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Merchandise exports set to moderate to $435 billion in FY24: Exim Bank
India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday.
The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to the same period a year ago.
It can be noted that the merchandise exports declined for the first two quarters of the ongoing 2023-24.
In its quarterly study on the overall exports, the policy bank said the non-oil exports will grow 4.55 per cent to USD 95 billion in the January-March 2024 quarter.
"Positive growth in India's exports could be as a result of India's strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand," the bank said in the report.
The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said.
The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical sh
Oil prices rise on lower-than-expected surge in US crude stockpiles
Brent crude futures rose 56 cents to $79.15 a barrel as of 1159 GMT, while U.S. West Texas Intermediate crude climbed 59 cents to $73.90
India exported 0.78 MT coal to neighbouring countries in Apr-Nov: Govt
India's coal export to neighbouring countries was 0.78 Million Tonnes (MT) in the April-November period of the ongoing fiscal, Parliament was informed on Thursday.
Among the neighbouring countries, India exports coal to Nepal, Bangladesh, and Bhutan.
Replying to a question in Lok Sabha, Coal Minister Pralhad Joshi said, "Coal export by the country during the last three years... is 2.945 MT in 2020-21, 1.316 MT in 2021-22, 1.166 MT in 2022-23 and 0.78 MT in 2023-24 (up to November)."
Most of the coal produced in the country is consumed domestically. The major coal consuming sectors in the country are power, steel, cement, sponge-iron, and fertiliser.
As the primary source of commercial energy in India, coal accounts for half of our energy consumption and remains the dominant fuel for power generation due to its reliability compared to other renewable energy sources.
Unplanned green transition hurts smaller nations: Qatar, Guyana ministers
Says renewables won't produce petrochemicals, need focus on oil demand reduction
Govt bond yields settle lower ahead of RBI's policy outcome
The overall market sentiment has remained positive after the government said it aims to reduce the fiscal deficit and lower its gross borrowing by a wide margin next financial year
Andhra Pradesh govt tables interim budget of Rs 2.86 trillion for FY25
In terms of percentage, revenue deficit amounted to 2.19 percent of the GSDP while the fiscal deficit was 4.18 percent
WTO MC13: India to oppose any negotiation mandate on non-trade issues
The 13th Ministerial Conference (MC) will be held from February 26-29 at Abu Dhabi, United Arab Emirates (UAE)
India to overtake China as biggest driver of global oil demand in 2027: IEA
India will overtake China as the biggest driver of global oil demand in 2027 as transportation and industry consumption in the world's fastest-growing major economy will drive growth despite a big push for clean energy and electrification, the International Energy Agency said on Wednesday.
The Paris-based agency in a special Indian Oil Market Outlook to 2030 report released at the India Energy Week here, said the country's oil demand will rise from 5.48 million barrels per day in 2023 to 6.64 million bpd in 2030.
China currently is the biggest driver of oil demand and India ranks No.2 in growth.
The numbers given by IEA in the report seem to talk of crude oil processed into fuel for domestic as well as for exports. The domestic consumption as per the oil ministry data is around 5 million barrels per day (bpd).
"India's oil demand will grow at a rapid pace by 2030 despite accelerated green energy moves," IEA director of energy markets and security Keisuke Sadamori said. "Growth in .
Govt sets up task force to resolve non-tariff barriers, says Piyush Goyal
The government has set up a task force under the Department of Commerce to identify, categorise and develop tailored strategies for the resolution of non-tariff barriers, Parliament was informed on Wednesday.
Such barriers include prior registration requirements in the exporting country, cumbersome testing and certification requirements and unreasonable domestic standards/rules.
Different countries enforce various regulatory measures to ensure the safety and quality of the products placed in their territory.
These measures apply equally to domestic manufacturers and importers.
However, such measures may sometimes act as trade barriers due to various reasons like gaps in the regulatory frameworks and quality compliance requirements of the trade partners, lack of transparency, arbitrariness or differing interpretation of the rules, and improper implementation.
