Name: India GDP latest news: Growth comes in lower than initial estimates, GDP target cut by Govt
Uploaded: 2022-02-28T18:28:12.000+05:30
Duration: T00M54S
Channel: EJ Biz Desk
Description: India GDP latest news

Diesel and petrol prices slashed in a big relief to the common man as the Modi government cut excise duty on fuel. Central govt reduced the duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect. This is the second cut in excise duty by the central govt in less than a year. Collective cut in excise Rs 13 on petrol and Rs 15 on diesel, this cut now reverses the govts hike in excise that it did in 2020The move will have revenue implication of around Rs 1 lakh crore per year for the government.
 

Govt cuts excise duty sharply, petrol and diesel to be cheaper

This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect.

Petrol, diesel prices cut: Modi govt reduces excise duty as fuel costs reach historic highs

"This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre," Finance Minister Nirmala Sitharaman&nbsp;tweeted

Diesel and petrol prices slashed in a big relief to the common man as the Modi&nbsp;government cut excise duty on fuel. Central govt reduced the duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.&nbsp; This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect. This is the second cut in excise duty by the central govt in less than a year. Collective cut in excise Rs 13 on petrol and Rs 15 on diesel, this cut now reverses the govts hike in excise that it did in 2020.
ALSO WATCH | <a href="https://www.editorji.com/india-news/200-per-lpg-cylinder-subsidy-for-ujjwala-yojana-beneficiaries-announced-by-modi-govt-watch-for-details-1653143465782" target="_blank">₹200 per LPG cylinder subsidy for Ujjwala Yojana beneficiaries announced by Modi govt</a> The move will have revenue implication of around Rs 1 lakh crore per year for the government.
&nbsp;

In a cash boost to the government the Reserve Bank of India (RBI) approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. This figure however is one of the lowest in nearly a decade and much lower than the budget estimates. 
The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement.
The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
Last year in May, RBI declared a dividend of Rs 99,122 crore for the nine-month period (July 2020 to March 2021). The dividend was paid for that period as RBI aligned its financial year with the government's financial year.
Earlier, RBI used to follow July-June period earlier as against government's April-March financial year.
During its meeting, the board reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.
The board also discussed the working of RBI during the year April 2021 – March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.

RBI's ₹30,000 cr payout to the Govt, lowest in nearly a decade

RBI's Rs 30,000 cr payout to the Govt, lowest in nearly a decade

RBI's dividend kitty shrinks!

The dividend for FY22, which will be transferred in FY23 is much lower than what the government had estimated in Budget 2022.

In a cash boost to the government the&nbsp;Reserve Bank of India (RBI) approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. This figure however is one of the lowest in nearly a decade and much lower than the budget estimates.&nbsp;
The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement.
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The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
Last year in May, RBI declared a dividend of Rs 99,122 crore for the nine-month period (July 2020 to March 2021). The dividend was paid for that period as RBI aligned its financial year with the government's financial year.
Earlier, RBI used to follow July-June period earlier as against government's April-March financial year.
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During its meeting, the board reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.
The board also discussed the working of RBI during the year April 2021 &ndash; March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.The court ruled that both Parliament & State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."  Justice Chandrachud read out. 

Supreme Court says GST Council recommendations are not binding on States

GST Council Recommendations Not Binding On Centre &amp; States Both Parliament &amp; State Legislatures Can Legislate On GST Justice DY Chandrachud: "Recommendations of GST council are product of collaborative discussion. It is not imperative that one of the federal units must always possess a higher share

States can legislate on GST, SC ruling changes the dynamic

Central government and States have simultaneous powers to legislate on GST: Supreme Court

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).
A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525" target="_blank">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a>
The court ruled that both&nbsp;Parliament &amp; State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."&nbsp; Justice Chandrachud&nbsp;read out.&nbsp;
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LPG cylinder prices hiked once gain and with the latest revision the price of the cooking gas cylinder has skyrocketed above Rs 1000 all over the country. LPG prices  for domestic usewere hiked by Rs 3.5/cylinder effective immediately. Price for the commercial use cylinder has been hiked by a steep Rs 8. With the hike, the price of a domestic LPG cylinder in Delhi and Mumbai is Rs 1003, in Kolkata the domestic LPG cylinder will cost Rs 1029, and in Chennai it will cost Rs 1018.5 from today.This is the second hike in the month of May following the firming of international energy rate. Since April 2021, prices have risen by over Rs 190 per cylinder.

