Page 1040 - Economy & Policy News
Indian rupee off record lows on RBI intervention; bond yields rise
The partially convertible rupee was trading at 77.63/64 per dollar by 0805 GMT compared with its close of 77.45 on Friday. The rupee touched a record low of 77.7975 during the session.
 "Indian rupee off record lows on RBI intervention; bond yields rise")
Work begins on world's largest renewable energy storage project in Andhra
The worlds largest Integrated Renewable Energy Storage Project is coming up in Andhra Pradesh's Kurnool district with an investment of over $3 billion.
 "Work begins on world's largest renewable energy storage project in Andhra")
Russia jumps to 4th position as India's oil supplier amid Ukraine war: Data
Russia's share in India's oil purchases rose to a record 6%, about 277,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position
 "Russia jumps to 4th position as India's oil supplier amid Ukraine war: Data")
Financial conditions ease in April; external headwinds to weigh: CRISIL
Major central banks likely to increase pace of tightening to combat inflation; US Fed has already raised its policy rate twice until May, and S&P expects five more hikes in 2022
 "Financial conditions ease in April; external headwinds to weigh: CRISIL")
WEF 2022: How digitalisation of industries can improve quality of life
Digital transformation bringing out the best in humans, in collaboration with machines and algorithms.
 "WEF 2022: How digitalisation of industries can improve quality of life")
Higher food prices to aid farm income, even as costs rise: BofA Securities
A normal monsoon will help raise agri output while higher food prices will help increase farm incomes, says the report
 "Higher food prices to aid farm income, even as costs rise: BofA Securities")
US hopes India would 'reconsider' its decision to restrict wheat exports
The US hopes India will reconsider its decision to ban wheat exports, with Washington encouraging countries not to restrict exports.
 "US hopes India would 'reconsider' its decision to restrict wheat exports")
Recovery tracker: Rise in no of flyers, gap on auto registrations narrows
Mobility indicators show more people at transit spots like bus and train stations
 "Recovery tracker: Rise in no of flyers, gap on auto registrations narrows")
What is CPI-based inflation?
The government and RBI are also circumspect as soaring inflation is hitting the common man hard. But what is CPI-based inflation and how is it calculated? Let us understand
 "What is CPI-based inflation?")
PM Modi meets UP ministers in Lucknow, stresses on good governance
The meeting was held at the Chief Minister's residence
 "PM Modi meets UP ministers in Lucknow, stresses on good governance")
Finance ministry didn't claim inflation hurts rich more than poor, says PIB
The claim and counterclaim over inflation come at a time when retail inflation rose to an eight-year high in April to 7.8 per cent
 "Finance ministry didn't claim inflation hurts rich more than poor, says PIB")
Mere act of invoking pledged shares does not discharge debt, rules SC
Top court says debt is not discharged till there has been an actual sale of the pledged items
 "Mere act of invoking pledged shares does not discharge debt, rules SC")
Jet fuel prices at all-time high with 5.3% hike; 10th increase this year
The price of aviation turbine fuel (ATF) was hiked by Rs 6,188.25 per kilolitre, or 5.29 per cent, to Rs 1,23,039.71 per kl (Rs 123 per litre) in the national capital
 "Jet fuel prices at all-time high with 5.3% hike; 10th increase this year")
RBI likely to hike rates by 75 bps by August, say SBI economists
The economists said they did a study of the Russian invasion's impact on inflation, which revealed that 59 per cent of the jump in prices is due to geopolitical events
 "RBI likely to hike rates by 75 bps by August, say SBI economists")
India's petrol, diesel sales rebound in May as pick-up in economic activity
Petrol sales grew 14 per cent during the first half of May when compared with the same period in the preceding month, while diesel demand rose 1.8 per cent
 "India's petrol, diesel sales rebound in May as pick-up in economic activity")
Vehicle fuel prices responsible for around 30% of April inflation spurt
The RBI's Monetary Policy Committee is likely to hike the repo rate in June after it had announced a 40 basis point increase in it in an off-cycle announcement earlier this month
 "Vehicle fuel prices responsible for around 30% of April inflation spurt")
India's GDP may grow 7.4-8.2% in FY23, says CII president Sanjiv Bajaj
Bajaj said that to counter inflationary pressures, the central and state governments should cut taxes on petrol and diesel further
 "India's GDP may grow 7.4-8.2% in FY23, says CII president Sanjiv Bajaj")
India's surprise wheat export ban traps 1.8 mt at ports, says report
Only exports backed by letters of credit (LCs), or payment guarantees, issued before May 13 can proceed before the ban takes effect, India has said
 "India's surprise wheat export ban traps 1.8 mt at ports, says report")
State-run firms asked to buy back even when shares take a beating
Centre's move aimed at improving PSUs' stock performance
 "State-run firms asked to buy back even when shares take a beating")
Big M&As of digital businesses likely to come under CCI ambit soon
Several important deals in the digital space, like the Facebook-WhatsApp merger, have escaped CCI scrutiny due to current regulations
 "Big M&As of digital businesses likely to come under CCI ambit soon")