The Centre has taken permission from the Election Commission to lift the ban on exports of onion in view of the ongoing implementation of the Model Code of Conduct due to the Lok Sabha elections, sources said. According to government sources, the Department of Revenue under the finance ministry took the permission from the Election Commission to lift the ban on onion exports, subject to conditions of 40 per cent export duty, and also a minimum export price (MEP) of USD 550 per tonne. The government on Saturday lifted the ban on onion exports, a decision that can help boost income of a large section of farmers and comes ahead of the Lok Sabha polls in key producing regions including Maharashtra. The government has imposed a minimum export price (MEP) of USD 550 per tonne (around Rs 46 per kg) as well as 40 per cent export duty. Taking duty into account, the shipments will not be allowed below USD 770 per tonne (around Rs 64 per kg). The decision to lift the ban on exports of onion w

The export ban was imposed by the world's biggest exporter of the vegetable last December and then extended in March

Mizoram Chief Minister Lalduhoma said the northeastern state has registered a 52 per cent growth in Goods and Services Tax (GST) in April this year. Quoting the data released by the Union Finance Ministry, Lalduhoma on Friday said that Mizoram collected Rs 108 crore in GST in April this year against Rs 71 crore collected in the same period the previous year. He attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection. "The reason behind the growth in GST collection is due to the massive efforts made by the finance, planning and taxation departments. People and business communities in particular are also aware of the importance of giving taxes to augment our revenue," the chief minister said. He claimed that the state's financial condition is moving towards stability due to the austerity measures being implemented by legislators and officials. In the Union Finance Ministry's data, Mizoram collected

Falls to 3-year low of 4.9%, but net services exports grow at 13.6%

MSMEs in India are only 26 per cent as productive as large companies, in other emerging economies it is 29 per cent

India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases. The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year. For the week ended April 26, the foreign currency assets -- a major component of the reserves -- decreased USD 1.159 billion to USD 559.701 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI ..

The appointment of Sanjaya Kumar Mishra follows the recommendation of the Search-Cum-Selection Committee and aims to expedite the operationalisation of GSTAT

Analysts point to the gaping gap between Japanese and U.S. government debt yields as the force behind the yen's slide

Meanwhile, the agency also noted that private consumption has been less vigorous, confirming the preliminary findings from the latest household consumption expenditure survey

The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024, the Reserve Bank said in a statement. "Thus, 97.76 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said. The Rs 2000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 banknotes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for

India's services exports declined 1.3 per cent in March to USD 30 billion while imports fell by 2.1 per cent to USD 16.61 billion, showed Reserve Bank data released on Thursday. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 13.4 billion. Both exports and imports of services were in positive zone in the preceding two months. According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at USD 339.62 billion and imports at USD 177.56 billion. The trade surplus or difference between exports and imports works out to be USD 162 billion during the year. Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach USD 776.68 billion in 2023-24 as compared to USD 776.40 billion in 2022-23.

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand

The yield on the benchmark 10-year government bond fell by three basis points to settle at 7.16 per cent, against 7.19 per cent on Tuesday

India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext

Manufacturers report robust demand from Indian and foreign clients, says HSBC final survey for the month

Business optimism improved as firms expected demand to remain buoyant and higher production volumes in the coming 12 months

The acceptance of Sovcomflot tanker by the country's largest refiner carries significance as it could embolden other smaller refiners to also use Sovcomflot vessels for their oil purchases from Russia

Fed holds rates steady, flags 'lack of further progress' on inflation

Experts say richer nations would pressure developing ones to meet green targets

India needs to address the quality issues with urgency, the think tank said