Page 548 - Economy & Policy News
FCI sells 189,000 tonne wheat, 5,000 tonne rice in 15th weekly e-auction
State-owned Food Corporation of India (FCI) sold 1.89 lakh tonne of wheat and only 5,000 tonne of rice to bulk consumers like flour millers in the 15th weekly e-auction held on Wednesday.
 "FCI sells 189,000 tonne wheat, 5,000 tonne rice in 15th weekly e-auction")
Govt begins kharif paddy procurement; purchases 1.22 mn tonne so far
Paddy worth Rs 2,689.77 crore has been procured from 99,675 farmers in Tamil Nadu, Punjab and Haryana at MSP, the ministry said in a statement on Thursday
 "Govt begins kharif paddy procurement; purchases 1.22 mn tonne so far")
Softening of tomato prices brings down cost of veg, non-veg thalis in Sept
The tomato prices shrunk 62% in September to Rs 39 per kilogram (kg) as compared to Rs 102 per kg in August
 "Softening of tomato prices brings down cost of veg, non-veg thalis in Sept")
India invites Brazilian industries to be part of its growing supply chain
Commerce Secretary Sunil Barthwal, who was in Brazil from October 1 to 4, also discussed ways to promote trade between the two countries
 "India invites Brazilian industries to be part of its growing supply chain")
Cricket World Cup may add $2.4 billion to Indian economy: Bank of Baroda
The quadrennial tournament, which starts on Thursday and runs through mid-November, is expected to draw large numbers of visiting fans domestically and internationally
 "Cricket World Cup may add $2.4 billion to Indian economy: Bank of Baroda")
Russia surpasses UAE as India's top naphtha supplier amid discounts
The LSEG showed India imported about 670,000 tonnes of naphtha from the UAE in January to September, down from around 726,000 tonnes in the same period last year
 "Russia surpasses UAE as India's top naphtha supplier amid discounts")
India's September services PMI hits 61 on positive demand environment
September's expansion in output was associated with effective marketing, favourable demand conditions and strong influxes of new business
 "India's September services PMI hits 61 on positive demand environment")
Corporate affairs ministry exempts aviation from IBC's moratorium clause
Section 14 of the IBC declares a moratorium on proceedings, transfer or disposal of any of the assets of the company from the date of commencement of its insolvency
 "Corporate affairs ministry exempts aviation from IBC's moratorium clause")
GST council to clarify on corporate guarantees, some exemptions likely
Likely to recommend 18% GST on 1% of amount guaranteed
 "GST council to clarify on corporate guarantees, some exemptions likely")
Delhi govt collects excise revenue of over Rs 3,500 crore in H1FY24
The government had earned a revenue of Rs 6,821 crore by selling over 62 crore liquor bottles in the last financial year 2022-23
 "Delhi govt collects excise revenue of over Rs 3,500 crore in H1FY24")
Shell India hikes diesel prices by Rs 20 per litre in less than a week
The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai
 "Shell India hikes diesel prices by Rs 20 per litre in less than a week")
Crude prices beyond $100 per barrel to create large, organised chaos: Puri
Previously, Puri underscored the need for oil producers to demonstrate the same consideration for consumer nations as they had received during the pandemic
 "Crude prices beyond $100 per barrel to create large, organised chaos: Puri")
COAI says OTTs paying Fair Share Charge won't violate net neutrality
The principle of net neutrality mandates that all internet providers give its users equitable access to all content and applications on the internet without any discrimination
 "COAI says OTTs paying Fair Share Charge won't violate net neutrality")
GST Council likely to consider 'zero tax' on millet mix in meeting
Council may maintain status quo on reducing tax rates on EV batteries to 5% from 18%
 "GST Council likely to consider 'zero tax' on millet mix in meeting")
Cabinet hikes LPG subsidy to Rs 300, cylinder to cost Rs 603 in Delhi
The latest decision comes on the back of a series of steps taken by the Centre over the past one month to reduce the cost of LPG cylinder ahead of crucial state and general elections
 "Cabinet hikes LPG subsidy to Rs 300, cylinder to cost Rs 603 in Delhi")
Tamil Nadu govt to explore large scale green energy storage options
Tamil Nadu is exploring a hybrid storage model, in which pumped storage power plants (PSP) will be used to store excess energy from solar, wind, and other sources
 "Tamil Nadu govt to explore large scale green energy storage options")
India, UAE to discuss investment related challenges as FDI decline in India
The first half of the 2023 calendar year witnessed a 37 per cent drop in FDI equity inflows, totalling $20.21 billion, compared to the same period the previous year
 "India, UAE to discuss investment related challenges as FDI decline in India")
PLI good for telecom, need to adjust for others: NITI Member Virmani
Virmani said that industry needs to reach the minimum efficient scale (MES), otherwise they cannot compete by themselves and will need subsidies to compete
 "PLI good for telecom, need to adjust for others: NITI Member Virmani")
India's experience of manufacturing GDP growth different: NITI member
According to Virmani, the country has put in dynamism for entrepreneurship and startups, and has instituted public sector and institutional reforms
Only 9 out of 100 surveyed company websites seek clear consent: PwC report
Only 2 out of the 100 analysed websites provided consent in multiple regional languages
 "Only 9 out of 100 surveyed company websites seek clear consent: PwC report")