The International Monetary Fund cut its global growth projections for 2022 and 2023, calling the world’s economic outlook “gloomy and more uncertain.“A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022,” the report said. The Washington-based institute now expects the world economy to grow 3.2% in 2022 before slowing to a 2.9% GDP rate in 2023. This marks a 0.4-0.7% cut in estimates. Worsening growth prospects in the U.S., China and India drove the IMF’s downward revisions.India's economy is now projected to grow by 7.4% in FY23, 80 basis points lower than IMF’s April projection of 8.2%. India’s FY24 growth forecast has also been cut by 80 basis points to 6.1%."For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening," the report said. 

IMF slashes global growth outlook, India GDP estimate also not spared

IMF is calling out increasingly gloomy developments as it slashes global GDP outlook led by India and China

IMF slashes global GDP, pins India and China's dowgrade for revision

India will remain one of the fastest growing key economies in the world in 2022-23 and 2023-24

The International Monetary Fund cut its global growth projections for 2022 and 2023, calling the world&rsquo;s economic outlook &ldquo;gloomy and more uncertain. &ldquo;A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022,&rdquo; the report said. The Washington-based institute now expects the world economy to grow 3.2% in 2022 before slowing to a 2.9% GDP rate in 2023. This marks a 0.4-0.7% cut in estimates.&nbsp;
Also read/watch| <a title="Find out why 1000 Lufthansa flights are grounded in Germany" href="https://www.editorji.com/business-news/find-out-why-1000-lufthansa-flights-are-grounded-in-germany-1658889219179">Find out why 1000 Lufthansa flights are grounded in Germany</a> Worsening growth prospects in the U.S., China and India drove the IMF&rsquo;s downward revisions. India's economy is now projected to grow by 7.4% in FY23, 80 basis points lower than IMF&rsquo;s April projection of 8.2%. India&rsquo;s FY24 growth forecast has also been cut by 80 basis points to 6.1%. "For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening," the report said. &nbsp;

As millions across the world return to office after a two-year-long pandemic, they are being greeted by high prices on almost every item. These costs are being passed on to the typical business lunch traveller, experts are calling this phenomenon “Lunchflation”. But what is it?
Lunchflation, a recently created phrase, describes the specific inflation of lunchtime meal prices, such as sandwiches and wraps. This new inflation has received a lot of attention recently as more individuals start going back to work following the outbreak. 
Similar trends are being witnessed across restaurants and other companies in the US that have raised menu prices due to global inflation. 
This is happening not just in America but also in countries like South Korea, where the average meal price index increased 6.6% in April 2021. These consist of eateries that provide services including self-service via QR codes and online ordering, as well as local delivery at a set price through third-party partners.
In South Korea's capital, Seoul dubbed "lunch-flation", the price of beloved dishes such as "galbitang" (beef stew with rice) jumped 12.2% and "nengmyun" (cold noodles) rose 8.1%. 

Lunchflation hits office workers but what is it?

The war in Ukraine has impacted supplies of grains from there and Russia, and caused energy and fertiliser prices to soar.&nbsp;

As millions across the world return to office after a two-year-long pandemic, they are being greeted by high prices on almost every item. These costs are being passed on to the typical business lunch traveller, experts are calling this phenomenon &ldquo;Lunchflation&rdquo;. But what is it?
Lunchflation, a recently created phrase, describes the specific inflation of lunchtime meal prices, such as sandwiches and wraps. This new inflation has received a lot of attention recently as more individuals start going back to work following the outbreak.&nbsp;
Starbucks raised prices in the US earlier this year and in October 2021 &ndash; and prices could continue to rise. Salad chain Sweetgreen also raised its menu prices by 10 per cent since the start of 2021.&nbsp;
Similar trends are being witnessed across restaurants and other companies in the US that have raised menu prices due to global inflation.&nbsp;
This is happening not just in America but also in countries like South Korea, where the average meal price index increased 6.6% in April 2021. These consist of eateries that provide services including self-service via QR codes and online ordering, as well as local delivery at a set price through third-party partners.
In South Korea's capital, Seoul dubbed "lunch-flation", the price of beloved dishes such as "galbitang" (beef stew with rice) jumped 12.2% and "nengmyun" (cold noodles) rose 8.1%.&nbsp;

Senior Congress leader P Chidambaram on Thursday said Finance Minister Nirmala Sitharaman has called the planets to the rescue of the economy after giving up hope in her own skills and that of her economic advisers.

