Daily current affairs 4th May

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Sidimania

Date

May 4, 2023

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# Monsoon

  • Backed by the IMD’s forecast of normal monsoon this year, the agriculture ministry on Wednesday set the national food grain production target at an all time high of 332 million tonnes for the 2023-24 crop year.
  • It is eight million tonnes or 2.5% higher than the output in the previous crop year.
  • The IMD had last month predicted that monsoon is likely to be normal with a 49% probability of normal to above normal rainfall during June to September season.
  • Agriculture sector has been witnessing robust growth at an annual growth rate of 4.6% for the last six years.

# USA

  • The US federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signalled it may pause further increases.
  • The Unanimous decision lifted the US central bank’s benchmark overnight interest rate to the 5-5.25% range.
  • This is the Federal Reserve’s 10th consecutive increase since March 2022.

# Services sector

  • India’s services sector growth accelerated in April, as strong demands condition resulted in the fastest increase in new business and Output in close to 13 years.
  • The pick up in the demand occurred in spite of escalating price pressures.
  • PMI business activity index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010.

# SCO

  • Pakistan’s foreign minister is arriving in India Today.
  • Although, Indian foreign minister S. Jaishankar is only meeting Russian and Chinese counterparts, and there is no plan for a bilateral meeting with Bilawal Bhutto.

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