LPG price hiked again, cylinder rates cross Rs 1,000 all over India

LPG price hiked again, cylinder rates cross Rs 1000  all over India

A 14.2kg LPG cylinder will now cost Rs 1,003 in Delhi. In Kolkata, the rates have been revised to Rs 1,029 per cylinder, and in Chennai a cylinder will cost Rs 1,018.5 after the rate hike

LPG&nbsp;cylinder prices hiked once again and with the latest revision, the price of the cooking gas cylinder has skyrocketed above Rs 1,000 all over the country. LPG&nbsp;prices for domestic cylinders were hiked by Rs 3.5/cylinder effective immediately. The price for the commercial use cylinder has been hiked by a steep Rs 8.
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With the hike, the price of a domestic LPG cylinder in Delhi and Mumbai is Rs 1,003, in Kolkata the domestic LPG cylinder will cost Rs 1,029, and in Chennai, it will cost Rs 1,018.5 from today.
This is the second hike in the month of May following the firming of the international energy rate. Since April 2021, prices have risen by over Rs 190 per cylinder.
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No money, No fuel! Sri Lanka's new PM warned residents of th e crisis-hit island nation that they have run out of petrol and there are no dollar reserves to finance essential imports. The newly appointed PM, Ranil Wickremesinghe in an address to the nation on Monday said "We have run out of petrol... At the moment, we only have petrol stocks for a single day." Reportedly three shipments of oil are waiting outside the Colombo harbour for payments before discharging their cargoes.He also added: "We must also immediately obtain $20m to provide gas to consumers. The situation of kerosene and furnace oil is even more urgent."
Wickremesinghe warned that the bankrupt country could face more hardships in the coming months."Payments have not been made for four months to suppliers of medicine, medical equipment, and food for patients," the Sri Lankan PM apprised the nation. The island nation faces its worst economic crisis since independence in 1948 and is on the brink of bankruptcy.
 

Sri Lanka Crisis Latest News Update: Nation is out of petrol

The newly appointed PM, Ranil Wickremesinghe in an address to the nation on Monday said "We have run out of petrol... At the moment, we only have petrol stocks for a single day."

Sri Lanka is out of petrol!

Two shipments of petrol and two of diesel using an Indian credit line could provide relief in the next few days

No money, No fuel! Sri&nbsp;Lanka's&nbsp;new PM warned residents of th e crisis-hit island nation that they have run out of petrol and there are no dollar reserves to&nbsp;finance essential imports. The newly appointed PM, Ranil Wickremesinghe&nbsp;in an address to the nation on Monday said&nbsp;"We have run out of petrol... At the moment, we only have petrol stocks for a single day." Reportedly&nbsp;three shipments of oil are waiting outside the Colombo harbour for payments before discharging their cargoes.
Also read/watch| <a title="Why Elon Musk tweeted a poop emoji to CEO Parag Agrawal" href="https://www.editorji.com/business-news/why-elon-musk-tweeted-a-poop-emoji-to-ceo-parag-agrawal-1652757611513">Why Elon Musk tweeted a poop emoji to CEO Parag Agrawal</a> He also added: "We must also immediately obtain $20m to provide gas to consumers. The situation of kerosene and furnace oil is even more urgent."
Wickremesinghe warned that the&nbsp;bankrupt country could face more hardships in the coming months. "Payments have not been made for four months to suppliers of medicine, medical equipment, and food for patients," the Sri&nbsp;Lankan PM apprised the nation.&nbsp; The island nation&nbsp;faces its worst economic crisis since independence in 1948 and is on the brink of bankruptcy.

India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads. 
After months of a tiff with the Indian govt surrounding the cut in import duty for EVs, the chances of Musk making India the hub for Tesla production in Asia look bleak, at least for now.
Indonesia, which has the world’s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.Why Indonesia?In recent months, Indonesia has grabbed the attention of several battery and car manufacturers through its variety of incentives. The country, which has the world's most extensive nickel reserves, wants to build a complete supply chain for extracting battery chemicals from the metal rather than simply exporting it.With a friendly policy bolstering the country’s EV goals, manufacturers have started committing billions of dollars. LG Energy Solution, along with other companies, is investing about $9 billion to set up a supply chain, from mining to manufacturing, in the country. Together with Hyundai Motor Co., the firm is developing a battery plant, too, as per a Bloomberg report.

Not India, Elon Musk may choose Indonesia as Tesla's production hub

Tesla manufacturing: India's loss, Indonesia's gain?