P Chidamabaram vs Nirmala Sitharaman : Planets align for another twitter bout

Why is P Chidambaram asking FM Sitharaman to take up astrology?

Chidamabaram vs Sitharaman: Planets align for another twitter bout

The Congress on Wednesday had hit out at Nirmala&nbsp;Sitharaman, saying she is more interested in Uranus and Pluto than in steering the country's economy towards recovery.

Senior Congress leader P Chidambaram on Thursday said Finance Minister Nirmala Sitharaman has called the planets to the rescue of the economy after giving up hope in her own skills and that of her economic advisers. His swipe at <a href="https://www.editorji.com/business-news/trending-video-fm-sitharaman-offering-water-to-nsdl-md-goes-viral-1652079759575" target="_blank">Nirmala&nbsp;Sitharaman</a> came after she had on Tuesday retweeted images unveiled by NASA from its new powerful space telescope. "We are not surprised that the Finance Minister tweeted pictures of Jupiter, Pluto and Uranus on the day when Inflation printed at 7.01% and unemployment printed at 7.8%," Chidambaram tweeted. "After giving up hope in her own skills and the skills of her economic advisers, the FM has called the planets to the rescue of the economy," the former finance minister said. To begin with, she should appoint a new "CEA:<a href="https://www.editorji.com/business-news/economy/why-is-p-chidambaram-asking-fm-sitharaman-to-take-up-astrology-1657776179722" target="_blank"> Chief Economic Astrologer</a>", P Chidambaram added. The Congress on Wednesday had hit out at Sitharaman, saying she is more interested in Uranus and Pluto than in steering the country's economy towards recovery.

Fed rate Hike preview: Global markets are pricing in as traders brace for a historic hike from the Fed at its July 26-27 meeting after the scorching inflation print upwards of 9%.

Fed rate Hike preview: Expect a 100 bps hike after inflation report

Traders place their bets on a bazooka hike in interest rates but can it aim and attack inflation? 

Ready but not steady, Brace for a big rate hike

Bets show 50% chance of a 100 bps hike in rates by the US central bank in July&nbsp;

Inflation that is the highest since since 1981 and a potential rate hike of 100 bps that is unseen before.That is the headline that the <a href="https://www.editorji.com/business-news/markets/explained-falling-global-markets-and-what-is-the-new-gst-fear-1655447250569" target="_blank">global markets</a> are pricing in as traders brace for a historic hike from the Fed at its July 26-27 meeting after the scorching inflation print upwards of 9%. The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% in the US, highest in 40 years. This pushing traders to bet that Jerome Powell and his team at the Fed will push for a historic hike of 100 bps, something that the neighbouring nation Canada already shocked watchers with.&nbsp;
<a href="https://www.editorji.com/business-news/this-central-bank-announced-a-rate-hike-on-facebook-live-1657769516310" target="_blank">This central bank announced a rate hike on Facebook Live!</a> The Bank of Canada on Wednesday increased rates by a surprise full percentage point amid fears that decades-high price pressures are becoming entrenched.

Sri Lanka is bankrupt and burning. The global fuel and food shortage may have exasperated the crisis but the ruins of the economy were homegrown and nurtured by dynasty politics. Meet the Rajapaksa's the rulers and wreckers of the island nation. Mahinda Rajapaksa: At 76 he is the patriarch of the family, favoured by the Sinhala-Buddhist majority on the island nation who served as President of Sri Lanka from 2005 to 2015, and then briefly even as Prime Minister from 2004-2005. During his rule, Sri Lanka moved closer to China, borrowing almost $7bn for infrastructure projects, many of which turned into white elephants mired in corruption But his most recent reign as PM was 'gifted' to him by his elder Gotabaya Rajapaksa, who had become president.
Gotabaya Rajapaksa: A man from the forces, this Lieutenant Colonel was not just the President for the last 3 years but also the defence minister. Dubbed as 'The Terminator' he is credited as the one who led the Sri Lankan Armed Forces in the military defeat of the Tamil Tigers, which ended the Sri Lankan Civil War. Gotabaya was managed day to day ops of the army as Secretary to the Ministry of Defence for a decade (2005 to 2015) when Mahinda Rajapaksa was President. This senior Rajpaksa member had many corruption charges which vanished as he became President. 
Basil Rajapaksa: Called “Mr Ten Percent” in a BBC interview in reference to commissions he allegedly took from government contracts, Basil, a seasoned strategist, controlled the money as the finance minister for the island nation. All cases against him were dropped once Gotabaya became president. Basil, who also holds a US citizenship was the second among the influential lot to resign from government. 
Chamal Rajapaksa: Formerly a police officer and personal bodyguard to Sirimavo Bandaranaike, the world’s first woman prime minister, Chamal had held the reins of the irrigation department as well as a significant standing in defence under brother Gotabaya. This 79 year old has previously been speaker of the house as well as shipping and aviation minister controlling all the traffic in and out of the bankrupt nation. 
Shasheendra Kumara Rajapaksa: Beyond the big brothers the new age Rajpaksas had also started to make their mark. The eldest son of Chamal Rajapaksa was given responsibility under the law for agriculture as Minister of State which was facing acute pressure with the unthought/hasty decision of banning fertilizers which pushed the agri economy into complete bankruptcy. 
Namal Rajapaksa: The eldest son of Mahinda, the scion of the Rajapaksa clan is the only one that stands out, a lawyer by education, Namal resigned early from the cabinet, days after publicly slamming his father and uncles' decision to ban social media. 
 
