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Today’s RBI MPC meeting: Repo rate hikes by 35 basis points to 6.25%; FY23 GDP projected to be 6.8%.

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The RBI’s Monetary Policy Committee (MPC) today unanimously voted to hike the repo rate by 35 basis points to 6.25%. This is the fifth time since May 2022 that the RBI has raised rates this year.

Lending rates of banks are expected to go up as the cost of funds is expected to rise further. EMIs on vehicle, home and personal loans will also rise.

The MPC also lowered its growth forecast to 6.8 per cent from 7 per cent for the current financial year amid concerns over the “bleak” global economic outlook, and retained its retail inflation forecast at 6.7 per cent.

Weakness in the rupee against the US dollar is adding to inflationary concerns of the RBI. The RBI has already intervened to support the rupee and further rate rises are likely to support the currency and to curtail underlying inflationary pressure.

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Voting for Modi are people from every caste and class: Amit Shah

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According to Union Home Minister Amit Shah, the Bharatiya Janata Party (BJP) and its allies would win more than 400 seats in the current elections as people from a wide range of demographics are putting their trust in Prime Minister Narendra Modi’s leadership.

People from all social classes and castes are voting for Modi, to the extent that even party loyalists are certain he will serve a third term as prime minister. In an interview, Shah stated

According to him, the BJP will keep the majority of its current seats and gain more in hitherto untapped areas.

“We are going to perform incredibly well in Odisha and West Bengal. We will have between 24 and 30 seats in West Bengal. We will win more than 17 of the 21 Lok Sabha seats and establish the government in Odisha (the state’s assembly elections are taking place concurrently),” said Shah. Furthermore, he said, the BJP would have the most seats in all of South India.

Concerns about a little lower turnout this time around, according to the minister, were exaggerated.

“After the first round of voting, I was concerned about the turnout numbers, but when the third round of voting started, I saw that the people from the opposition were not participating. They think it would be preferable to stay indoors during the sweltering summer months rather than venture outside to cast their ballots, and they are quite disheartened that Prime Minister Narendra Modi has already won.”

However, this is bad for democracy. They ought to have voted as well, but turnout has decreased as a result of the general dissatisfaction with the voters in the INDIA bloc. West Bengal, Assam, and Tripura are among the states with high voting percentages this time around. However, voter participation has always been strong in these states as well. Analyses will reveal a relationship between this decline and regions in which the Congress has historically enjoyed support.

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The home minister stated that the tremendous attendance in the Kashmir valley was promising in this regard and that he had received positive response from grassroots activists all over the nation. “I never have a demonstration without meeting with 40–50 of our employees to talk about the issues at hand. Their comments indicate that there is no need for concern.

The minister said, “This is just wordplay,” when asked if the election was effectively a vote on Prime Minister Narendra Modi. Candidates for the position of prime minister have been decided upon by both parties. There has only been projection of Rahul-ji (on the opposite side); Mallikarjun Kharge-ji has not been mentioned. Under Modi-ji’s direction, we are running for elections, and he will make his third term as prime minister.

When asked how much of an impact problems like unemployment and inflation would have, Shah responded that they were discussed during the previous election as well, but that it did not harm the BJP’s chances of winning because people know how much the Modi government has accomplished in terms of job creation.

Claims that opposition figures appear to be shielded from Enforcement Directorate (ED) action if they join the BJP and are then not subject to searches or summonses were dismissed by Shah.

They have completed the stage of raid and summons. Charge sheets are in the file. After this, the agency is powerless. He said, “The court must make the decision. Shah stated that the following action “will happen (in court) when their turn comes.”

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PM on “brand Modi” in elections: “My 100-year-old mother was treated in govt hospital.”

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In his honest remarks, Prime Minister Narendra Modi has discussed his public life, leadership style, and the “Brand Modi” that he deployed in the 2024 Lok Sabha elections as well as previous surveys. “I have no idea what a ‘brand’ is or how it functions. When questioned concerning the Bharatiya Janata Party’s use of Prime Minister Modi’s name as a brand during election campaigns, the prime minister stated, “People see Modi’s life and his work,” in an interview with news agency PTI.

In addition, PM Narendra Modi emphasised his broad experience—13 years as Gujarat’s chief minister and ten years as prime minister—as proof of his dedication to public service.

