Here is a collection of the most important stories this evening:
India's April-June current account deficit widens to 2.8% of GDP
India's current account deficit widened to $23.9 billion or 2.8 percent of gross domestic product (GDP) in the April-June quarter, the Reserve Bank of India (RBI) said on September 29. The deficit widened from $13.4 billion in January-March 2022 or 1.5 percent of GDP. India had reported a current account surplus of $6.6 billion or 0.9 per cent of GDP in the same quarter last year.
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Govt hikes rates on some small savings schemes by up to 30 bps for Oct-Dec
The government on Thursday raised rates on some small savings schemes by up to 30 basis points (bps) in line with the hardening interest rate in the economy. With the revision, a three-year time deposit with post offices would earn 5.8 percent from the existing 5.5 percent, an increase of 30 basis points for the third quarter of the current financial year.
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Govt cuts FY23 borrowing marginally, to sell Rs 5.92 lakh crore of bonds in October-March
The Central government will borrow Rs 5.92 lakh crore from the market in the second half of 2022-23 by issuing bonds, the finance ministry said on September 29. The sum will amount to 41.7 percent of the full-year borrowing target of Rs 14.21 lakh crore, which was lowered from Rs 14.31 lakh crore as spelt out by the Budget for 2022-23.
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Govt defers implementation of six airbags in passenger cars by one year
Minister of Road Transport and Highways (MoRTH) Nitin Gadkari tweeted on September 29 that a minimum of six airbags will become mandatory from October 1, 2023. He had earlier proposed to implement the six airbag rule from 1st October'22. He wrote: "Considering the global supply chain constraints being faced by the auto industry and its impact on the macroeconomic scenario, it has been decided to implement the proposal mandating a minimum of 6 airbags in Passenger Cars (M-1 Category) w.e.f 01st October 2023."
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Taking Stock | Market ends lower for seventh straight day amid volatility; all eyes on RBI policy
Indian benchmark indices ended lower for the seventh straight session amid high volatility on expiry day (September 29) as investors awaited the outcome of RBI policy meeting, expected on September 30. After a positive start for the day, market gave up the gains in the mid-session and turned negative. However, buying in the healthcare, metal and FMCG names helped indices to erase some of the intraday losses.
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Govt likely to revise windfall tax on domestic oil refiners soon: Report
The central government is likely to revise windfall gain tax on domestic oil refiners soon, CNBC-TV18 reported on September 29 citing sources.
The development comes days after government reduced windfall tax on locally produced crude oil to Rs 10,500 from Rs 13,000/tonne after its fifth fortnightly review, according to a circular issued by Ministry of Finance on September 16. Additionally, it has also reduced tax export of diesel and ATF.
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Visa applications wait time: More Indians hitting the US than ever before, it's a worldwide problem: US Embassy
Minister Counselor for Consular Affairs Don Heflin on September 29 via a Q&A session clarified on the long wait times for US visas. He said that more Indians are hitting the US than ever. When asked why is the wait time so long in India and if it is so only for the country, Heflin replied it is a worldwide problem.
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