 

Rajapaksas; the rulers and wreckers of Sri Lanka

Meet the Rajapaksas, the most brazenly nepotisitic political dynasty that ruined Sri Lanka

Rajapaksas: the rulers and wreckers of Sri Lanka

Meet the most brazenly nepotisitic political dynasty

Sri Lanka is bankrupt and burning. The global fuel and food shortage may have exasperated the crisis but the ruins of the economy were homegrown and nurtured by dynasty politics. Meet the Rajapaksa's the rulers and wreckers of the island nation.&nbsp; Mahinda Rajapaksa: At 76 he is the patriarch of the family, favoured by the Sinhala-Buddhist majority on the island nation who served as President of Sri Lanka from 2005 to 2015, and then briefly even as Prime Minister from 2004-2005. During his rule, Sri Lanka moved closer to China, borrowing almost $7bn for infrastructure projects, many of which turned into white elephants mired in corruption But his most recent reign as PM was 'gifted' to him by his elder Gotabaya Rajapaksa, who had become president.
Gotabaya Rajapaksa: A man from the forces, this Lieutenant Colonel was not just the President for the last 3 years but also the defence minister. Dubbed as 'The Terminator' he is credited as the one who led the Sri Lankan Armed Forces in the military defeat of the Tamil Tigers, which ended the Sri Lankan Civil War. Gotabaya was managed day to day ops of the army as Secretary to the Ministry of Defence for a decade (2005 to 2015) when Mahinda Rajapaksa was President. This senior Rajpaksa member had many corruption charges which vanished as he became President.&nbsp;
Basil Rajapaksa: Called &ldquo;Mr Ten Percent&rdquo; in a BBC interview in reference to commissions he allegedly took from government contracts, Basil, a seasoned strategist, controlled the money as the finance minister for the island nation. All cases against him were dropped once Gotabaya became president. Basil, who also holds a US citizenship was the second among the influential lot to resign from government.&nbsp;
Chamal Rajapaksa: Formerly a police officer and personal bodyguard to Sirimavo Bandaranaike, the world&rsquo;s first woman prime minister, Chamal had held the reins of the irrigation department as well as a significant standing in defence under brother Gotabaya. This 79 year old has previously been speaker of the house as well as shipping and aviation minister controlling all the traffic in and out of the bankrupt nation.&nbsp;
Shasheendra Kumara Rajapaksa: Beyond the big brothers the new age Rajpaksas had also started to make their mark. The eldest son of Chamal Rajapaksa was given responsibility under the law for agriculture as Minister of State which was facing acute pressure with the unthought/hasty decision of banning fertilizers which pushed the agri economy into complete bankruptcy.&nbsp;
Namal Rajapaksa: The eldest son of Mahinda, the scion of the Rajapaksa clan is the only one that stands out, a lawyer by education, Namal resigned early from the cabinet, days after publicly slamming his father and uncles' decision to ban social media.&nbsp;
Also watch: <a href="https://www.editorji.com/world-news/sri-lanka-protests-what-next-constitution-s-rules-acting-president-named-all-party-govt-announced-1657427584494" target="_blank">What next in Sri Lanka? Constitution's rules explained; acting President named; all-party govt announced</a>

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel.This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India.The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

Breaking News: Govt raises taxes on export of ATF, diesel and petrol

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF).

