Petrol Pump Dealers Across India Demand Hike In Dealer Commission
A Bloomberg Prime report states that 70,000 petrol pump dealers across 24 states in India have decided against purchasing fuel from oil retailers, starting today. The decision was made in protest of the lack of increase in dealer commission over the last five years. “There was an agreement between OMCs (oil marketing companies) and dealer […]
Indian Government To Spend Additional Rs 2 Trillion As Inflation Continues To Pose Concern
Two Indian government officials have told Reuters that India is currently considering spending an additional Rs 2 trillion ($26 billion) during the 2022-23 fiscal year, to safeguard consumers from rising prices and fight multi-year high inflation. The new amount is double the Rs 1 trillion hit government revenues could take from tax cuts on petrol […]
Cabinet Empowers PSUs’ Board Of Directors To Take Decisions On Disinvestment, Closure Of Subsidiaries
The Union Cabinet chaired by Prime Minister Narendra Modi, on May 18, has approved a proposal that will enable and empower the board of directors of public sector undertakings (PSUs) to recommend strategic divestment, and minority stake sale or closure of their subsidiaries and joint ventures (JVs). The move will give PSUs more power and […]
Markets Wary Of Recession Despite World Stocks Rising
Investors remain nervous about high inflation and the impact of rising interest rates despite world stocks rising from the previous day’s 18-month lows, with the dollar rising back from 20-year highs on May 13. The looming threat of recession has gotten the market anxious, with the S&P getting close to a bearish market on May […]
Explained: Elon Musk’s Takeover Of Twitter
The ongoing buildup on whether the Tesla and SpaceX CEO will purchase Twitter has finally reached its conclusion, with Elon Musk acquiring the social media platform for $44 billion. While announcing the takeover, Musk said, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to […]
European Shares Set To Open Lower Despite Macron’s Re-election, Euro Falls
Emmanuel Macron’s re-election win as France’s president has not had a positive impact on the euro, as European share futures fell. The euro had initially opened higher, but fell by 0.34 percent against the dollar, to $1.07725, as it continued on its two-year low hit last week. However, it did rise to a one month […]
Sri Lanka Says India Will Donate Additional $500 Million To Buy Fuel
On Wednesday, Sri Lankan Foreign Minister GL Peiris told reporters that India would be providing an additional $500 million in financial assistance to buy fuel. The troubled island nation further mentioned that Bangladesh has also agreed to delay $450 million in swap repayments to ease the burden on the nation. “Assistance by the IMF will […]
World Bank Slashes India’s Growth Forecast For 2022-23
India’s growth forecast for the current fiscal year (2022-23) was lowered to 8 percent from the estimated 8.7 percent predicted in January by the World Bank, on April 13. The bank cited the impact of the Russia-Ukraine war, high global oil prices, elevated inflation and supply disruptions as reasons for the recent revision in estimation. […]
Explained: What Led To The Grave Economic Crisis In Sri Lanka?
Sri Lanka is currently witnessing its worst economic downturn since attaining independence in 1948. The island nation of 22 million is facing shortage of food, fuel and medicine, along with power cuts spanning for more than seven hours. The crisis has also led to the cancellation of exams due to the lack of ink and […]
Russia Proposes An Alternate Payment System For Trade With India
India and Russia’s ongoing talks on setting up alternate payment methods for trade have taken a new direction. According to Bloomberg, the Russian government has proposed the use of a system developed by the Russian central bank for bilateral payments. Sources have confirmed that the Indian government is considering the proposal to continue the trade […]
