Early on Friday, the rupee strengthened 12 paise to 82.08 against the US dollar, helped by falling crude oil prices and an uptick in domestic equities. Significant dollar demand from importers and significant outflows of foreign funds, according to forex traders, could weigh on the local currency and limit its tendency to appreciate.The domestic currency…
In light of the Adani Group of Companies’ stocks and bonds taking a beating over the past few days and Adani Enterprises’ withdrawal of its fully subscribed 20,000 crore follow-on public offer, the Reserve Bank of India (RBI) has asked banks to share details of the loans they have sanctioned to the Adani Group of…
According to the chairman of the Food Corporation of India (FCI), the government body that buys grains from farmers at the minimum support price, 42% of the wheat the government sold in the open market through its first tender last week was purchased by flour mills that create atta and maida. Wheat processors anticipate that…
Extra-long staple cotton, a specialty crop with strong demand in the textile sector, was given a huge boost by the host of initiatives Finance Minister Nirmala Sitharaman announced for increased productivity and improved rewards to farmers. “We will use public-private partnerships (PPP) to adopt a cluster-based and value chain approach to increase the productivity of…
The government increased the import tax on silver bars, dore (the unprocessed form of silver), and other items to match and platinum from 9.21 percent to 14.35 percent. The government raised the import tax on gold bars and gold dore around the end of last year. In order to close the duty gap, it was…
The government’s proposal to increase capital spending by 33% to 10 lakh crore in the upcoming fiscal year will increase demand for steel and cement and benefit capex-intensive industries. 3.3% of GDP would be spent on capital projects by the government, approximately tripling what was spent in 2019–20. Along with the central government investment, the…
In the Budget 2023, Finance Minister Nirmala Sitharaman vowed a push in the green energy sector. India wants to promote decarbonization and the expansion of clean energy, therefore the news makes sense. FM According to Sitharaman, the nation would concentrate on green growth initiatives to lower carbon intensity and generate green jobs. Stocks of green…
Since the sugarcane crop has been hampered by excessive rainfall, primarily in Maharashtra and Karnataka, the Indian Sugar Mills Association (ISMA) has revised lower the country’s production of the commodity to 34 million tonnes (mt) for the current season (October 2022 September 2023). The projection by ISMA, an association of private sugar mills, is 5%…
Data from the World Gold Council (WGC) showed that the country’s demand for gold fell by 3% in 2022, with a significant 20% decline in the fourth quarter. Due mostly to an increase in price, demand for the yellow metal fell to 276 tonnes in the December quarter from 344 tonnes in the corresponding time…
