Page 387 - Economy
Trade deficit at 7-month high on rising imports; exports up 9% in May
Apart from petroleum products, items that drove import growth include transport equipment (31.88 per cent), silver (408 percent), vegetable oil (27.5 per cent) and pulses (181 per cent)
 "Trade deficit at 7-month high on rising imports; exports up 9% in May")
Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel
 "Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200")
Oil future prices head for weekly gain on solid 2024 demand outlook
US consumer sentiment weakened in June to a seven-month low as inflation and income worries linger, a survey showed on Friday
The green journey: Cleaner fuels driving one-fifth of PVs sold in India
Auto original equipment manufacturers (OEMs) have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs
 "The green journey: Cleaner fuels driving one-fifth of PVs sold in India")
India grappling with 'unfavourable' factors in growth pursuit: CEA
Between 1980 and 2015, China was blessed with very strong globalisation, global politics not being as divisive and polarising, and the world not being as conflict-ridden, he said
 "India grappling with 'unfavourable' factors in growth pursuit: CEA")
Ocean freight rates in rough waters on congestion, Red Sea crisis
The Drewry World Container Index (WCI) increased 2 per cent to $4,801 per 40ft container this week and increased 202 per cent when compared with the same week last year
 "Ocean freight rates in rough waters on congestion, Red Sea crisis")
India's wholesale inflation accelerates to 15-month high of 2.61% in May
The inflation in food prices stood at 9.82 per cent during the month, while in May 2023, the wholesale inflation had stood at -3.61 per cent
 "India's wholesale inflation accelerates to 15-month high of 2.61% in May")
India, EU discuss CBAM concerns ahead of eighth round of FTA talks
The proposed free-trade agreement with Oman will restart soon, although talks are in the final stages, a government official said
 "India, EU discuss CBAM concerns ahead of eighth round of FTA talks")
For firms, royalty payments have grown faster than sales since pandemic
Listed companies have seen a sharper rise
 "For firms, royalty payments have grown faster than sales since pandemic")
RBI will not force mergers of urban co-operative banks: RBI board member
In 2021, an RBI's expert committee had suggested that weak UCBs would get a regulatory nudge to explore voluntary merger
 "RBI will not force mergers of urban co-operative banks: RBI board member")
EEPC India cautiously optimistic on engineering export growth in FY'25
This uptick is part of a consistent growth pattern, with the April-May period of FY25 witnessing exports totalling $18.65 billion
 "EEPC India cautiously optimistic on engineering export growth in FY'25")
India's foreign exchange reserve hits new high of $655.81 billion
Foreign exchange market participants said that the RBI has been absorbing the foreign inflows, which led to the rise in foreign currency assets
 "India's foreign exchange reserve hits new high of $655.81 billion")
Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn
The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was USD 648.87 billion on May 10. In the past few weeks, reserves have witnessed handsome jumps
 "Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn")
India's May exports rise 9.1%; merchandise imports up 7.7% at $61.91 bn
Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion
 "India's May exports rise 9.1%; merchandise imports up 7.7% at $61.91 bn")
Inflation expected to average 4.5% for current fiscal year: CRISIL
The rating firm said that consumer price index (CPI) inflation moderated marginally to 4.75 per cent in May
 "Inflation expected to average 4.5% for current fiscal year: CRISIL")
India's wholesale inflation rises to 15-month high of 2.61% in May
May 2024 WPI: Prices of crude petroleum & natural gas, food articles, and manufacturing witnessed a surge in May 2024 compared to April 2024
 "India's wholesale inflation rises to 15-month high of 2.61% in May")
4 offshore crypto exchanges join queue for nod to restart India ops
FIU-India has lifted ban from Kucoin while proceedings on Binance's application are underway
 "4 offshore crypto exchanges join queue for nod to restart India ops")
L&T Finance's rural business finance book reaches Rs 25,000 crore
Non-bank lender aims to scale up loan against properties
 "L&T Finance's rural business finance book reaches Rs 25,000 crore")
Skill ministry to train 150K women under PMKVY in first 100 days
Along with skilling, MSDE will concentrate on promoting apprenticeship in the country, with around half a million new apprentices being engaged
 "Skill ministry to train 150K women under PMKVY in first 100 days")
100-day plan: Govt e-platform to spur exports, connect with stakeholders
Since India has been on a free trade agreement (FTA) signing spree, the platform will offer easy access to benefits under these agreements
 "100-day plan: Govt e-platform to spur exports, connect with stakeholders")