The monsoon session of Parliament got off to a stormy start on Monday leading to adjournment of the two Houses without transacting much business following an opposition uproar over issues ranging from price rise to the Agnipath scheme.
Rising crude oil prices have become a headache for the government, as they put pressure on inflation and fiscal deficit.
The four commodities, which have been banned, constitute only four per cent of the total index.
Combating inflation and sustaining growth momentum may be the top priority, but the government on Monday said it would strive to push economic reforms to encourage foreign and private sector investments in the economy.
Sharing concern over rising prices particularly food articles, President A P J Abdul Kalam on Friday said the government would take all steps to keep inflation under check while ensuring job-oriented nine per cent growth during 11th Plan period.
'For the first time since I've been following Indian politics, one heard voters talking about India's role on the world stage and the fact that, due to Modi's leadership, India was once again a great power.'
In the quarter ending June 2022, the growth of Internet subscribers was less than one per cent of all of 2021.
As a result of the government's policies, 'some big trading companies as well as hoarders are making huge profits while the income of common people is being looted through high prices,' the party's Politburo said.
Police on Monday stopped the protest march taken out by the Samajwadi Party highlighting the issues in Uttar Pradesh before the monsoon session of the state legislature.
The growth rate has eased for six consecutive months from the peak in April at 12.8 per cent after the government stepped up controls to curb prices since April. October's rise was down from the 9.1-per cent increase in September.
The company, which currently sells a range of vehicles from Alto to S-Cross, said it has taken the decision to hike prices due to an increase in input costs. The weighted average price rise, with effect from April 18, in ex-showroom prices (New Delhi) across models is 1.3 per cent, it added.
Finance Minister P Chidambaram faced a near empty house as the entire opposition led by BJP staged a walkout which was followed by Left allies, SP and coalition partner RJD.
Left parties on Tuesday sought 'effective intervention' of Prime Minister Manmohan Singh and United Progressive Alliance Chairperson Sonia Gandhi to bridle growing inflation and roll back 'arbitrary selling of national assets.'
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,206.30 an ounce.
Concerned over surging prices, Finance Minister P Chidambaram said on Friday the government will not hesitate to take more fiscal and monetary measures to contain inflation.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
Going by Himachal Pradesh's "riwaj", or tradition, it should be the Congress' turn to form the next government.
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
Gold rose further on the bullion market in Mumbai due to increased buying by stockists after rise in the overseas prices. Silver also ended better in line with gold.
Asked whether he regretted the remarks over which he was arrested, Khera alluded to a Hindi film song -- "Hum bolega to bologe ki bolta hai", and added that, "Is liye hum kuch nahi bolega (that is why I will not say anything)." "Will speak when the time comes. A legal process is on and it is not proper to comment on it," he told a press conference on the sidelines of the Congress plenary session.
The wholesale price-based inflation eased to a five-month low of 13.93 per cent in July on easing prices of food articles and manufactured products. The WPI-based inflation softened for the second consecutive month in July, raising hopes of further decline in wholesale prices in the months to come. The Wholesale Price Index-based inflation, after scaling a record high of 15.88 per cent in May, declined to 15.18 per cent in June. It was 13.43 per cent in February. It was 11.57 per cent in July last year.
The country's largest carmaker Maruti Suzuki India (MSI) on Thursday said it is planning to increase vehicle prices from January next year to offset the impact of the rise in input costs. The price increase would vary from model to model, the auto major said, without sharing the details.
Companies to hold rates in Delhi until new government is formed.
Wholesale price-based inflation rose to a record high of 15.88 per cent in May on rising prices of food items and crude oil. The Wholesale Price Index-based inflation was 15.08 per cent in April and 13.11 per cent in May last year. "The high rate of inflation in May, 2022 is primarily due to rise in prices of mineral oils, crude petroleum & natural gas, food articles, basic metals, non-food articles, chemicals & chemical products and food products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
S&P Global Ratings on Monday cut India's economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S&P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). "The global slowdown will have less impact on domestic demand-led economies such as India... India's output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year," S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said.
Opposition parties, including the Congress, Trinamool Congress, Bharat Rashtra Party and Samajwadi Party, came together in a show of unity on Thursday and accused the Modi government of getting the second half of the budget session washed out, while asserting that if this attitude continues, the country will move towards a "dictatorship".
It is the Hindu community that has faced the biggest setback as far as the issue of loudspeakers is concerned, the Sena MP added.
After Pawar's remark on Sunday that policy decisions are collectively made by the Cabinet, including the prime minister, Congress said on Monday the agriculture ministry headed by him should work proactively with states to lower prices of essential commodities.
Uddhav Thackeray dared PM Modi to fulfil Savarkar's dream of "akhand Bharat"
In the coming few weeks, agriculture markets in North and Central India will be full of wheat, mustard, and chana - the three main rabi crops grown in these parts. Not only will the price trajectory of these determine the course of food inflation in the months to come, but it could also have a wider impact on the rural economy in the main growing states for these crops. Wheat and chana are largely grown in Madhya Pradesh (MP).
Recent data released by the government showed food inflation nearing 20 per cent, the highest in a decade.
The Indian industry wants the government adopt a multi-pronged approach to de-risk the country's oil needs by conserving energy, promoting alternative sources and building strategic reserves, a Federation of Indian Chamber of Commerce and Industry su
Traders said some buying by jewellers and retailers amid a firming global trend helped prices move further.
"The expectation is that the erratic monsoon may put pressure on inflation," RBI Deputy Governor K C Chakrabarty told reporters on the sidelines of a meeting of regional rural bank chiefs with Finance Minister Pranab Mukherjee.
After falling substantially in the previous week, inflation rose marginally by 0.06 per cent to 7.87 per cent for the week ended September 11 mainly due to costlier manufactured products including some edible oils.
'For Modi, it's not just winning, but winning with style.'
Inflation shot up by 0.1 per cent to over 41-month high of 7.61 per cent week ended July 31, mainly due to surge in prices of fruit and vegetables, edible oil and other manufactured products.
As the sugar industry is witnessing an up cycle, the government may not give due consideration to the demands of the Industry. Rather the government is already focusing on curbing the rising sugar prices.
The oil companies raised petrol prices by Rs 7.50 on Wednesday, a tough but unpopular decision which many see as a strong signal from the government that it's now stepping on the reform pedal.
Besides high portfolio yield, investors may enjoy capital gains in debt funds in 2023 as bonds rally in anticipation of rate cuts.
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