1. On 4 October 2016, Reserve Bank of India (RBI) released the fourth Bi-Monthly Monetary Policy Statement 2016-17. As per the monetary policy statement, the decision to cut interest rates is consistent with the aim of achieving a midterm inflation target of 4 percent within a band of plus or minus 2 percent.
Based on the assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) mentioned the following points:
2. On 4th October, Union Finance Ministry constituted a Public Debt Management Cell (PDMC).
3. On 6 October 2016, Reserve Bank of India (RBI) released the Report of the Internal Working Group (IWG) on Rationalisation of Branch Authorisation Policy. The Group is chaired by Lily Vadera, Chief General Manager, Department of Banking Regulation.
Recommendations of the IWG
4. On 5 October 2016, Cabinet Committee on Economic Affairs (CCEA) gave its approval to an acquisition by ONGC Videsh Ltd (OVL) for 11% stake in JSC Vankorneft from Rosneft Oil Company (Rosneft), Russia’s national oil company.
The acquisition is in line with ONGC’s stated objective of adding high quality international assets to India's exploration and production portfolio. The acquisition of stake in Vankorneft will provide 3.2 Million Tonnes of Oil Equivalent (MMTOE) to OVL by 2017.
1. On 4 October 2016, the Union Minister of Road Transport and Highways and Shipping Nitin Gadkari launched the Indian Bridge Management System (IBMS) in New Delhi.
Highlights of Indian Bridge Management System (IBMS)
2. On 5 October 2016, Union Cabinet approved setting up of a Medical Devices Manufacturing Park (Medipark) at Chengalpattu, Kanchipuram District, Tamil Nadu through a special purpose Vehicle.
Highlights of the Medipark
1. France has become the first country in the world to ban disposable plastic cups and plates. The measure is an addition to France's Energy Transition for Green Growth Act, a wide-reaching law adopted in 2015 with the aim of mitigating the impact of climate change.
Six objectives of Energy Transition for Green Growth Act are:
2. On 4 October 2016, India and Singapore signed three Memoranda of Understandings (MoUs) agreements during the visit of Singapore Premier Lee Hsien Loong to India.
Highlights of the MoUs
a) Technical and Vocational Education and Training: National Skill Development Corporation and ITEES Singapore.
b) Technical and Vocational Education and Training: Government of Assam and ITEES Singapore
c) Industrial Property Cooperation: DIPP and Intellectual Property Office Singapore
3. On 4 October 2016, International Monetary Fund (IMF) released World Economic Outlook (WEO) October 2016. The report projects global growth at 3.1 per cent in 2016, with slight increase to 3.4 percent in 2017.
Report mentions that the persistent stagnation, particularly in advanced economies, could further fuel anti-trade sentiment, stifling growth.
4. On 3 October 2016, Kersti Kaljulaid was elected as the President of Estonia by the parliament. With this, Kaljulaid will become Estonia’s first female president.
About Kersti Kaljulaid
Kaljulaid is due to take office on 10 October 2016 as the country's fifth President. She will be the first woman to become President of Estonia since the country declared independence in 1918 and again in 1991. She is also the youngest person elected President, aged 46.
SPORTS 1. On 2 October 2016, Daniel Ricciardo won the 2016 Malaysian Grand Prix held at the Sepang International Circuit in Selangor, Malaysia.
The Malaysian Grand Prix is a round of the Formula One World Championship. Since 1999, it is held at the Sepang International Circuit. Since 2011, the race has been officially known as the Malaysia Grand Prix.
2. on 6 October 2016, Indian shooter Jitu Rai clinched a silver medal in the 50 meter pistol event of the ISSF World Cup Final at Bologna, Italy.
Image Source: The Indian Express
Jitu, shot a score of 188.8 to finish behind China's Wei Pang at 190.6. Italy's Giuseppe Giordano settled for the bronze. The ISSF World Cup finals competition is the season-ending competition of the annual calendar.
3. On 2 October 2016, Ganganjeet Bhullar won the 2016 Shinhan Donghae Open in South Korea. It is his sixth title on the Asian Tour.
Image Source: Asian Tour
Shinhan Donghae Open is a men's professional golf tournament that has been held annually in South Korea since 1981.
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