In addition to raising the windfall profit tax on domestically produced crude oil and diesel exports, the government has also reinstated the tax on international shipments of ATF. An official statement states that the tax on locally produced crude oil, which takes the form of a special supplementary excise charge, has increased from Rs 4,250…
According to an announcement from the Ministry of Commerce and Industry, the wholesale price-based inflation rate was (-)1.36% in July 2023 compared to (-)4.12% in June 2023. The costs of mineral oils, basic metals, chemicals, and chemical products, textiles, and food items have all decreased since July 2023, according to the report. For the fourth…
The price of cotton candy yesterday increased by 0.37% to 60440 as Punjab registered arrivals that were approximately one-third of the previous year, 2021–2022. 8.7 lakh quintals of cotton have arrived in Punjab so far this year for the 2022–23 marketing season, compared to 28.89 lakh quintals for the entire 2021–22 marketing season. According to…
Yesterday, crude oil rose 0.89% to close at 6934 on upbeat demand projections from OPEC and the International Energy Agency (IEA). OPEC predicted that global oil consumption will climb by 2.25 million bpd in 2024, which is a little less than the 2.44 million bpd increase predicted for the current year. Prices have also been…
On the heels of a rise in U.S. yields, which strengthened the dollar against its key competitors and Asian currencies, the Indian rupee is anticipated to fall on Monday. The rupee is forecast to open at about 82.92–82.94 to the dollar according to non-deliverable forwards, down from 82.8450 in the previous session. The rupee was…
In line with declines in Asian currencies and local markets, the Indian rupee dipped slightly versus the US dollar. The local currency was down 0.03 percent from its previous close of 82.72 in the morning session it was trading at 82.74 to the dollar. With the benchmark Sensex and Nifty falling 10 out of 15…
Due to profit taking and an improving crop condition, turmeric prices yesterday decreased by -1.42% to 16844. Due to the scarcity of high-quality products on the market, losses in turmeric are probably capped. Turmeric’s price is mostly determined by how well the crop is growing and being sown, and the crops there are now even…
The price of gold yesterday dropped by 0.2% to settle at 58853 as demand for bonds in the secondary market increased due to the CPI report coming in lower than expected, supporting market predictions that the Fed won’t raise interest rates this year. Compared to estimates of a 3.3% increase, consumer prices in the US…
Shaktikanta Das, governor of the Reserve Bank of India, announced on Thursday that following three days of discussion, the Monetary Policy Committee has opted to hold the key policy repo rate at 6.5 percent, maintaining the status quo for a third straight time. According to Shaktikanta Das, the MPC decided by a margin of 5:1…
India’s efforts to encourage settlement of overseas trade in Indian rupees are paying off; the first users of the channel were nearby nations like Bangladesh and Sri Lanka. Anupriya Patel, a minister of state for commerce and industry, responded to a question in the Lok Sabha by stating that Sri Lanka has added the Indian…
