LIVE: Govt's gross debt rises 2.2% to Rs 159.53 trillion in April-June qtr

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11:13 PM

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees.

10:47 PM

PM's degree: Gujarat HC concludes hearing in Kejriwal's review plea, reserves order

The Gujarat High Court on Friday reserved its order in the review plea filed by Delhi Chief Minister Arvind Kejriwal in a matter related to Prime Minister Narendra Modi's degree after arguments concluded. After hearing both the sides, Justice Biren Vaishnav kept the judgement reserved. Earlier in June, Kejriwal, who also heads the Aam Aadmi Party (AAP), approached High Court seeking a review of its recent order setting aside the Central Information Commission's directive to the Gujarat University to provide information on Prime Minister Narendra Modi's Master of Arts (MA) degree to him.

10:28 PM

Trai seeks views on policy framework for economic development driven by 5G

Telecom regulator Trai on Friday invited views to develop a policy framework for faster adoption of new technologies for economic development driven by the 5G ecosystem. In the consultation paper on "Digital Transformation Through 5G Ecosystem", the Telecom Regulatory Authority of India (Trai) has identified emerging technologies like drones, the internet of things, and metaverse, among others, that can boost 5G utilisation and later on 6G. "The authority has come out with consultation paper on suo-moto basis to identify the policy challenges and suggest the right policy framework for faster adoption and effective utilisation of new technologies for the holistic and sustainable development of economy driven by 5G ecosystem," the regulator said.

10:09 PM

Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI

The Rs 2,000 denomination banknote will cease to have its value after Saturday and will be just another piece of paper if one does not get it exchanged in any bank, the Reserve Bank of India (RBI) clarified on Friday. The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public. Earlier last month, the RBI said that about 93 per cent of the Rs 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.

9:05 PM

Over 40 families displaced by landslides in U'khand to get Rs 4.25 lakh each for rehabilitation

More than 40 families displaced by landslides in Uttarakhand's Chamoli district will get Rs 4.25 lakh each for relocation and rehabilitation, an official said on Friday. 

District Disaster Management Officer NK Joshi said the decision in this regard was taken at a meeting of the district-level rehabilitation committee headed by Chamoli District Magistrate Himanshu Khurana. Joshi said the 48 families hit by landslides will get Rs 4.25 lakh each for relocation and rehabilitation.

8:44 PM

Govt's gross debt rises 2.2% to Rs 159.53 trn in Q1 

The government's total gross debt increased by 2.2 per cent quarter-on-quarter to Rs 159.53 trn in April-June this fiscal, a finance ministry report said on Friday. The liabilities stood at Rs 156.08 lakh crore at March-end. "This represented a quarter-on-quarter increase of 2.2 per cent in Q1 2023-24. Public debt accounted for 89.5 per cent of total gross liabilities during the quarter," according to the Public Debt Management report for the April-June 2023 quarter.

7:57 PM

Canada issue discussed with Blinken: Jaishankar

External Affairs Minister S Jaishankar on Friday said that the Canadian allegations with regard to the death of a Khalistani separatist was discussed during his meeting with the Secretary of State Tony Blinken a day earlier and noted that the two delegations came out better informed after the meeting. “Yes, I did,” Jaishankar said in response to a question during his appearance at the prestigious Hudson Institute think-tank when asked if the issue of Canadian allegations came up during his meeting with Blinken at the Foggy Bottom headquarters of the State Department.

7:33 PM

Indian economy poised to grow at average 6.5% per annum over 2023-30: CEA

The Indian economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday. Speaking at the BCC&I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy.

6:53 PM

Moody's upgrades Tata Power rating to Ba1, maintains stable outlook

Tata Power on Friday said Moody's Investors Service has upgraded the corporate family rating of Tata Power to Ba1 from Ba2 and maintained a stable outlook. 

According to a report from Moody's, the rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating. "Moody's Investor Service has upgraded the corporate family rating of the Tata Power Company Ltd to Ba1 from Ba2, and maintained the stable outlook," a BSE filing said.

 

6:40 PM

India 10-year yield posts first quarterly rise in 5 on rising oil, US peers

Indian government bond yields rose on Friday, with the benchmark yield posting its first quarterly rise in more than a year on the back of a relentless spike in oil prices and U.S. yields. However, investors anticipate a decline in yield in the upcoming weeks due to improving demand and a surge in overseas inflows following the inclusion of Indian government bonds in the JPMorgan emerging markets index. The 10-year benchmark 7.18% 2033 bond yield ended at 7.2162% on Friday, leading to 10 basis points increase for the quarter. It had dropped by an aggregate 33 basis points in the last four quarters.

