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Updated: 2 hours 31 min ago

Upward revision in RBI's GDP growth forecast very well placed: Ajay Seth

Fri, 12/08/2023 - 05:04
The upward revision in GDP growth forecast by the RBI is "very well placed" with high frequency indicators in October and November showing good momentum, Economic Affairs Secretary Ajay Seth said on Friday. "It is quite obvious that growth that India has achieved in the first half and then in two months (October, November), where the high frequency indicators are showing a good momentum... this upward revision is very well placed," he told reporters. The RBI in its bi-monthly policy review revised upwards growth projection for current fiscal to 7 per cent, from 6.5 per cent earlier. The Indian economy grew 7.8 per cent and 7.6 per cent in the June and September quarters of this financial year, taking the first half growth to 7.7 per cent.

'Working to prevent disruption of ethanol supplies for gasoline blending'

Fri, 12/08/2023 - 04:54
India's goal of raising ethanol blending in petrol to 20% from 2025/26 remains intact, Oil Secretary Pankaj Jain said

Govt tightens stock limits on wheat to curb hoarding, check price rise

Fri, 12/08/2023 - 04:04
The government on Friday further tightened stock holding norms for wholesalers, retailers, big chain retailers and processors with immediate effect in order to curb hoarding and to check price rise. Briefing media, Food Secretary Sanjeev Chopra said the stock limit has been reduced to 1,000 tonnes from the existing 2,000 tonnes for traders/wholesalers. The stock limit will be 5 tonnes instead of 10 tonnes on each retailer, 5 tonnes for each depot of a big chain retailer and a total of 1,000 tonnes for all their depots, he said. In case of processors, they can hold 70 per cent of monthly installed capacity multiplied by the remaining months of 2023-24, he added. "This has been done to prevent artificial scarcity and curb hoarding. The revised stock limits will be applicable from immediate effect," Chopra said. The traders will get 30 days time to reduce the stock to the revised limits, he added. All wheat stocking entities are required to register on the wheat stock limit portal .

India will address EU's carbon tax issue; will retaliate if required: Goyal

Fri, 12/08/2023 - 02:29
India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

RBI MPC keeps repo rate unchanged at 6.5% for 5th straight policy review

Fri, 12/08/2023 - 00:43
The central bank raised the GDP growth forecast for FY24 to 7% from 6.5%

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