global petroleum prices Economic News 

According to CII president Sanjiv Bajaj, India’s GDP may expand 7.4-8.2% in FY23

According to Sanjiv Bajaj, the incoming president of the Confederation of Indian Industries and chairman of Bajaj Finserv, India’s FY23 gross domestic product is predicted to expand between 7.4 and 8.2% under three scenarios of world crude oil prices. Bajaj also stated during a press conference that the government needs to significantly expand its spending on education and health care, and that inter-state committees similar to the GST Council should be considered for sectors including as power, land, labour, and agriculture. According to Bajaj, CII anticipates 7.4% GDP growth in…

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fuel shortages Economic News 

To address the fuel crisis, environmental permissions for coal mine expansions were eased

In response to fuel shortages that have resulted in hours-long blackouts, India has eased environmental licences for coal mine expansions. According to a government notice, certain existing facilities will be able to increase production by 10% without requiring fresh impact assessments, while requirements on contacting local communities have been relaxed. The revisions follow the coal ministry’s warning of “great pressure on domestic coal supplies,” according to the statement. Coal supplies at power plants are dwindling amid a scorching heatwave that has driven electricity consumption to new highs in recent weeks,…

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power crisis Economic News 

For nearly a year, Indian Railways failed to meet Coal India train provisioning targets

Coal is supplied by Indian Railways. According to government data, India has been falling short of its monthly coal transportation targets for more than a year, underscoring the reasons behind India’s greatest power crisis in over six years. To meet record-high power demand, Indian utilities are rushing for coal supplies, but the failure of Indian Railways to supply enough trains makes it impossible to expand coal reserves, which are at their lowest levels in years. Despite a 27.6% increase in Coal India’s production, inventories at Indian power plants decreased 13%…

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petrol and diesel prices have gone up Economic News 

Petrol crosses Rs 100 in Delhi after 80 paise hike, diesel up 70 paise

Petrol price on Tuesday crossed Rs 100 a litre mark after rates were hiked by 80 paise a litre and 70 paise in case of diesel, taking the total increase in rates in one week to Rs 4.80 per litre. Petrol in Delhi will now cost Rs 100.21 per litre as against Rs 99.41 previously while diesel rates have gone up from Rs 90.77 per litre to Rs 91.47, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to…

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Steel prices Economic News 

‘Steel prices will continue to move up as Ukraine-Russia conflict hits supply chain’

The price of steel will continue to move upwards on ”good demand” as the supply chain remains affected amid the Ukraine-Russia conflict, according to industry consultancy SteelMint. The prices in the international market have moved up by around USD 135 a tonne and are moving up since the conflict started in the last week of February, SteelMint founder and CEO Dhruv Goel told PTI on Tuesday.’ In the domestic market, prices of hot-rolled coil (HRC) in the first week of March were in the range of Rs 68,000-69,000 a tonne…

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Commercial LPG cylinder prices hiked Economic News 

Commercial LPG cylinder prices hiked by Rs 105, check rates in your city

The prices of 19 kg commercial LPG cylinders have been increased by Rs 105 in Delhi from March 1. Following the price hike, the 19 kg commercial cylinder will cost Rs 2,012 in the national capital from Tuesday. The price of a 5 kg cylinder has also been increased by Rs 27. Now a 5 kg cylinder will cost Rs 569 in Delhi. Following the given hike, commercial gas cylinders in Kolkata will now cost Rs 2,089. In Mumbai, commercial gas will now cost Rs 1,962 with a hike of Rs…

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India France sign roadmap Economic News 

India, France sign roadmap to enhance bilateral exchanges on blue economy and ocean governance

India and France have inked a roadmap to enhance their bilateral exchanges on the blue economy and forge a common vision of ocean governance based on the rule of law and cooperate on sustainable and resilient coastal and waterways infrastructure. The agreement was signed during External Affairs Minister S Jaishankar’s three-day visit to France which began on Sunday with bilateral talks with his French counterpart Jean-Yves Le Drian. The roadmap scope will encompass maritime trade, the naval industry, fisheries, marine technology and scientific research, ocean observation, marine biodiversity, marine ecosystem-based…

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India-UAE trade deal Economic News 

India-UAE trade deal| First major trade pact under Modi govt set to boost jewellery, apparel exports

In what will be the first major trade deal implemented by the Modi government, India and the United Arab Emirates (UAE) will officially sign a Comprehensive Economic Partnership Agreement (CEPA) on February 18. Negotiations on the deal have been completed in record time, having been officially launched in September 2021. On Friday, Prime Minister Narendra Modi is to host a bilateral summit at which the trade agreement between the two countries will be signed by commerce and industry minister Piyush Goyal and the UAE’s minister of economy Abdulla bin Touq…

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India signs deals to export Economic News 

India signs deals to export 4.6 million tonnes sugar in 2021/22, says trade body

Indian mills have signed contracts to export 4.6 million tonnes of sugar in the 2021/22 marketing year without government subsidies, a leading trade body said on Monday. The exports would allow the world’s second-biggest sugar producer to trim stockpiles, though it could weigh on global prices. Mills have already dispatched 3.7 million tonnes since the start of the marketing year on Oct. 1, but in the past few weeks they have struggled to dispatch on time owing to scarcity of railway freight trains, the All India Sugar Trade Association (AISTA)…

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IMF delays release of new forecast to January 25 to factor in COVID-19 developments Economic News 

IMF delays release of new forecast to January 25 to factor in COVID-19 developments

The International Monetary Fund has delayed the release of its World Economic Outlook by one week to January 25 to factor in the latest COVID-19 developments, a spokesperson for the global lend. The World Economic Outlook update will be launched on January 25 to allow our teams to incorporate the latest developments related to the COVID-19 pandemic into the economic forecasts,” the spokesperson said. IMF spokesperson Gerry Rice had told reporters last month the update to the fund’s forecast would come on January 19.

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