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.
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Federal Reserve Chairman answered tough questions as he laid out the roadmap for hikes over the next year. Jerome Powell walked back from his May meeting statement where he ruled out a 75 bps hike to make room for many more hikes as inflation continues to be stubborn with no sign of abating. The Fed Chief acknowledged that with rate hikes come the risks of higher unemployment and pain for the common man. Here is an edited transcript of the press conference-: Coming out of our last meeting in May, there was a broad sense on the Committee that a 1/2 percentage point increase in the target range should be considered at this meeting if economic and financial conditions evolved in line with expectations. We also stated that we were highly attentive to inflation risks and that we would be nimble in responding to incoming data and the evolving outlook. Since then, inflation has again surprised to the upside, some indicators of inflation expectations have risen, and projections for inflation this year have been revised up notably. In response to these developments, the Committee decided that a larger  increase in the target range was warranted at today’s meeting. This continues our approach of expeditiously moving our policy rate up to more normal levels. And it will help ensure that longer-term inflation expectations remain well anchored at 2 percentOverall economic activity edged down in the first quarter, as unusually sharp swings in inventories and net exports more than offset continued strong underlying demand. The median projection in the SEP for the unemployment rate rises somewhat over the next few years, moving from 3.7 percent at the end of this year to 4.1 percent in 2024, levels that are noticeably above the March projections.Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2 percent. We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common. From the perspective of today, either a 50 or 75 basis point increase seems most likely at our next meeting. We will, however, make our decisions meeting by meeting, and we will continue to communicate our thinking as clearly as we can. Our overarching focus is using our tools to bring inflation back down to our 2 percent goal and to keep longer-term inflation expectations well anchored

Watch Fed Chief Powell get quizzed! Can rate hikes really reduce inflation? 

Powell to reporters " Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common."

'Clearly, today&rsquo;s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common.'

Federal Reserve Chairman answered tough questions as he laid out the roadmap for hikes over the next year. Jerome Powell walked back from his May meeting statement where he ruled out a 75 bps hike to make room for many more hikes as inflation continues to be stubborn with no sign of abating. The Fed Chief acknowledged that with rate hikes come the risks of higher unemployment and pain for the common man. Here is an edited transcript of the press conference-:&nbsp; Coming out of our last meeting in May, there was a broad sense on the Committee that a 1/2 percentage point increase in the target range should be considered at this meeting if economic and financial conditions evolved in line with expectations. We also stated that we were highly attentive to inflation risks and that we would be nimble in responding to incoming data and the evolving outlook. Since then, inflation has again surprised to the upside, some indicators of inflation expectations have risen, and projections for inflation this year have been revised up notably. In response to these developments, the Committee decided that a larger &nbsp;increase in the target range was warranted at today&rsquo;s meeting. This continues our approach of expeditiously moving our policy rate up to more normal levels. And it will help ensure that longer-term inflation expectations remain well anchored at 2 percent Overall economic activity edged down in the first quarter, as unusually sharp swings in inventories and net exports more than offset continued strong underlying demand. The median projection in the SEP for the unemployment rate rises somewhat over the next few years, moving from 3.7 percent at the end of this year to 4.1 percent in 2024, levels that are noticeably above the March projections. Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2 percent. We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. Clearly, today&rsquo;s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common. From the perspective of today, either a 50 or 75 basis point increase seems most likely at our next meeting. We will, however, make our decisions meeting by meeting, and we will continue to communicate our thinking as clearly as we can. Our overarching focus is using our tools to bring inflation back down to our 2 percent goal and to keep longer-term inflation expectations well anchored

Even though many Western companies are unwinding their investments, closing stores and pausing sales in Russia, the global rise in fossil fuel prices continued to fill the Kremlin’s coffers, with export revenues reaching record highs. 
Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer, according to new research. 
According to CREA’s report, the EU took 61 percent of Russia’s fossil fuel exports during the war’s first 100 days, worth about $60bn. 
Overall, the top importers were China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn. 
India’s share in Russian crude oil exports has increased from 1% before the war to 18% in May, shows the report. 

Russia made $98bn in fuel exports in 100 days of Ukraine war

India now buys 18% of all Russian crude export, up from 1%

Russia supplied 40 percent of the EU&rsquo;s gas and 27 percent of its imported oil

Even though&nbsp;many Western companies are unwinding their investments, closing stores and pausing sales in Russia,&nbsp;the global rise in fossil fuel prices continued to fill the Kremlin&rsquo;s coffers, with export revenues reaching record highs.&nbsp;
Russia has earned $98bn from fossil fuel exports during the first 100 days of its&nbsp;war in Ukraine, with the European Union being the top importer, according to new research.&nbsp;
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According to CREA&rsquo;s report, the EU took 61 percent of Russia&rsquo;s fossil fuel exports during the war&rsquo;s first 100 days, worth about $60bn.&nbsp;
Overall, the top importers were China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn.&nbsp;
India&rsquo;s share in Russian crude oil exports has increased from 1% before the war to 18% in May, shows the report.&nbsp;

