Economy News

Economy News

Oil prices and financial markets brace for recession

U.S. economic data remains strong but a range of financial indicators point to a sharp slowdown over the next year that would dampen oil consumption and lead to lower prices. The apparent contradiction between the real economy and financial markets has puzzled some commentators but is normal around a peak in the business cycle. Economic […]

Read More
Food and Agriculture Organization's (FAO)
Economy News

After India’s export ban and the conflict in Ukraine, global wheat prices have risen

Wheat prices have risen on international markets following India’s announcement of a restriction on exports of the basic commodity, as well as lower production prospects in Ukraine following Russia’s invasion, according to the UN food agency. In May 2022, the Food and Agriculture Organization’s (FAO) Price Index averaged 157.4 points, down 0.6% from April. However, […]

Read More
coal imports
Economy News

India has set the end of June as its target for coal imports

According to a power ministry letter, India has requested state and private sector utilities to assure delivery of 19 million tonnes of coal from overseas by the end of June, indicating a need to secure supply in an expensive market amid rising outages. The action, which is the first time the world’s second largest coal […]

Read More
Finance Ministry
Economy News

Finance Ministry: GST dues to states total Rs 79,000 crore for FY22:

The Union finance ministry announced on Wednesday that the States owed Rs 78,704 crore in compensation in lieu of goods and services tax (GST) for the financial year 2021-22 (FY22), which is equivalent to four months’ compensation. It also said that all dues for FY21 had been paid. It has so far disbursed Rs 7.35 […]

Read More
Power consumption grows
Economy News

Power consumption grows steadily at 4.6% to 126.12 billion units in March

India’s power consumption has grown steadily at 4.6 per cent year-on-year in March to 126.12 billion units (BU), showing the impact of early onset of summers and easing of lockdown restrictions by states. Power consumption in March 2021 was 120.63 BU, higher than 98.95 BU in the same month of 2020, as per the power ministry data. […]

Read More
India cuts coal supply inventories
Economy News

India cuts coal supply, inventories slump as power demand surges

India has cut coal supplies to the non-power sector and put on hold plans to increase the number of fuel auctions for utilities due to a slump in inventories at state government-owned utilities even as demand for electricity surges. The supply cuts come months after India’s most crippling coal shortage in recent years led to […]

Read More
Goa cabinet decides to provide 3 cooking gas cylinders
Economy News

Goa cabinet decides to provide 3 cooking gas cylinders free to households

The Goa government has said it will provide three cooking gas cylinders free of cost to households in the coastal state, as promised by the BJP in its election manifesto. Chief Minister Pramod Sawant announced on Monday after chairing the first meeting of the new cabinet, comprising him and eight other ministers. In a tweet […]

Read More
GST Council
Economy News

GST Council may consider raising lowest slab to 8%, rationalise tax slabs

The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states’ dependence on Centre for compensation, sources said on Sunday. A panel […]

Read More
Commercial LPG cylinder prices hiked
Economy News

Commercial LPG cylinder prices hiked by Rs 105, check rates in your city

The prices of 19 kg commercial LPG cylinders have been increased by Rs 105 in Delhi from March 1. Following the price hike, the 19 kg commercial cylinder will cost Rs 2,012 in the national capital from Tuesday. The price of a 5 kg cylinder has also been increased by Rs 27. Now a 5 kg […]

Read More
India signs deals to export
Economy News

India signs deals to export 4.6 million tonnes sugar in 2021/22, says trade body

Indian mills have signed contracts to export 4.6 million tonnes of sugar in the 2021/22 marketing year without government subsidies, a leading trade body said on Monday. The exports would allow the world’s second-biggest sugar producer to trim stockpiles, though it could weigh on global prices.Mills have already dispatched 3.7 million tonnes since the start […]

Read More