"Taking cognizance of the challenges involved in mapping the trade barriers, and to give increased focus, a task force has
UAE wealth fund plans $4-5 billion in investments via India's GIFT city
Trade between India and the UAE totalled $85 billion for the financial year ending March 2023, according to Indian government data
India will be world's biggest oil demand growth driver through 2030: IEA
The country is already second largest net importer of the fuel, say agency in report on energy security
India considering to extend parboiled rice tax in risk to world supply
Any such move could add to the rally in benchmark Asian rice prices, which are hovering near a 15-year high after India began restricting sales of key varieties in 2023
India to be largest global oil demand growth driver through 2030: IEA
The agency forecast India's demand would reach 6.6 million bpd in 2030, up from 5.5 million bpd in 2023
Vegetarian thali costlier in last one year, non-veg thali cheaper: CRISIL
The rise in the cost of a veg thali signals that the food inflation inched up in January as compared to January 2023
Uttarakhand saw sharpest dip in workforce during Covid, says survey
This was followed by the decline in workforce in the states such as Jharkhand (-8.9 per cent), West Bengal (-8.3 per cent), Kerala (- 8 per cent) and Karnataka (-7.8 per cent)
India's oil appetite stabilises global demand, price: Minister Hardeep Puri
The country has expanded its list of source nations for oil and gas to 39 nations, up from 27 countries two years ago
Free trade agreement with India by year-end: Sri Lankan foreign minister
Sri Lanka on Tuesday said it has plans to establish a free trade agreement with India by the end of 2024, Foreign Minister Ali Sabry said here as the cash-strapped island nation tries to spur economic growth.
Similar Free Trade Agreements (FTAs) would be worked out for Indonesia, Malaysia, Vietnam, and China too by the year's end, Sabry told reporters here.
These agreements will open up new markets for the cash-strapped Sri Lankan businesses, contributing directly to the nation's economic growth. The government continues to struggle to restructure its external debt on the one hand and has raised utility rates and taxes on the other.
Sri Lanka and India resumed talks on the Economic and Technology Cooperation Agreement in Colombo at the 12th round in October last year. The original talks were stalled after several rounds of talks between 2016 and 2018 due to political and trade union opposition.
Last week, Sri Lanka inked an FTA with Thailand. This has already provided Sri Lanka acc
India to mitigate slowing Apac growth on robust domestic demand: Moody's
Moody's Investors Service on Tuesday said growth in Asia Pacific will decelerate in 2024 as a downshift in China's growth trajectory will spill over in the region through trade in goods and services, but India will be able to mitigate the challenge aided by robust domestic demand.
In a report on Asia-Pacific, Moody's said the region is marked with a heavy calendar of elections in 2024, notably in India, Taiwan, Indonesia, Korea and Bangladesh.
"The election outcomes will either facilitate domestic policy continuity or lead to increased polarization, and have a bearing on geopolitical relationships," said a Moody's report titled 'Growth headwinds, tight funding and geopolitics will define 2024 conditions'.
It said a downshift in China's economic growth rate and a cyclical slowdown in the US will weigh on Asia-Pacific (APAC)'s credit conditions in 2024.
Peaking inflation globally will provide space for monetary tightening cycles to slow, but financial conditions will remain difficult
People reporting annual income over Rs 1 cr increase to 216,000 in AY24
The number of people earning above Rs 1 crore annually has risen to over 2.16 lakh as on December 31, 2023, for Assessment Year 2023-24, Parliament was informed on Tuesday.
Minister of State for Finance Pankaj Chaudhary gave assessment year-wise details of the number of individuals submitting ITR with income of more than Rs 1 crore.
The number has increased from over 1.09 lakh in AY 2019-20 to about 1.87 lakh in AY 2022-23.
The number of ITRs filed till December 31, 2023, with income over Rs 1 crore for AY 2023-24 has risen to 2.16 lakh.
Chaudhary further said the total number of individuals who reported income from 'Profession' in AY 2023-24 is 12,218, up from 10,528 reported in AY 2022-23. In 2019-20, the number of people reporting income from 'profession' was 6,555.
In reply to a separate question, Finance Minister Nirmala Sitharaman said direct tax collection (for the financial year 2023-24 up to January 31, 2024), personal income tax has grown at a rate of 27.6 per cent ...
Inflation within tolerance, taking steps to check price rise: FM Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday said the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities.
Replying to a question in the Rajya Sabha, Sitharaman said Bhabha Atomic Research Centre (BARC) is working with the government on de-humidification of onions through Gamma Rays to give it a longer shelf life.
"The government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in India. The committee sits and reviews periodically, and the efforts have shown on the ground that inflation is now within the tolerable band," she said.
India's retail inflation has declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of 2023. The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent.
The minister said that in order to check the volatil