The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates. At the third fortnightly review, the government raised the windfall profit tax on [...]
Inflation is persistently at elevated levels that warrants appropriate policy responses to anchor expectations going forward, said an RBI article published on Thursday. Retail inflation based on the consumer price index (CPI) softened to 6.71 per cent in July, mainly on account of moderation in food prices. The Reserve Bank has increased the benchmark lending [...]
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Equity mutual funds attracted Rs 8,898 crore in July, a sharp decline of 43 per cent from the preceding month, amid volatile market conditions. Although, this was the 17th straight month of positive inflow in equity schemes. The net inflows in July were lower compared to the net inflow of Rs 15,495 crore seen in [...]
The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday. Addressing the inaugural event of the International Telecommunication Union's Regional Standardisation Forum (RSF) for Asia and Oceania region, Chauhan said India is likely to deploy indigenously developed and manufactured 5G [...]
The export duty imposed on certain steel products recently will not force steel makers to review their capital expenditure plans as top producers expect it to be a "short-term" move to stabilise inflation. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a [...]
Home, auto and other loan EMIs are set to rise further after RBI on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation. The increase in lending rate or the repurchase rate (repo) by 50 bps to 5.40 per cent [...]
The Reserve Bank on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40 per cent repo [...]
Automobile retail sales in India dropped 8 per cent on an annual basis in July on account of fall in registrations of passenger vehicles, two-wheelers and tractors. As per data released by the automobile dealers' body FADA on Thursday, the overall automobile retail sales last month stood at 14,36,927 units, as compared with 15,59,106 units [...]
The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil. The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday [...]