Indonesia's government said in a statement that President Joko Widodo met Tesla Inc Chief Executive Elon Musk in Texas.

India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads.&nbsp;
Dissatisfied with India's high import duties and lack of an ecosystem to support EV sales,&nbsp;Musk is exploring other locations in Asia for a Tesla factory. And Indonesia could mark the spot. Also read/ watch|&nbsp;<a title="LIC IPO listing tomorrow: What does the grey market say" href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856">LIC IPO listing tomorrow: What does the grey market say</a> Bloomberg&nbsp;reports that Elon&nbsp;Musk&nbsp;met with Indonesian President Joko Widodo at the rocket manufacturer&rsquo;s site in Boca Chica, Texas, over the weekend, during which Widodo extended an invite for the CEO.&nbsp; Musk as per a statement released by the President's office is looking at visit&nbsp;&ldquo;Hopefully in November" Also read/watch|<a title=" Adani to acquire Ambuja Cement and ACC from Holcim" href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053"> Adani to acquire Ambuja Cement and ACC from Holcim</a> Indonesia, which has the world&rsquo;s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji Explains: 

The government said the move was made in order to “manage the overall food security of the country"
Atta prices in India saw the biggest surge in 11 years in Apri on increased demand
Though buffer stock remains adequate in India, the heatwave has reduced crop production estimates 
Excessive heat typically shrivels grains almost ready for harvest
Price rise for wheat adds pressure to MSP pricing for the govt as well
MSP for this season was fixed at Rs 2,015 per 100 kg while current wheat price in India, at around Rs 2,400 per 100 kg
Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure 


EJ Explains| Why India has banned wheat exports 

Among the four metros, the average wheat flour retail price was the highest in Mumbai at Rs 49 per kg, followed by Chennai at Rs 34, Kolkata Rs 29, and Delhi Rs 27.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji&nbsp;Explains:&nbsp;
<ul>
<li>The government said the move was made in order to &ldquo;manage the overall food security of the country"</li>
<li>Atta prices in India saw the biggest&nbsp;surge in 11 years in Apri on increased demand</li>
<li>Though buffer stock remains adequate in India, the heatwave&nbsp;has reduced crop production estimates&nbsp;</li>
<li>Excessive heat typically shrivels grains almost ready for harvest</li>
<li>Price rise for wheat adds pressure to MSP pricing for the govt as well</li>
<li>MSP&nbsp;for this season was fixed at Rs 2,015 per 100 kg while&nbsp;current wheat price in India, at around Rs 2,400 per 100 kg</li>
<li>Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure&nbsp;</li>
<li>Consumer price inflation in India has soared to a 8 year high&nbsp;</li>
<li>India already battling imported inflationary pressures due to high prices of crude</li>
</ul>

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat … is prohibited with immediate effect…," the DGFT said in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war. Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat. 
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up. Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

India bans export of wheat with immediate effect, DGFT notifies export ban 

Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.

India bans export of wheat as prices soar domestically

India has prohibited wheat exports with immediate effect, the government said in a notification&nbsp;

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat &hellip; is prohibited with immediate effect&hellip;," the DGFT said&nbsp;in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war.&nbsp;Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat.&nbsp;
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up.&nbsp;Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

Barely recovered from a two-year bout of Covid, emerging markets, and now capital flight. Inflation in Turkey has surged to a two-decade high of 69.97% in April. 
Skyrocketing prices have placed significant pressure on households and ramped up criticism of President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.
In April, the bank kept its benchmark interest rate steady for the fourth consecutive month, bowing to pressure despite high inflation.
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey. The biggest price increases in Turkey last month were in the transportation sector, at 106%, followed by food and non-alcoholic beverage prices at 89%, according to the data.
The Turkish Statistical Institute said consumer prices rose by 69.97 per cent in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14 per cent in March. 

