Economy & Business Current Affairs - 2026-06-30

Background: The Reserve Bank of India (RBI) regularly conducts monetary policy reviews to maintain price stability while keeping economic growth in mind. Its Monetary Policy Committee (MPC) assesses domestic and global economic conditions, inflation trends, and liquidity. Current Context: In its latest mid-year review, the RBI's MPC decided to keep the benchmark repo rate unchanged at 6.5%, citing persistent inflationary pressures and global uncertainties. The central bank reiterated its commitment to withdrawing accommodation gradually. Impact: This decision aims to anchor inflation expectations and ensure financial stability. While it might lead to continued higher borrowing costs for some time, it signals the RBI's cautious approach to managing the economy, potentially impacting investment decisions and consumer credit growth.

Background: India has consistently aimed to boost its merchandise and services exports to achieve a higher share in global trade and reduce its trade deficit. Various schemes like MEIS and RoDTEP have been implemented to provide incentives and support to exporters. Current Context: The Ministry of Commerce and Industry has unveiled a new 'Global Market Access Initiative' (GMAI) scheme, effective July 1, 2026. This scheme focuses on providing enhanced financial assistance for market research, product development, and participation in international trade fairs for MSMEs in key sectors. Impact: GMAI is expected to significantly enhance the competitiveness of Indian exports, particularly from the MSME sector, by facilitating their entry into new markets. This initiative could lead to increased foreign exchange earnings, job creation, and diversification of India's export basket.