# SCO summit

• PM Modi urged Putin to take the initiative in addressing some of the biggest problems the developing countries have been facing in the form of food, fuel and fertilizer scarcity.
• Putin, who spoke before Modi, acknowledged India’s position on Ukraine and said Russia will do its best to stop the conflict as soon as possible.
• PM Modi called for deepening cooperation and mutual trust among SCO members in order to develop reliable, resilient and diversified supply chains in the region and counter the unprecedented food and energy crisis sparked by the covid and Ukraine crisis.
• PM Modi in his first bilateral meeting with Iranian president Ebrahim Raisi, reviewed the progress in the development of the chabahar port and other infrastructure projects.

# Adani

• With a market capitalisation of ₹20.74 lakh crore (about $260 billion) Adani group emerged as the most valued business house in India on Friday, moving slightly ahead of Tatas (₹20.7 lakh crore).
• The mukesh Ambani led Reliance group, with a market cap of ₹17.1 lakh crore stood at the third position according to ETIG database.
• HDFC ranked fourth with 14.3 lakh crore while bajaj group followed with ₹9.2 lakh crore.

# Bangladesh

• Bangladesh has allowed banks to maintain accounts in Chinese currency for overseas transactions to reduce dependency on the US dollar as part of country’s efforts to preserve the dwindling foreign reserves.
• The move is expected to help reduce dependence on the US dollar in view of the growing inflation.

# RBI

• The Indian economy is poised to shrug off the modest tapering of growth momentum in the first quarter of 2022-23.
• RBI said inflation momentum should ease in the third quarter.