6:21 PM

US consumer spending rises in August, underlying inflation slows

US consumer spending increased in August, but underlying inflation moderated, with the year-on-year rise in prices excluding food and energy slowing to below 4.0%. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, gained 0.4% last month, the Commerce Department reported on Friday. Data for July was revised higher to show spending increasing 0.9% instead of the previously reported 0.8%. Economists polled by Reuters had forecast spending would gain 0.4%.

5:17 PM

Foreign exchange reserves drop $2.335 billion to $590.702 billion

India's foreign exchange reserves drop $2.335 billion to $590.702 billion for week ended September 22: RBI

 

5:16 PM

Govt raises interest rate on 5-year recurring deposit to 6.7 pc for December quarter

Govt raises interest rate on 5-year recurring deposit to 6.7 pc for December quarter, retains rates for other small savings schemes.

5:12 PM

IAF to buy 156 more 'Prachand' choppers for deployment along China, Pak border

In what could be termed as one of the biggest pushes for Prime Minister Narendra Modi's 'Make in India' in the defence sector, the Indian Air Force is going to place orders for 156 more Prachand Light Combat Helicopters, with HAL, which would be deployed at both the China and Pakistan front by the IAF and the Indian Army. 

The two services have already inducted 15 of these choppers in their fleet in the last 15 months after holding trials in the most extreme weather conditions and terrain in the world.

4:50 PM

Vedanta Ltd said on Friday it plans to separate its commodities businesses into multiple listed companies

Indian metals-to-oils conglomerate Vedanta Ltd said on Friday it plans to separate its commodities businesses into multiple listed companies.

 

4:44 PM

Scindia discusses ways to incentivise green steel production, decarbonising

Union Steel Minister Jyotiraditya M Scindia held a meeting with five task forces and discussed a range of issues, including incentivising green steel production and financing options for decarbonising the industry. Key stakeholders, industry experts, and government officials attended the meeting to discuss ways to achieve sustainability and decarbonisation in steel production on Thursday, the Ministry of Steel said in a statement on Friday. The meeting was also attended by Steel Secretary Nagendra Nath Sinha, chairpersons of the five task forces and other senior officials.

4:29 PM

India’s fiscal deficit rose to Rs 6.43 trillion in April-August

India's fiscal deficit for the first five months of the financial year that started April 1 was 6.43 trillion rupees ($77.43 billion), 36% of the estimate for the whole year, government data showed on Friday. April-Aug net tax revenues were 8.04 trillion rupees, or 34.5% of the annual estimate, higher than 7 trillion rupees in the same period last year, according to the data.

4:17 PM

Farmers' stir in Punjab: Passengers stranded at Jammu, Katra stations as 7 trains cancelled, 13 diverted

A large number of passengers, many of them pilgrims, were stranded at Jammu and Katra railway stations on Friday as seven trains were cancelled and 13 diverted due to a "rail roko" agitation by farmers in different parts of Punjab. Members of several farmers' bodies began their three-day agitation on Thursday to press their demands such as a financial package for losses caused by recent floods, legal guarantee to minimum support price (MSP) and debt waiver. As part of the protest, farmers squatted on train tracks in many places, including Moga, Hoshiarpur, Gurdaspur, Jalandhar, Tarn Taran, Sangrur, Patiala, Ferozepur, Bathinda and Amritsar.

 

3:59 PM

China has no claim over Arunachal, state always part of India: CM Khandu

China has no claim over Arunachal Pradesh as the state has always been part of India, Chief Minister Pema Khandu asserted on Friday. Referring to the recent denial of regular visa to three Wushu players from Arunachal Pradesh for the Asian Games in Hangzhou, he said China "unnecessary" tries to bring a "political angle" whenever there is an issue related to the border state. "China has no claim over Arunachal Pradesh. Never in history Arunachal Pradesh has been part of China. It has always been integral part of India," he said on the sidelines of the 36th senior national tug of war championship 2023 that began here.

3:50 PM

India expresses strong commitment towards combating organized crimes at UNTOC Convention

Union Minister of State for Home Affairs Nityanand Rai on Friday participated in the two-day UN Convention against Transnational Organised Crime Ministerial Conference (September 28-29) at Palermo in Italy. "On behalf of the Republic of Bharat it is a privilege to take the floor. I take this opportunity to express our sincere appreciation to the Government of Italy and the UNODC Secretariat for organizing this Ministerial Conference to mark the 20th anniversary of coming into force of UNTOC Convention," MoS Home Nityanand Rai said speaking at the Conference. He further said that India's ancient philosophy of 'Vasudhaiva Kutumbakam' sees all creation as a family.