Turkey: economic pain continues as inflation accelerates to 70%

Shocking Inflation: This country has a 70% inflation rate

Turkey's cost of living crisis is growing after official data showed that inflation in the country rose to nearly 70%

Turkey is facing the highest prices in over 20 years as inflation soared to an unimaginable 70% in April and yet there is little in the arsenal to fight runaway inflation.&nbsp;Despite soaring prices President Recep Tayyip Erdogan, who is a self proclaimed enemy of rate hikes, has insisted that the central bank keeps rates unchanged. This easy money policy while the global market changed course has led to a crisis in the currency, which lost as much as half its value against the dollar in a matter of weeks in December. Despite some stability the value of the Lira is down 12% vs the dollar in the year so far.&nbsp;
Also read/watch|&nbsp;<a title="Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;" href="https://www.editorji.com/business-news/economy/shocking-inflation-this-country-raised-prices-of-basic-staples-by-300-1652423177372">Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;</a> The biggest price increases in April were in the transport sector, standing at 105.9%, while the prices of food and non-alcoholic drinks jumped 89.1%.
Turkey&rsquo;s financial crisis has been further compounded by Russia&rsquo;s invasion of&nbsp;Ukraine, which has driven up prices, particularly for wheat. The loss of Ukrainian supplies has left it scrambling to find alternatives. For the first time, Turkey has placed orders for 50,000 tonnes of wheat imports from India and reports indicate&nbsp;has started to buy wheat through private electronic-mandi&nbsp;as the price of 'atta' touches a record high even in India.&nbsp;

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

Shocking Inflation: This country raised prices of basic staples by 300% 

Scores of alarmed Iranians waited in long lines to snatch up bundles of food

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
Also read/watch|&nbsp;<a title="Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears" href="https://www.editorji.com/business-news/terra-s-terror-crypto-reality-strikes-outrage-as-luna-coin-disappears-1652421871975">Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears</a>
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

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India GDP latest news: Growth comes in lower than initial estimates

After the Q3 growth at FY22 growth estimated was also cut. The statistics ministry also said India's GDP will likely grow by 8.9 percent in FY22, down from its first advance estimate of 9.2 percent, released in early January 2022.

Govt cuts GDP estimates after Q3 fails to meet estimates 

India's Q3 Gross Domestic Product expands 5.4%

India GDP&nbsp;latest news: Growth for October-December comes in at 5.4% vs first estimates of 5.9%. Growth was slower vs estimates across&nbsp;sectors especially in manufacturing and construction. Here are the growth figures for Oct-December
Also read and watch|&nbsp;<a title="Fat tax is coming! Govt set to impose tax on unhealthy food items" href="https://www.editorji.com/business-news/fat-tax-is-coming-govt-set-to-impose-tax-on-unhealthy-food-items-1646038246205">Fat tax is coming! Govt set to impose tax on unhealthy food items</a>
<ul>
<li>Agriculture&nbsp;Growth at 2.6%&nbsp;</li>
<li>Manufacturing Growth flat at t 0.2% vs industry estimate of 7%</li>
<li>Construction growth contracted, at -2.8% vs expectation of 8%</li>
</ul>
After the Q3 growth at FY22 growth estimated was also cut.&nbsp;The statistics ministry also said India's GDP will likely grow by 8.9 percent in FY22, down from its first advance estimate of 9.2 percent, released in early January 2022.

Moody's Investors Service slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high prices as the main culprit.&nbsp;
Moody's stated that the&nbsp;rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. It also added that rate hikes to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum.&nbsp;"We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent, while maintaining our 2023 growth forecasts at 5.4 per cent,&rdquo; Moody's said.
Earlier this month, S&amp;P Global Ratings had cut India's growth projection for 2022-23 to 7.3 per cent, from 7.8 per cent earlier, on rising inflation and longer-than-expected Russia-Ukraine conflict.
In March, Fitch had cut India growth forecast to 8.5 per cent, from 10.3 per cent, citing sharply high energy prices on account of Russia-Ukraine war.India has seen 13 consecutive month of double digit inflation on WPI&nbsp;and the CPI as well has been above the RBI's&nbsp;threshold for 4 months prompting out of turn rate hikes.&nbsp;
&nbsp;

Moody’s slashes India’s GDP forecast due to high prices

&ldquo;We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent."

Moody's Investors Service slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high prices as the main culprit.&nbsp;
Moody's stated that the&nbsp;rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. It also added that rate hikes to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum.&nbsp; "We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent, while maintaining our 2023 growth forecasts at 5.4 per cent,&rdquo; Moody's said.
Earlier this month, S&amp;P Global Ratings had cut India's growth projection for 2022-23 to 7.3 per cent, from 7.8 per cent earlier, on rising inflation and longer-than-expected Russia-Ukraine conflict.
In March, Fitch had cut India growth forecast to 8.5 per cent, from 10.3 per cent, citing sharply high energy prices on account of Russia-Ukraine war. India has seen 13 consecutive month of double digit inflation on WPI&nbsp;and the CPI as well has been above the RBI's&nbsp;threshold for 4 months prompting out of turn rate hikes.&nbsp; 
&nbsp;

After oil, lemons and wheat now tomatoes are jeopardising the common man's kitchen budget!While cherry tomato is being sold at 360 per kg in the national capital region, in many cities its prices have reached Rs 100 for regular tomatoes amid shortfall in supply.Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier. 
While the retail prices of atta have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also risen to Rs 350 per kg in Delhi.  
Prices of spices have surged, led by cumin.  Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third. 
 
