Page 476 - Economy & Policy News
Russian oil imports drop on pricing, not due to payment woes: Hardeep Puri
"There is no payment problem ... It is a pure function of the price at which our refineries will buy," Puri told a press conference
 "Russian oil imports drop on pricing, not due to payment woes: Hardeep Puri")
India's oil demand growth expected to remain strong in FY24: Analysts
Forecast of higher demand come amid industrial slowdown fears in China
 "India's oil demand growth expected to remain strong in FY24: Analysts")
India's Dec palm oil imports hit 4-month high as sun oil doubles-dealers
Higher purchases by the world's biggest importer of vegetable oils could help lower palm oil stocks in top producers Indonesia and Malaysia and support benchmark futures
 "India's Dec palm oil imports hit 4-month high as sun oil doubles-dealers")
Why weather over the next few weeks determine India's rabi harvest health
Though, for many crops, there is still time before the full final harvest hits the markets, market players have already started speculating and predicting the harvest
 "Why weather over the next few weeks determine India's rabi harvest health")
Central banks have saved the world in the past. And will do so again
'Central banks will occupy an ever-more important position in the economic and security life of nations, if history is any guide'
 "Central banks have saved the world in the past. And will do so again")
US national debt hits record $34 trn as Congress gears up for funding fight
Foreign buyers of US debt -- like China, Japan, South Korea and European nations -- have already cut down on their holdings of Treasury notes
 "US national debt hits record $34 trn as Congress gears up for funding fight")
From Ashok Leyland to VECV, busmakers' sales entered the fast lane in 2023
Ashok Leyland Limited (ALL) recorded a 64 per cent year-on-year increase in sales of medium and heavy commercial vehicle (MHCV) buses during the April-to-December period of 2023 to 11,216 units
 "From Ashok Leyland to VECV, busmakers' sales entered the fast lane in 2023")
Yield spread between state bonds and g-sec widens to two-year high
The yield spread widened to 53 basis points on Tuesday. The last time the yield spread widened above 50 basis points was in January 2022
 "Yield spread between state bonds and g-sec widens to two-year high")
Treasury income's contribution to bank P&L's in Q3 to be modest: Analysts
The widening of the spread on state-government paper over central government bonds may work as a dampener, according to treasury executives
 "Treasury income's contribution to bank P&L's in Q3 to be modest: Analysts")
RBI pulls up credit information bureaus on rising customer complaints
The CICs shared their feedback and highlighted the initiatives that are being taken in collaborating with the credit institutions (CIs) for enhancing data quality
 "RBI pulls up credit information bureaus on rising customer complaints")
West Bengal government plans dedicated tea park on Kolkata port land
The land requirement for the project is about 10-12 acres. The SMPK would hand over the lease and the infrastructure would be developed by the state government
 "West Bengal government plans dedicated tea park on Kolkata port land")
States' debt cost crosses 7.70%, spread between G-sec jumps to 2-year high
At 53 basis points, the spread between the yield on the sovereign debt and that of the state bonds is the highest since January 2022
 "States' debt cost crosses 7.70%, spread between G-sec jumps to 2-year high")
India hikes windfall tax on crude oil, reduces tax on ATF and diesel
The tax, levied in the form of Special Additional Excise Duty (SAED), on domestically produced crude oil has been raised to Rs 2,300 from Rs 1,300 per tonne, according to an official notification
 "India hikes windfall tax on crude oil, reduces tax on ATF and diesel")
Coal sector up 10.9% among core industries in Nov on domestic output boost
The data indicates that the combined index of eight core industries showed an increase of 7.8 per cent (provisional) in November 2023, the government said
 "Coal sector up 10.9% among core industries in Nov on domestic output boost")
India turns to Saudi as purchases of Russian crude oil fall in December
Indian Oil Corp, which was set to get the Sokol oil, had to withdraw from its inventory and buy from the Middle East to make up the shortfall, sources told Reuters last month
 "India turns to Saudi as purchases of Russian crude oil fall in December")
Goldman Sachs sees current account deficit falling to 1% of GDP this fiscal
Goldman Sachs in a report said the country's external balances remain favourable with a combination of low CAD, strong capital flows, adequate forex reserves and low external debt
 "Goldman Sachs sees current account deficit falling to 1% of GDP this fiscal")
Statsguru: Neighbourhood ties weaken as global economic partnerships evolve
The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements
 "Statsguru: Neighbourhood ties weaken as global economic partnerships evolve")
India cautious as West makes new plan for economic sanctions on Russia
US, EU could be moving to make it difficult for Russia to sell not only crude but other products
 "India cautious as West makes new plan for economic sanctions on Russia")
Female govt employees may now nominate child for pension before husband
The female employee will be eligible to nominate their children to receive family pension before the spouse if there is a pending divorce, domestic violence or dowry case in any court
 "Female govt employees may now nominate child for pension before husband")
Russian crude oil cargoes head away from India amid payment issues
"China seems to have stepped in to save the idling Sokol cargoes," said Viktor Katona, lead crude analyst at data intelligence provider Kpler
 "Russian crude oil cargoes head away from India amid payment issues")