Amid lack of consensus on issues like benefit sharing of germ plasm which will provide access to better quality seeds, India on Monday urged member countries of the International Treaty on Plant Genetic Resources for Food and Agriculture (ITPGRFA) to make headway eliminating the north-south divide.

In a letter dated August 12, reviewed by PTI, the oil ministry has sought the exemption from the two-and-half-month old levy for the oil field or blocks which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC). The ministry opined that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government.

According to news agency PTI, Pandey said the government's wheat production forecast is around 105 million tonne in rabi season of 2021-22 crop year (July-June) while the trade estimates are 95-98 million tonne.

In May, the government had allowed exports of 100 lakh tonne of sugar, but later allowed another 12 lakh tonne. This took the total export quota for 2021-22 marketing year to 112 lakh tonne. India's sugar exports stood at 70 lakh tonne in 2020-21 marketing year, 59 lakh tonne in 2019-20 and 38 lakh tonne in 2018-19.

A net of $19 billion was sold in July alone, the most recent data available, and intervention remained heavy in August when the rupee fell below 80 against the dollar, traders said.

India has gained nearly Rs 35,000 crore by importing Russian crude at discounted price since commencement of the Russia-Ukraine conflict in February, reported Times of India.

The Russian lender, which likely escaped the West's scanner because of its insignificant presence in Europe's richer neighbourhoods and other developed economies, has opened a rupee account with nearly three dozen Russian companies settling payments for trades with New Delhi.

In separate notifications over the weekend, IBBI allowed creditors to sell part assets in case they get more value. More importantly, the regulator also announced a performance-based pay structure for resolution professionals (RPs). Both moves will have far-reaching changes to recoveries, consultants said.

Government agency Cotton Corporation of India (CCI), which carries out cotton procurement operations when prices fall below the minimum support price (MSP), has pegged India's 2022-23 cotton production higher by 15% to 360 lakh bales of 170 kilograms each.