NewsBytes

RBI trims policy interest rate by 25 basis points to 5.25%

Shrugging off concerns over the depreciation of rupee, the RBI has cut interest rate by 25 basis points to 5.25 per cent in a bid to further bolster economic growth, which rose to a six-quarter high of 8.2 per cent in the second quarter of the current financial year. The development is expected to make advances, including housing, auto and commercial loans cheaper. Announcing the fifth bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to cut the short-term lending rate or repo rate by 25 basis points to 5.25 per cent with a neutral stance. The rate cut comes on the back of the consumer price index (CPI) based headline retail inflation ruling below the 2 per cent lower band mandated by the government for the last three months.

LS passes bill to levy cess on pan masala units; FM assures states of revenue sharing

Finance Minister Nirmala Sitharaman on Friday said the proposed Health and National Security Cess will be levied on pan masala manufacturing units, assuring states that the revenue earned would be shared with them for expenditure on health schemes. Replying to the debate on the Health Security se National Security Cess Bill, 2025, Finance Minister Nirmala Sitharaman said the constitutional power of levying a cess rests in Article 270, which authorises Parliament to levy a cess for a specific purpose. The Bill was later passed by voice vote in the Lok Sabha. It seeks to augment the resources for meeting expenditure on national security and public health by levying a cess on the machines installed or other processes undertaken to manufacture pan masala and similar products.

India-Malaysia military exercise ‘Harimau Shakti’ begins in Rajasthan

A military exercise between the troops of India and Malaysia, aiming to synergise joint responses during counter-terrorist operations, began in Rajasthan on Friday, officials said. The fifth edition of the joint military exercise 'Harimau Shakti' is being held at Mahajan Field Firing Range from December 5-18. The Indian contingent is being represented mainly by troops from the Dogra Regiment. The Malaysian side is being represented by troops from the 25th Battalion Royal Malaysian Army, the defence ministry said in a statement. "The aim of the exercise is to jointly rehearse conduct of sub-conventional operations under Chapter VII of United Nations mandate. The scope of the exercise includes synergising joint responses during counter-terrorist operations. Both sides will practise tactical actions such as cordon, search and destroy missions, heliborne operations, etc," it said.

India, Russia sign MoU on training specialists for ships operating in polar waters

India and Russia on Friday signed a memorandum of understanding (MoU) on training of specialists for ships operating in polar waters. Russian President Vladimir Putin is on a two-day official visit here. "Memorandum of Understanding between the Ministry of Ports, Shipping and Waterways of the Government of the Republic of India and the Ministry of Transport of the Russian Federation on the Training of Specialists for Ships Operating in Polar Waters," according to a joint statement issued by the Ministry of External Affairs (MEA). Earlier in the day, Putin and Modi held summit-level talks that generated global attention.