Due to the ban on the export of broken rice and the 20% export tax on some varieties of non-basmati rice, India’s rice exports are predicted to fall by 4-5 million tonnes (mt) in the current fiscal year from a record 21 mt in 2021–22. According to V Krishna Rao, president, of All India Rice…
If the finance ministry approves the oil ministry’s proposal to exempt hydrocarbon blocks that were awarded to businesses via the production-sharing contract (PSC) and revenue-sharing contract (RSC) mechanisms from the windfall taxes on domestic crude, the state-run ONGC, and the private sector company Cairn are likely to gain. The oil ministry reportedly argued that the…
The U.S. dollar index hit its highest level in two decades this year, while the rupee has been trading around eighty. The dollar has been on a tear. There are many factors contributing to the recent increase in the value of the dollar, some of which are hawkish central banks, particularly the Federal Reserve, recession…
Honda’s India CEO, the Japanese automaker expects its Indian operations to resume growth as it prepares to re-enter the popular sports utility vehicle market in next year. Sports utility vehicle (SUV) sales have exceeded 30 lakh per year in the domestic passenger car market, but the corporation, which is present in the nation through a…
According to government data, India’s Kharif or monsoon sowing of groundnuts decreased by 0.3 million hectares (MH) for the 2022–23 season, falling to 4.51 MH from 4.86 MH, representing a 7.2% decrease across the country. According to Atul Chaturvedi, president of The Solvent Extractors Association of India (SEAI), “a huge number of farmers have switched…
Wholesale inflation (WPI) in India continued to decline, dropping from 13.93% in July to an 11-month low of 12.41% in August. The wholesale pricing index remained in double digits for the 17th consecutive month in August despite the slight cooling off. The increase in inflation shown in the food articles section, up from 10.77% in…
The Indian rupee is expected to remain sideways on Friday amid falling crude prices, risk aversion in global equity markets, and a strong dollar. The USDINR pair is having resistance at 79.90 and 80.15, while the support has shifted to 79.40 from 79.05, according to analysts. In the previous session, the rupee declined due to…
Following a technical examination of the bids filed for commercial coal mining, the coal ministry held forward electronic auctions for 10 coal mines. The online auction for eight coal mines was held on September 13 and the sale for the final two coal mines was held on September 18. The overall peak rate capacity of…
India’s import of Russian oil increased to almost 18% of its total petroleum crude imports in value terms in July. According to the commerce ministry data. India purchased Russian crude oil worth $2.88 billion in July, a slight decrease of 0.4% from the $2.89 billion figure for June. Russian oil represented 17.9% of all petroleum…
An increase in the cost of cereals, vegetables, pulses, milk, and milk products, retail food inflation increased to 7.6% in August from 6.7% in July. As a result, the consumer price index’s total inflation rate increased to 7% on a yearly basis in August from 6.71% in the previous month. Because of an increase in…
