With effect from this Wednesday, the government has reinstated the windfall tax on domestically produced crude oil with an impost of Rs 6,400 per tonne and eliminated the tax on diesel exports. Petrol and aviation turbine fuel intended for exports are still free from tax. In its most recent fortnightly review, the Central Board of…
On Wednesday, the Indian rupee hit a more-than-two-week low versus the dollar as the dollar mounted a comeback due to stronger U.S. Treasury yields. The rupee reached its lowest level since April 3 at 82.2250 to the dollar at the close. The previous close for the currency was 82.04. Technically, 82.20 is a crucial level,…
Private equity investment in India’s real estate sector fell precipitously during the first quarter of 2023, with only $0.05 billion (or 370 crores) spent, a startling 95% decrease from the $1 billion invested during the same time in 2022. Due to growing concerns about a global recession, rising capital costs, and a mismatch in investors’…
As the vehicle scrappage policy went into effect this month, top truck and bus manufacturer Ashok Leyland received a sizable order from VRL Logistics for 1,560 trucks for an unknown value as the latter looks to expand and upgrade its fleet by replacing outdated trucks. In addition, VRL Logistics purchased 107 trucks from Tata Motors….
On Monday, the rupee lost 25 paise to close at 82.10 (provisional) against the US dollar as investor sentiment was dampened by a strong US dollar abroad and a downward trend in domestic markets.Firm crude oil prices, according to forex traders, also weighed down the local currency. The domestic currency at the interbank foreign exchange…
On the back of declining prices for manufactured goods and fuel, wholesale price-based inflation inched down to a 29-month low of 1.34 percent in March, despite rising food costs. The wholesale pricing index (WPI)-based measure of inflation has decreased for ten consecutive months, starting in March. From 3.85% in February to 14.63% in March 2022,…
In FY23, pharmaceutical exports increased by 3.25 percent to $25.3 billion. Export growth in 2021–2022 was nearly flat at 0.71 percent, or $24.62 billion. The US, Canada, and Mexico (NAFTA), then Europe, received a significant portion of exports. According to R Uday Bhaskar, Director-General of the Pharmaceuticals Export Promotion Council (Pharmexcil), “I think this is…
The RBI reported on Friday that India’s foreign exchange reserves climbed by $6.306 billion to $584.755 billion for the week ending April 7. The currency kitty dropped by $329 million to $578.45 billion in the most recent reporting week, reversing a two-week upward trend. It should be mentioned that the nation’s currency reserves reached an…
India’s domestic steel prices are still unstable due to weak purchasing, delayed international demand, a decline in export offers, and lower-than-expected demand in traders’ markets. This week, the benchmark hot-rolled coil (HRC) price was about 59,200 per tonne, a 2–3% decrease from the same time last month (mid-March). After mid-March, there had been some cooling…
On Friday, traders increased predictions of an impending halt to the U.S. Federal Reserve’s rate-hike cycle on signs of slowing inflation, sending the U.S. dollar plummeting to a one-year low versus a basket of currencies while the euro reached a one-year high. A day after inflation statistics indicated a moderating in consumer prices, data from…
