The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry on Friday notified the changes to the policy. The central bank allowed authorised banks in India to open special rupee Vostro accounts of correspondent banks of any partner trading country to facilitate trade in the Indian currency.
The central bank economists have also pitched for front-loading rate increases to anchor inflationary expectations, according to the RBI's latest monthly bulletin. This could signal that the banking regulator may increase key rates by 50 basis points during its month-end review. One hundred basis points is one percentage point.
At a meeting on Thursday, the United States, the European Union and Senegal posed questions about the decision's adverse effect on global markets. They said it would cause market volatility and undermine collective efforts in fighting the world food crisis.
New Delhi has cut cess on crude to Rs 10,500 per tonne, according to a notification from the Ministry of Finance. India has also lowered windfall tax on diesel to Rs 10 per litre and on ATF to Rs 5 per litre. This is the fifth revision of windfall tax since it's implementation on July 1. The new rates will be effective from tomorrow. The basket of crude oil that New Delhi buys has averaged $92.67 per barrel this month, falling from $97.40 in August.
India's current account deficit (CAD), a key indicator of balance of payment of a country, is likely to remain within 3 per cent of the GDP in 2022-23 as against 1.2 per cent during the last fiscal, according to an article published in the Reserve Bank's bulletin. The widening trade deficit, or the gap between the value of imports and exports, puts pressure on the balance of payments.
The Reserve Bank of India stuck to its stance that inflationary pressures would ease later in the fiscal year which is also helped by softening commodity prices, especially crude, its monthly report on the State of the Economy showed.
IBBI Executive Director Sandip Garg, who was speaking at a conference organised by industry body Assocham, said that the insolvency law has kept pace with the emerging market requirements and will remain relevant for all times to come.
​​​ The Free Trade Agreement (FTA) between India and Sri Lanka was the first-ever bilateral trade agreement for both countries, signed in 1998 and enforced in 2000. The pact is aimed at further boosting the economic ties between the two countries by liberalising trade norms.
An economy has a much larger potential workforce in play than just the seemingly visible employed portion. The competitiveness concept's strength lies in its emphasis on achieving long-term sustainable prosperity by enhancing the productivity of the already available pool of labour and further unlocking the reserves of the potential labour force.