RBI Keeps Repo Rate Unchanged at 5.25%, Cuts FY 2026–27 GDP Growth Forecast to 6.6%

The Monetary Policy Committee of the Reserve Bank of India retained the repo rate at 5.25% and maintained a neutral monetary policy stance. RBI Governor Sanjay Malhotra revised India’s FY 2026–27 GDP growth projection downward to 6.6%, citing evolving economic conditions. This decision is important from the perspective of inflation control, credit growth, investment sentiment and overall macroeconomic stability.

Constitutional Expert Subhash C. Kashyap Passes Away

Noted constitutional expert and former Lok Sabha Secretary-General Subhash C. Kashyap passed away in New Delhi. He served as Lok Sabha Secretary-General from 1983 to 1990 and authored more than 100 books on the Constitution, Parliament and governance. He was also associated with the Ram Nath Kovind-led committee formed to examine the legal framework for simultaneous elections.

Neelkanth Mishra Appointed World Bank Executive Director

The Appointments Committee of the Cabinet appointed Neelkanth Mishra as Executive Director at the World Bank, Washington D.C., for a period of three years. The Executive Director represents India’s interests in World Bank decision-making. The tenure of Parameswaran Iyer has been extended until the new incumbent assumes charge.

Putin Reaffirms India–Russia Strategic Partnership

Russian President Vladimir Putin reaffirmed strong India–Russia relations and described India as a reliable partner. He stated that external pressure cannot weaken bilateral ties. Russia has also proposed joint production of the fifth-generation Sukhoi Su-57 fighter jet with technology transfer, which is significant for India’s defence modernisation and strategic autonomy.

World Environment Day Observed

World Environment Day is observed every year on 5 June under the United Nations Environment Programme. It has been observed since 1973 to promote environmental awareness and global action. The 2026 observance in India highlights the ‘Ek Ped Maa Ke Naam’ campaign, focusing on afforestation, sustainability and public participation in environmental protection.

India–UK Launch Critical Minerals Observatory

India and the United Kingdom launched the Critical Minerals Global Supply Chain Observatory (GSCO) in New Delhi on 5 June 2026. It has been developed by TEXMiN, IIT (ISM) Dhanbad. The GSCO will monitor critical mineral supply chains, assess risks, improve resource security and support resilient clean-energy transitions. This is important as critical minerals are essential for batteries, electric vehicles, renewable energy and strategic technologies.

India Expands Ethanol Infrastructure

India has announced a phased expansion of ethanol infrastructure with a target of 500 flex-fuel retail pumps by 2026 and 5,000 by 2027. This initiative supports flex-fuel vehicles, promotes higher ethanol blending in petrol, reduces crude oil imports, strengthens energy security and contributes to cleaner transportation.

United States Becomes India’s Largest LPG Supplier

In 2026, the United States emerged as India’s largest LPG supplier, overtaking the Middle East. LPG is crucial for household cooking, commercial use and industrial activity. This shift helps diversify India’s import sources, strengthens energy security and reduces dependence on a single region.