 

Tomatoes hit a centuru! Prices turn consumers red in anger

After oil, lemons and wheat, tomatoes are now jeopardising the common man's kitchen budget!


Tomatoes hit a century! Prices turn consumers red in anger

Amid the shortage of supply, the tomato prices have reached Rs 80 to Rs 100 per Kg

Move aside lemons, tomatoes are taking over the shocking price spotlight as prices soar to Rs 100/kilo in the retail market. Shortage in supply and unpredictable weather conditions have led to a huge price in the prices of this essential vegetable.&nbsp; Wholesale prices of tomatoes in Chennai are in the range of Rs 80 to Rs 95 and are expected to rise only due to heavy rainfall in both Andhra and Karnataka. Meanwhile, the gourmet option i.e. the cherry tomato is being sold at 360 per kilo by various delivery apps.&nbsp;
Also read/watch| <a title="Pakistan faces bankruptcy, funds to cover only 2 months of imports" href="https://www.editorji.com/business-news/economy/pakistan-faces-bankruptcy-funds-to-cover-only-2-months-of-imports-1653549270203">Pakistan faces bankruptcy, funds to cover only 2 months of imports</a> Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier.&nbsp;
While the retail prices of&nbsp;atta&nbsp;have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also&nbsp;risen to Rs 350 per kg in Delhi.&nbsp;&nbsp;
Prices of spices have surged, led by cumin.&nbsp;&nbsp;Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third.&nbsp;
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Pakistan in the headlines but the news grim as the economy faces a complete collapse. The govt is hoping that the IMF will lift the suspension and provide the much needed financial assistance to keep the country afloat. The foreign exchange reserves with the govt has dwindled to $10 billion, just enough to cover imports up to 2 months and if you take out the gold and look at just the liquid reserves it is barely enough to cover 1 month of imports. The govt is overshooting expenditure and running out of money. The fiscal deficit could hit $30 bn, or about 8.8% of GDP by the end of this quarter. High subsidies, not passing on petrol price hikes, low tax collection from the rich and political turmoil has taken a severe toll on the finances. Add to that mounting debt and inability to get funds as international debt market remain virtually shut. Adding to the repayment pressure, Pakistan also owes China $4.3 bn in short-term loans in addition to the expensive loans to finance the power plants built under the China-Pakistan Economic Corridor programme. The new government hopes to stop the bleeding with an enhanced IMF package and more short-term loans from allies China and Saudi Arabia. Meanwhile it rolls out big rate hikes to battle high inflation which now is clocking above 13% and likely to escalate to 30% as per some experts. 

Pakistan's economy at the bring of collapse! Will IMF rescue it?

Pakistan faces bankruptcy, funds to cover only 2 months of imports

Pakistan and IMF have been negotiating over $3 billion from a loan program

Pakistan in the headlines but the news grim as the economy faces a complete collapse. The govt is hoping that the IMF&nbsp;will lift the suspension and provide the much needed financial assistance to keep the country afloat.&nbsp; The foreign exchange reserves with the govt has dwindled to $10 billion, just enough to cover imports up to&nbsp;2 months and if you take out the gold and look at just the liquid reserves it is barely enough to cover 1 month of imports. The govt is overshooting expenditure and running out of money. The fiscal deficit could hit $30 bn, or about 8.8% of GDP by the end of this quarter.&nbsp;
Also read/watch| <a title="Tomatoes hit a century! Prices turn consumers red in anger" href="https://www.editorji.com/business-news/personal-finance/tomatoes-hit-a-century-prices-turn-consumers-red-in-anger-1653549844226">Tomatoes hit a century! Prices turn consumers red in anger</a> High subsidies, not passing on petrol price hikes, low tax collection from the rich and political turmoil has taken a severe toll on the finances. Add to that mounting debt and inability to get funds as international debt market remain virtually shut. Adding to the repayment pressure,&nbsp;Pakistan also owes China $4.3 bn in short-term loans in addition to the expensive loans to finance the power plants built under the China-Pakistan Economic Corridor programme.&nbsp; The new government hopes to stop the bleeding with an enhanced IMF package and more short-term loans from allies China and Saudi Arabia. Meanwhile it rolls out big rate hikes to battle high inflation which now is clocking above 13% and likely to escalate to 30% as per some experts.&nbsp;

