Citizens of Mumbai, India, are mourning the passing of Lata Mangeshkar, revered as the nation's beloved singer, by marching alongside a vehicle displaying her photo on the 6th (local time). Photo by Reuters Yonhap News
[Asia Economy Reporter Park Byung-hee] The Reserve Bank of India postponed this week's scheduled monetary policy meeting by one day to mourn the passing of Lata Mangeshkar, revered as the 'People's Singer,' Bloomberg reported on the 6th (local time).
The central bank issued a statement late that afternoon, announcing that the monetary policy meeting will be held from the 8th to the 10th. It added that the benchmark interest rate will be announced on the last day of the meeting, the 10th.
Originally, the central bank planned to hold the monetary policy meeting from the 7th to the 9th and decide the benchmark interest rate on the 9th.
The reason for the central bank's sudden postponement of the monetary policy meeting schedule was that Mangeshkar passed away on that day at Breach Candy Hospital in Mumbai due to COVID-19 infection. Breach Candy Hospital announced that Mangeshkar, who had been hospitalized and treated for COVID-19 since the 11th of last month, died that morning from multiple organ failure.
India's state-run Doordarshan broadcast reported the news of Mangeshkar's death and stated that the government declared a two-day national mourning period, lowered flags to half-mast, and will hold a state funeral.
The Indian stock market opened normally on the 7th, but the bond and foreign exchange markets were closed.
Mangeshkar devoted her life as a 'playback singer' in Indian cinema, singing instead of the main actors and appearing only with her voice.
Born in 1929, she debuted at age 13 in 1942 and sang over 5,000 songs in more than 1,000 films for nearly 80 years. In March 2019, she also released a tribute song dedicated to the Indian nation and military.
Nicknamed the 'Nightingale of India,' she was famous for singing barefoot and received the Bharat Ratna in 2001, the highest civilian award for contributions to the development of Indian cinema.
The news of Mangeshkar's passing was mourned not only in India but also in neighboring countries.
Indian Prime Minister Narendra Modi expressed his condolences on Twitter, saying, "I am inconsolably saddened. Kind and caring Lata has left us. She has left an irreplaceable void in our country."
Pakistani Prime Minister Imran Khan tweeted, "The Indian subcontinent has lost one of the greatest singers known worldwide. Mangeshkar's songs brought joy to many people around the world," expressing his condolences.
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