Taxing times for Mukesh Ambani

The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel

The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a&nbsp;₹6 per litre tax on exports of petrol and ATF and&nbsp;₹13 per litre on exports of diesel. This has a big impact on Mukesh Ambani backed Reliace Industries and state-owned ONGC who are the largest crude&nbsp; exporters for India. The government also slapped a ₹23,230 per tonne additional tax on domestically produced crude oil to take away windfall gains accruing to producers from high international oil prices.
The tax on exports follows oil refiners, particularly the private sector, reaping huge gains from exporting fuel to markets such as Europe and the US.
The tax on domestically produced crude oil follows local producers reaping windfall gains from the surge in international oil prices.

Celebrating the World MSME Day we look at the Micro, Small, and Medium Enterprises (MSMEs) of India that are truly the backbone of the economy.  MSME’s in India contribute nearly 8% of the country's GDP, approximately 45 % of manufacturing output, and 40% of export.With 6.3 crore enterprises registered with the MSME ministry, it is only second to China in size. MSMEs also created about 600,000 new jobs this past year, besides employing over 110 million people.Even as the industry grows rapidlly the challenges are also rising. Even though access to credit has improved dramatically, the problems around the supply chain are new.The critical step to boost Indian MSMEs is to connect them to the global markets through trade deals and agreements which the government is hoping to achieve via varied trade agreements with vital partners. 
 


World MSME Day: India's MSME industry set for a global introduction

India's MSME industry set for a global introduction

World MSME Day 2022

MSMEs contribute 45% of manufacturing output; 40% of export.

Celebrating the World MSME Day we look at the Micro, Small, and Medium Enterprises (MSMEs) of India that are truly the backbone of the economy. MSMEs in India contributes nearly 8% of the country's GDP, approximately 45 % of manufacturing output, and 40% of export.
Also read/watch| <a title="Zero-star-hotel: Find out why hundreds are booking a room here" href="https://www.editorji.com/business-news/zero-star-hotel-find-out-why-hundreds-are-booking-a-room-here-1656316110854">Zero-star-hotel: Find out why hundreds are booking a room here</a> With 6.3 crore enterprises registered with the MSME ministry, it is only second to China in size. MSMEs also created about 600,000 new jobs this past year, besides employing over 110 million people. Even as the industry grows rapidlly the challenges are also rising. Even though access to credit has improved dramatically, the problems around the supply chain are new. The critical step to boost Indian MSMEs is to connect them to the global markets through trade deals and agreements which the government is hoping to achieve via varied trade agreements with vital partners.

The Fed Chairman Jerome Powell faced a firing squad of questions as he appeared before the Senate Banking Committee that questioned the rationale of rate hikes. First of the block, US Senator Elizabeth Warren probed Fed chair Jerome Powell while telling him sternly "Don't 'drive this economy off a cliff."Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month."I would not think so," Powell said.Warren asked if grocery prices will go down because of the Fed's war on inflation."I wouldn't say so, no," Powell said.Inflation is like an illness, and medicine needs to be tailored to the specific problem. Otherwise you could make things a lot worse," Warren told Fed Chairman Jerome Powell during the hearing. "You could actually tip the economy into a recession," she said. The Fed has no control over global oil prices that are driving up gas prices, Warren said. "What's worse than high inflation and low unemployment?" Warren asked. "High inflation and recession with millions of people out of work," she answered. "I hope you consider that before you drive this economy off a cliff," she said.Powell’s testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades. With inflation at a 40-year high, the Fed’s policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago.

'Can high rates really bring down inflation?' Fed Chief faces brutal questioning

'If rates can't bring prices down, don't drive the economy off a cliff!' Fed Chief Powell faces a 'questioning squad' as his rate hike plans and rationale are challenged 

Fed Chair Powell was asked if Fed rate increases will lower gas prices, which have hit record highs this month.

