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Economics Harbour: Updates (June 2, 2015)!!

1. The Reserve Bank of India Governor; Raghuram Rajan; cut the interest rates by 0.25%; third time in this year. Other policy tools like CRR and SLR remained unchanged at 4% and 21.5% respectively.

2. Wheat procurment increased by 2 per cent (27.04 MT) during this year. Punjab remains the highest contributor with 9.95 MT of wheat procured this year; Madhya Pradesh at second position (7.26 MT) and Haryana third (6.75MT).

3. RBI lowers the GDP growth forecasts to 7.6% due to poor monsoons and rising crude oil prices.

4. Meena Hemchandra appointed as the Executive Director of RBI and will be the in-charge of Department of Banking Supervision.

5. RBI has increased the foreign investment limit in Adani Ports and Special Economic Zone Ltd to 40%.

6. Core Sector output decreases to 0.4% in April 2015 as against 5.7% in April 2014. The reason has been attributed to poor performance of electricity, cement, refinery products and fertiliser sectors.