However, the sale of rice under the OMSS will be continued for northeastern states, hilly states and states facing law and order situations, natural calamities at an existing rate of Rs 3,400 per quintal, it said.
Category: Market
Retail inflation falls to 25-month low in May as food prices slide
According to data released by the Ministry of Statistics and Programme Implementation, retail inflation was at a high of 7.04 per cent in May 2022, while food inflation was 7.97 per cent during the period.
RBI MPC retains repo rate at 6.5%, projects 6.5% GDP & 5.1% inflation for FY24
Not belying the expectations, the Reserve Bank of India's Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent while projecting gross domestic product (GDP) and inflation at 6.5 per cent and 5.1 per cent respectively.
India's GDP growth in FY23 estimated at 7.2%
India's gross domestic product (GDP) growth for FY23 is estimated at 7.2 per cent, said the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation on Wednesday.
Despite challenges to domestic economic activity, India to remain in advantageous position in 2023-24: RBI
"Inflation risks have moderated with downward corrections in global commodity and food prices and easing of the pass-through from high input cost pressures of last year," it added while commenting on price rise.
Rs 2K note withdrawal won't increase gold demand or affect rupee value
The decision of the Reserve Bank of India (RBI) to withdraw Rs 2,000 denomination banknotes from circulation will not have any major impact on gold demand and also on the rupee value, experts said on Saturday.
Spike in counterfeit notes, people's choice may have contributed to withdrawal of Rs 2,000 banknotes
Factors like increase in counterfeiting of Rs 2,000 denomination banknotes, people preferring lower denomination notes may also be the reasons for the Reserve Bank of India (RBI) announcing the gradual withdrawal of that note.
EU urged to crackdown on imports of Indian fuels made with Russian oil
The European Union (EU) should crack down on India reselling Russian oil as refined fuels including diesel into Europe, the blocs chief diplomat has said, as western nations move to tighten sanctions on Moscows energy sector, the media reported.
Compulsory hallmarking of gold bullion not mandatory from July 1, consultations on
Consumer affairs ministry sources said that there is a lot of confusion over the fact that compulsory hallmarking is going to come into effect from July 1 onwards on gold bullion, which is not the case.
Gold at record high, to give investors 10-15% returns in FY24: Experts
The hiking of rates by the US Fed has put pressure on the dollar and indications of pausing and a likely mild recession in the later part of 2023 have provided support to gold prices, Shah added.
Wholesale inflation falls to 29-month low of 1.34% in March as commodity prices ease
India's wholesale price index (WPI)-based inflation fell to a 29-month low of 1.34 per cent in March owing to a steep fall in indexes of primary articles, manufactured products, fuel and power as well as food.
Retail inflation falls to 5.66% in March as food prices slide
India's retail inflation, which is measured by consumer price index (CPI), fell to 5.66 per cent in March from 6.44 per cent in February, according to official data released on Wednesday.
Oil prices surge after surprise cuts in production
Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production. The price of Brent crude oil was trading above $84 a barrel in Asia after jumping by more than $4, or 5 per cent, the BBC reported.
Loans disbursed digitally rose 12-fold between 2017 and 2020: RBI panel report
According to the findings by a working group constituted by the Reserve Bank of India (RBI), between 2017 and 2020, the quantum of loans disbursed, rose from Rs 11,671 crore to Rs 1,41,821 crore, i.e. a 12-fold rise.
Gold is bankable, shines more than some western banks
"We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of Rs 61,000-62,000/10gm. Internationally, it may scale levels of $2,050-2100/oz," he added.
Banks drag down Wall Street stocks
Wall Street stocks have fallen, dragged down by banks. The S&P 500 financial sector index has lost 2.2 per cent while the KBW regional banking index has tumbled 3.8 per cent, the media reported.
Asian markets fall amid SVB fallout fears
Asian stocks fell broadly on Tuesday, dragged down by banking shares, as fears over the fallout of Silicon Valley Bank's collapse gripped the market despite US government efforts to stabilize the financial system, media reports said.
Wholesale inflation falls to 2-yr low of 3.85% in Feb
India's Wholesale Price Index (WPI)-based inflation in February 2023 fell to a 24-month low of 3.85 per cent, according to data released by the Commerce Ministry on Tuesday.
India to achieve $750 bn of exports in 2022-23: Piyush Goyal
"Sustainability has been at the core of G20 agenda for several years now, the core of all multilateral and bilateral engagements over the last few years, but for India, sustainability is a way of life," he said.
Sale of hallmarked jewellery without six-digit unique ID number prohibited after March 31: Govt
The Bureau of Indian Standards (BIS) has prohibited sale of hallmarked gold jewellery or gold artefacts without the six-digit alphanumeric hallmark unique identification number (HUID) after March 31, 2023.
India's fiscal deficit rises to Rs 11.91 lakh crore
The fiscal deficit for the first 10 months of the current fiscal rose to Rs 11.91 lakh crore, which was 67.8 per cent of the whole year target for 2022-23, according to data released by the Controller General of Accounts on Tuesday.
China controls 70% of global lithium production; that's a worry for the world
"Control oil and you control nations", former US Secretary of State Henry Kissinger once said. Today, it could be argued that to control lithium - white oil as it were - is to control nations, Marina Yue Zhang wrote for the Lowy Institute.
New life, flurry of new jobs beckon residents of India's 'lithium village'
People of Kotli Salal in Jammu and Kashmirs Reasi district, 75 kilometres from Jammu, are excited at the news of the discovery of vast deposits of lithium, hoping that this will change their fortunes and open new vistas for employment and prosperity.
'Bank mergers in India has resulted in increased efficiency'
Mergers of banks in India has resulted in increased efficiency for the acquirers or the merged entity and higher shareholders wealth for the acquiree banks, as per a research paper published by the Reserve Bank of India (RBI).
Wholesale inflation falls to 4.73% in January
The wholesale price index (WPI) based inflation for January 2023 fell to 4.73 per cent against 4.95 per cent in December 2022, according to data released by the commerce ministry on Tuesday.