1.Pakistan has raised key rate by 100 basis points : State bank of Pakistan has raised key rate 100 bps and now its stands at 21% . Pakistan has the highest level of consumer price inflation . Any how most expected 200 basis point raise . Pakistan rupee depreciated 1% to reached 287.29 against the Dollar . The officials of State bank of Pakistan feels , this will help in tightening inflation in the medium term . The price of food and energy tariff increased already by Ramadan and weakening currency . Last week 16 people killed for food aid stampede. Food,beverage and transportation cost have increased by 45% . Pakistan is expecting International monetary fund assistance worth of 1.1 billion dollar .
2. India has 15 rare earth elements in large deposits : National geo physical research Institute which is at Hyderabad has found 15 rare earth elements in Ananpapur district of Andhrapradesh . This deposits are very large and can be used in electronics and automobile industries . These are found in non- traditional rocks like Syenites . Geological Survey of India has already found 5.9 million tonne of lithium which is very important for manufacturing of electric vehicle . This will help in attaining zero emissions goal of India . The lithium found in India is of superior quality and is available in abundant in quantity . With this deposits india can become major electric vehicle manufacturer.
3. ADB reduces India’s GDP growth forecast to 6.4% for FY24 : Earlier estimates was around 7.2% . Asian development bank has cited global and domestic factors for the expected slow down in GDP growth .Any geopolitical tension will pushup inflation which will bring down the demand . ADB has said private consumption will drive growth and increased domestic consumption will compensate global slow down. Because of high interest rate and geopolitical tension in the world growth of private investment will come down. Government effort for improving logistics , infrastructure for transport may increase private investment . In supply side ,agriculture growth will be robust and growth in manufacturing will be slow .
