Bharatiya Janata Party MLA in Chhattisgarh and former state minister Brijmohan Agrawal has stoked a controversy as he said that those who call inflation a national calamity should stop eating food and using petrol.
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
'A soft landing of the Indian economy would be a long-term positive for the equity markets.'
'Bharat has been leading, but it cannot carry India as the bulk of the sales come from India in terms of volume and profitability.'
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
'My role will be to take her message across the country.'
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
Parliament was adjourned for the day on Wednesday due to uproar by the Opposition members over Lakhimpur Kheri killings in Lok Sabha and the suspension of 12 members in Rajya Sabha.
India's industrial production grew by 1 per cent in December, official data showed on Friday. According to the Index of Industrial Production (IIP) data, the manufacturing sector output grew by 1.6 per cent in December 2020.
With a surge in domestic air passenger traffic, the airfares have risen by 30 per cent to 100 per cent of the pre-pandemic levels amid the festive season, a top Thomas Cook executive has said. The domestic air passenger traffic increased around 67 per cent year-on-year in October. Thomas Cook, however, expects the airfares to be levelled off going forward, as the domestic carriers operate with 100 per cent capacity.
Since January 2021, the inflation rate in health has stood in the range of 6.08-8.44 per cent.
Congress interim president Sonia Gandhi held a virtual meeting on Friday evening with leaders of 19 Opposition parties, including the chief ministers of some Opposition-ruled states, amid efforts to boost Opposition unity and evolve a common strategy against the National Democratic Alliance government.
A new Congress leader may make an electoral impact by his very presence. Congress voters who had moved away from the party, after being influenced by the BJP's 'family rule' campaign, can now return with a certain moral satisfaction, observes N Sathiya Moorthy.
Shah said he is confident that BJP will return to power in four states -- Uttar Pradesh, Uttarakhand, Goa and Manipur -- and make impressive gains in Punjab.
The Russian-Ukraine war can hit the global supply chains that are already constrained due to the pandemic and the worst impact will be on ongoing chip shortage because the warring nations brutally control supplies of key raw materials that go into making semiconductors, warns a report. Since Russia controls as much as 44 per cent of global palladium suppplies, Ukraine produces a significant 70 per cent of the global supply of neon -- the two key raw materials that go into making chips. The markets can expect the global chip shortage, that began with the pandemic, to worsen if the military conflict lingers on, says a Moody's Analytics report on Friday.
CNG and piped cooking gas prices in cities such as Delhi and Mumbai may be hiked by 10-11 per cent next month as the government-dictated gas price is set to rise by about 76 per cent, ICICI Securities said in a report. The government, using rates prevalent in gas-surplus nations, fixes the price of natural gas produced by firms such as state-owned Oil and Natural Gas Corp (ONGC) from fields given to them on nomination basis, every six months. The next review is due on October 1.
However, it may still not change its stance on the policy rate as inflationary pressures are coming from high commodity prices.
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
The Enforcement Directorate on Thursday questioned Congress chief Sonia Gandhi in a money laundering case related to the National Herald newspaper and summoned her for a second round of questioning in the case on July 25.
The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
Party president Sonia Gandhi, former chief Rahul Gandhi, Congress general secretary Priyanka Gandhi Vadra, Congress chief ministers Ashok Gehlot of Rajasthan, Bhupesh Baghel of Chhattisgarh and Charanjit Channi of Punjab attended the meeting.
'We will be hoisting the tiranga, but this kind of celebration is uncalled for when the farmers in this country are dying by suicides, their families are ravaged by poverty and farmers are not enjoying any freedom.'
If the Opposition has any chance at the prime minister's job, it can happen only if they all stop dropping names and work at the grassroots-level, state-wise, suggests N Sathiya Moorthy.
Opposition members, including from the Congress and the TMC, started raising slogans and showing placards to attack the government on the snooping issue as soon as the House met for the day at 11 am.
AICC general secretary Priyanka Gandhi Vadra on Monday brainstormed with senior Congress leaders from Uttar Pradesh on the preparations for next year's assembly polls, as the party resolved to hit the streets against the Bharatiya Janata Party government over issues such as unemployment, price rise and law and order.
Revising up inflation bands for the central bank will hurt the poor, former deputy governor of RBI Viral Acharya said on Wednesday, terming the current 4 per cent midpoint on price-rise as a "reasonable target".
Congress' chief spokesperson Randeep Surjewala said the 'Nav Sankalp Chintan Shivir' is also aimed at deliberating on challenges facing the country such as "freefall of the economy", increasing inequality of wealth, price rise of essential commodities, "deep-rooted conspiracy" to hand over farming sector to a select group of private corporates, "attack on India's territorial integrity by China, "attack" on rights of Dalits, SCs/STs, minorities and attempts to divide by using Hindu-Muslim rhetoric.
The price of petrol was hiked to Rs 101.39 a litre in Delhi from Rs 101.19 and to Rs 107.47 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates went to Rs 89.57 a litre in Delhi and Rs 97.21 in Mumbai.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent.
Riding a scooter, Union minister Smriti Irani led a rally of the Bharatiya Janata Party on Friday as she campaigned for the upcoming West Bengal elections in the South 24 Parganas district.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
'If the Opposition does make a dent, it could encourage the efforts of regional parties to come together for the larger battle in 2024 and mark the beginning of a new anti-BJP politics.'
The Reserve Bank of India, which mainly factors in retail inflation to decide its monetary policy, has been tasked by the government to ensure the rate of price rise remains around 4 per cent.
AAP's presence in both states has complicated the contests for the BJP and its Congress rival.
Farmers reported a massive crop damage in transit in addition to huge quantity of the potato left unharvested due to mud in the field.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
With their high-decibel campaigns so far, the Bharatiya Janata Party and the Samajwadi Party may appear to be locked in a direct fight in Uttar Pradesh.
The Bharatiya Janata Party, for whom the temple town sharpened its Hindutva plank, is facing a challenge particularly from the Samajwadi Party in the ongoing state polls.
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