India’s retail inflation eased to 3.54% year-on-year in July, according to government data released on Monday. This dip, attributed to a high base effect, marks the first time in nearly five years that inflation has fallen below the Reserve Bank of India’s medium-term target of 4%.
Meanwhile, domestic benchmark equity indices Sensex and Nifty 50 ended Monday’s session flat amidst mixed global cues. Despite initial losses, the indices rebounded in the afternoon due to encouraging international stock trends and inflows of foreign capital.
In a significant development, Pakistan’s former ISI chief Lt Gen (retd.) Faiz Hameed has been arrested by the military, according to an announcement made on Monday. The arrest precedes a court-martial in connection with a housing scheme scandal. This marks the first instance in Pakistan’s history where a former intelligence chief faces court-martial proceedings.
In other news, the National Company Law Tribunal (NCLT) directed the Reserve Bank of India (RBI) and the Department of Industrial Policy and Promotion (DIPP) to expedite approvals for Hinduja-owned IndusInd International Holdings Ltd (IIHL) to finalize its acquisition of the insolvent Reliance Capital.
A disturbing case emerged in Kolkata where Sanjay Roy, a civic volunteer, has been identified as the prime accused in the brutal rape and murder of a trainee woman doctor at the state-run RG Kar Medical College and Hospital. Investigations revealed Roy’s history of violence against women and multiple marriages.
A Samajwadi Party leader was apprehended in Kannauj on Monday for allegedly attempting to rape a 15-year-old girl. The leader, a former ‘block pramukh’, is accused of enticing the victim and her aunt under the pretext of securing a job.
External Affairs Minister (EAM) S Jaishankar concluded his visit to the Maldives, marking a positive stride in India-Maldives bilateral relations. During his trip, Jaishankar launched six High Impact Community Development Projects (HICDPs) and signed Memorandums of Understanding (MoUs) for capacity building. India is providing funding for programs addressing issues like street lighting, special schooling, and mental health.
