India’s federal government on Thursday asked state administrations to raise $32 billion in loans, as part of a proposal to cover a shortfall in fiscal receipts that could see a surcharge on the country’s luxury goods tax extended beyond 2022.
India’s major car makers reported weak sales in July. However, two-wheelers and tractors off-take on a sequential basis in July showed narrowing of the de-growth rate.
India’s Ministry of Petroleum and Natural Gas on Tuesday notified liberalised guidelines for bulk and retail marketing of petrol and diesel, offering new opportunities for foreign oil companies, including those in the Gulf, to enter this lucrative energy business.
World’s largest oil company Aramco remains committed on its investment plan in India, including a $15 billion deal with Reliance Industries, even though Covid-19 pandemic has made life difficult
With economic disruptions set for a long haul due to COVID-19 pandemic, India could see its fiscal deficit this year to balloon to over 6.8 per cent of Gross Domestic Product (GDP), brokerages analysing the first quarter deficit numbers have said on Monday.
India’s silver imports are likely to fall by more than 40 per cent from a year ago to the lowest level in eight years, with investors booking profit by selling stocks after local prices rallied to a record high this month, leading importers said.
India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi “at best a mitigating factor”, government officials and analysts said.
India’s central bank (CB) kept key interest rates on hold on Thursday as it sought to contain a rise in retail inflation, though it vowed to keep policy sufficiently loose to help revive growth in the coronavirus battered economy.
Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.