- INDIAN MONSOON
- The India Meteorological Department has retained its outlook of an above normal monsoon this year.
- The rainfall is expected to be 6% above the normal of 87 cm
- India’s North Eastern states are expected to receive deficient rain.
- The rainfall between 96 per cent and 104 per cent of this 50-year average is considered normal; less than 90 per cent is considered deficient; 90-95 per cent is below normal; and 105-110 per cent is above normal.
2. PRAVAAH PORTAL
- The Reserve Bank of India unveiled three major initiatives of the reserve bank namely the Pravah portal, retail direct mobile app and a fin tech repository.
- The portal will make it convenient for any individual or entity to apply online
- for various regulatory approvals in a seamless manner.
- The retail direct mobile app will provide retail investors ease of transacting in government securities.
- The fin tech repository will contain information on data of Indian fin tech firms.
- ‘PRAVAAH’ (Platform for Regulatory Application, VAlidation and AutHorisation) portal is a secure and centralised web- based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the Reserve Bank.
3. Google, Amazon oppose antitrust bill
- A US lobby group representing tech giants Google, amazon and Apple has asked India to rethink its proposed EU like competition law.
- They argued regulations against data use and preferential treatment of partners which could raise user costs.
- India’s digital competition bill is on the lines of European Union’s digital
- Markets Act 2022.
- It will apply to big firms including those with a global turnover of more than $30 billion and at least 10 million local users.
- Digital Markets Act (DMA) is the EU’s law to make the markets in the digital sector fairer and more contestable. It aims to create a safer internet, empower citizens, enhance consumer protections, and foster higher-quality digital services.
4. Credit growth to slow to 14% on risk weights, softer GDP
- Bank credit growth in financial year 2025 is expected to moderate 200 basis points to 14% from an estimated 16% in financial year 2024 due to a high base effect, Revision in risk weights and a slower pace of gross domestic product, according to CRISIL ratings.
- However, a revival in private corporate capital expenditure especially towards the second half of the current year could provide a tailwind.
- Fundamental drivers of credit demand broadly intact but pays off deposit growth could constrain credit growth.
- Bank credit consists of the total amount of combined funds that financial institutions advance to individuals or businesses. It is an agreement between banks and borrowers where banks make loans to borrowers.
5. India offers $1 million aid to Papua New Guinea
- The Government of India has granted $1 million as immediate assistance for Papua Ne Guinea which has been hit by a devastating flood and landslip that has so far killed 2000 people.
- The press statement of Ministry of External Affairs called the country as a close friend and partner under the forum for India Pacific Islands Cooperation.
- Diplomatic relations between India and the Independent State of Papua New Guinea (PNG) were established when the latter got independence from Australia in 1975. Indian resident Mission was opened in Port Moresby in 1996. PNG opened its resident Mission in New Delhi in 2006.
ONE LINER
- Indian Army officer Major Radhika Sen received the UN Award for her contribution to Military gender equality and peace
- The school education department begins survey for Adult Literacy Programme which comes under New India Literacy Programme (NILP) or Puthiya Bharatha Ezhutharivu Thittam 2022- 2027.
