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Sanjay Malhotra leads RBI’s first rate cut in five years to stimulate growth and revitalize economy

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RBI Governor Sanjay Malhotra at a press conference announcing a reduction in the repo rate.

In a significant move aimed at propelling economic growth, the Reserve Bank of India (RBI) announced a reduction in its key repo rate for the first time since May 2020. The rate has been lowered by 25 basis points from 6.5% to 6.25%. This decision, made during Sanjay Malhotra’s inaugural address as RBI Governor, reflects a unanimous agreement by the Monetary Policy Committee (MPC).

Comprising both internal and external members, the MPC’s action comes in response to the global economic slowdown, with intentions to enhance India’s economic resilience. Despite global challenges, the Indian economy shows robustness, supported by various high-frequency indicators.

Governor Malhotra outlined the economic forecasts, expecting real GDP growth to reach 6.4% by the end of this fiscal year, with projections for the next year indicating steady growth across all quarters.

Additionally, the RBI Governor addressed inflation concerns, projecting retail inflation at 4.8% for the year, with core inflation expected to remain moderate. He reassured that the food inflation is likely to ease in the coming months.

Further emphasizing the stability of the banking sector, Malhotra noted that banks are well-positioned with sufficient liquidity buffers and strong return on assets and equity. He also highlighted the rising concern of digital frauds, urging banks to enhance their cybersecurity measures to prevent and detect fraud more effectively.

This strategic rate cut by the RBI is seen as a proactive measure to sustain economic momentum and mitigate external economic pressures, ensuring a healthier economic environment for India.

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Family Man 3 actor Rohit Basfore found dead near Guwahati waterfall

Actor Rohit Basfore, part of Family Man 3, was found dead at Garbhanga Waterfalls. Initial police reports cite accidental drowning, but further investigation is ongoing.

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In a tragic turn of events, actor Rohit Basfore, known for his role in the upcoming third season of The Family Man, was found dead near the Garbhanga Waterfalls in Guwahati on Sunday, April 27. The incident has sent shockwaves through the entertainment community and among fans.

According to police reports, Basfore had gone on a picnic with nine colleagues when the mishap occurred. Officials from Rani Police Outpost stated that he allegedly fell into the waterfall around 2 pm. The authorities were alerted by 4 pm, and a rescue operation led by the SDRF team resulted in the recovery of his body at approximately 6.30 pm.

Initial findings suggest that Basfore died by accidental drowning, with the police currently not suspecting foul play. However, the final confirmation on the cause of death will depend on the awaited post-mortem report. Despite the preliminary conclusions, Basfore’s family members have voiced concerns over possible foul play, prompting further investigation into the circumstances surrounding his death.

In recent weeks, Rohit Basfore had shared glimpses from the set of Family Man 3 on his social media, expressing excitement about his experience. He posted photographs alongside co-actors Jaideep Ahlawat and Dalip Tahil, reflecting on his enthusiasm for learning and acting.

The Family Man series, a creation by Raj & DK for a leading OTT platform, stars Manoj Bajpayee in the lead role of Srikant Tiwari. The popular thriller debuted its first season in 2019, followed by a second season in 2021, and has gained a loyal fanbase awaiting its third chapter.

As the investigation continues, friends, fans, and colleagues mourn the untimely loss of a budding talent whose career was just beginning to blossom.

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PM Modi to chair crucial security meeting after Pahalgam attack

PM Modi will chair crucial security and cabinet meetings tomorrow to assess national preparedness after the Pahalgam terror attack that left 26 dead in Jammu and Kashmir.

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PM Modi

In the aftermath of the deadly terror attack in Pahalgam that claimed 26 lives last week, Prime Minister Narendra Modi will lead a series of crucial meetings tomorrow to review India’s security preparedness.

The Cabinet Committee on Security (CCS), the nation’s apex body for national security decisions, is scheduled to convene around 11 am. This will be the second high-level review since the tragic incident in Jammu and Kashmir.

Following the CCS meeting, the Cabinet Committee on Political Affairs (CCPA), chaired by the Prime Minister, will also gather to discuss political and strategic issues. Senior leaders, including Defense Minister Rajnath Singh, Home Minister Amit Shah, Road Transport Minister Nitin Gadkari, Health Minister JP Nadda, and Finance Minister Nirmala Sitharaman, will participate in the deliberations.

Later, the Cabinet’s Economic Affairs Committee will meet, culminating in a full cabinet session.

During the previous CCS meeting, held two days after the attack, the government placed security forces across the country on heightened alert and vowed strict action against those responsible. Measures taken included suspending the Indus Water Treaty with Pakistan, halting SAARC visas, closing the Wagah-Attari border, and downgrading diplomatic ties with Islamabad.

Additionally, Pakistani nationals residing in India were asked to return to their country, with a slight extension given to those holding medical visas until Tuesday. In retaliation, Pakistan announced the suspension of all bilateral agreements with India, including the historic Simla Agreement.

As tensions between the two countries escalate, tomorrow’s meetings are expected to chart the next course of action amid rising security concerns.

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Jammu and Kashmir shuts 48 resorts and key tourist sites after Pahalgam terror attack

After a terror attack in Pahalgam killed 26 civilians, the Jammu and Kashmir government has closed 48 resorts and restricted access to many tourist sites, sparking public protests and economic concerns.

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Security personnel in Pahalgam after terrorist attack

In the aftermath of the recent terror attack in Pahalgam that left 26 civilians dead, the Jammu and Kashmir administration has taken a significant step by shutting down 48 resorts and several popular tourist destinations across the Union territory.

The decision comes amid heightened security concerns and public unrest following the attack, which targeted a bustling tourist area in the Pahalgam valley. Locations such as Doodhpatri in Budgam and Verinag in Anantnag have been closed to visitors as part of the sweeping restrictions aimed at preventing further violence.

More than half of the region’s tourist hotspots have now been rendered inaccessible, severely impacting travel plans and leaving the local tourism sector in distress. What was once a thriving scene of hospitality has now turned grim, as panicked tourists flee the valley and upcoming bookings are cancelled en masse.

Locals fear economic impact

The closures have sparked concern among locals who rely heavily on tourism for their livelihood. Just a week ago, the markets of Pahalgam were buzzing with visitors; now, the footfall has dwindled dramatically. Protests have erupted across the valley, with residents expressing their grief and outrage over the brutal killings.

Holding placards and chanting slogans, citizens across towns and villages have declared their rejection of terrorism with the message “Not in my name.” These spontaneous demonstrations, from Kathua to Kupwara, mark a rare and unified public response to terror in the valley.

Political reactions and appeals for unity

Addressing a special session of the assembly, Chief Minister Omar Abdullah delivered a strong statement condemning the attack and lauding the people’s stance. “This is the first time in over twenty years that people have taken to the streets across the region in such numbers against terror,” he said. Abdullah called for unity and sensitivity, stressing that no actions should be taken that may further alienate the people of Kashmir.

In a notable moment, he also declined to use the tragedy for political gains, reiterating that his leadership is rooted in responsibility, not opportunism.

Prime Minister Narendra Modi, reacting to the developments, has assured the nation that those responsible for the Pahalgam attack will be brought to justice. Reaffirming the government’s resolve, he stated that Indian forces would pursue the perpetrators and their supporters relentlessly.

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