The States told the Union Government that the procurement may be met this year considering current crop conditions, and the Union Government has plans to purchase 34.1 million tonnes (mt) of wheat in the upcoming rabi marketing season beginning in April. “That is not a target but based on what States have informed the Centre,”…
Early Asian trade on Thursday saw a little increase in oil prices, extending gains from the previous two sessions. The world’s largest oil consumer, China, showed signs of a robust economic recovery, allaying concerns about an increase in U.S. crude stocks. Although U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1%,…
India, the third-largest energy user in the world, saw a 6% year-over-year decline in natural gas consumption in 2022 as a result of high costs, according to the International Energy Agency (IEA). According to data from the Petroleum Planning and Analysis Cell (PPAC), India used 60,523 million standard cubic meters of natural gas in the…
The rupee gained 0.2% versus the dollar on Tuesday, finishing the day at 82.66. As a result, the value of the Indian rupee remains stable within a range of 82.40 and 83. Yet, the overall bias is still against the rupee due to a weak local market and risk aversion. The dollar has been strengthening…
According to information provided by the Reserve Bank of India, the growth of non-food bank loan in January was 16.7%, a significant increase above the 8.3% growth seen in the same month last year. According to data on Sectoral Deployment of Bank Credit in January, credit growth to agricultural and related sectors increased to 14.4%…
On Wednesday, oil prices increased for a second day as expectations for global fuel consumption were raised by news of rising manufacturing activity in China, the largest consumer of crude. May Brent crude oil was up 24 cents, or 0.3%, to 83.69 per barrel. The April contract reached its expiration on Tuesday at $83.89, up…
India’s Solvent Extractors’ Association (SEA) has asked the Center to intervene quickly to stop the decline in mustard prices below the MSP (minimum support price). Ajay Jhunjhunwala, the president of SEA, claimed in a letter to the Centre that mustard prices have fallen below the MSP of $5,450 per quintal. A further decrease in costs…
Due to the wedding and holiday seasons, retail sales of platinum in India rose by 22% in the fourth quarter of 2022. Notwithstanding concerns about the status of the world economy, consumer demand propelled sales, according to a Platinum Guild of International (PGI) statement. According to the statement, platinum continues to be in demand from…
The Reserve Bank of India (RBI) said on Monday that the banking system’s loan growth for the three months ending December 31 was 16.8%, up from a rise of 8.4% in the same period a year earlier and a rise of 17.2% at the end of the second fiscal quarter. Bank branches in metropolitan areas,…
Prior to deciding to sell 50 lt from the Central Pool under the open market sales scheme (OMSS), the government had expected its wheat reserves to be at 126 lakh tonnes (lt) as of April 1, 2023. The country may have roughly 90 lt of stock as of April 1, 2023, vs the buffer norm…
