Page 687 - Economy & Policy News
Rupee weakens against dollar after OPEC+ supply cut, recovers later
According to a UBS India report, the rupee is likely to strengthen as the current account gap is expected to narrow in FY24
 "Rupee weakens against dollar after OPEC+ supply cut, recovers later")
Finance Ministry to constitute 16th Finance Commission this year
The Finance Ministry in its FY24 Budget has allocated a token Rs 10 crore for establishing attached offices for the 16th Finance Commission
 "Finance Ministry to constitute 16th Finance Commission this year")
India's surging services exports may shield economy from external risks
India's services exports rose 24.5% on year in October-December 2022, hitting a record $83.4 billion during the quarter, shows data
 "India's surging services exports may shield economy from external risks")
Russia shifts to Dubai oil price benchmark in Indian oil deal: Report
The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia after Europe shunned Russian oil
 "Russia shifts to Dubai oil price benchmark in Indian oil deal: Report")
RBI's MPC meet begins amid expectations of yet another rate hike
The RBI's rate-setting panel on started its three-day meeting amid expectations that the central bank may go for 25 basis points hike in benchmark interest rate
 "RBI's MPC meet begins amid expectations of yet another rate hike")
Acuite Ratings revises downward India's BoP for FY23 to $17 bn from $38 bn
The surplus in the capital account increased to $30.2 billion in Q3 from $22.5 billion a year ago and $1.4 billion in Q2 FY23
 "Acuite Ratings revises downward India's BoP for FY23 to $17 bn from $38 bn")
India to issue tenders for 250 GW of new renewable capacity by March 2028
Its renewable energy capacity, excluding big hydro and nuclear power, exceeds 122 GW, while non-fossil capacity currently stands at more than 175 GW, according to government data as of February 28
 "India to issue tenders for 250 GW of new renewable capacity by March 2028")
Improved output pushes India's manufacturing PMI to 3-month high in March
Optimism about future output slipped to an eight-month low due to concerns surrounding competitiveness and general inflation
 "Improved output pushes India's manufacturing PMI to 3-month high in March")
Online monitoring portal to give 'Districts as Export Hubs' plan a leg-up
The idea will be to monitor the process of the district-wise export plan across all 750 districts across the country, and enable the states and DGFT regional authorities to upload all information
 "Online monitoring portal to give 'Districts as Export Hubs' plan a leg-up")
Foreign trade policy: Exporters seek 3 months from Centre for transition
In case there is a change in the policy, the transition time in that case will help the exporter execute the contract, giving some certainty for the exporter
 "Foreign trade policy: Exporters seek 3 months from Centre for transition")
Biz can apply for revocation of GST registration cancellation by Jun 30
The government has allowed businesses, whose GST registrations were cancelled for non-filing of returns, to apply for revocation of the cancellation by June 30, after paying due taxes, interest
 "Biz can apply for revocation of GST registration cancellation by Jun 30")
Govt extends export curbs on gasoline, diesel to ensure availability
India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market
 "Govt extends export curbs on gasoline, diesel to ensure availability")
Govt may consider 0.3% fee to maintain UPI payment system: Report
This will keep all UPI-based payments received by merchants unpolluted and unburdened of merchant discount rate (MDR)
 "Govt may consider 0.3% fee to maintain UPI payment system: Report")
Nearly 80% of new wheat arrivals in mandis so far of inferior quality
With the weather likely to improve in the days to come, the moisture content in wheat is expected to go down, helping the crop fetch a better price
 "Nearly 80% of new wheat arrivals in mandis so far of inferior quality")
Guns vs Butter-5: 'India can make do with defence spend of 2% of GDP'
The last of a 5-part series points out that the Standing Committee on Defence report says India will not be able to absorb much more on defence
 "Guns vs Butter-5: 'India can make do with defence spend of 2% of GDP'")
Russia pulls off revolution in India's overall crude oil basket
Oil supplies from Russia surged after the G7's stringent sanctions, relegating traditional suppliers Iraq and Saudi Arabia to second and third place
 "Russia pulls off revolution in India's overall crude oil basket")
Direct govt purchases play a diminishing role in GeM transactions
Value of transactions has crossed over Rs 2 trillion in 2022-23
 "Direct govt purchases play a diminishing role in GeM transactions")
India's unemployment rate rises to 3-month high of 7.8% in March: CMIE data
Higher borrowing costs are already weighing on India's economy, data show
 "India's unemployment rate rises to 3-month high of 7.8% in March: CMIE data")
Untimely rains hit wheat crop over 523k hectare; farmers stare at loss
Untimely rains, hailstorm and strong winds have impacted wheat crop across more than 523k hectare in three states, triggering fears of huge yield loss for farmers and harvesting challenges
 "Untimely rains hit wheat crop over 523k hectare; farmers stare at loss")
BPL families, Ujjwala beneficiaries to get gas cylinder at Rs 500 in Raj
Families below the poverty line (BPL) and beneficiaries of the Ujjwala scheme in Rajasthan will now get LPG cylinders for Rs 500, with CM Ashok Gehlot approving a financial proposal of Rs 750 crore
 "BPL families, Ujjwala beneficiaries to get gas cylinder at Rs 500 in Raj")