Top 5 news at 1pm on Oct 4: BCCI may have to pull out of Champions Trophy; UNSC not discussing Indo-Pak dispute and more

India may have to pull out of next year’s Champions Trophy in England if the BCCI implements Justice RM Lodha Committee recommendations in toto, Board president Anurag Thakur warned on Monday. Finance Minister Arun Jaitley has expressed confidence that any economic impact arising from recent tensions with Pakistan and incidents like the surgical strikes undertaken by Indian special forces will be “extremely marginal”. Here are the top five stories of the hour:

1. It will be either Champions Trophy or IPL in 2017: Warns BCCI president Anurag Thakur after Lodha Panel recommendations

India may have to pull out of next year’s Champions Trophy in England if the BCCI implements Justice RM Lodha Committee recommendations in toto, Board president Anurag Thakur warned on Monday. As per the reforms suggested by the Lodha Panel, there has to be a 15-day window before and after the IPL.

2. Economic impact of India-Pak tensions will be marginal: Finance Minister Arun Jaitley

Finance Minister Arun Jaitley has expressed confidence that any economic impact arising from recent tensions with Pakistan and incidents like the surgical strikes undertaken by Indian special forces will be “extremely marginal”. Addressing a gathering at the University of Toronto’s Rotman School of Management, Jaitley said that any impact that had been felt on the markets and the rupee had been “temporary”, and that foreign direct investment into India “continues to increase”.

3. UNSC not discussing Indo-Pak dispute, says Council’s Russian president Churkin

The UN Security Council has not been discussing the escalating tensions between India and Pakistan, Russia’s envoy to the UN and Council president for October said, in a clear snub to Pakistan which had raised the Kashmir issue and surgical strike by India in the world body.

4. RBI Governor Urjit Patel to present his maiden monetary policy; Sensex soars in anticipation

The much awaited monetary policy of the Reserve Bank of India shall be presented later on Tuesday, with the newly formed Monetary Policy Committee (MPC) fixing interest rates for the first time. Urjit Patel, who became the RBI governor last month shall makes his maiden public appearance by presenting the monetary policy on Tuesday afternoon.

5. India's GDP growth to remain strong at 7.6 percent in 2016 and 7.7 percent in 2017: World Bank

Describing South Asia as a global growth hotspot, the World Bank has said India’s GDP growth will remain strong at 7.6 percent in 2016 and 7.7 percent in 2017. According to a World Bank report, South Asia remains a global growth hotspot and has proven resilient to external headwinds such as China’s slowdown, uncertainty around stimulus policy in advanced economies, and slowing remittances.