in India’s history, identity and spiritual journey, noting that Jain literature is the backbone of the intellectual glory of India. He highlighted the Classical Language status given to Prakrit and Pali as the Government’s duty to preserve the knowledge.

In his speech, Prime Minister Modi said that New India will look for opportunities through Artificial Intelligence and show the path to world spirituality. Talking about the vision of Viksit Bharat, Mr Modi said that developed India means development as well as heritage.

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President Droupadi Murmu has concluded her visit to Portugal and has arrived in the Slovakian capital, Bratislava early this morning. The state visit of the president is historic and taking place after a gap of 29 years. More from our Correspondent:

“On the first day of the state visit to Slovakia, President of India receives grand welcome at Presidential Palace, Bratislava. President of India was received by Peter Pelligrini, President of the Slovak Republic. President was traditionally welcomed with bread and salt by a Slovak Couple in folk dress. President also inspected Guard of Honour. One to one meeting and delegation level talks between the President of India and the President of Slovakia, Peter Pellegrini is being held at Presidential palace. There will also be a meeting with the Prime Minister of Slovakia, Robert Fico. The President will also meet the Speaker of the National Council of Slovakia, Richard Rasi. Pooja P. Vardhan, Akashvani News, Bratislava.”

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The third Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Agriculture Ministers-level meeting took place in Kathmandu today. The Indian Delegation led by Union Minister of Agriculture and Farmers Welfare Shivraj Singh Chouhan and Bhutan’s Agriculture Minister Lyonpo Younten Phuntsho arrived in Kathmandu yesterday evening to attend the meeting in person, while Agriculture ministers from other five member countries of BIMSTEC joined virtually. A report from our correspondent:

“In the Third Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation meeting of Agriculture Ministers in Kathmandu, Nepal’s Agriculture Minister Ramnath Adhikari presided over the minister-level meeting. The meeting discussed matters related to the status and challenges of agriculture, and collaboration among the member countries. India’s Union Minister of Agriculture and Farmers Welfare and Rural Development Shivraj Singh Chauhan addressed the meeting today. During the meeting, he highlighted various initiatives of India in Agriculture like climate resilience, natural farming & digital agriculture mission. He stated that BIMSTEC is central to India’s effort to ensure food security, climate adaptation and sustainable agriculture. He mentioned about the World Audio Visual & Entertainment Summit to be organised by India in Mumbai in May 2025 and extended an invitation to BIMSTEC member countries to participate in WAVES Summit. Sweta Singh, Akashvani News, Kathmandu.”

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US President Donald Trump’s reciprocal tariffs came into effect including a staggering 104 per cent tariff on Chinese imports. The new tariff structure follows President Trump’s ultimatum to Beijing to roll back its retaliatory 34 percent duties on American goods.

Trump’s 26 per cent tariffs on imports from India also came into effect today. Besides India, Trump announced 46% tariffs on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union.

According to Goldman Sachs, it could be a significant blow to China’s economy that could slash Beijing’s growth by 2.4 percentage points.

Union minister Piyush Goyal has said the government is working on a bilateral trade agreement as was decided between Prime Minister Modi and US President Trump in February. He added that India had a series of engagements, all of which are going in the right direction.

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Union Finance Minister Nirmala Sitharaman has said that India offers a compelling growth opportunity for foreign banks and the government is actively encouraging foreign investment in the banking sector. Addressing the India-UK Investor Roundtable discussion in London, the Union Minister outlined priorities of the government for enabling sustained economic growth and investment opportunities with the policy support that is shaping New India. She highlighted the efforts being made by the government to pursue process and governance reforms to reduce compliance burden and ease regulation for facilitating an enabling environment for business and investments.

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In IPL Cricket, Gujarat Titans will play against Rajasthan Royals at the Narendra Modi Stadium in Ahmedabad this evening. The match will start at 7:30 PM.

Last night, Punjab Kings defeated Chennai Super Kings by 18 runs in Chandigarh. Opting to bat first, Punjab Kings scored 219 for 6 in the stipulated 20 overs. In reply, Chennai Super Kings could only manage 201 for 5 in 20 overs.

In another match yesterday, Lucknow Super Giants beat Hosts Kolkata Knight Riders by four runs at Eden Gardens, Kolkata.

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THE HEADLINES ONCE AGAIN:

RBI cuts repo rate by 25 basis points to 6 percent; Switches to accommodative stance to spur growth.
RBI also lowers GDP growth projection to 6.5 percent for current financial year.
Prime Minister Narendra Modi describes climate change as biggest crisis; Says, solution lies in sustainable lifestyle.
Agriculture Ministers of BIMSTEC countries meet in Kathmandu.
104 percent reciprocal tariff imposed by US President Donald Trump on China comes into force; 26 percent tariffs on imports from India also come into effect.
And in IPL cricket, Gujarat Titans to take on Rajasthan Royals in Ahmedabad this evening.