The Fed Chairman Jerome Powell faced a firing squad of questions as he appeared before the Senate Banking Committee that questioned the rationale of rate hikes. First of the block, US Senator Elizabeth Warren probed Fed chair Jerome Powell while telling him sternly "Don't 'drive this economy off a cliff."
Also read/watch|<a title=" Watch: &lsquo;Baggage mountain&rsquo; at London airport, waiting for luggage extends to days " href="https://www.editorji.com/business-news/watch-baggage-mountain-at-london-airport-waiting-for-luggage-extends-to-days-1655952855685"> Watch: &lsquo;Baggage mountain&rsquo; at London airport, waiting for luggage extends to days</a> Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. "I would not think so," Powell said. Warren asked if grocery prices will go down because of the Fed's war on inflation. "I wouldn't say so, no," Powell said. Inflation is like an illness, and medicine needs to be tailored to the specific problem. Otherwise you could make things a lot worse," Warren told Fed Chairman Jerome Powell during the hearing. "You could actually tip the economy into a recession," she said. The Fed has no control over global oil prices that are driving up gas prices, Warren said. "What's worse than high inflation and low unemployment?" Warren asked. "High inflation and recession with millions of people out of work," she answered. "I hope you consider that before you drive this economy off a cliff," she said. Powell&rsquo;s testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades. With inflation at a 40-year high, the Fed&rsquo;s policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago.

Buckle up bulls as the bears are in the driving seat and it promises to be a wild ride down. Markets from Wall Street to Dalal Street feel the pain as central bankers globally take up the war against inflation and it may be a battle that only the market loses. There is a new phrase in town that is haunting traders 'GST' - Global Synchronished Tightening, making more costly and pushing a funding freeze across the glove

United States: Where it all started,reading of a 40-year high inflation has opened the doors to multiple 'big hikes'by the Fed who is not confident the rate hikes will be enough to bring inflation down. 
United Kingdown: Bank of England hiked rates for the fifth time in a row as inflation soars. 
Swiss National Bank unexpectedly increased interest rates for the first time since 2007
ECB starts taking some measures, but rate hike pushed to end July. 
Hong Kong raised rates on Thursday following Fed third such hike this year
South Korea cuts growth outlook to the slowest in 3 years, cuts corporate tax to help industry 


Explained: Falling global markets and what is the new 'GST' fear

Explained: Falling global markets and what is the new 'GST' fear for traders worldwide

Central banks globally are vowing to fight inflation with higher rates

Buckle up bulls as the bears are in the driving seat and it promises to be a wild ride down. Markets from Wall Street to Dalal Street feel the pain as central bankers globally take up the war against inflation and it may be a battle that only the market loses. There is a new phrase in town that is haunting traders 'GST' - Global Synchronished Tightening, making more costly and pushing a funding freeze across the globe.&nbsp;
Also read/watch| <a title="US markets collapse, Dow sinks 700 points to year low" href="https://www.editorji.com/business-news/markets/markets-live-updates-us-markets-collapse-dow-sinks-700-points-to-year-low-1655425366697">US markets collapse, Dow sinks 700 points to year low</a>
<ul>
<li>United States: Where it all started, reading of 40-year high inflation has opened the doors to multiple 'big hikes' by the Fed who is not confident the rate hikes will be enough to bring inflation down.&nbsp;</li>
<li>United Kingdom: Bank of England hiked rates for the fifth time in a row as inflation soars.&nbsp;</li>
<li>Swiss National Bank unexpectedly increased interest rates for the first time since 2007</li>
<li>ECB starts taking some measures, but the rate hike pushed to the end of July.&nbsp;</li>
<li>Hong Kong raised rates on Thursday following Fed's third such hike this year</li>
<li>South Korea cuts growth outlook to the slowest in 3 years, cuts corporate tax to help industry&nbsp;</li>
</ul>

The Sri Lankan government has taken an initiative in order to save the country's economy by giving its public sector employees official every Friday leave for three months so that they can grow crops for themselves.
This means that employees will work only for four days in a week and every Friday they will engage in some agricultural activity for their livelihood.
The move comes after the country continues to face a shortage crisis since many decades. The government approved the proposal keeping in mind that it would be a solution to the food shortages that are expected to occur in the future.
However, a week ago the United Nations also gave a warning of a "dire humanitarian crisis" and said that four out of five people in the nation of 22 million were forced to skip meals.
 

