The coal sector contributes over Rs 70,000 crore every year to the Centre and states, through GST, royalties and other levies, the government said on Monday. These funds play a significant role in the socio-economic development and infrastructure enhancement in those coal-bearing areas, the coal ministry said in a statement. "The coal sector contributes over Rs 70,000 crore annually to the Centre and state governments through royalties, GST, and other levies," the statement said. "Coal production generates substantial revenue for both Centre and state governments, with royalty collections reaching Rs 23,184.86 crore in the fiscal year 2022-23," the statement said. Coal is the single-largest contributor to railway freight, with an average share of nearly 49 per cent of the total freight income amounting to Rs 82,275 crore in 2022-23 alone. This revenue contribution has surpassed 33 per cent of total railway earnings.

Sectors like ferrous metals, electricity, petrochemicals expected to be worst impacted

Food's weighting in the consumer price index could be lowered in the next revision of the basket of goods due to be completed by next year, the official who declined to be identified told Reuters

The country's real GDP growth for the December quarter is all set to come at a higher-than-anticipated 7 per cent, a German brokerage said on Monday. "We are forecasting October-December 2023 real GDP to have grown 7.0 per cent year-on-year during the quarter, which is higher than what we had previously anticipated," analysts at Deutsche Bank said in a note. The official data on quarterly growth will be released on February 29. In the three months ended September 2023, the economy had clocked a 7.6 per cent growth. The German brokerage said its estimate is based on a proprietary index of five high-frequency indicators, including industrial production, exports, non-oil-non-gold imports, bank credit and consumer goods. It said that another indicator comprising nearly 65 high-frequency indicators is also pointing towards 7 per cent growth for the December quarter. "The Indian economy has exhibited remarkable resilience despite the Russia-Ukraine war of last year and Covid prior to th

Indian iron ore exports touched 32.2 million metric tons during the first nine months of the current fiscal year that began in April 2023 - worth $2.7 billion - from 9.5 million tons a year ago

The government's cash balance is not high too, as borrowings are complete, and it is carrying a modest cash balance to meet its commitments, government sources said

India on Monday called on WTO members to find a permanent solution to the long-pending public food stockpile issue, saying it is directly related to achieving the sustainable development goal of zero hunger by 2030. Commerce and Industry Minister Piyush Goyal said that the World Trade Organisation (WTO) should not negotiate rules on non-trade-related subjects like climate change, gender, and labour and rather these should be addressed in respective intergovernmental organizations. "I re-emphasize that the development agenda would remain incomplete without a permanent solution on public stockholding (PSH) for food security purposes which is directly related to achieving the Sustainable Development Goal of Zero Hunger by 2030, Goyal said. This continues to be a long-pending issue for the last few decades and despite having a clear mandate agreed by the members in the past, finding a permanent solution on PSH remains an unaccomplished agenda on which we have to deliver in MC13. Trade

Strong capital expenditure by the Indian government ahead of a national election due in May was a primary driver of growth in the previous few quarters

Import of yellow peas is allowed after registration under the import monitoring system with immediate effect for all consignments where bill of lading (shipped on board) is issued on or before April 30, according to a commerce ministry notification. The Directorate General of Foreign Trade (DGFT) said the import is permitted without the MIP (Minimum Import Price) and port restriction conditions. However, the imports are subjected "to registration under the import monitoring system, with immediate effect for all import consignments where bill of lading (shipped on board) is issued on or before April 30, 2024," the DGFT notification said. During April-December this fiscal, the import of yellow peas stood at USD 5.43 million. It was USD 0.14 million in 2022-23.

For fiscal 2025, the government has budgeted a 1.02 trillion rupees surplus transfer from RBI and public sector banks, but had not provided a break-up between the two in the budget

The head of the World Trade Organisation warned on Monday that war, uncertainty and instability are weighing down the global economy and urged the bloc to embrace reform as elections across nearly half the world's population could bring new challenges. WTO Director-General Ngozi Okonjo-Iweala sought to offer some praise for her organisation as it held its binneial meeting in the United Arab Emirates, even as it faces pressure from the United States and other nations. But she was blunt about the risks ahead, as higher prices for food, energy and other essentials sting people's pockets, fuelling political frustration. People everywhere are feeling anxious about the future and this will be felt at the ballot box this year, she said. None are perhaps more critical for the WTO than the US presidential election on November 5. Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs taxes on imported goods on perceived

Government officials now expect electricity demand to surge to a high of 384 gigawatts in the 12 months through March 2032, a 5 per cent increase on an estimate issued in May,

The World Trade Organisation will open its biennial meeting Monday in the United Arab Emirates as the bloc faces pressure from the United States and other nations ahead of a year of consequential elections around the globe. The WTO's 164 member nations will discuss a deal to ban subsidies that contribute to overfishing, extending a pause on taxes on digital media like movies and video games, and agricultural issues. But headwinds remain for the organisation and the world's economy, particularly as the recovery from the coronavirus pandemic remains uneven across nations. Meanwhile, there are more than 50 elections affecting half the planet's population planned for this year perhaps none more critical for the WTO than the US presidential election on November 5. Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs taxes on imported goods on perceived friends and foes alike. A Trump win could again roil global ..

For urban India, the spending on processed food has been more than that on cereals since 2011-12 but the gap has widened in the last 10 years

The latest consumer expenditure survey indicates that poverty has come down to five per cent in the country and people are becoming prosperous both in rural and urban areas, NITI Aayog CEO B V R Subrahmanyam said on Sunday. The National Sample Survey Office (NSSO), under the Ministry of Statistics and Programme Implementation, released data on household consumption expenditure for the year 2022-23 on Saturday which shows per capita monthly household expenditure more than doubled in 2022-23 as compared to 2011-12. "This long-awaited consumer expenditure survey has brought out many things. With data on household consumption, we can assess what is the status of poverty in the country and how successful the poverty alleviation measures have been, Subrahmanyam told reporters. "The survey findings indicate that poverty in India is below five per cent now. I am convinced with the data, he said. He said that for the purpose of the survey, people were kept in 20 different categories and the

Spending share increased on intoxicants, toilet articles, entertainment

Paytm may be absent from the meeting

Very large crude carrier (VLCC) rates up compared to January

However, the total disclosed deal value for M&A declined much steeper at 38 per cent during the year, according to the report titled 'Deals at a glance'

The growth in currency in circulation decelerated to 3.7 per cent for the week ended February 9 from 8.2 per cent a year ago, reflecting the impact of the decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 banknotes. Currency-in-circulation (CiC) refers to notes and coins in circulation, while currency with the public comprises notes and coins in circulation minus cash with banks. According to the RBI, commercial banks have reported double-digit growth in deposits in January, which too can be attributed to withdrawal of Rs 2,000 currency notes. The growth of Reserve Money (RM), as per the RBI data, decelerated to 5.8 per cent as on February 9, 2024 from 11.2 per cent a year ago (8.8 per cent adjusted for the first-round impact of change in Cash Reserve Ratio (CRR). Components of RM include CiC, banks' deposits in RBI and other deposits with the central bank. The growth in CiC , the largest component of RM, decelerated to 3.7 per cent from 8.2 per cent a year ago, ..