Page 6 - Economy

Centre slashes windfall tax on crude oil from Rs 5,050/tonne to Rs 4,350

Windfall tax: The additional excise duty on ATF has been cut to Rs 1.5 per litre from Rs 6 per litre earlier

Goldman growth fund increases bets on India as China interest cools

The New York-based bank is targeting to invest a quarter of its newly-raised $5.2 billion growth fund in the region, people familiar with the matter said

India's mid, long-term outlook very strong: PwC Chairman Bob Moritz

"Corporate bankruptcies are likely to significantly increase in G7 (nations) in the short-to-medium-term as the global economy slows down"

All packaged items become expensive in Pakistan after GST hike: Report

The new notification will also apply on make-up products, shaving foam, gel, cream, blade, shampoo, cream, lotion, soap and toothpaste

ITR forms notified for FY23, have schedule for virtual digital assets

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

India seeks mutually beneficial early harvest deal under IPEF

The ministry's statement comes in the backdrop of India hosting the second round of negotiations for US led-IPEF in the national capital last week

CBIC says won't object to a petitioner going to HC in absence of GSTAT

CBIC says it would like to withdraw earlier plea in matter relating to dispute over refund of a company

EU forecasts economic growth for the year, but inflation still painful

The European Union's executive branch has raised its economic growth forecast for the year, saying Europe will narrowly avoid a recession and has already passed its inflation peak as natural gas prices fall from astronomical highs. But the European Commission warned Monday that the high prices plaguing consumers will keep holding back the economy for months to come. Growth for 2023 should reach 0.8 per cent for the 20 EU countries that use the euro currency, the commission said in its winter economic outlook. That is an increase from 0.3 per cent expected in the last outlook from November. For the broader 27-nation bloc, growth was estimated at 0.9 per cent, also up from 0.3 per cent. Getting credit for the improvement was the high level of natural gas storage that has alleviated fears of energy rationing over the winter. European utilities and governments raced to line up new supplies after Russia cut off most natural gas deliveries to Europe amid the war in Ukraine. Prices for .

Bajaj Hindusthan Sugar posts net loss of Rs 58.36 crore in December quarter

Sugar major Bajaj Hindusthan Sugar Ltd on Monday reported a consolidated net loss of Rs 58.36 crore in the third quarter of this fiscal year on higher expenses. Its net loss stood at Rs 164.53 crore in the year-ago period. Total income rose to Rs 1,433.54 crore in the October-December quarter of 2022-23 financial year from Rs 1,261.33 crore in the corresponding period of the previous year, the company said in a regulatory filing. Bajaj Hindusthan Sugar posted a net loss of Rs 265.64 crore during the first three quarters of this fiscal year as against a net loss of Rs 327.26 crore in the year-ago period. Total income rose to Rs 4,301.24 crore during April-December period of this fiscal year from Rs 3,966.22 crore in the corresponding period of the previous year. Bajaj Hindusthan Sugar Ltd, which is part of the Bajaj Group (Kushagra), has 14 sugar plants, all located in Uttar Pradesh. The plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and .

Australia adds $300 mn funding to improve lives of Aus original inhabitants

Fifteen years after the Australian Parliament's historic apology to its Indigenous people for past wrongs, the government on Monday announced 424 million Australian dollars (USD 293 million) in new funding to improve the lives of Australia's original inhabitants. In 2008, a newly elected centre-left Labour Party government apologized to the Indigenous population for "laws and policies of successive Parliaments and governments that have inflicted profound grief, suffering and loss on these our fellow Australians. The focus of the apology was the so-called Stolen Generations 100,000 children who were taken from Indigenous mothers under assimilation policies throughout most of the 20th century. The apology was accompanied by the ambitious pledge to close the gap in life expectancies between Indigenous Australians and the wider population within a generation. Key measures of disparities between the Indigenous population and others have been tracked annually in Closing the Gap Reports

March heat to shape up wheat output this year in North India: Experts

A significant drop in per hectare yields of wheat for second year this year due to unusually high temperatures could have an impact on Centre's annual wheat procurement plan

Pakistan, IMF fail to reach common ground on $1.1 billion bailout loan

The $6 billion bailout package has been repeatedly stalled after former Pakistan prime pinister Imran Khan-led government reneged on subsidy agreements and failed on its tax collection commitments out

PM Narendra Modi should focus on people, not only on big projects

What must be even more confounding is how Indian leaders appear able to get away with budget math other politicians cannot, whether economically or politically

A coal-dependent India can't move to zero overnight: GE's Mahesh Palashikar

In a Q&A, the President of GE South Asia asserts that natural gas will bridge India's journey from coal to renewables, even as he points is massive potential in onshore wind energy

Cannot reboot SL's battered economy through painkillers: Wickremesinghe

Sri Lanka President Ranil Wickremesinghe on Sunday said he is fixing the debt-ridden country's economy by treating the "root cause" of the malaise and not by administering "painkillers", asserting that systematic change and national unity in conjunction with economic reforms are needed to achieve prosperity. President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day. Sri Lanka was hit by an unprecedented financial crisis last year due to a severe paucity in foreign exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family. I'm not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve, Wickremesinghe tweeted. From April to July last year, chaos reigned supreme in Sri

Don't bet against India, growth story to continue, say corporate leaders

No systemic risk to domestic financial system from recent events, they assert

Pakistan needs to enhance exports for sustainable economic growth: Minister

He said that Pakistan would get out of the economic swamp if it could elevate exports out of the indigenous resources from $32 billion to $100 billion in the next five to eight years

'Beyond imagination': Pakistan PM on IMF fund bailout conditions

Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund (IMF) was giving his country a "tough time" over unlocking stalled funding from a $6.5 billion bailout

Forex reserves at near 7-month high of $577 bn on spike in currency assets

Following a decline of $100 billion in its reserves from February to September of 2022, the RBI has over the last three months been replenishing its holding

Hits and misses: India's disinvestment strategy needs to mind markets

It is rare for the government to sell assets when prices and sentiment are high