Rapid Fire Current Affairs | 28 Apr 2023

Pushkaralu Festival

The 12-day Pushkaralu festival is being celebrated in Varanasi. This Pushkaralu festival is Ganga Pushkaram.

The festival is known as Pushkaralu (in Telugu), Pushkara or Pushkar. It is a festival that comes every 12 years due to a special combination of planetary transits.

According to astrology, every river is associated with a zodiac sign and the festival starts when Jupiter moves from one zodiac to another.

Pushkaralu is considered to be one of the most sacred periods when devotees visit different holy rivers to take a holy dip. The twelve most significant rivers that flow in India are Ganga, Narmada, Saraswati, Yamuna, Godavari, Krishna, Kaveri, Bhima, Pushkar, Tungabhadra, Sindhi and Pranahita.

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Monthly Economic Review

When reviewing the Indian economy's risks in the monthly economic review which is released by the Ministry of Finance, it was recommended that there is a need to be vigilant against potential risks such as geopolitical developments, global financial stability, and drought conditions caused by El Nino, which lower agricultural output and elevate prices. According to the report, elevated inflation and financial tightening will weigh on economic growth through 2025. As per the IMF, global growth is set to decline from 3.4% in 2022 to 2.8% in 2023.

India’s inflation trajectory, however, may get influenced by the volatile international crude oil market. Crude oil markets remain volatile, as OPEC+ countries decide to cut output from May 2023. This has already led to a spike in crude oil prices.

In addition, constrained supplies of milk and wheat are also expected to impact the inflation trajectory. Milk production has been impacted by a Lumpy Skin Disease (LSD).

Read More: Prospect of Indian Economy in 2023