Major News and Events of 08 June 2016
What Happened on 08 June 2016
Monsoon to hit Kerala soon
Modi welcomes Obama's support for India in missile, nuke groups
RBI Governor Raghuram Rajan announced that key policy rates will be kept unchanged in view of rising inflationary pressure. Rajan said that a rate cut could be possible later in 2016 if a good monsoon helps in easing inflation. The RBI chief urged banks to pass on the benefits of previous rate cuts. He stressed on the importance of a better transmission of policy easing as it is critical to support growth.
The Southwest Monsoon is expected to hit the coast of Kerala on 9 June. Pre-monsoon showers lashed the state and some regions in Tamil Nadu as well. However, the plains of North India are not likely to get relief from the sweltering heat anytime soon. India Meteorological Department (IMD) sources stated that if conditions are favourable, it is highly probable that the Southwest monsoon will hit Kerala on June 9.
Prime Minister Narendra Modi and US President Barack Obama decided on setting up six nuclear reactors in India and a slew of new climate financing initiatives yesterday. The two leaders pledged to forge deeper ties for the future. Some progress was also made in the much-anticipated Logistics Exchange Memorandum of Agreement (LEMOA) as the two countries have “finalised the text of the agreement”.