RBI MPC meet begins right this moment: Repo price hike on the playing cards after Fed’s aggressive push
The three-day Financial Coverage Committee (MPC) assembly is scheduled to begin on August 3 with the RBI governor Shaktikanta Das and different MPC members current. On August 5, the MPC’s resolution on the bimonthly financial coverage for FY23 will likely be made public. The biggest challenge at hand is inflation, which has reached a multi-year excessive and is pressuring main central banks around the globe to lift rates of interest. Learn Extra Right here.
Commerce deficit at file $31 bn, exports slide after 19 months
India’s commerce deficit swelled to a file $31.02 billion in July, as imports of products surged regardless of curbs and merchandise exports contracted for the primary time in 20 months. Learn Extra Right here.
Monsoon, festivals seen driving FMCG gross sales
India’s fast-moving shopper items (FMCG) trade might develop 8-10% in worth phrases in 2022, led by value hikes, market researcher NielsenIQ mentioned, aided by the festive season and the tailwinds of an excellent monsoon within the second half of the 12 months. Though NielsenIQ didn’t supply gross sales quantity estimates for the 12 months, the sector reported an total 2.4% quantity decline within the six months to 30 June, it mentioned. Learn Extra Right here.
Rupee levels a comeback on FPIs’ return, decrease crude costs
The rupee strengthened to 78.49 in opposition to the greenback on Tuesday to achieve its strongest stage in a month, buoyed by decrease crude costs and the return of overseas portfolio buyers (FPIs) to the Indian markets. The forex, nonetheless, failed to carry on to the beneficial properties, falling 0.32% from yesterday’s 79.02 to shut at 78.71 to the greenback. The rupee has appreciated by 1.19% since 27 July, after weakening greater than 7% this 12 months. Learn Extra Right here.
Centre revises windfall tax levied on crude, diesel and jet gas
The federal government has as soon as once more revised the newly-introduced windfall tax levied on crude, diesel and jet gas (ATF), in accordance with a authorities notification issued on Tuesday. Learn Extra Right here.
After Zawahiri’s dying, US warns its vacationers of elevated violence threat
A day after Taliban confirmed Al Qaeda chief Ayman al-Zawahiri been killed in a CIA drone strike in Afghanistan, the US State Division warned People touring overseas they might face an elevated threat of violence. Learn Extra Right here.
CNG, PNG up for fifth time this 12 months in Mumbai
The costs of Compressed Pure Fuel (CNG) and home Piped Pure Fuel (PNG) elevated in Mumbai from the midnight of August 2. That is the fifth time that there was a rise within the costs of CNG and PNG within the metropolitan metropolis. Learn Extra Right here.
Telecom debt to the touch ₹6 trillion
The telecom trade’s debt ranges are set to climb to ₹6 trillion, from ₹4.7 trillion at the moment, with firms having made commitments of greater than ₹1.5 trillion in the direction of spectrum funds plus curiosity over the subsequent twenty years. Learn Extra Right here.
SpiceJet: DGCA receives de-registration request for Boeing 737-800 plane
SpiceJet’s lessor, Alterna Plane Ltd, positioned in Eire, has urged the Directorate Common of Civil Aviation (DGCA) to de-register its plane. In its Monday enchantment to India’s aviation regulator, Alterna didn’t state why considered one of its Boeing 737-800 planes needs to be deregistered. Learn Extra Right here.
Adani says 5G foray is first step towards built-in digital infra
Adani Information Networks, the digital connectivity options arm of the Adani Group, has acquired the precise to make use of 400MHz of spectrum within the 26GHz band to enter the economic 5G house. Learn Extra Right here.
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