LIVE: Govt's gross debt rises 2.2% to Rs 159.53 trillion in April-June qtr

Catch all the latest news updates live from across the globe here

11:13 PM

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees.

10:47 PM

PM's degree: Gujarat HC concludes hearing in Kejriwal's review plea, reserves order

The Gujarat High Court on Friday reserved its order in the review plea filed by Delhi Chief Minister Arvind Kejriwal in a matter related to Prime Minister Narendra Modi's degree after arguments concluded. After hearing both the sides, Justice Biren Vaishnav kept the judgement reserved. Earlier in June, Kejriwal, who also heads the Aam Aadmi Party (AAP), approached High Court seeking a review of its recent order setting aside the Central Information Commission's directive to the Gujarat University to provide information on Prime Minister Narendra Modi's Master of Arts (MA) degree to him.

10:28 PM

Trai seeks views on policy framework for economic development driven by 5G

Telecom regulator Trai on Friday invited views to develop a policy framework for faster adoption of new technologies for economic development driven by the 5G ecosystem. In the consultation paper on "Digital Transformation Through 5G Ecosystem", the Telecom Regulatory Authority of India (Trai) has identified emerging technologies like drones, the internet of things, and metaverse, among others, that can boost 5G utilisation and later on 6G. "The authority has come out with consultation paper on suo-moto basis to identify the policy challenges and suggest the right policy framework for faster adoption and effective utilisation of new technologies for the holistic and sustainable development of economy driven by 5G ecosystem," the regulator said.

10:09 PM

Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI

The Rs 2,000 denomination banknote will cease to have its value after Saturday and will be just another piece of paper if one does not get it exchanged in any bank, the Reserve Bank of India (RBI) clarified on Friday. The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public. Earlier last month, the RBI said that about 93 per cent of the Rs 2,000 banknotes have returned to the banking system since the central bank in May decided to withdraw the high-value note from circulation.

9:05 PM

Over 40 families displaced by landslides in U'khand to get Rs 4.25 lakh each for rehabilitation

More than 40 families displaced by landslides in Uttarakhand's Chamoli district will get Rs 4.25 lakh each for relocation and rehabilitation, an official said on Friday. 

District Disaster Management Officer NK Joshi said the decision in this regard was taken at a meeting of the district-level rehabilitation committee headed by Chamoli District Magistrate Himanshu Khurana. Joshi said the 48 families hit by landslides will get Rs 4.25 lakh each for relocation and rehabilitation.

8:44 PM

Govt's gross debt rises 2.2% to Rs 159.53 trn in Q1 

The government's total gross debt increased by 2.2 per cent quarter-on-quarter to Rs 159.53 trn in April-June this fiscal, a finance ministry report said on Friday. The liabilities stood at Rs 156.08 lakh crore at March-end. "This represented a quarter-on-quarter increase of 2.2 per cent in Q1 2023-24. Public debt accounted for 89.5 per cent of total gross liabilities during the quarter," according to the Public Debt Management report for the April-June 2023 quarter.

7:57 PM

Canada issue discussed with Blinken: Jaishankar

External Affairs Minister S Jaishankar on Friday said that the Canadian allegations with regard to the death of a Khalistani separatist was discussed during his meeting with the Secretary of State Tony Blinken a day earlier and noted that the two delegations came out better informed after the meeting. “Yes, I did,” Jaishankar said in response to a question during his appearance at the prestigious Hudson Institute think-tank when asked if the issue of Canadian allegations came up during his meeting with Blinken at the Foggy Bottom headquarters of the State Department.

7:33 PM

Indian economy poised to grow at average 6.5% per annum over 2023-30: CEA

The Indian economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday. Speaking at the BCC&I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy.

6:53 PM

Moody's upgrades Tata Power rating to Ba1, maintains stable outlook

Tata Power on Friday said Moody's Investors Service has upgraded the corporate family rating of Tata Power to Ba1 from Ba2 and maintained a stable outlook. 

According to a report from Moody's, the rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating. "Moody's Investor Service has upgraded the corporate family rating of the Tata Power Company Ltd to Ba1 from Ba2, and maintained the stable outlook," a BSE filing said.

 

6:40 PM

India 10-year yield posts first quarterly rise in 5 on rising oil, US peers

Indian government bond yields rose on Friday, with the benchmark yield posting its first quarterly rise in more than a year on the back of a relentless spike in oil prices and U.S. yields. However, investors anticipate a decline in yield in the upcoming weeks due to improving demand and a surge in overseas inflows following the inclusion of Indian government bonds in the JPMorgan emerging markets index. The 10-year benchmark 7.18% 2033 bond yield ended at 7.2162% on Friday, leading to 10 basis points increase for the quarter. It had dropped by an aggregate 33 basis points in the last four quarters.

6:21 PM

US consumer spending rises in August, underlying inflation slows

US consumer spending increased in August, but underlying inflation moderated, with the year-on-year rise in prices excluding food and energy slowing to below 4.0%. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, gained 0.4% last month, the Commerce Department reported on Friday. Data for July was revised higher to show spending increasing 0.9% instead of the previously reported 0.8%. Economists polled by Reuters had forecast spending would gain 0.4%.

5:17 PM

Foreign exchange reserves drop $2.335 billion to $590.702 billion

India's foreign exchange reserves drop $2.335 billion to $590.702 billion for week ended September 22: RBI

 

5:16 PM

Govt raises interest rate on 5-year recurring deposit to 6.7 pc for December quarter

Govt raises interest rate on 5-year recurring deposit to 6.7 pc for December quarter, retains rates for other small savings schemes.

5:12 PM

IAF to buy 156 more 'Prachand' choppers for deployment along China, Pak border

In what could be termed as one of the biggest pushes for Prime Minister Narendra Modi's 'Make in India' in the defence sector, the Indian Air Force is going to place orders for 156 more Prachand Light Combat Helicopters, with HAL, which would be deployed at both the China and Pakistan front by the IAF and the Indian Army. 

The two services have already inducted 15 of these choppers in their fleet in the last 15 months after holding trials in the most extreme weather conditions and terrain in the world.

4:50 PM

Vedanta Ltd said on Friday it plans to separate its commodities businesses into multiple listed companies

Indian metals-to-oils conglomerate Vedanta Ltd said on Friday it plans to separate its commodities businesses into multiple listed companies.