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Union Minister of Commerce & Industry Piyush Goyal during an interview, at the PTI office, in New Delhi, Friday, March 8, 2024. | Photo Credit: PTI The Centre will pull all stops to ensure prices of essential food items from onion to tomatoes to pulses do not spike particularly during the elections, Union Minister Piyush Goyal said as he cited the Modi government’s track record of controlling rates within days of any temporary hike.In an interview with PTIMr. Goyal, who is heading the Food and Consumer Affairs Ministry, asserted that the Modi government would continue to take measures to ensure…

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Prime Minister Narendra Modi. Files | Photo Credit: ANI Prime Minister Narendra Modi will inaugurate 15 new airport passenger buildings across the country between March 9 and 10 worth more than ₹9,800 crore.Mr. Modi will inaugurate 12 new passenger terminals at Pune, Kolhapur, Gwalior, Jabalpur, Delhi, Lucknow, Aligarh, Azamgarh, Chitrakoot, Moradabad, Shravasti and Adampur airports. He will also lay the foundation stone for three new passenger buildings at Kadapa, Hubballi and Belagavi airports.A press statement said the 12 new passenger buildings would handle 620 lakh passengers annually, and the three remaining ones would handle 95 lakh once they were built…

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While the Government has hiked rates on most saving schemes over the last six quarters. File | Photo Credit: Reuters The Centre on March 8 decided to keep the returns offered on various small savings schemes unchanged for the April to June quarter, quashing hopes of a pre-election hike in rates like the one announced ahead of the 2019 Lok Sabha elections.The rates on small savings are reset every quarter as per a formula. While the Government hiked rates on most schemes over the last six quarters, the return on the popular Public Provident Fund (PPF) scheme, that was hiked…

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A scene at wholesale market Azadpur Mandi, in New Delhi. File | Photo Credit: Sushil Kumar Verma Vegetarian food prices rose 7% in February, driven by a spurt in onion and tomato prices, even as non-vegetarian plate costs dropped 9% from a year ago, as per rating agency Crisil’s monthly report on food plate cost called ‘Roti Rice Rate’. The report, which serves as a signal of inflation trends in consumer food prices ahead of the official retail inflation numbers, noted that onion prices were up 29% and tomato prices by a sharper 38%. The prices of rice and pulses,…

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A panel of officials from Indian Ministries has called for a bigger carbon tax on higher quality imported coal while cutting rates for domestic coal, in a bid to slash shipments of the polluting fuel, the Coal Ministry said on Thursday.Coal is among India’s top five commodity imports by value. Despite surging local output, mainly of low-quality coal with high ash content, it failed to cut back on imports and ranks as the world’s second-largest importer. India’s imports of thermal coal rose nearly 10% in 2023 to 176 million tonne.In its report to the Coal Ministry, the panel said the…

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Moody’s Investors Service on Thursday said India’s robust economic growth will continue and its real GDP growth will accelerate to around 8% in 2023-24 from 7% in 2022-23.The global rating major’s growth estimate for this year is higher than the 7.6% uptick projected by the National Statistical Office (NSO) in its second advance national income estimates released on February 29.On Wednesday, Reserve Bank of India Governor Shaktikanta Das said real GDP growth is likely to be closer to 8% as NSO’s current estimate of 5.9% GDP growth for Q4 of FY24 is likely to be overshot.“We expect India to be…

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A Moody’s sign on the 7 World Trade Center tower is photographed in New York. | Photo Credit: Reuters Moody’s Investors Service on March 7 said that India’s robust economic growth will continue and its real GDP growth will accelerate to around 8% in 2023-24 from 7% in 2022-23. “We expect India to be the fastest-growing economy among major G20 countries… Government capital expenditure and strong domestic consumption will underpin India’s economic growth. Moreover, India is poised to benefit from increased global trade and investment opportunities arising from companies’ strategies to diversify away from China,” the rating major said in…

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In Chandigarh and Puducherry, the proportion of luxury cars to non-luxury cars was higher | Photo Credit: RAVINDRAN R The number of luxury cars in India recorded a sharp increase in the last five years, an analysis of vehicle registration data shows. Nearly 5 lakh luxury cars have been registered till date in India across various Regional Transport Offices, according to the Vahan portal. Of them, close to 30% were registered in the 2020-2024 period. This number is significantly high considering that the first two years in this period coincided with the pandemic and various sections of the economy were…

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OPEC is set to win a bigger share of India’s oil imports in coming decades due to the proximity of its supplies, the producer group’s head told Reuters, after its dominance was recently eroded by competition from discounted Russian oil.The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India declined from about 65% in 2022 to 50% last year, according to industry data, after New Delhi became the biggest buyer of seaborne Russian crude in the aftermath of Moscow’s invasion of Ukraine.OPEC members and other producers must adapt to changing market dynamics due to…

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GDP growth rate may be 8% in the current financial year, may leave government estimates behind: Shaktikanta Das In the current financial year, the country's economy is likely to be higher than the estimates of the Central Government. According to Reserve Bank of India Governor Shaktikanta Das, India's GDP growth can reach 8%, leaving behind the projections of 7.6%. The RBI Governor said this in an interview given to a business channel. He expressed hope that GDP growth will be better in the next financial year, i.e. FY25 also. Shaktikanta Das said that during the February meeting of the…

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