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The government argues the ban will simply redirect Indian wheat to countries that need it most. Officials told Moneycontrol that the decision was deeply unpopular among all stakeholder-ministries. It was chosen by the PMO after no feasible alternative was found to control prices and shore up procurement
Easy-to-remember retail prices are important to both budget-conscious consumers and brands. When a 10-rupee detergent starts selling for 12, policy makers are already looking at entrenched inflation.
This comes in the backdrop of wheat production estimated for 2022-23 now falling to 105 million tonnes, from the earlier 113.5 million tonnes estimated.
During the reporting week, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per RBI's weekly data.
Powell, who has been on the Fed's Board of Governors since 2012, was first appointed to head the central bank by Donald Trump, who soon soured on him for a series of rate hikes that irked the former Republican president
Saying that the fiscal situation was less challenging last year, T V Somanathan stressed that the government will work on maintaining growth and fiscal stability, while the primary responsibility of controlling inflation lies with the Reserve Bank of India.
Industry lobby new office bearers for 2022-23 have Pawan Munjal as President-Designate and R Dinesh as Vice President.
At the interbank forex market, the rupee opened steeply lower at 77.52 against the greenback and plunged to its all-time intra-day low of 77.63.
Sin taxes are levied on alcohol and tobacco but their efficacy has been debated. The Chairman also said that GST collections are expected to bring in Rs 1.3-1.35 lakh crore on a monthly basis in the current fiscal despite pressures on the customs and excise fronts.
A key central Asian market, Uzbekistan and India have an annual trade turnover of only $315 million as of 2021-22. But both nations have resolved to increase the bilateral trade to at least $1 billion over the next two years.
The sudden fall in wheat yields due to the heatwave across North India, and continuing bulk purchases by traders eyeing exports, have led to government procurement slowing down. If the situation persists, restrictions could become inevitable soon, say officials.
An institutionalisation of research internship and immersions at under-graduation levels will play a key role in catalysing inter disciplinary research culture as envisaged in the new education policy, the UGC draft guidelines say. NEP 2020 has a provision that allows students to avail multiple entry and exit during a four-year degree course.
How can Japan’s prime minister attract investors to a country that the world’s richest man says will one day ‘cease to exist’?
Brent crude was down $1.97, or 1.9 %, at $103.97 a barrel by 11:17 EDT (1517 GMT). U.S. West Texas Intermediate crude fell $1.90, or 1.8%, to $101.23 a barrel.
The UAE is India's third-largest trade partner globally, after the United States and China. Meanwhile, bilateral trade with Oman has grown by 82 percent to reach $9.9 billion in 2021-2022.
Russia imposed a sunflower oil export quota of 1.5 million tonnes and banned shipments of sunflower seeds till August 31. Now, Indian importers have informed the government that higher export duties by Moscow from June may further increase costs and cripple cargoes.
In the discussions, the two foreign ministers agreed to explore partnerships in areas such as gas transportation, green hydrogen, biofuels and energy storage.
In its latest bank supervision report, the Fed offered an upbeat take on the strength of US banks, noting they continue to enjoy robust capital and liquidity levels, and asset quality improved in the second half of 2021
The Shanghai-headquartered NDB has requested India Exim Bank to identify priority projects, especially ones including technological aspects, on which both can partner. Any prospective partnership will be the first time that Indian export finance authorities work together with China, considered a global competitor in the space.
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
Crediting an interest rate of 8.1% earlier will also benefit EPFO’s financial health as the outgo will be less during PF claim settlements.
The standing deposit facility (SDF) has been revised to 4.15 percent and marginal standing facility (MSF) to 4.65 percent, RBI Governor Shaktikanta Das said, adding that the "CPI inflation print for April is also expected to be elevated".
India's benchmark 10-year bond yield rose to its highest in more than two weeks on Wednesday before the RBI statement
The central bank must make progress on four critical issues to regain credibility and stabilize the economy
The US currency’s rapid rise will make it harder for other countries to curb inflation
