Page 650 - Economy & Policy News
OPEC+ unlikely to extend oil supply cuts at upcoming June 4 meeting
As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year
 "OPEC+ unlikely to extend oil supply cuts at upcoming June 4 meeting")
Services exports in April rises by 7.5% on year to $25.84 billion
India's services exports in April rose 7.5% on year to $25.84 billion, while imports recorded a 3.1% decline to $13.63 billion, provisional data published by the Reserve Bank of India showed
 "Services exports in April rises by 7.5% on year to $25.84 billion")
Russian crude oil imports by China, India hit all-time high in May
However, they are unlikely to deepen supply cuts at the Sunday meeting despite lower prices, four sources from the alliance told Reuters
 "Russian crude oil imports by China, India hit all-time high in May")
UP govt plans to develop Lucknow-State Capital Region on lines of Delhi-NCR
Meanwhile, the state has started the process of selecting a project consultant for the proposal
 "UP govt plans to develop Lucknow-State Capital Region on lines of Delhi-NCR")
India, European Union eye mutually agreeable solution over ICT tariffs
Meetings between Indian, European Union officials set to take place today
 "India, European Union eye mutually agreeable solution over ICT tariffs")
Wheat procurement breaches 26 MMT mark; surpasses last year's by 7.4 MMT
The ministry further added that 2.127 million farmers have already benefitted from the ongoing wheat procurement operations with a Minimum Support Price (MSP) outflow of about Rs. 47,000 crores
 "Wheat procurement breaches 26 MMT mark; surpasses last year's by 7.4 MMT")
India sees 4% spike in high-net-worth individuals amid sharp global drop
The number of high-net-worth individuals (HNWIs) in India grew by 4% to 3,19,900 last year, as their wealth increased by 2.9 per cent to hit $1,286.7 billion, a report showed on Thursday
 "India sees 4% spike in high-net-worth individuals amid sharp global drop")
Power consumption grows marginally by 1.04% to 136.56 bn units in May
Power consumption rose marginally by 1.04 per cent to 136.56 billion units in May this year as widespread rains have kept summer temperature under check so far
 "Power consumption grows marginally by 1.04% to 136.56 bn units in May")
Centre to approve several chip fabrication plant proposals soon: MoS IT
The government will approve multiple semiconductor packaging and fabrication plant proposals in the coming weeks, said Union Minister of State for Electronics and IT, Rajeev Chandrasekhar
 "Centre to approve several chip fabrication plant proposals soon: MoS IT")
Aadhaar to identity proof: All questions answered about Rs 2,000 notes
Is it necessary to be a bank account to exchange the notes; do I need to submit my PAN?
 "Aadhaar to identity proof: All questions answered about Rs 2,000 notes")
India's economy likely to grow 6.5-6.7% in FY24: CII president R Dinesh
The growth has propelled the country's economy to $3.3 trillion, setting the stage for achieving the $5 trillion target in the next few years
 "India's economy likely to grow 6.5-6.7% in FY24: CII president R Dinesh")
Investment more than consumption leading India's growth: Economists
A surge in investments that offset sluggish consumption to boost India's growth in 2022-23 is expected to power the economy in the current financial year
 "Investment more than consumption leading India's growth: Economists")
White collar hiring activity flat in May, IT sector's woes continue: Report
The hiring activity in India's white-collar professional segment, remained steady in May and witnessed multi-sectoral growth across sectors, a report said
 "White collar hiring activity flat in May, IT sector's woes continue: Report")
Encouraging GDP numbers, but mining and quarrying segment disappoints
Sector contracted in FY23 compared to FY19 and marginally grew over pre-Covid FY19
 "Encouraging GDP numbers, but mining and quarrying segment disappoints")
Jet fuel prices slashed by 7% on softening international oil prices
Price of commercial LPG, which is used by business establishments like hotels and restaurants, on Thursday was cut by Rs 83.5 per 19-kg cylinder -- the third straight monthly reduction
 "Jet fuel prices slashed by 7% on softening international oil prices")
Manufacturing PMI hits 31-month high in May, helped by demand and output
Last month's data points to 23-month rise in factory orders straight: Survey
 "Manufacturing PMI hits 31-month high in May, helped by demand and output")
Commercial LPG cylinder prices dip by Rs 83.50, new rates from today
The prices for both commercial and domestic LPG cylinders are revised on the first day of every month
 "Commercial LPG cylinder prices dip by Rs 83.50, new rates from today")
May PMI manufacturing comes at 58.7; hits 31-month high on strong demand
Demand conditions demonstrated remarkable strength, with factory orders rising at the fastest pace since January 2021
 "May PMI manufacturing comes at 58.7; hits 31-month high on strong demand")
JPMorgan hikes India's FY24 GDP forecast to 5.5%; warns of global slowdown
The economy also grew at a better-than-expected 7.2% for fiscal 2023
 "JPMorgan hikes India's FY24 GDP forecast to 5.5%; warns of global slowdown")
No power can stop India from becoming a developed nation: Piyush Goyal
Diplomacy is aimed at building trust between the nations and it will be a driving force in India's success, said Minister of Commerce and Industry, Consumer Affairs, and Textiles, Piyush Goyal
 "No power can stop India from becoming a developed nation: Piyush Goyal")