Page 7 - Economy & Policy News
Global trade growth expected to be subpar at 1.7% in 2023: WTO
With this, the trade growth is below the 12-year average of 2.6 per cent since the trade collapse that followed the global financial crisis in 2008
 "Global trade growth expected to be subpar at 1.7% in 2023: WTO")
Govt may import dairy products on tight supply amid stagnant milk output
The government will intervene to import dairy products like butter and ghee, if required, after assessing the stock position of milk in Southern states, where the flushing season has started now
 "Govt may import dairy products on tight supply amid stagnant milk output")
Inflation is driving boom in secondhand shopping, $177 bn global sales
The shoppers most attracted to resale are members of younger generations, mainly Gen Z
 "Inflation is driving boom in secondhand shopping, $177 bn global sales")
India has trade deficit with China in electronics, computer hardware
The major commodities in which India has a trade deficit with China include electronic components, computer hardware, telecom instruments, industrial machinery for dairy and organic chemicals
 "India has trade deficit with China in electronics, computer hardware")
Financials, IT aid rise in Indian shares ahead of RBI rate decision
The Nifty 50 closed 0.91% higher at 17,557.05, while the S&P BSE Sensex rose 0.99% to 59,689.31. Both the benchmarks have extended gains for a fourth session in a row
 "Financials, IT aid rise in Indian shares ahead of RBI rate decision")
RBI monetary policy: Will the central bank hike repo rate again tomorrow?
RBI MPC: If the RBI announces another rate hike tomorrow, it will take the repo rate to the highest level since April 2016, when it was 6.75 per cent
 "RBI monetary policy: Will the central bank hike repo rate again tomorrow?")
Transition to vulnerable employment subsides in recent years: Report
Fewer distress-induced job transitions occurred in Q2CY2021, and only around 20 per cent of salaried and self-employed workers transitioned either into casual-wage work or exited the labour force
 "Transition to vulnerable employment subsides in recent years: Report")
Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR
The applicant, a manufacturer, had argued that 18% GST should be applicable
 "Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR")
More than Rs 40,700 crore sanctioned under Stand-Up India Scheme in 7 years
The scheme aims to promote entrepreneurship at the grassroot level focusing on economic empowerment and job creation and has been extended up to the year 2025
 "More than Rs 40,700 crore sanctioned under Stand-Up India Scheme in 7 years")
India's services PMI rises for 20th consecutive month but lower than Feb
In February, the service sector PMI was at a 12-year high of 59.4
 "India's services PMI rises for 20th consecutive month but lower than Feb")
Windfall tax on domestic crude oil cut to nil, on export of diesel halved
This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax
 "Windfall tax on domestic crude oil cut to nil, on export of diesel halved")
World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24
Cite global slowdown spillover, policy tightening impact
 "World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24")
Automobile retail sales up 14% in March; post 21% YoY growth in FY23
All vehicle categories, except tractors, post double-digit growth for March and the full financial year
 "Automobile retail sales up 14% in March; post 21% YoY growth in FY23")
Axis Bank CEO flags risks of slowing economic growth, says report
Axis Bank Ltd Chief Executive Officer Amitabh Chaudhry said he was watchful over consumer demand in the Indian economy and that expectations for growth might have to be tempered a bit
 "Axis Bank CEO flags risks of slowing economic growth, says report")
India will not be impacted by Opec+ production cut, officials say
Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude
 "India will not be impacted by Opec+ production cut, officials say")
Indian Energy Exchange trade volume dips 4% YoY to 9212 mn units in March
Indian Energy Exchange's total trade volume declined by 4 per cent to 9,212 million units (MU) in March compared to the same month a year ago
 "Indian Energy Exchange trade volume dips 4% YoY to 9212 mn units in March")
Delhi government extends power subsidy scheme for another year: Minister
Delhi cabinet in its meeting on Tuesday approved extending the power subsidy scheme for next one year, despite "conspiracies" to stop it, Power minister Atishi said in a press conference
 "Delhi government extends power subsidy scheme for another year: Minister")
India, European Union speed up work on free trade agreement negotiations
The fifth round of negotiations will be held in New Delhi from June 19-23, 2023
 "India, European Union speed up work on free trade agreement negotiations")
Civil aviation ministry disburses Rs 30 cr under PLI Scheme for drones
The Union Civil Aviation Ministry during FY 2022-23 has disbursed nearly Rs 30 crore to 23 beneficiaries under the Production Linked Incentive (PLI) Scheme for drones and drone components
 "Civil aviation ministry disburses Rs 30 cr under PLI Scheme for drones")
New foreign trade policy to aid exports via e-com, farm equipment: Experts
The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday
 "New foreign trade policy to aid exports via e-com, farm equipment: Experts")
