Extending gains for the fifth day in a row, gold prices surged to a 52-week high here at Rs 15,000 per ten gram on aggressive buying by funds in line with firming overseas trend.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
Retail inflation fell to a 15-month low of 5.66 per cent in March, mainly due to a decline in food prices, government data showed on Wednesday. The inflation figure in March is within the RBI's comfort zone as it is below 6 per cent. The retail inflation based on Consumer Price Index (CPI) was 6.44 per cent in February 2023 and 6.95 per cent in the year-ago period.
Admitting that prices of sugar, pulses and vegetables are rising, the government today said it is planning to increase the subsidy for distribution of pulses through ration shops to provide relief to the common man.
The meeting between the two leaders, which was also attended by Bihar's deputy chief minister Tejashwi Yadav, was described as 'positive'.
More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76 per cent shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however did not give details of the loans taken by Adani Enterprises for which the pledge was created.
The former Congress president was asked to vacate the premises by April 22 following his disqualification after the conviction and two-year sentence by a Surat court for his 'Modi surname' remark.
Here is all the action from the Rajya Sabha.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
"The issue in Iraq is still an area of uncertainty.
The Congress leader said he has traversed across the country, "but I have not seen violence, hatred anywhere. But I see it on television all the time."
Moody's Investors Service has warned that India, along with the Philippines, Thailand, and Vietnam are highly vulnerable to volatile food and energy prices in the Asia-Pacific region as the Russia-Ukraine conflict continues to disrupt supplies and raise the cost of agricultural products, especially cereals and vegetable oils, as well as fertilizers and other agricultural inputs. This is so because these countries have a higher weighting of energy and food prices in their consumer price index (CPI) baskets, Moody's said in its report released on Tuesday. The weighting of energy and food in overall Indian CPI stands at over 55 per cent.
"Modi ji should apologise. There is no question of our apologising," he added.
It added this wasn't aimed at benefiting Reliance Industries Ltd alone.
India is well positioned to continue to be the fastest-growing major economy next year, which may mark the lowest global growth since the millennium began barring the pandemic and the global financial crisis, according to Tata Sons chairman N Chandrasekaran. In his New Year message to around 9.35 lakh employees of the Tata Group, he said increasing consumption, consumer confidence and investment will support India's growth story although the global environment has several risk factors, including the energy crisis in Europe, the battle to contain inflation to avoid recession, and ongoing geopolitical conflicts. "Post-pandemic, India opened up, and we have returned to living our daily lives normally, in a year that saw the nation turn 75 years old.
Finance Minister Pranab Mukherjee on Friday said surging food and fuel prices amid weak global economic growth are adversely impacting GDP growth of the country.
Petrol price on Monday was hiked by 30 paise a litre and diesel by 35 paise, taking the total increase in rates in the last one week to Rs 4-4.10 per litre. Petrol in Delhi will now cost Rs 99.41 per litre as against Rs 99.11 previously while diesel rates have gone up from Rs 90.42 per litre to Rs 90.77, according to a price notification of state fuel retailers. Rates have been increased across the country and vary from state to state depending upon the incidence of local taxation.
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
Telugu Desam Party chief Chandrababu Naidu, wearing a garland of vegetables, joined Communist Party of India & Communist Party of India-Marxist leaders in protest against the price hike at Indira Park in Hyderabad.
All over, families are devising ways and means of beating inflation. From skipping fruits to cutting down on quantity to keeping some things off the family table, it's a tough call that's before us. How are you coping with price rise?
Inflation has surged to over three-year high of 7.41 per cent due to rising prices of fruits and vegetables, pulses, cereals and manufactured items.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
Finance Minister P Chidambaram has blamed the US' biofuel policy of diverting food grains such as corn for producing bio-fuels for the spurt in food grain prices globally. He also said that lack of adequate regulations in the US sub-prime market has led to global financial uncertainties. He said the demand for staple food was on the rise, leading to higher prices, but diverting food for fuel had also contributed to increase in food prices. He called US' priorities lopsided.
Cheaper goods and services and stability in overall prices, as well as higher exemption in personal income tax rates is also on the wish list of the common man.
Gold and silver extended gains in New Delhi on Monday on sustained buying by stockists, driven by firm global trends.
Gehlot made the announcement in the presence of Congress president Mallikarjun Kharge and former party chief Rahul Gandhi at a rally here on the sidelines of the "Bharat Jodo Yatra".
Infrastructure, realty are the current favourites.
India's energy ambitions are pushing global coal prices. India's import of coal from South Africa is expected to go up big time in the coming days.
The thumb rule, say experts, is that if the monthly running is less than 1,800 km, a petrol model would prove cheaper in the long run.
The country's largest automobile maker Maruti Suzuki India (MSI) on Monday said it will hike prices of its cars in the second quarter of the current fiscal due to increase in the input costs. "Over the past year, the cost of the company's vehicles continue to be adversely impacted due to increase in various input costs. "Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price rise," Maruti Suzuki India said in a regulatory filing.
The party is very much united and working together, the AICC general secretary organisation said.
The central bank is widely expected to increase the repo rate by 25 basis points on Tuesday to 7.75 per cent to fight inflation even as it continues to unwind its rupee defense steps, a Reuters poll showed.
Finance Minister P Chidambaram on Monday said the surge in international oil prices is a matter of grave concern and it was for the petroleum ministry to take a call on retail pricing of petroleum products.
Concerned over disturbing trends in global economy, India and African nations on Wednesday called for increasing economic cooperation to combat the menace of rising food and energy prices.
The government is ready for a debate in Parliament on price rise once Finance Minister Nirmala Sitharaman recovers from Covid-19, the Bharatiya Janata Party asserted on Wednesday and targeted Rahul Gandhi, saying he may be "unproductive politically" but should not hurt the legislature's productivity.
Addressing a gathering at the Delhi border as the Bharat Jodo Yatra led by Gandhi entered Delhi, he said, "They spread hatred, we spread love and embrace all Indians".
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
Fall in arrivals has caused a rise in maize prices during the first two weeks of June.
"No one is small or big and we have to all work like karyakartas (workers) to strengthen the organisation," Kharge said.
Palm oil prices are rising to record levels these days because China and India are stepping up purchases.
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