Sri Lanka govt employees to get extra leave every week for farming

This means that employees will work only for four days in a week without a pay cut and every Friday they will engage in agricultural activity.&nbsp;

The Sri Lankan government has taken an initiative to save the country's economy by giving its public sector employees official every Friday leave for three months so that they can grow crops for themselves.
This means that employees will work only for four days in a week without a pay cut and every Friday they will engage in agricultural activity.&nbsp;
The move comes as the country faces its worst economic crisis in decades. The Sri Lankan govt's proposal is aimed at addressing food shortage concerns.
A week ago the United Nations gave a warning of a "dire humanitarian crisis" and said that four out of five people in the island nation of 22 million were forced to skip meals.
ALSO WATCH: <a href="https://www.editorji.com/world-news/want-to-fix-economy-drink-less-tea-pakistan-minister-s-unusual-solution-1655304367937" target="_blank">Want to fix economy? Drink less tea: Pakistan minister's unusual solution</a>

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After banning wheat exports in May, the government has now decided to put in place a new approval framework for wheat flour and other related products like maida, semolina (rava / sirgi), wholemeal atta and resultant atta. 
Exporters of wheat flour would now need approval of the inter-ministerial committee for shipments of atta. The new requirement will be applicable from July 12.
"Export policy of wheat flour (atta) remains free but export shall be subject to recommendation of inter-ministerial committee on export of wheat," the Directorate General of Foreign Trade (DGFT) said in a notification.
 

After wheat, India puts restrictions on export of wheat products

After banning wheat exports in May, the government has now decided to put in place a new approval framework for wheat flour and other related products like maida, semolina (rava / sirgi), wholemeal atta and resultant atta. 

All exporters to seek prior permission from the inter-ministerial committee on wheat export before undertaking any outbound shipment

After banning wheat exports in May, the government has now decided to put in place a new approval framework for wheat flour and other related products like maida, semolina (rava / sirgi), wholemeal atta and resultant atta.&nbsp;
Exporters of wheat flour would now need approval of the inter-ministerial committee for shipments of atta. The new requirement will be applicable from July 12.
Also read/watch| <a title="Relief from burning high prices, edible oil prices to get cheaper&nbsp;" href="https://www.editorji.com/business-news/relief-from-burning-high-prices-edible-oil-prices-to-get-cheaper-1657179359603">Relief from burning high prices, edible oil prices to get cheaper&nbsp;</a>
"Export policy of wheat flour (atta) remains free but export shall be subject to recommendation of inter-ministerial committee on export of wheat," the Directorate General of Foreign Trade (DGFT) said in a notification.

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.  Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill. 
What does the bill propose to do?

Enable consumers to choose from multiple power suppliers in an area, just like in telecom 
Introduce concept of graded revision of tarriff 
Fixing of maximum and minimum tarriff offered by the power companies 
Allow network sharing for optimum utilisation
Regulation and obligation to source power from renewable sources. 

Who is opposing?The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers’ Protests is also protesting the proposed amendments. What are the main points of opposition 

The govt did not hold consultations with all concered before tabling 
Would hurt government discom balance sheets further 
Protestors claim that only government discoms or distribution companies will have universal power supply obligations
Private operators will choose to be available only in 'profitable' areas 
 Profit-making areas will be snatched from government discoms
Given central govt authority to allow private distributors to use state built networks
Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually
Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition. 

What next?Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

Explained: The new Electricity Bill and the opposition it faces

Explained: The new electricity bill and the opposition it faces

The new power struggle in Lok Sabha over the Electricity Bill 

Centre on Monday, 8 August, tabled the Electricity Amendment Bill 2022 in the Lok Sabha during the Parliament's Monsoon Session.

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.&nbsp; Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill.&nbsp;
What does the bill propose to do?
<ul>
<li>Enable consumers to choose from multiple power suppliers in an area, just like in telecom&nbsp;</li>
<li>Introduce concept of graded revision of tariff&nbsp;</li>
<li>Fixing of maximum and minimum tariff offered by the power companies&nbsp;</li>
<li>Allow network sharing for optimum utilisation</li>
<li>Regulation and obligation to source power from renewable sources.&nbsp;</li>
</ul>
Who is opposing? The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers&rsquo; Protests is also protesting the proposed amendments.&nbsp; What are the main points of opposition?&nbsp;
<ul>
<li>The govt did not hold consultations with all concerned before tabling&nbsp;</li>
<li>Would hurt government discom balance sheets further&nbsp;</li>
<li>Protestors claim that only government discoms or distribution companies will have universal power supply obligations</li>
<li>Private operators will choose to be available only in 'profitable' areas&nbsp;</li>
<li>&nbsp;Profit-making areas will be snatched from government discoms</li>
<li>Given central govt authority to allow private distributors to use state built networks</li>
<li>Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually</li>
<li>Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition.&nbsp;</li>
</ul>
What next? Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

