RBI Cuts Key Lending Rate, RCB Victory Turned Tragedy, Musk-Trump Spat And More — The Week That Was

This past week witnessed a series of notable events across India's economic and regulatory landscapes. From the Reserve Bank of India's key lending rate cut to the public spat between Elon Musk and US President Trump, and the Royal Challengers Bangalore's IPL victory followed by a tragic stampede, here are the details about key events that happened this week

On Friday, the Reserve Bank of India's Monetary Policy Committee, chaired by Governor Sanjay Malhotra, announced a reduction in the key lending rate by 50 basis points, bringing it down to 5.5%.

Additionally, the Cash Reserve Ratio was slashed by 100 basis points, lowering it from 4% to 3%. This move is expected to release primary liquidity of Rs 2.5 lakh crore into the banking system.

The RBI has shifted its policy stance from 'accommodative' to 'neutral'. These measures aim to stimulate economic activity by making borrowing cheaper for businesses and consumers, while also addressing inflation concerns for financial year 2026.

Royal Challengers Bangalore celebrated their maiden Indian Premier League title win this week, defeating Punjab in a thrilling final. However, the celebrations turned tragic as at least 11 people lost their lives in a stampede that occurred in Bengaluru on Wednesday during the celebration of the win.

The incident took place at the M Chinnaswamy Stadium, where thousands of fans had gathered to celebrate RCB's victory over Punjab. The stadium, with a capacity of 35,000, was overwhelmed by a crowd of 2-3 lakh people, leading to a stampede.

A significant fallout occurred between Elon Musk and US President Donald Trump on Thursday.

Musk publicly called for Trump's impeachment and suggested Vice President JD Vance as a replacement. In response, Trump threatened to terminate Musk's government contracts, leading to a highly publicised feud.

This spat has serious policy and business implications, with Musk initially threatening to decommission a crucial SpaceX spacecraft, only to retract the statement later. Meanwhile, Tesla's share prices dropped by 14% amid the turmoil.

After China's rare earth export ban, Indian automakers are facing a critical deadline to secure fresh supplies of rare earth magnets from China, essential for vehicle production. The Prime Minister's Office and the Indian Embassy in China are actively working to facilitate a meeting between representatives of India's auto sector and China's Ministry of Commerce.

This effort involves multiple ministries, including heavy industries, external affairs, and commerce and industry. A planned visit by a 50-member delegation from Indian automakers to China was postponed, adding urgency to the situation.

The Indian government announced that the long-delayed decennial census will commence on March 1, 2027, and will be conducted in two phases. The census in union territories like Ladakh and Jammu and Kashmir, as well as Himalayan states such as Himachal Pradesh and Uttarakhand, will start earlier in October 2026.

This census will include questions on caste and sub-castes, a significant addition to the questionnaire. The last census, conducted in 2011, was delayed due to the Covid-19 pandemic. The upcoming census will be digital, allowing citizens to provide household data electronically.