BUSINESS
Govt exploring all options to procure crude oil at affordable rates, says FinMin
The Indian government has already imported crude oil from Russia at discounted rates and is looking to further diversify its petroleum basket.
BUSINESS
IMF paper says India's free foodgrain scheme helped cap rise in extreme poverty to 0.86% in 2020
Using "in-kind transfers" such as those of food to arrive at poverty estimates, the authors of the paper refuted previous studies that estimated that 3.2-23 crore Indians fell into extreme poverty in 2020
BUSINESS
RBI Policy | Repo may remain unchanged, but rate lift-off not far as inflation noose tightens
The Monetary Policy Committee's meeting this week comes amid rising inflation — not just globally, but domestically, as well. As such, the committee may not be able to delay the next steps in the policy normalisation process for much longer.
BUSINESS
Electoral bonds worth Rs 9,188 crore redeemed by political parties
The electoral bonds redeemed by parties amount to 99.8 percent of all such bonds sold since their introduction in 2018
BUSINESS
CAD may cross $100 billion in FY23 after hitting a nine-year high in October-December
India's current account deficit more than doubled in Q3 from the previous quarter. If global commodity prices don't ease, the deficit could break all records in FY23.
BUSINESS
Paytm Payments Bank yet to appoint firm for IT audit, government tells Lok Sabha
The RBI had on March 11 barred Paytm Payments Bank from onboarding new customers and ordered it to appoint a firm to conduct a "comprehensive System Audit of its IT system"
BUSINESS
Government, RBI working on framework for Green Bonds
Green Bonds are to be part of the Centre's overall borrowing programme for FY23.
BUSINESS
Centre transfers Rs 8.83 lakh crore to states in FY22, exceeds revised estimate by 19%
The finance ministry said it was able to release more funds following "close monitoring" of receipts from taxes and duties.
BUSINESS
Centre to borrow Rs 8.45 lakh crore via bonds in April-September 2022
The Centre’s record-breaking borrowing programme will see it issue bonds amounting to 56.5 percent of its FY23 borrowing target in the first half of the next financial year.
BUSINESS
Govt makes no changes to small savings schemes interest rates for April-June
This is the eighth consecutive quarter in which the interest rates on small savings instruments have been left unchanged even though the corresponding government bond yields have fluctuated.
BUSINESS
India's external debt rises $11.5 billion in Oct-Dec 2021 to $614.9 billion
External debt that must be repaid in 2022 rose to 44.4 percent of India's total external debt as on December 31 from 43.2 percent at the end of September 2021, accounting for 43.1 percent of the foreign exchange reserves.
BUSINESS
Record procurement, unequal recovery behind another extension of free foodgrain scheme?
The Pradhan Mantri Garib Kalyan Anna Yojana will soon enter its sixth phase and will now go on until September. But what are the reasons for this latest extension and what clues does it hold for the economy and the government's finances?
BUSINESS
FM defends corporate tax rate cut of 2019, says Rs 7.3 lakh crore collected so far in FY22
The corporate tax collected so far in FY22 is 15 percent higher than the revised estimate of Rs 6.35 lakh crore. In fact, it is also higher than the target of Rs 7.2 lakh crore set for FY23.
BUSINESS
RBI's under-fire inflation forecast set for sizeable upward revision
The central bank's forecast in February was for CPI inflation averaging 4.5 percent in FY23. If that figure was seen as an underestimate even back then, the number is set for a large upward revision when the Monetary Policy Committee's (MPC) next resolution is announced on April 8.
BUSINESS
India's urban unemployment falls, but stays above pre-second wave levels
While urban unemployment rate fell in the third quarter of 2021, the Labour Force Participation Rate rose marginally. In fact, fewer female were looking for jobs after the second wave, with their Labour Force Participation Rate falling to 19.9 percent from 20.1 percent in April-June 2021
BUSINESS
Fitch hacks India's FY23 GDP growth forecast to 8.5% on higher energy prices
In India, the Consumer Price Index inflation is seen at 4.6 percent at the end of FY23 and 5 percent at the end of FY24. According to Fitch, the monetary policy normalisation by the RBI has been "very shallow" so far
BUSINESS
Don't foresee India facing sanctions, but RBI's forex reserves well-diversified: Governor Das
The comments come in the backdrop of the sharp depreciation of the Russian ruble, with the Central Bank of Russia's ability to contain the currency's fault hampered by the freezing of some of its assets as part of the economic sanctions imposed on Russia following its invasion of Ukraine.
BUSINESS
Roadshows for IDBI Bank disinvestment ongoing, says Finance Ministry
Nearly a year after the Cabinet gave its in-principle approval for the strategic disinvestment and transfer of control of IDBI Bank, the government has finally started conducting roadshows to gauge investor interest in the lender.
BUSINESS
Fiscal policy to boost demand by 0.3% of GDP in FY23, RBI staff say
According to the RBI staff, the 2022 Budget will continue to support aggregate demand in FY23 despite some consolidation in the government's finances.
BUSINESS
Fuel or coffee? Rising prices revive inter-generational consumption battle
Rising fuel prices are a concern for consumers. And younger generations are being guilt-tripped for their consumption choices.
BUSINESS
India "well prepared" to absorb any external shocks, says FinMin
While the finance ministry expressed confidence on the external front, it cautioned on inflation and called for a "continued vigil".
BUSINESS
India's urban unemployment rate jumped to 12.6% in April-June 2021 amid second wave
The rise in urban unemployment in April-Jun 2021 was the first such increase in four quarters
POLITICS
UP Election Results 2022 | Another landslide for BJP, but what does the fine print say?
The BJP now holds 57 fewer seats in the Uttar Pradesh assembly, but the details show a degree of consolidation it would be pleased with.
BUSINESS
Pressure on rupee not a concern for India's sovereign rating, says S&P
The rupee has fallen around 3 percent against the dollar in the last couple of weeks. While this weakness could result in a wider current account deficit, S&P does not see the currency as a concern for India's sovereign rating