As the cost of living crisis set to esclate even further, thousands of Britishers are pledging not to pay their bills starting October 1  "75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK" . Who is organising this protest?Don’t Pay UK is an anonymous group organising the campaign and it hopes enough people will follow suit to put energy companies in “serious trouble”. Why the pledge not to pay in fall?From 1 October, the energy price cap – the maximum amount suppliers can charge in England, Scotland and Wales – will go up, leading to further bill rises for millions of customers. As per the Bank of England from Oct. 1, the average household will pay almost £300 a month for power. The cost of living crisis UK is facing the fastest pace of price rise in over 30 years aas inflation is expected to hit 13%. Responding the price rise Bank of England (BoE) Governor Andrew Bailey hiked interest rates the most in 27 years and warned that risks of a recession are mounting. 

Find out why 75,000 Brits will stop paying their power bill

Don't Pay: Find out why 75,000 Brits will stop paying their power bill

Don't pay: Rising against price rise

75,000 irritated people in the UK have pledged not to pay their electricity bills this fall&nbsp;

As the cost of living crisis is set to escalate even further, thousands of Britishers are pledging not to pay their bills starting October 1&nbsp;&nbsp; "75,000 people have pledged to strike on October 1st! If the government &amp; energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK".&nbsp; Who is organising this protest? Don&rsquo;t Pay UK is an anonymous group organising the campaign and it hopes enough people will follow suit to put energy companies in &ldquo;serious trouble&rdquo;.&nbsp;
<a href="https://www.editorji.com/business-news/spicejet-turbulence-md-ajay-singh-booked-by-gugraon-police-find-out-why-1657598926144">SpiceJet turbulence: MD Ajay Singh booked by Gurgaon police, find out why</a> Why the pledge not to pay in fall? From 1 October, the energy price cap &ndash; the maximum amount suppliers can charge in England, Scotland and Wales &ndash; will go up, leading to further bill rises for millions of customers. As per the Bank of England from Oct. 1, the average household will pay almost &pound;300 a month for power.&nbsp;
<a href="https://www.editorji.com/sports-news/cricket/look-after-your-cricket-don-t-tell-us-what-to-do-sunil-gavaskar-s-advice-to-england-australia-1659765587957">'Look after your cricket, don't tell us what to do': Sunil Gavaskar's advice to England &amp; Australia</a> The cost of living crisis&nbsp; UK is facing the fastest pace of price rise in over 30 years as inflation is expected to hit 13%. Responding the price rise Bank of England (BoE) Governor Andrew Bailey hiked interest rates for the most in 27 years and warned that risks of a recession are mounting.&nbsp;

RBI Monetary Policy : On expected lines the Reserve Bank of India (RBI) raised repo rate for a third time since May as Governor Shaktikanta Das and the MPC team continue attempts to slay sticky inflation. 

RBI Monetary Policy: Repo rate hiked by 50 bps, outlook remains cautious

Third time also not a charm! RBI hikes repo rates but leaves the door open for more. 

RBI Monetary Policy: Repo rate hiked by 50 bps 

Governor Shaktikanta Das-led Monetary Policy Committee (MPC) hiked the policy repo rate for the third time in a row on Friday

RBI Monetary Policy : On expected lines the Reserve Bank of India (RBI) raised repo rate for a third time since May as Governor Shaktikanta Das and the MPC team continue attempts to slay sticky inflation.&nbsp; RBI hiked rates by 50 bps, making rates the highest since August 2019 bring them back to pre-covid levels of 5.4%. Alluding to the sharp appreciation of US Dollar and tightening global flows Governor Das continued to keep his outlook very cautious.&nbsp;
<a href="https://www.editorji.com/business-news/rbi-monetary-policy-preview-what-to-expect-from-rates-1659612114383">RBI monetary policy preview : What to expect from rates</a>
In fact the <a href="https://www.editorji.com/business-news/revealed-the-rbi-governor-s-salary-the-comparison-with-a-bank-ceo-is-shocking-1658988164613">RBI </a>retained their growth outlook and also maintained its policy stance is retained at 'Withdrawal of Accommodation'.

