The big story
The Reserve Bank of India (RBI) raised the Repo rate – the rate at which it lends money to commercial banks – for the second time in more than a month of an expected 50 basis points in its bid to rein in runaway inflation. It projected inflation to remain above its upper tolerance range of 6% in the first three quarters of FY23 (April-December 2022).
How it affects you: Loans are likely to become more expensive. Banks and housing finance companies, which have already raised lending rates between 40 basis points and 50 basis points after May’s 40 basis point repo rate hike, are now expected to raise rates again .
A little respite: The RBI even allowed credit cards to be linked to the UPI, giving impetus to the culture of credit for small items in both urban and rural areas. It also allowed rural cooperative banks to finance residential real estate projects and doubled the limit of housing loans that cooperative banks can offer.
The best of Express Premium
What to expect: Market participants estimate that the RBI could opt for an additional 50 to 100 basis point hike over the rest of the year. Indeed, RBI Governor Shaktikanta Das said that the future rate hike decision would be in line with inflation developments.
Expert opinion: “All is not gloomy because compensating factors appear. A normal monsoon will support agriculture, especially if it is well distributed. As vaccination coverage improves and people learn to live with the virus, growth will be driven by a strong rebound in contact-based services,” writes Dharmakirti Joshi, Chief Economist, CRISIL.
Only in the Express
Just like last year, the usual suspects featured in the global league of top 200 educational institutions listed in the 2023 edition of the QS World University Rankings. But the three Indian institutions – Indian Institute of Science (IISc) in Bengaluru, IIT-Bombay and IIT-Delhi – have climbed the global rankings.
Who ranked highest? At 155 on the list, IISc ranked first, surpassing IITs. Meanwhile, IIT-Bombay (IIT-B) and IIT-Delhi (IIT-D) moved up five and 11 places to rank 172 and 174 respectively.
But what is behind the remarkable rise of the IISc? Speaking to the Indian ExpressQS spokesman William Barbieri attributed the rise of the IISc to improvements in four of the six parameters, based on which the rankings are prepared.
Barbieri said: “IISc had an exceptional year for all QS indicators. Remarkably, its top performing metric, citations per faculty, in which it is the world leader, has not changed year over year and it remains at the top of the rankings. It is the improvements in other QS criteria to which it owes its impressive performance.
From the first page
🔴 Noting that the allegations of a top Indian cyclist, who accused national team head coach RK Sharma of sexual harassment, are ‘prima facie’ true, the Sports Authority of India (SAI) terminated his contract.
🔴 In line with his plan to move Kashmiri Pandit government personnel to “safer places”, the J&K administration approved new job designations for employees under the PM package from district to divisional level, allowing them to be transferred anywhere in Kashmir or Jammu divisions.
🔴 In a attempt to address voter apathy in urban areasthe electoral commission is about to write to all ministries, PSUs and private companies with more than 500 employees to monitor the number of employees who receive special casual leave on election day but do not vote.
Residents of Taru village, near Leh, believe their village’s fortune is linked to that of their local public school. But in recent years, Government Middle School has been unlucky. Until recently, most parents of school-going children had moved to Leh, preferring private schools. That all changed this yearwhen local young people teamed up with a nearby university and locals decided to help renovate the school building.
Can drinking urine cure diseases? Former Prime Minister Morarji Desai was known to extol the many virtues of drinking one’s own urine as a catch-all remedy for medical ailments. Desai’s political successors have an alternative solution. As Om Prakash of the Rashtriya Swayamsevak Sangh (RSS) Cow Welfare Department has argued, 70-80% of incurable diseases like diabetes can be treated with cow urine. We retrace the history of urinotherapy and the debate surrounding it.
Just hours before India’s women’s team was named for the T20I and ODI tour of Sri Lanka, one of the country’s greatest female cricketers, Mithali Raj, announced it. decision to hang up his boots via a statement on Twitter. Her father, Dorai Raj, was a little worried about what she would do with this new free time. “She has been playing cricket for 23 years. I hope her experience and services will be used to take women’s cricket to the next level,” said senior Raj.
🤫 Delhi Confidential: When Minister I&B Anurag Thakur announced the CAMC decision on the Minimum Support Price (MSP) for kharif crops, the absence of the Minister of Agriculture and his deputies was conspicuous. We learn that Tomar was busy with a few meetings at his office. However, Thakur’s deputy, Dr L Murugan, who is also the Minister of State for Fisheries, Animal Husbandry and Dairy, was present at the briefing.
🎧 In today’s episode of Podcast “3 things”: Top cyclist accuses national team head coach of sexual harassment, new drug cures all cancer patients in medical trial and how gait analysis is used in trials criminals.
Rahel Philipose and Sonal Gupta