India’s attempt to use the rupee for crude oil imports has not been given the desired outcomes, said the Oil ministry. The suppliers have expressed concerns about repatriating funds and high transactional costs. As per international trade practice, the default payment currency for all contracts for importing crude oil is the USD. However, to globalise […]
India’s monetary policy committee (MPC) will remain vigilant of inflation risks, with the overall outlook remaining clouded by volatile and uncertain food prices, members of the committee said in the December policy meeting minutes, released on Friday. “On the growth front, the economy is running at full steam,” wrote Rajiv Ranjan, executive director at the […]
The shares of several edible oil companies such as Adani Wilmar, Patanjali Foods and Kriti Nutrients jumped by up to 7.5 per cent in Friday’s trade, after the Indian government announced that they would allow the import of edible oils at lower tax rates until March 2025. Adani Group’s fast-moving consumer goods (FMCG) firm Adani […]
Centre unveiled a proposal for a licensing approach in assigning spectrum for satellite internet services, sparing companies like Elon Musk’s Starlink from the auction fray. The proposal is part of a comprehensive draft bill aimed at overhauling the antiquated Indian Telegraph Act that has long governed the telecommunications sector. Tabled for parliamentary approval on Monday, […]
In a proactive measure to enhance the availability of essential commodities in the open market and mitigate inflationary trends, the Food Corporation of India (FCI) has successfully conducted 25 e-auctions, resulting in the sale of 48.12 Lakh Metric Tons (LMT) of wheat under the Open Market Sale Scheme (Domestic). According to a press release by […]
Under the incubation component of the micro, small and medium enterprise (MSME) innovative scheme, the Centre has approved 533 ideas for nurturing and development with an amount of only Rs 43.30 crore during the last three years. Minister of State for MSME, Bhanu Pratap Singh Verma in a written reply to the Lok Sabha said […]
European Free Trade Association member countries and India are making “progress” on an agreement on free trade, with officials saying that the two sides have “never been closer” to a pact. In exclusive interviews with ANI on Wednesday, Norwegian Trade Minister Jan Christian Vestre and Swiss State Secretary for Economic Affairs Helene Budliger Artieda commended […]
The manufacturing sector in India has been witnessing proliferating growth in investment, depicting a crucial phase in the country’s economic arena. As per the published dossiers by the Department for Promotion of Industry and Internal Trade (DPIIT), the manufacturing sector engrossed substantial Foreign Direct Investment (FDI), with FDI equity inflows tallying around USD 17.51 billion […]
Indian government on Tuesday told the World Trade Organization (WTO) that it has no plans to extend the ban beyond the mentioned products in the October notification pertaining to IT hardware products such as personal computers, Tablets and laptops. The government said that industry consultations were undertaken before issuing the notification on 3 August and […]
A high-level committee that met in Belgaum approved the establishment of 14 enterprises with a total capital investment of Rs 34,115 crores, which includes Foxconn’s proposal to invest an additional amount of Rs 13,911 crore in Karnataka, said Chief Minister Siddaramaiah. These capital investments are expected to employ over 13,300 people across the state, said […]
