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Preventing carbon leakage CBAM's aim: Europe as India threatens retaliation

Fri, 12/08/2023 - 20:28
The European Commission on Friday said the sole aim of CBAM -- a tax the European Union plans to impose on energy-intensive goods from countries like India and China -- is to prevent carbon leakage, a situation where companies decide to shift out their production from a country with stringent policies. European Commissioner Wopke Hoekstra made this statement at a press conference at the UN climate talks here even as India's Commerce and Industry Minister Piyush Goyal threatened retaliatory action at an event in New Delhi. Hoekstra said, "CBAM's sole aim is to prevent carbon leakage." Peter Liese, a German politician and a member of the European Parliament, said the bloc aims to reduce emissions by 55 percent by 2030 and that achieving such a significant reduction without CBAM would not be feasible. Stressing that CBAM is crucial for funding the bloc's climate goals, he cautioned that any attempt to dismantle it would have far-reaching consequences beyond its scope. "Any agenda to .

Union Cabinet approves Rs 2,500 crore for Interest Equalisation Scheme

Fri, 12/08/2023 - 20:28
This would help exporters from identified sectors and all MSME manufacturer exporters to avail of pre and post-shipment Rupee export credit at competitive rates

India's foreign exchange reserves cross $600 billion after four months

Fri, 12/08/2023 - 13:18
'We remain confident of meeting our external financing requirements comfortably," Das said

Picture of resilience: RBI raises GDP growth forecast to 7% for FY24

Fri, 12/08/2023 - 13:16
MPC holds repo rate at 6.5% but maintains tight stance as inflation remains a concern

Centre bans onion exports, tightens wheat stock limit to tame food prices

Fri, 12/08/2023 - 13:14
Maha farmers protest onion export ban; Ajit Pawar terms ethanol decision as 'sudden'

Wheat sowing picks up pace as Central inventories drop to 7-year low

Fri, 12/08/2023 - 13:12
A high-level team of officials on a survey in some of the major wheat-growing areas found that almost 85 per cent of wheat sown so far has been of climate-resistant varieties

Gold prices slide 1% as strong US jobs data clouds interest rate cut bets

Fri, 12/08/2023 - 12:01
The dollar index firmed 0.2 per cent, making bullion more expensive for overseas buyers

Private investment key to sustaining high economic growth rate: CEA

Fri, 12/08/2023 - 11:06
India's economic growth can become faster if the much-awaited private capital formation kicks into higher gear, Chief Economic Advisor V Anantha Nageswaran said on Friday. Nageswaran said that post-COVID financial balance sheets of corporates have been positive. "For economic growth we need to have investment spending ... India economic growth can become faster and accelerate if the much awaited private capital formation kicks into higher gear," he said while addressing an event organised by industry body FICCI. The CEA pointed out that in terms of instilling confidence in the private corporate sector, the government in 2019 reduced the corporate tax rate. Underscoring the significance of robust private investment in driving economic growth amidst global uncertainty and geopolitical shifts, Nageswaran urged the private sector to embrace uncertainty and proactively invest, saying, 'the more the private sector begins to put capital to work, the lesser will be the uncertainty." The .

Households see a rise in inflationary pressures for year ahead: RBI survey

Fri, 12/08/2023 - 11:05
Consumer confidence stable; fairly optimistic about economy, employment, income

Master Direction part of Initiative for forex market risk management: Das

Fri, 12/08/2023 - 11:00
India's foreign reserves rise by $6 billion

E-rupee to cut cost of cross-border remittances to 2-3%, says DEA secy

Fri, 12/08/2023 - 10:19
CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman. The RBI began the pilot wholesale CBDC project on November 1, 2022

Tata's contract with Airbus 'composite supply', will attract 5% GST: AAR

Fri, 12/08/2023 - 09:57
Tata Advanced Systems approached the AAR to know if GST is applicable on the supply of the aircraft

Monetary policy review: Reversal of SDF, MSF on weekends from Dec 30

Fri, 12/08/2023 - 09:52
Market analysts said that the RBI's persistent focus on addressing the uneven distribution of liquidity in the banking system led them to the adoption of measure

RBI raises limit of e-Mandates for recurring online transactions to 1 lakh

Fri, 12/08/2023 - 09:29
The move is believed to further encourage transactions through the digital payment channels in the country

RBI to come up with unified regulatory framework on connected lending

Fri, 12/08/2023 - 08:32
The central bank believes that the decision to set up a regulatory body will strengthen the pricing and risk management of credit by these entities

No plans to loosen rates, no complacency on inflation fight: RBI governor

Fri, 12/08/2023 - 08:17
Governor Shaktikanta Das on Friday ruled out loosening interest rates, saying inflation remains top priority as a few months of good data should not lead to complacency, even as the Reserve Bank kept key policy rates unchanged for the fifth consecutive time. The six-member monetary policy committee of the Reserve Bank of India voted to leave the repurchase rate at 6.50 per cent and decided to keep on sucking out liquidity from the system. Addressing reporters after the bi-monthly policy announcement at the central bank headquarters here, Das clarified that the inclusion of over-tightening in his policy statement should not be construed as anything else. A "loosening" of the rates is not on the table at all," the governor said. Sounding more hawkish, Das said, "The primary objective of the monetary policy, as prescribed in the law, is ensuring price stability that's by maintaining inflation at 4 per cent target for a durable time. ...in May 2022 when we had shifted our focus from .

I think this is an unprecedented time to invest in India, says PM Modi

Fri, 12/08/2023 - 08:14
The Prime Minister sought the cooperation of businessmen to strengthen the local supply chains and MSMEs to boost the economy of the country

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