Page 1037 - Economy & Policy News
Centre waives import duty on some raw materials for steel industry
The import duty on ferronickel, coking coal, PCI coal has been cut from 2.5%, while the duty on coke and semi-coke has been slashed from 5% to 'nil'
 "Centre waives import duty on some raw materials for steel industry")
Govt giving additional fertiliser subsidy of Rs 1.1 trn this fiscal: FM
With this, the government's total fertiliser subsidy is likely to touch a record Rs 2.15 trn in the current 2022-23 fiscal
 "Govt giving additional fertiliser subsidy of Rs 1.1 trn this fiscal: FM")
India's power generation doubles in May on imported coal blending: Data
Power generation by domestic coal-based plants that blended imported dry fuel has more than doubled to 143 million units (MU) per day in May compared to 66 MU in the same month a year ago
 "India's power generation doubles in May on imported coal blending: Data")
Centre reduces excise duty on petrol by Rs 8 and on diesel by Rs 6/litre
The move will have revenue implication of around Rs 1 trn for the govt, says FM Sitharaman; also, the govt will give Rs 200/cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year
 "Centre reduces excise duty on petrol by Rs 8 and on diesel by Rs 6/litre")
Centre reduces excise duty on petrol by Rs 8/ltr, diesel by Rs 6/ltr
Inflation bites exchequer as move will reduce FY23 revenue by Rs 85,000 cr
 "Centre reduces excise duty on petrol by Rs 8/ltr, diesel by Rs 6/ltr")
Tea Board targets 300 mn kg of tea exports by 2025, says Chairman
On exports, Indian tea will aggressively compete with Kenya and Sri Lanka, and also explore markets that have not been aggressively targeted so far
 "Tea Board targets 300 mn kg of tea exports by 2025, says Chairman")
CERT-In directives won't impact corporates' business viability: MoS IT
Rajeev Chandrasekhar's comes in the wake of cyber security directives issued by the MeitY's CERT-In that mandates reporting of cybersecurity incidents and misuse of virtual private networks
 "CERT-In directives won't impact corporates' business viability: MoS IT")
Coal India production slower than the captive mines, shows govt data
During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data
 "Coal India production slower than the captive mines, shows govt data")
PESB-like body likely to hire PSB, public sector insurance firm heads
Centre looks to continue maintaining arms length in financial sector hiring
 "PESB-like body likely to hire PSB, public sector insurance firm heads")
India exported wheat worth $177 million in March, $473 million in April
According to sources, India exported wheat even at a time when about eight nations, including Ukraine, Belarus, Turkey, Egypt, Kazakhstan and Kuwait, had imposed wheat export restrictions
 "India exported wheat worth $177 million in March, $473 million in April")
Steel, railways and coal ministries in talks for fuel supply: Minister
Speaking to reporters at Assocham's Indian Metals Industry conference, minister of state for steel Kulaste said his ministry is taking all measures to maintain supply of coal for steel makers
 "Steel, railways and coal ministries in talks for fuel supply: Minister")
India's foreign exchange reserve declines by $2.67 billion to $593 billiion
In the previous reporting week, forex reserves stood at $595.95 billion.
 "India's foreign exchange reserve declines by $2.67 billion to $593 billiion")
Rating agencies seek harmonisation of norms for debentures and loans
The purpose of such a mechanism is to get better ratings and reduce cost of funds for an entity floating instruments.
 "Rating agencies seek harmonisation of norms for debentures and loans")
Monthly budget up 10% in three months amid rising fuel prices: Survey
Seventy per cent of those surveyed saw at least 10 per cent increase in their monthly budget, while 55 per cent expect prices to go up by another 10 per cent in the next three months
 "Monthly budget up 10% in three months amid rising fuel prices: Survey")
Supreme Court allows export of iron ore from key mines in Karnataka
Order allows direct sales as opposed to e-auctions only; three-judge bench asks mining firms to comply with Centre's rules on the matter
 "Supreme Court allows export of iron ore from key mines in Karnataka")
Small exporters feel the pain as Indian rupee slides to an all-time low
Weaker currency makes some customers to demand benefits or discounts, rue exporters
 "Small exporters feel the pain as Indian rupee slides to an all-time low")
RBI to transfer Rs 30K cr surplus to govt for FY22; lowest amount in 8 yrs
Last year, the transfer of Rs 99,126 crore was for a nine-month period ended March 2021
 "RBI to transfer Rs 30K cr surplus to govt for FY22; lowest amount in 8 yrs")
Urban job scheme: How 6 states do it, what is needed to make it work
A council advising the Prime Minister recommends securing employment for the urban poor.
 "Urban job scheme: How 6 states do it, what is needed to make it work")
At $83.57 billion, India reports 'highest-ever' FDI inflow in FY22
During the entire 2020-21 financial year, the total FDI inflow was $81.72 billion, despite the disruption caused by the outbreak of the pandemic last year
 "At $83.57 billion, India reports 'highest-ever' FDI inflow in FY22")
IRFC records 38% growth in profit after tax at Rs 6,090 crore in FY22
Revenue from operations for FY22 grew by 28.71 per cent and stood at Rs 20,298.27 crore this fiscal as against Rs 15,770.22 crore a year ago
 "IRFC records 38% growth in profit after tax at Rs 6,090 crore in FY22")