1 Economy

RBI reduces key policy rates due to COVID-19 crisis

In wake of COVID-19 crisis, the Monetary Policy Committee (MPC) has decided to: Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 75 basis points Reduce the marginal standing facility (MSF) rate and the Bank Rate to 4.65 per cent from 5.40 per cent Reduce the reverse repo rate by 90 basis points to 4.0 per cent.

Quick Facts: The current RBI Governor is Shaktikanta Das. The RBI headquarters is in Mumbai.

2. Art and Culture

World Theatre Day celebrated on 27th March

World Theatre Day has been celebrated globally by ITI Centres, theatre professionals, etc. since 1962 It is a celebration of the value and importance of the theatre art form, including its importance in economic growth.

3. Persons in News

Veteran artist Satish Gujral passes away at 94

Satish Gujral was an acclaimed artist, architect, sculptor and writer He was the brother of the late Prime Minister IK Gujral He was awarded India’s second-highest civilian honour, the Padma Vibhushan, in 1999.

Quick Facts: Bharat Ratna is India’s highest civilian award.

4. Economy

Moody’s slashes India GDP growth in 2020 to 2.5 %

Moody’s slashed India GDP growth in 2020 to 2.5 % from an earlier prediction of 5.3% The COVID-19 pandemic has been a major cause of this decrease. Moody’s also expects real GDP in the global economy to contract by 0.5 per cent in 2020, followed by a pickup to 3.2 per cent in 2021.

Quick Facts: Moody’s, S&P and Fitch Ratings are important global financial rating agencies.

5. Economy

FM announces relief package under Pradhan Mantri Garib Kalyan Yojana

The new relief package has been launched for the poor suffering against Corona Virus pandemic. The measures will benefit PMJDY women account-holders, low wage-earners, aged widows, people in Divyang category, farmers and women in SHGs. The scheme will provide gas cylinders free of cost for the next three months. The scheme will also increase the wages under MNREGA.

Quick Facts: Anurag Singh Thakur is the Minister of State in the Ministry of Finance and the Ministry of Corporate Affairs.