3:36 PM

Govt orders probe into Tamil actor Vishal's bribery allegations against CBFC

Union Information and Broadcasting Ministry on Friday said the government has "zero tolerance" for corruption and has initiated an inquiry into the claim by Tamil actor Vishal that he paid Rs 6.5 lakh bribe to obtain censor certification of the Hindi version of his film 'Mark Antony'. On Thursday the actor took to social media application X to allege that officials from the Central Board of Film Certification (CBFC) Mumbai office had demanded Rs 6.5 lakh in exchange for the screening and granting of a U/A certificate for his film.

2:55 PM

Stir in Punjab: Trains hit; some farmers block Chandigarh-Ambala NH

Farmers in large numbers squatted on rail tracks in parts of Punjab on Friday, while another group of cultivators blocked the Chandigarh-Ambala national highway as part of their stir to demand a financial package for losses incurred in floods, a legal guarantee to MSP and a sweeping debt waiver.

As part of the three-day 'rail roko' protest, farmers squatted on the Amritsar-Delhi railway track in Devidas Pura, while in Hoshiarpur, members of the Azad Kisan Committee, Doaba, sat on dharna at the local railway station.

2:46 PM

India to be third-largest economy by 2027: Amit Shah expresses confidence

Union Home Minister Amit Shah on Friday expressed confidence that India will be the world's third-largest economy by 2027.

Addressing the 118th Annual Session of the PHDCCI at Vigyan Bhawan here, the Home Minister urged the industry to make more investments in research and development to make MSMEs world-class.

He recalled the success of the G20 Summit, Chandrayaan-3, and Mission Aditya L-1 mission at the beginning of his speech and also referred to the passing of the women's reservation bill.

2:34 PM

magicpin partners NCCF, ONDC to sell essential groceries at low price in Delhi-NCR

Hyperlocal e-commerce firm magicpin has partnered with government-backed NCCF to sell groceries, including onions and pulses, through the Open Network for Digital Commerce at low price, the company said on Friday.

The partnership follows a collaboration of magicpin with National Cooperative Consumers Federation of India (NCCF) for selling tomato at Rs 70 per kilogramme when its prices were above Rs 100 a kg in the market.

 

2:16 PM

SonyIndia says merger with Zee Ent likely delayed, to take few more months

Japan's Sony Group Corp said on Friday a merger of its Indian unit with Zee Entertainment Enterprises, which was due to be completed by end-September, would likely take a few more months.

"This transaction was expected to be completed by the end of the first half of fiscal year 2023, but based on the current state of preparation, we expect completion within the next few months," Sony said in a statement.

1:49 PM

DHL Express to hike prices for parcel deliveries by 6.9% from next year

Logistics firm DHL Express will hike the prices for parcel deliveries by an average of 6.9 per cent in India from next year as part of its annual price adjustment exercise, the company said on Friday.

 

Prices are adjusted on an annual basis, taking into consideration various factors, including inflation, DHL Express said. "The average increase in India will be 6.9 per cent and it will take effect on January 1, 2024," the company said, adding that a number of services and surcharges will also be adjusted.

1:34 PM

Millions take to China's roads, railways in 1st big holiday since Covid end

Many millions of Chinese tourists are expected to travel within their country, splurging on hotels, tours, attractions and meals in a boost to the economy during the eight-day autumn holiday period that began Friday.

This year's holiday began with the Mid-Autumn Festival on Friday and also includes the October 1 National Day. The public holidays end on October 6.

1:02 PM

At least 13 killed, 70 injured in bomb blast in Pakistan

At least 13 people were killed and 70 others injured on Friday when a powerful bomb exploded near a mosque when people were gathering for a rally to celebrate the birthday of Prophet Muhammad in Pakistan's restive Balochistan province, according to media reports.

The explosion occurred in the Mastung district, Geo News reported.

12:58 PM

Delhi HC restrains unauthorised streaming of ICC Cricket World Cup

The Delhi High Court has restrained online platforms from unauthorisedly broadcasting and streaming the upcoming ICC Men's Cricket World Cup 2023.

 

The court's order came on a lawsuit by Star India Pvt Ltd and Novi Digital Entertainment Pvt Ltd which operates Disney+ Hotstar platform.

 

The plaintiffs said they have the exclusive global media rights, including the television and digital rights for various ICC events like the World Cup, which is scheduled to be held from October 5 to November 19.

 

They said being one of the most popular sporting events in the world, a large number of websites were likely to indulge in unauthorised dissemination of the World Cup content.

12:52 PM

We will take precautions to ensure no disputes among INDIA partners ahead of state polls: Pawar

The INDIA bloc will take precautions to ensure that there are no disputes among its alliance partners in states like Rajasthan and Madhya Pradesh where elections are due in a few months, NCP chief Sharad Pawar said on Friday.
 

He was speaking to reporters in Baramati.

 

More than two dozen opposition parties have formed the Indian National Developmental Inclusive Alliance (INDIA) to take on the BJP in next year's general elections.