1. RBI provides booster shot to economy, cuts repo rate by 50 basis points
In a big boost for the markets and economy, RBI governor Raghuram Rajan cut repo rate by 50 basis points to 6.75%. The repo rate now stands at a 4-1/2 year low. Rajan kept the Cash Reserve Ratio ( CRR) unchanged at 4%.
RBI also acknowledged the need for a more accommodative policy. "Investment is likely to respond more strongly if there is more certainty about the extent of monetary stimulus in the pipeline, even if transmission is slow. Therefore, the Reserve Bank has front-loaded policy action by a reduction in the policy rate by 50 basis points.
The Reserve Bank Governor has been under pressure from the Finance Ministry as well as the industry to cut interest rate to spur economic recovery and mitigate the impact of slowing China on India.
2. INS Kochi commissioned into Indian Navy
Indian Navy has commissioned INS Kochi, a Kolkata-class Guided Missile Destroyer
in its contingent to showcase India’s indigenous efforts in the field of underwater warfare. The ship was commissioned by Union Defence Minister Manohar Parrikar in Mumbai. It is a second ship of the three ships Kolkata-class Guided Missile Destroyer to be inducted. Earlier in 2014, Prime Minister Narendra Modi had commissioned INS Kolkata. The third and last ship of Kolkata-class Guided Missile Destroyer INS Chennai is expected to join Indian Navy in 2016.
Top features of INS Kochi
The ship drives its name from the port city of Kochi (Kerala) which had distinct maritime character and culture and symbolises the special bond between the Indian Navy. It has been built at Mazagaon Docks (MDL), Mumbai and it is the 10th destroyer in India’s combat fleet.
3. India-Sri Lanka Joint Military Exercise MITRA SHAKTI 2015 begins in Pune
India-Sri Lanka joint military exercise MITRA SHAKTI 2015 has begun at Aundh Military Station in Pune, Maharashtra. It is third edition of the joint training exercise between both countries that seeks to build Military to Military co-operation and interoperability. Key facts Aim of MITRA SHAKTI 2015
Exercise is to share the best military practices between the two Armies and promote healthy military to military relations. It also seeks to develop joint strategies between the two Armies by sharing expertise of conducting operations. The 14 days exercise’s basic objective is to enhance confidence and trust between the two militaries and engage in anti-terrorism operations including those under the UN mandate. It will contribute immensely in developing mutual understanding and respect between armies of both nations. It will seek to tap the rich repository of experience of each other and extract maximum learning value from the joint training. It will also enrich the two contingents in further honing basic military skills and form different levels of the military to military engagement across the entire spectrum of operations.
4. Google to provide Wi-Fi in 400 Indian railway stations
Search engine giant Google has announced to provide high-speed public Wi-Fi in 400 Indian railway stations. To set up public Wi-Fi hotspots, Google is working with the Indian Railways and RailTel, a government-owned provider of telecommunications infrastructure to the railways. The project will be implemented in phased manner and initially it will cover 100 of the busiest stations in India before the end of 2016. The first stations are expected to come online by end of October 2015. The internet service will be offered free initially with an aim to make the project self-sustainable in order to provide Wi-Fi to more stations and other places. Once this project is implemented successfully it will benefit around 21 million passengers of Indian Railways. Presently, India has about 300 million people online or having internet connectivity.
5. NLC set up its first 10 MW solar power plant
Neyveli Lignite Corporation (NLC) set up its first 10 MW solar power plant at Neyveli. It is the first renewable energy project of the corporation.
The plant spread on 54 acres was installed by the Bharat Heavy Electricals Limited (BHEL) at a cost of 74.60 crore rupees.
There are 48000 Solar Photo Voltaic Modules in the plant. Each module has the capacity to generate 240 MW power. The plant would evacuate power through the 33-KV power station located in Neyveli. The entire power would be fed to the sole beneficiary, Tamil Nadu Generation and Distribution Company (Tangedco).
6. Maharashtra Government declared 2017 as Visit Maharashtra Year
The Maharashtra government declared the year 2017 as the Visit Maharashtra Year to promote tourism in the state and thus to attract more tourists. The government also launched international tourism promotion project Maharashtra International Travel Mart 2015 (MITM).
For attracting more tourists, the ministry of tourism of Maharashtra planned a lot of new initiatives to put Maharashtra on the global tourism map. One such initiative is an international Buddhist Conclave, which will be a B2B exhibition and will be held in March 2016.
7. Wipro selected as member of Dow Jones Sustainability World Index
A leading global information technology, consulting and business process services company, Wipro Limited was selected as member of the global Dow Jones Sustainability Index (DJSI) - 2015 for the sixth consecutive year.
A total of 317 companies were selected as the DJSI World constituents for the year 2015-16 out of 1845 companies that were assessed from around the world. A total of 76 companies participated globally in the IT Services of which 8 have been selected for the World Index.
Wipro is a member of DJSI World and Emerging Markets Indices.
8. Renowned Hindi poet Viren Dangwal passes away
Renowned Hindi poet Viren Dangwal passed away in Bareilly, Uttar Pradesh after a prolonged illness. He was 68. Viren Dangwal was born 1947 in Kirtinagar, Uttaranchal. He was one of the leading Hindi poets. He had published three collections of poetry namely Isi Dushchakra Mein Srashta, Duniya Mein and Siyahi Taal.