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The tax rates will be five per cent of taxable annual value (TAV) for residential properties and six per cent for commercial properties, it stated.
This order (under Section 11 of the Electricity Act) shall remain valid for generation and supply of power from March 16, 2023 to June 15, 2023, stated a notice sent to 15 thermal plants that use imported coal.
Already the world’s most-populous nation according to some estimates, India is one of the fastest-expanding economies at a time of sluggish growth around the globe, luring companies like Apple Inc. to expand
In January last year, the inflation numbers for farm and rural workers was at 5.49 per cent and 5.74 per cent, respectively.
Compared to the pre-Covid number, the GDP is likely to have grown 11.6 per cent in Q3 from 7.6 per cent in the previous quarter, boosted by continued recovery in the services sector, said Aditi Nayar, chief economist and head of research at Icra Ratings.
He also underlined the need to be prepared for the potential impact of the emergence of cloud computing and Internet of Things (IoT) in banking.
Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014.
Domestic production of cereals has grown consistently in the past 50 years. However, prices of cereals have risen faster. The weighted average crop price index for cereal crops logged 3-4 per cent CAGR (Compounded Annual Growth Rate) over fiscals 2017-2022, it said in a report.
Brent crude rose 59 cents, or 0.7%, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 58 cents, or 0.8%, at $76.92 while the more active April contract gained 0.7% to $77.06.
The rupee finished at 82.7225 per U.S. dollar, compared with its previous close of 82.83.
Sugar production in India, a major producer of the sweetener in the world, stood at 22.22 million tonne in the same period of the previous marketing year.
In less than a month, the cash strapped nations currency has lost more than a quarter of its value against the U.S. dollar after the removal of artificial caps, and fuel prices have risen by more than a fifth as the government implemented fiscal measures required to unlocking funds from an International Monetary Fund (IMF) bailout.
The U.S. dollar index, which measures it against six other major currencies, slipped 0.14% to 103.83, though is up almost 1.8% for the month, keeping it on track for its first monthly gain since last September. It hit a six-week high of 104.67 on Friday.
Falling exports and a slack in manufacturing and services drove the weakness in business activity, offsetting improvement in consumption drivers reflected by tax collections and job growth
"In our view, the instrument of decoupling will be the Union Budget by raising India's growth prospects over the period 2023-27; and raising India's potential growth," said the article 'State of the Economy' published in the RBI's February 2023 Bulletin.
Data from U.S. Labor Department overnight showed monthly producer prices had accelerated in January and the number of Americans filing new claims for unemployment benefits had unexpectedly fallen last week - another sign of a tight labour market keeping pressure on inflation.
At the interbank foreign exchange market, the rupee opened at 82.77 against the greenback and finally settled for the day at 82.84 (provisional), registering a fall of 14 paise over its previous close of 82.70.
Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, and that monthly producer prices increased by the most in seven months in January.
Spot gold held its ground at $1,837.50 per ounce by 1056 GMT, after hitting its lowest level since early January on Wednesday. U.S. gold futures were up 0.1% at $1,847.60.
The outbound shipments rose by 14.6 per cent year-on-year to USD 453.3 billion in 2022.
Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the Open Market Sale Scheme (OMSS).
Forex traders said upbeat domestic trade deficit data and foreign fund inflows supported investor sentiments.
”If you look at the numbers, the rise is very very minimal. Our market is growing tremendously and our domestic producers are supplying well,” the minister told PTI in reply to a question on increasing imports.
The Nifty 50 index closed 0.48% higher at 18,015.85, while the S&P BSE Sensex rose 0.40% to 61,275.09. Both the indexes had fallen more than 0.4% earlier in the session.
