The Reserve Bank of India’s (RBI) mission will be made more difficult by the falling rupee, which is the result of high wholesale prices and retail inflation. This could lead the MPC, which meets next week, to consider another aggressive rate hike of at least 50 basis points. At the same time, fears of elevated…
Comex gold was trading at close to two-year lows at about $1,670 per ounce, continuing to be pressured by a strong dollar and rising Treasury yields that reflected forecasts for tighter monetary policy and weakening global growth. According to ECB board member Isabel Schnabel, increased inflationary pressures in the eurozone are likely to be more…
India expects to improve its coal power fleet by around a quarter by the end of the decade in order to meet rising demand until energy storage costs decline. The world’s third-largest emitter of greenhouse emissions would install roughly 56 gigatonnes of coal generating capacity unless the cost of storing electricity falls significantly. India is…
The NCDEX turmeric futures market should not be traded in, according to a letter sent by the Marathwada Vidarbha Turmeric Trade Association to Union Minister of State for Finance Pankaj Choudhary. The group said that certain traders and businesses are profitable. It said that the farmers of Maharashtra are suffering significant losses because the prices…
U.S. tech major Accenture has given a below market estimate revenue guidance of 8–11 percent for FY23 due to reduced IT spending and rising inflation. This is a probable signal that the Indian IT firms may face headwinds and see the revenue growth momentum slowing down. Accenture expects revenue growth of 8 to 11 percent…
The government should aim to increase domestic edible oil production to meet the roughly 0.7 million tonnes (MT) incremental increase in demand each year in order to reduce rising edible oil imports, which are threatening to put pressure on the current account, said Atul Chaturvedi, President of the Solvent Extractors’ Association of India (SEA), on…
The price of gold and silver in India decreased today, mirroring the dip in global prices. Silver prices on the MCX fell 0.4% to 57,059 per kg, while gold futures fell 0.25% to nearly 7-month lows of Rs. 49,321. Spot gold prices fell 1% to $1,656.97 per ounce on foreign markets due to a strong…
The Government approved an extra 19,500 crore in funding for the production-linked incentive (PLI) plan for the development of high-efficiency solar modules. The government anticipates that this financial assistance will stimulate investment of 94,000 crores in a heavily dependent on imports industry, resulting in the domestic production of 65 GW of completely and partially integrated…
Oil prices continued to decline on Thursday after the U.S. Federal Reserve adopted a more pessimistic stance than anticipated, heightening concerns that rising interest rates and inflation may have an adverse effect on crude demand in the months to come. Following the Fed’s anticipated 75 basis point interest rate increase on Wednesday, crude prices fell…
The Indian Sugar Mills Association (ISMA) has urged the government to swiftly implement the sugar export strategy, claiming that the sugar selling season of 2022–2023 will require at least eight million tonnes of exports. Vivek Pittie, Director of Harinagar Mills in Mumbai and a member of ISMA, stated that the industry group thinks the government…