The Modi govt has come out guns blazing to reduce the pressure of prices on the common man with a hat trick of measures ranging from fuel, cooking gas to fertilizer subsidy. Excise duty cut Pulling down record high prices at the fuel pump, the Finance Minister announced a reduction of central excise duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre.LPG cylinder becomes cheaperAs domestic cooking gas cylinder prices topped Rs 1000 all over the country, the govt announced a reduction of Rs 200/cylinder for up to 12 cylinders under the Pradhan Mantri Ujjwala Yojana. This reverses all the price hikes on LPG cylinders since 2021. Since April 2021, prices had risen by Rs 193.5 per cylinder.Fertilizer subsidy boostedFarmers were facing severe pressure as fertilizer prices surged due to the war in Ukraine and had appealed for relief which the govt is delivering with a boost in fertilizer subsidy. The FM tweeted that  in addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion the farmers.

Govt's mega attack on inflation: food, fuel, farm big cut in prices 

<div class="elementToProof" style="margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: inherit;">With inflation touching multi-year highs, the Narendra Modi government announced a 3-pronged strategy to provide relief to common citizens.</div>

The Modi&nbsp;govt has come out guns blazing to reduce the pressure of prices on the common man with a hat trick of measures ranging from fuel, cooking gas to fertilizer subsidy.&nbsp; <a href="https://www.editorji.com/business-news/economy/petrol-diesel-prices-cut-modi-govt-reduces-excise-duty-as-fuel-costs-reach-historic-highs-1653139305695">Excise duty cut</a> Pulling down record high prices at the fuel pump, the Finance Minister announced a reduction of&nbsp;central excise duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre. LPG&nbsp;cylinder becomes cheaper As domestic cooking gas cylinder prices topped Rs 1000 all over the country, the govt announced a reduction of Rs 200/cylinder for up to 12 cylinders under the&nbsp;Pradhan Mantri Ujjwala Yojana. This reverses all the price hikes on LPG&nbsp;cylinders since 2021.&nbsp;Since April 2021, prices had risen by Rs 193.5 per cylinder. Fertilizer subsidy boosted Farmers were facing severe pressure as fertilizer prices surged due to the war in Ukraine and had appealed for relief which the govt is delivering with a boost in fertilizer subsidy. The FM tweeted that&nbsp; in addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion the farmers.

Finance Minister Nirmala Sitharaman also said the government will give Rs 200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year to help ease some of the burden arising from cooking gas rates rising to record levels.
A 14.2-kg LPG cylinder costs Rs 1,003 in the national capital. Pradhan Mantri Ujjwala Yojana beneficiaries, the poor women who got free connections, will get Rs 200 subsidy directly in their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.
ALSO WATCH | Petrol, diesel prices cut: Modi govt reduces excise duty as fuel costs reach historic highs

₹200 per LPG cylinder subsidy for Ujjwala Yojana beneficiaries announced by Modi govt: watch for details

A 14.2-kg LPG cylinder costs Rs 1,003 in the national capital. Pradhan Mantri Ujjwala Yojana beneficiaries, the poor women who got free connections, will get Rs 200 subsidy directly in their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.

LPG cylinders made cheaper by Rs 200 by the govt, here are the details

Pradhan Mantri Ujjwala Yojana beneficiaries, the poor women who got free connections, will get Rs 200 subsidy directly in their bank accounts.

Finance Minister Nirmala Sitharaman also said the government will give Rs 200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders in a year to help ease some of the burden arising from cooking gas rates rising to record levels.
A 14.2-kg LPG cylinder costs Rs 1,003 in the national capital. Pradhan Mantri Ujjwala Yojana beneficiaries, the poor women who got free connections, will get Rs 200 subsidy directly in their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.
ALSO WATCH | <a href="https://www.editorji.com/business-news/economy/petrol-diesel-prices-cut-modi-govt-reduces-excise-duty-as-fuel-costs-reach-historic-highs-1653139305695" target="_blank">Petrol, diesel prices cut: Modi govt reduces excise duty as fuel costs reach historic highs</a>

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