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Updated: 7 min 38 sec ago

Hike in fuel prices will ensure funding essential services: CM Siddaramaiah

3 hours 42 min ago
Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. With the opposition BJP and its ally JD(S) coming down heavily on the Congress government for increasing the petrol and diesel prices by Rs 3 and Rs 3.5 per litre respectively, Siddaramaiah said even after the hike, taxes on fuel remains low compared to most southern states. "The Government of Karnataka has increased VAT on petrol to 29.84 per cent and on diesel to 18.44 per cent. Even after this hike, our state's taxes on fuel remain lower than most South Indian states and similar economy-sized states like Maharashtra," the Chief Minister said in a statement. According to him, the VAT on petrol is 25 per cent plus Rs 5.12 additional tax, and on diesel in Maharashtra it is 21 per cent. Karnataka's revised rates are still more affordable, he pointed out. "Karnataka's VAT adjustment ensures we can fund ...

Major port cargo handling in India rises 6% to 72 mn metric tonnes in May

4 hours 15 min ago
Overseas cargo saw a 7.3 per cent growth in May; Kandla bounces back

Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200

Fri, 06/14/2024 - 23:17
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel

Oil future prices head for weekly gain on solid 2024 demand outlook

Fri, 06/14/2024 - 21:21
US consumer sentiment weakened in June to a seven-month low as inflation and income worries linger, a survey showed on Friday

The green journey: Cleaner fuels driving one-fifth of PVs sold in India

Fri, 06/14/2024 - 13:55
Auto original equipment manufacturers (OEMs) have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs

Employment in informal sector below pre-Covid level, shows NSO data

Fri, 06/14/2024 - 12:35
According to the factsheet, the number of unincorporated enterprises rose by 2 million between July 2015-June 2016 and October 2022-September 2023 to 65.04 million

Trade deficit at 7-month high on rising imports; exports up 9% in May

Fri, 06/14/2024 - 12:01
Apart from petroleum products, items that drove import growth include transport equipment (31.88 per cent), silver (408 percent), vegetable oil (27.5 per cent) and pulses (181 per cent)

EEPC India cautiously optimistic on engineering export growth in FY'25

Fri, 06/14/2024 - 10:13
EEPC India remains "cautiously optimistic" for the engineering exports growth in the current fiscal, even though the shipment registered a 7.3 per cent year-on-year increase in May, amounting to USD 9.98 billion, an official said on Friday. This uptick is part of a consistent growth pattern, with the April-May period of FY25 witnessing exports totalling USD 18.65 billion, a modest rise from USD 18.25 billion for the two months of FY'24, the Engineering Export Promotion Council said. "We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," EEPC India chairman Arun Kr Garodia said. Softening price pressure and easing of interest rates in major advanced economies is set to spur demand, he said. Garodia also pointed out that several Free Trade Agreements (FTAs) are under negotiation and these could b

India, EU discuss CBAM; FTA with Oman moving towards conclusion

Fri, 06/14/2024 - 09:46
Oman is seeking duty concessions on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry

India's foreign exchange reserve hits new high of $655.81 billion

Fri, 06/14/2024 - 09:30
Foreign exchange market participants said that the RBI has been absorbing the foreign inflows, which led to the rise in foreign currency assets

RBI will not force mergers of urban co-operative banks: RBI board member

Fri, 06/14/2024 - 09:26
He outlined areas where the UCBs can improve and emerge as a strong financial sector

India faces 'unfavourable' global factors in growth compared to China: CEA

Fri, 06/14/2024 - 08:42
As India tries to grow faster, the country needs to grapple with "unfavourable" factors like slowing globalisation, divisive world politics and the raging issue of climate change, Chief Economic Adviser V Anantha Nageswaran said on Friday. China, which grew at almost double digits between 1980 and 2015, did not have to contend with these factors during its high growth phase, Nageswaran said, addressing a Federation of Automobile Dealers Association (FADA) event here. "When India is now trying to grow, all these three factors have become unfavourable for India. Globalisation is slowing down, global politics is getting divided, and climate change is a raging topic," he said. Between 1980 and 2015, China was blessed with very strong globalisation, global politics not being as divisive and polarising, and the world not being as conflict-ridden, he said. Making it clear that India has "troubled relations" with China, the academic-turned-policymaker CEA asked the auto industry to reflect

Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn

Fri, 06/14/2024 - 08:13
India's forex reserves jumped USD 4.307 billion to a new all-time high of USD 655.817 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday. The kitty had jumped USD 4.837 billion to USD 651.51 billion in the previous reporting week. The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was USD 648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps. For the week ended June 7, foreign currency assets, a major component of the reserves, increased by USD 3.773 billion to USD 576.337 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves increased USD 481 million to USD 56.982 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 43 million to USD 18.161 .

India's wholesale inflation accelerates to 15-month high of 2.61% in May

Fri, 06/14/2024 - 07:24
The inflation in food prices stood at 9.82 per cent during the month, while in May 2023, the wholesale inflation had stood at -3.61 per cent

India's May exports rise 9.1%; merchandise imports up 7.7% at $61.91 bn

Fri, 06/14/2024 - 05:32
Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion

Inflation expected to average 4.5% for current fiscal year: CRISIL

Fri, 06/14/2024 - 04:14
Leading ratings and economic research firm CRISIL is of the view that inflation is expected to average 4.5 per cent for the current financial year. "Assuming a normal monsoon, we expect food inflation to soften, while non-food inflation could see an uptick but is expected to remain soft on the back of benign commodity prices," CRISIL said. The rating firm said that consumer price index (CPI) inflation moderated marginally to 4.75 per cent in May from 4.8 per cent in April 2024. "Non-food categories pulled down the headline inflation, but what is worrying is the relentless inching up of food categories, cereals and pulses", the CRISIL report said. Food inflation had stayed above 8.5 per cent for four months now, and non-food inflation continued to offer some respite, it said. The report maintained that there could be some rebalancing in domestic demand in the current fiscal with rural demand catching up with urban consumption. According to the report, the expectation of an above-n

India's wholesale inflation rises to 15-month high of 2.61% in May

Fri, 06/14/2024 - 02:38
May 2024 WPI: Prices of crude petroleum & natural gas, food articles, and manufacturing witnessed a surge in May 2024 compared to April 2024

4 offshore crypto exchanges join queue for nod to restart India ops

Thu, 06/13/2024 - 15:04
FIU-India has lifted ban from Kucoin while proceedings on Binance's application are underway

Bonds strengthen and rupee flat after favourable US inflation data

Thu, 06/13/2024 - 13:26
The 10-year US Treasury yield fell by 8 basis points to 4.32 per cent on Thursday

India to remain fastest growing Asia-Pacific economy, says Moody's

Thu, 06/13/2024 - 13:12
The report also noted that India, Indonesia, and the Philippines were the key growth outperformers in the first half of the year 2024