With Inflation being the biggest elephant in the room to fending off further attacks on the rupee, EJBIZ explains what are the key factors India’s central bank is expected to deliver in its main policy rate on Aug 5th: 

US Fed has made another aggressive rate hike by 75 basis points in the latest policy to tame inflation. RBI is also expected to hike the rate for the third consecutive time. Experts predict a rate hike of 25-50 basis points from RBI in this upcoming policy. 
As the meeting comes at a time when global central banks are tightening the monetary policy and raising interest rates, many experts now believe that the RBI is more likely to go for a 25-35 basis points (BPS) increase in policy rate than a 50 bps hike.
Currently, inflation is at 7.01% in June and has been above RBI's comfort zone of 6% for the sixth-consecutive month.
While the rupee has hit a series of lows in recent months, dropping past 80 to a dollar in July, it has pulled back amid signs of returning foreign fund inflows. It is advisable that RBI should keep a tab on interest rate differentials with the US to curb any build-up of speculative pressures on the INR, triggered by low implied yields that reduces the cost of shorting rupee. 


RBI monetary policy preview: What to expect from rates

RBI set to hike rates back to the pre-pandemic level. Gear up for further pressure on you EMIs. 

RBI monetary policy: The key expectations

RBI monetary policy preview : Highly likely the six-member panel will go for another interest rate hike to curb rising inflation

RBI monetary policy preview: The <a href="https://www.editorji.com/business-news/rbi-monetary-policy-preview-what-to-expect-from-rates-1659612114383">Reserve Bank of India's Monetary Policy</a> Committee will announce its decision on rates at 10 am on August 5 and the street is betting yet again on hike in rates. The bets vary from 25-50 bps as Governor Shaktikanta Das continues to attempt slaying the impact of imported inflation.
<h3>Here are the factors at play on the MPC's agenda:&nbsp;&nbsp;</h3>
<ul>
<li>As US Fed has made another aggressive rate hike by 75 basis points in the latest policy to tame inflation.</li>
<li>The pace of hikes by the Fed is the fastest in 40 years last seen in the era of Paul Volcker</li>
<li>Currently, inflation is at 7.01% in June and has been above RBI's comfort zone of 6% for the sixth-consecutive month.</li>
<li>Reserve Bank of India&rsquo;s six-member monetary policy committee will now likley increase the repurchase rate by 50 basis points to 5.40%, a level last seen in August 2019.</li>
<li>Commentary on currency also remains critical as the rupee languishes at record low and India's trade deficit also hitting record high.&nbsp;</li>
</ul>
<a href="https://www.editorji.com/business-news/big-job-losses-walmart-lays-off-hundreds-slashes-profit-guidance-1659588670683">Big job losses: Walmart lays off hundreds, slashes profit guidance</a> &nbsp;

Fed Rate Hike : The Federal Reserve raised rates by yet another 75 bps and kept the door open for a another hike. The markets however rallied sharply in the US despite the rate hike as Fed Chief Jerome Powell said.

Fed rate hike to massive market rally: All that happened overnight

Fed raises rates but Fed Chief Powell's comments power up the markets

<div class="hed-and-dek__f2fe7f0f">
<div class="abstract-item-text__d2d4dde8">Powell said pace of Fed rate increases will slow at some point</div>
</div>
<div class="content-well__5e77db71">
<div class="lede__8cfb9125"><address class="lede-byline__a846e17f">&nbsp;</address></div>
</div>

Fed Rate Hike : The Federal Reserve raised rates by yet another 75 bps and kept the door open for a another hike. The markets however rallied sharply in the US despite the rate hike as Fed Chief Jerome Powell&nbsp;said he does not think the US is currently in a recession. With 75 bps done again, it takes the cumulative June-July increase to 150 basis points, which is the steepest move up since the early 1980s.&nbsp;
The <a href="https://www.editorji.com/business-news/stock-market-live-udpates-sensex-nifty-crack-on-fed-rate-hike-fears-1650599602810" target="_blank" rel="nofollow noopener">Fed's latest hike</a> lifts the benchmark short-term rate to its highest level since 2018. The central bank is betting that it can slow growth just enough to tame inflation yet not so much as to trigger a recession.
The Dow Jones Industrial Average closed 1.37% higher, or 436 points, to close at 32,197.
<a href="https://www.editorji.com/business-news/revealed-the-rbi-governor-s-salary-the-comparison-with-a-bank-ceo-is-shocking-1658988164613" target="_blank" rel="nofollow noopener">Revealed: The RBI Governor's salary, the comparison with a bank CEO is shocking!&nbsp;</a>
The S&amp;P 500 gained 2.6%- 102 points higher at 4,023 while the technology heavy Nasdaq jumped by 4.06% - the most in over two years - to close 469 points higher at 12,032.

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