The prime minister cited his mother, who passed away in a public hospital, as evidence of his “unpretentious lifestyle.” “A person, who has worked as CM of a state for 13 years and as PM for 10 years… and his 100-year-old mother spends her last days in a government hospital, then that country doesn’t need a brand; the country can understand that (my) life is somewhat different,” Modi stated during the interview.

Heeraben, Modi’s mother, died in 2022. Heeraben used to reside in Raysan village, which is close to Gandhinagar, with Pankaj Modi, the younger brother of Modi. When the PM travelled to Gujarat, he would frequently stop at Raysan to spend time with his mother.

During his time as Gujarat’s chief minister, Modi also related a memorable event in which Amarsinh Chaudhary, the former chief minister of Gujarat, accused him of having 250 pairs of garments. “I accept this accusation, but either the zero (in 250) is wrong, or number ‘2’ is wrong; still I accept the accusation,” Modi remarked, addressing the public accusation squarely. And I questioned the people, ‘Do they want a chief minister who has 250 outfits or one who stole ₹250 crore?’ His naysayers were silenced by the resounding support of the audience for a leader with character over financial prosperity. The Gujarati people collectively said, “The chief minister with 250 clothes will work.” They lacked the guts to make allegations after that, Modi recalled.

Modi reiterated his pledge to the public, saying, “I have told the people of this country that I will never do anything with bad intention.”

In the interview, Modi reaffirmed his steadfast belief that his NDA alliance will win more than 400 seats in the Lok Sabha when the election results are announced on June 4. He also declared that the BJP will become the only major party in the south.

“We are using the same approach across the board. Ek baar modi sarkar phir ek. Modi said, “Aur chaar June 400 paar.”

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According to Modi, the notion that the BJP is weak or nonexistent in the southern states has been propagated by his rivals. “Observe the elections of 2019.” The BJP was, even then, the biggest party in the south. Once more, I say this: the BJP and its allies will get more (seats) to make up the largest party in the south this time, Modi continued.

“We’re going to be the biggest party in Southern India, and we’re going to be bigger than we were last time,” he continued.

“We have already noticed an increase in mind-share. In the entire area, we will witness a significant increase in our seat and vote shares, according to Modi.

543 Lok Sabha seats, or 131 of them, are located in Southern India. The BJP has 29 members in the outgoing House, plus one Karnataka independent who is supported by the party.

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Mamata Banerjee receives a legal notification from a Bharat Sevashram Sangha monk.

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Two days after Mamata Banerjee identified Swami Pradiptananda of Bharat Sevashram Sangha (BSS) and accused several monks of being part of the Bharatiya Janata Party (BJP), Banerjee, the chief minister of West Bengal, received a legal summons from BSS demanding an unconditional apology within 48 hours.

Pradiptananda’s attorney Billwadal Bhattacharyya sent a notice stating, “…call upon you [Banerjee] to forthwith address the press and issue an unconditional apology and retract your virulent and malafide statement within 48 hours from receipt of the instant notice and cease and desist from making further similar statements against my client defaming and maligning my client.”

The warning said that Banerjee would be considered to have intended to disseminate the defamatory information widely in order to deliberately and falsely disparage Pradiptanandaand if she did not respond within four days. It further stated that Pradiptananda, also known as Kartick Maharaj and the BSS secretary in Aurangabad, Payradanga (Nadia), and Beldanga (Murshidabad), retains the authority to file criminal charges against Banerjee.

Banerjee stated on Saturday that while she has a lot of respect for monks, not all of them are the same. A BSS unit is located at Berhampore. It’s been a while since I heard of a Maharaj [monk]. His name is Maharaj Kartick. According to him, he won’t permit any TMC electoral agents to enter polling places. His active involvement in politics makes him everything but a monk in my opinion. He is destroying the nation. Banerjee remarked, “I have a lot of respect for Bharat Sevashram Sangha,” during a Hooghly rally.

On Sunday, Prime Minister Narendra Modi called the governing Trinamool Congress (TMC) party’s support base, accusing Banerjee of “bad-mouthing” and “threatening” ISKCON, RKM, and BSS to defend Muslims and infiltrators.

“…the chief minister is defaming and smearing our wonderful organisations in an effort to win votes, thanks to pressure from radical Muslim groups.” Bengal’s history and culture are being disparaged by TMC. They constantly disparage Ram Mandir [in Ayodhya] using foul language. At a rally in Bankura, Modi questioned, “Would you not respond with your votes to TMC’s appeasement politics?”

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