BJP Re-elected in Himachal Pradesh, Uttarakhand on 44 seats: Secures Landslide Victory in Assembly Elections
The Bharatiya Janata Party (BJP) has achieved a remarkable triumph in the recently concluded assembly elections in Himachal Pradesh and Uttarakhand. This significant victory not only establishes their dominance in these states but also provides a substantial boost to Prime Minister Narendra Modi and his party as they set their sights on the crucial 2024 general elections. Meanwhile, the Indian National Congress (Congress) faces a major setback, having lost three consecutive assembly elections in these states.
World Bank Forecasts 7.5% Growth Rate for Indian Economy in Current Fiscal Year
The World Bank has released its latest forecast, projecting a growth rate of 7.5% for the Indian economy in the current financial year (2022-23). While this forecast is slightly lower than the April 2022 estimate of 8.7%, it still exceeds the average growth rate of 7.2% observed over the past five years.
New Parliament Building Opens Amid Opposition Protests
On May 28, 2023, 19 opposition parties united in boycotting the inauguration of the new Parliament building. The parties expressed their discontent over Prime Minister Narendra Modi personally inaugurating the building, sidelining President Droupadi Murmu.
Indian Rupee Hits Record Lowest Against US Dollar
On May 24, 2023, the Indian rupee faced a significant blow, hitting a record low against the US dollar. The exchange rate plummeted to 77.72 rupees per dollar, marking the weakest level the rupee has ever reached against the dollar.
Mumbai Suffers from Heavy Rains, Waterlogging
Mumbai experienced heavy downpours on May 23, leading to waterlogging in multiple areas. The India Meteorological Department (IMD) has issued a red alert for Mumbai and Thane, cautioning residents about the likelihood of heavy to very heavy rains within the next 24 hours.
India Reports 2,45,671 New COVID-19 Cases, Death Toll Rises to 5,25,383
India witnessed a surge in COVID-19 cases as it reported 2,45,671 new infections on May 23, pushing the total number of cases to a staggering 4,32,79,700. The death toll due to the virus also rose to 5,25,383, with 438 new fatalities recorded within the past 24 hours.
Gold Prices Fall Rs 350 to Rs 50,625 per 10 Gram
Gold prices in India experienced a decline of Rs 350, reaching Rs 50,625 per 10 gram on May 23, 2023, as reported by the Indian Bullion and Jewellers Association (IBJA). Similarly, silver prices fell by Rs 1,000 to Rs 62,200 per kg.
Indian Stock Market: Sensex Falls 100 Points; Nifty Below 16,000
The Indian stock markets experienced a lower opening on May 23, 2023, primarily due to losses in heavyweight stocks such as Reliance Industries and HDFC Bank. The Sensex witnessed a decline of 100 points, standing at 52,602, while the Nifty dropped below 16,000, reaching 15,752.
Petrol Price Soared by 80 Paise per Litre in Delhi: Negative Impact on Indian Economy
Petrol prices witnessed a significant hike of 80 paise per litre in Delhi on May 23, 2023. This recent increase marks the tenth upward revision since the resumption of rate adjustments on March 22, following a four-and-a-half-month hiatus.
“Sri Lankan PM Resigns: Unrest Amidst the Country’s Worst Economic Crisis”
Sri Lanka’s Prime Minister Mahinda Rajapaksa resigned on Monday, May 9, 2023, after weeks of protests against the government’s handling of the country’s worst economic crisis in decades.