Mahua Moitra’s Expulsion, Karni Sena Chief’s Murder, Cyclone Michaung, and Other Key Events

This week witnessed political turbulence with the expulsion of Lok Sabha MP Mahua Moitra, alongside notable events like the destructive flooding in Chennai caused by Cyclone Michaung.

Jammu and Kashmir Reservation Bill

During the week, the Lok Sabha passed the Jammu & Kashmir Reservation (Amendment) Bill, 2023, and the Jammu and Kashmir Reorganisation (Amendment) Bill, 2023. Union Minister Amit Shah stated that these bills aim to rectify historical injustices and reinstate rights to those who were previously deprived of them in the Union Territory.

One of the bills specifically addresses the representation of individuals who became internal refugees, designating one seat in the Jammu and Kashmir Assembly for those displaced from Pakistan-occupied Kashmir (PoK).

COP28 Summit

At the COP28 summit in Dubai on Saturday, tensions surfaced among countries concerning a prospective agreement to systematically phase out the use of fossil fuels. This discord jeopardizes efforts to make a groundbreaking commitment to eventually cease dependence on oil and gas, a pivotal aspect of the global warming discussions spanning three decades.

During the negotiations at the Dubai COP28 summit, several nations, including Saudi Arabia and Russia, staunchly insisted that the primary emphasis should be on reducing climate pollution rather than explicitly addressing the fossil fuels accountable for it, according to reports from observers.

Delay in Rajasthan CM Selection

The uncertainty over the appointment of the next Chief Minister of Rajasthan persists as suspense lingers. Key figures from the Bharatiya Janata Party (BJP), including contenders Vasundhara Raje and Yogi Balaknath, have engaged in discussions with party leadership.

Amidst speculation of “resort” politics, reportedly orchestrated by Raje’s son Dushyant Singh, Yogi Balaknath mentioned in a recent tweet that he is still in the process of gaining experience under the guidance of the Prime Minister.

Cyclone ‘Michaung’ Impact

Between December 3 and 4, Chennai and the surrounding areas in Chengelpet, Kancheepuram, and Tiruvallur districts witnessed heavy rainfall due to Cyclone ‘Michaung.’ This resulted in significant flooding, causing property damage and unfortunate loss of lives.

In response to the situation, the Chief Minister held a high-level meeting at the Secretariat to assess flood damage and discuss relief measures, as reported by PTI. Following the meeting, a government press release stated that Chief Minister Stalin directed an increase in compensation for rain-affected crops, especially those with damages of 33 percent and above, including paddy. The compensation has been raised from ₹13,500 per hectare to ₹17,000.

RBI MPC Meeting Outcome

As anticipated, the Reserve Bank of India (RBI) adhered to expectations and maintained unchanged policy rates and stance on Friday, December 8.

Following its December meeting, the Monetary Policy Committee (MPC) of the RBI unanimously opted to keep the repo rate steady at 6.5 percent. The majority of 5 out of 6 members supported maintaining the policy stance of ‘withdrawal of accommodation.’

New Low for SIPs

Equity mutual funds experienced a decline in net inflow, dropping from ₹19,957 crore in October to ₹15,536 crore in November, as per data from the Association of Mutual Funds in India (AMFI). Meanwhile, the number of systematic investment plans (SIPs) exceeded ₹17,000 crore for the first time, reaching ₹17,073 crore in the month, surpassing the October figure of ₹16,928 crore, according to AMFI data.