Taxation on petrol and diesel in India rise threefold, little correlation with crude oil prices: CARE Ratings

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Petrol and diesel prices in India have continued to rise, despite 25-33 on-year percent fall in international crude oil prices, widening the divergence between retail fuel prices in India and crude oil prices across the globe. Between the centre and the states, the governments are collecting a whopping 204 per cent taxes on the base […]

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China announces mega hydropower projects In Pakistan

China-Pakistan Economic Corridor (CPEC) has announced establishing two large hydro projects and the refurbishment of the country’s colonial-era rail infrastructure in Pakistan. This hydro power project is a part of the 4,470 MW power projects China is constructing in Pakistan. China has already, completed nine power projects producing 5,320 MW of electricity worth $7.9 billion in […]

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India considering amnesty scheme for citizens hoarding illegal gold in India

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India’s finance ministry is considering an amnesty programme for residents with illicit stash of gold, as part of an effort to crack down on tax evasion and cut its dependence on imports, the Business Standard newspaper reported. Under a proposition made to Prime Minister Narendra Modi, the government plans to ask people with unaccounted holdings of the […]

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Farmers in India find rabi sales profitable, despite early market lockdown disruptions

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Wheat prices have increased about 3 per cent to nearly Rs 1,900 per quintal during April-June quarter from the year-ago period. Similarly, there has been 25 per cent and 15 per cent increase in prices of masur and mustard respectively during the period, while their corresponding arrivals dropped by 3 per cent and 37 per […]

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Less demand and low crude prices may cut India’s oil bill by 40% this year

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The severe demand squeeze due to the pandemic prompted lockdowns and low global crude prices has helped India in reducing its crude import bill. Declining consistently since April, India’s oil imports fell about 29 per cent (YoY) to around 13.44 million tonnes in June, the lowest since October 2011. In value terms, the June oil imports stood at $4.93 billion (Rs […]

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Gold prices breach record high globally

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Gold prices have crossed a record high internationally to reach around $1,930/oz, pushing prices in key consumer India to a fresh high of around Rs 52,500/10 grams. Prices last hit a previous record high of $1,924/ounce in September 2011 during the Eurozone crisis. Gold’s latest spike higher came amid heightened US-China political tensions. US Secretary of State […]

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India’s sugar production likely to go up 12% to 30.5 million tonnes in Sugar Year 2021: ICRA

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The domestic sugar production is likely to go up by 12 per cent to 30.5 million tonnes during the sugar year 2021, beginning October, due to availability of sugarcane in Maharashtra and Karnataka, according to an ICRA report. This forecast is after adjusting for the impact of the diversion of B-heavy molasses and sugarcane juice […]

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Indian gold jewellers seek two-year extension on hallmarking regulation

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Indian gold jewellers are stuck between a rock and a hard place due to a compulsory hallmarking regulation that is set to take effect from January 15 next year, according to traders. The regulation will mean that jewellers will have to liquidate at least 300 tons of gold by the deadline and replace them with fresh […]

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