With crude oil prices dropping, the government has agreed to raise a total of Rs 3 per liter for petrol and diesel for special additional excise duty and road and infrastructure cessation. While retail petrol and diesel prices are not expected to rise immediately, the move will carry an additional Rs47,000 crore in FY21 to the government. The new levies will earn about Rs1,958 crore more from central government petrol and diesel sales during the remaining 15 days of FY20.
Chicago's soybean futures dropped closely 1.5% with the market on track for its highest weekly reduction since July 2018 as mounting concerns about the coronavirus outbreak's economic impact pulled down global markets. Corn suffered its biggest weekly fall in over six months. Wheat was primed for loss for the third week. In a note, ANZ said terror spread through global markets, with resources steadily under pressure as policymakers struggle to avoid the pandemic. This week, the market has gone soft by 5%.
There is no ban on the export of buffalo meat or fish, announced by the govt in Rajya Sabha. Sanjeev Kumar Balyan, the Minister of State for Fisheries, Animal Husbandry and Dairying said Rs 70,000 crore of buffalo meat and fish is in tune exports by India. He said the management of cowshed falls within the remit of the states. Not much assistance could be extended to Animal Welfare Board cowsheds despite its meager Rs 4 crore budget which also takes care of employee salaries and wages.
The Reserve Bank of India (RBI) announced on Thursday it would conduct a six-month sale / buy swap of US dollars to provide liquidity to the foreign exchange sector. The decision was taken as markets around the world are facing severe selling pressure due to the spread of Coronavirus on extreme risk aversion. The first $2 billion sale/ buy swap auction will take place on Monday. The news comes in the background of the rupee falling against the US dollar to 74.34, close to its October 2018 all-time low of 74.48.
Foreign investors worried about a deeper economic fallout as the coronavirus outbreak in the Asian region. In this fear, they are aggressively selling Asian equities this month. According to the data of stock exchanges in India, overseas investors have sold a net $9 billion of regional equity in March 2020. They have sold $5.6 billion last month. South Korea which is the most severely affected country by the coronavirus disease, witnessed overseas sales of $2.5 billion.
The crop insurance premium is likely to be revised after the Union Cabinet approved to modifiy the current Pradhan Mantri Fasal Bima Yojana. Under the new agricultural insurance scheme, considered as PMFBY 2.0, the government has made major changes making it optional for farmers. Started in February 2016 by Prime Minister Narendra Modi, it is mandatory for loanee farmers to take out insurance under the PMFBY. In the new scheme, one can choose the risk cover according to his requirements.
The government is working on a plan of Rs 42,000 crore to boost local manufacturing of mobile phones and increase production as part of its flagship Make in India program. The program aims to integrate India into the global supply chain even as China struggles to keep up with growing demand due to the closure of operations due to the coronavirus epidemic. The program will help boost local production of mobile phones and move Indian manufacturers away from their dependence on China.
The government data shows, Foreign direct investment into India decreased by 1.4% to USD 10.67 billion (about Rs 76,800 crore) during the October-December period of 2019-20. The inflow of FDI stood at USD 10.82 billion during October-December of 2018-19. After coronavirus rapidly spread, this flow has decreased more. The govt is now changing the rules for foreign investors to increase the flow in the Indian market. computer software and hardware, telecommunications, automobile, and trading- these are the most attractive sectors for foreign investors.
To reduce the discrimination between different genders and give women a stand in the society, Prime Minister Narendra Modi has launched on 27 August 2014, a scheme named Pradhan Mantri Jan Dhan Yojana (PMJDY). This scheme has helped in raising women's ownership of bank accounts from 43% to 77% in 2017. As a report, India has succeeded in reducing the gender gap in financial inclusion by 14%. Under the scheme, govt is opening bank accounts for the poor and giving them a position to avail themselves of credit and insurance.
Domestic players in India complain against the soda ash, used in making detergents and soaps, imports from Turkey. Following this complaint, India has initiated a probe into subsidised imports of soda ash. DCW Ltd, RSPL Ltd, and GHCL Ltd have filed an application on behalf of the domestic industry for investigation. Then the commerce ministry’s investigating arm Directorate General of Trade Remedies (DGTR) investigate the original matter. These applicants have requested imposition charges on such imports. According to them, these materials harmed our domestic industry.