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The stock market on Tuesday closed nearly flat amidst great volatility. The S&P BSE Sensex ended the session below the 74K mark at 73,953, slipping 53 points, while the NSE Nifty50 settled the day about 27 points higher above the 22,500 mark at 22,529.

The Reserve Bank of India released its latest bulletin on Tuesday and said that the country remained on the precipice of a long-awaited economic boom. The ‘State of the Economy’ article released by the banking regulator found that this economic surge will be driven by rising aggregate demand and an increase in non-food spending in the rural regions in India. 

The report also cautioned of a delicate global economic outlook as inflation remains stagnant, in turn, threatening the global fiscal stability. 

The article, put together by a team led by RBI Deputy Governor, Michael Debabrata Patra, noted that retained earnings remained the major funding source for private manufacturing firms in the latter half of the 2023-24 fiscal year (FY24). “A modest easing of headline inflation in April 2024 confirmed our expectation that the alignment with the target is progressing unevenly,” the study said.

The central bank pointed out that the article expressed the authors’ opinions and not that of the bank.

The European Union also hiked the Schengen visa fees for applicants, effective June 11, 2024. The European Commission confirmed the raise and the Slovenian government said that the revised visa fee for adult applicants is now €90, while the fees for children aged 6-12 years now stand at €45.

“For countries not cooperating with the EU on the readmission of their irregularly staying citizens, visa fees could surge to €135 or even €180,” the Ministry of Foreign And European Affairs in Slovenia cautioned.