Daily current affairs 11th June

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Sidimania

Date

June 11, 2022

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# IIP growth

  • Industrial output growth rose to a eight month high in April, helped by a low base, pointing to a gradual and continuing recovery.
  • Data released by national statistical office (NSO) on Friday showed that the index of industrial production (IIP) rose an annual 7.1% in April.
  • The sector had grown by 133.5% in April 2021 on the back of a very low base of 2020 amidst covid.
  • Fitch ratings has revised the outlook on India’s sovereign ratings to stable from negative.

# Crude oil

  • India’s crude cost rose to $121.28/barrel on Thursday.
  • It is highest since march 9 2012, when it had hit $125.13.
  • This has pushed the monthly average in June to $118.34 per barrel, a level last seen in April 2012.
  • This high price will add pressure on fuel price revision.

# Rajya sabha elections

  • AAM aadmi party has now become the joint fourth largest party in Rajya sabha along with DMK.
  • Shiromani akali dal will be reduced to zero and BSP to 1 seats after recently concluded elections.
  • Bhartiya janta party is the single largest party in Rajya sabha.

# US inflation

  • US consumer prices accelerated in May as fuel prices hit a record high and the cost of food soared.
  • In the 12 months through May, the consumer price index increased 8.6%.
  • The US federal Reserve could continue with its 50 basis point interest hike in September.

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