The Union ministry has paved the way for small consumers to get access to green power by reducing the limit of open access transaction by 10 times to 100 kilowatt (kw) and curbing the surcharges to be built into tariffs. The ministry notified the Green Power Open Access Rules, 2022, on Tuesday. The new norms […]
India shipped out as much as 11.3 lakh tonnes of wheat in May, of which 4-5 lakh tonnes were despatched after a ban on the grain’s exports was imposed on May 13, sources told FE. The total shipment of the grain in May was close to 3 times of the level a year before. Indonesia […]
The World Bank on Tuesday scaled down its FY23 growth forecast for India to 7.5% from 8% predicted in April, citing the damaging impact of rising inflation, supply-chain disruptions and the Russia-Ukraine conflict. These headwinds would offset “buoyancy in the recovery of services consumption from the pandemic”, it said. With this, the multilateral body has […]
Exports of wheat flours have witnessed a sudden and unusual spike in the aftermath of the ban the outbound shipment of wheat, industry sources told FE, indicating that many traders may be using this route to beat the prohibition on the grain’s exports. The spike is likely to alarm the government, which has already tightened […]
Stating that there is far less support for climate policies–including tax on fossil fuels–in rich nations, chief economic adviser (CEA) V Anantha Nageswaran on Monday said that developed countries should convince their public about the urgency of adopting policies to mitigate the risks of climate change. Speaking at an event here, Nageswaran said when developed […]
Work experience contributes to almost 60% of a worker’s lifetime earnings in India where fewer people are able to avail of higher education opportunities and start work in low-wage jobs as compared with 40% to 43% in the US, the UK and Germany, a recently published McKinsey Global Institute study has found. Most workers in […]
The Centre has decided to lift a virtual freeze on fresh market borrowings by states with large off-Budget liabilities. It will, however, strike off at least 25 basis points (bps) from the net base borrowing ceiling (NBC) of 3.5% of gross state domestic product (GSDP) of these states in FY23. The off-Budget liabilities will be […]
Input inflation and a sharp rise in employee expenses notwithstanding, India Inc turned in a strong performance in FY22. While the low base of FY21 did help prop up the numbers, companies clearly responded to the demand from clients and customers. Employee costs jumped 12.7%, the biggest increase in eight years. Much of this was […]
The commerce ministry has made a renewed push to allow firms in the special economic zones (SEZs) to sell goods in the domestic market at a low duty, as it prepares a raft of proposals to replace the existing law governing these duty-free enclaves with a new piece of legislation, official and industry sources told […]
Goods and services tax (GST) collections crossed Rs 1.4-trillion mark for the third month in a row in May 2022 and came in at the fourth-highest level since the launch of comprehensive consumption tax about five years ago. The continued buoyancy in GST receipts over the last few months denotes the economic momentum is not […]