New Delhi, Jun 14 (PTI): Prime Minister Narendra Modi has asked various government departments and ministries to undertake the recruitment of 10 lakh people on a "mission mode" in the next year and a half, his office said on Tuesday.
The direction from Modi came following a review of the status of human resources in all government departments and ministries, the Prime Minister's Office (PMO) said.
The government's decision comes amid the opposition's frequent criticism of it on the issue of unemployment. A large number of vacant posts in different government sectors has often been flagged.
"PM Narendra Modi reviewed the status of Human Resources in all departments and ministries and instructed that recruitment of 10 lakh people be done by the Government in mission mode in next 1.5 years," the PMO said in a tweet.

PM Modi directs recruitment of 10 lakh people in next 1.5 years: PMO

Prime Minister Narendra Modi has asked various government departments and ministries to undertake the recruitment of 10 lakh people on a "mission mode" in the next year and a half, his office said on Tuesday.

The direction came after a review of the status of human resources in all government departments and ministries.

New Delhi, Jun 14 (PTI): Prime Minister Narendra Modi has asked various government departments and ministries to undertake the recruitment of 10 lakh people on a "mission mode" in the next year and a half, his office said on Tuesday.
The direction from Modi came following a review of the status of human resources in all government departments and ministries, the Prime Minister's Office (PMO) said.
The government's decision comes amid the opposition's frequent criticism of it on the issue of unemployment. A large number of vacant posts in different government sectors has often been flagged.
"PM Narendra Modi reviewed the status of Human Resources in all departments and ministries and instructed that recruitment of 10 lakh people be done by the Government in mission mode in next 1.5 years," the PMO said in a tweet.

Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore are currently stuck or significantly delayed across seven major cities as per a recent report, Property consultant Anarock surveyed housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Anarock said that the Delhi-NCR and MMR together account for 77 per cent of the total stuck/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.Pune has about 9 per cent share, while Kolkata accounts for 5 per cent.At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore.Homebuyers in Delhi-NCR have been worst affected with several builders including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting in their promises to deliver their projects.

Lakhs of housing projects stuck incomplete, which region is the worst?

Homebuyers in Delhi-NCR have been worst affected with several builders defaulting in their promises to deliver their projects

Construction work of nearly 4.8 lakh homes worth Rs 4.48 lakh crore are currently stuck or significantly delayed across seven major cities as per a recent report, Property consultant Anarock&nbsp;surveyed&nbsp;housing projects that were launched in 2014 or before across seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Also read/watch|<a title="&nbsp;Chinese tech firm and owner of PUBG buys stake in Flipkart, informs 6 months later" href="https://www.editorji.com/business-news/chinese-tech-firm-and-owner-of-pubg-buys-stake-in-flipkart-informs-6-months-later-1655092538068">&nbsp;Chinese tech firm and owner of PUBG buys stake in Flipkart, informs 6 months later</a>
Anarock said that the Delhi-NCR and MMR together account for 77 per cent of the total stuck/delayed housing units, while the southern metros Bengaluru, Chennai, and Hyderabad have just 9 per cent.Pune has about 9 per cent share, while Kolkata accounts for 5 per cent. At the end of December 2021, NCR had 2,57,360 stuck/delayed units worth Rs 1,94,034 crore.In MMR, 1,28,870 units are stuck/delayed worth Rs 1,84,226 crore. Homebuyers in Delhi-NCR have been worst affected with several builders including Jaypee Infratech, Unitech, Amrapali, and The 3C Company, defaulting in their promises to deliver their projects.

World Bank is expecting India's growth train to slowdown as the prolonged impact of Covid pandemic and the ongoing supply shocks from Ukraine and Russia continue to weigh."In India, growth is expected to slow to 7.5 percent in fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption following the pandemic," according to the World Bank's latest Global Economic Prospects report.The bank sees India's growth slowing further to 7.1 percent in FY24 and the next year GDP growth has been pegged at 6.5 percent.The pressure on India's growth comes from a global risk of recession, infact even if that is averted the World Bank states "the pain of stagflation could persist for several years unless major supply increases are set in motion… Several years of above-average inflation and below-average growth are now likely, with potentially destabilising consequences for low- and middle-income economies."

World Bank sharply cuts India GDP growth forecast, raises global recession risk

It had lowered the projection from 8.7% to 8% earlier in April, and it is currently expected to be 7.5%

World Bank is expecting India's growth train to slowdown as the prolonged impact of Covid&nbsp;pandemic and the ongoing supply shocks from Ukraine and Russia continue to weigh. "In India, growth is expected to slow to 7.5 percent in fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption following the pandemic," according to the World Bank's latest Global Economic Prospects report.
Also read/watch|<a title="&nbsp;RBI raises inflation forecast sharply, price pain to remain" href="https://www.editorji.com/business-news/rbi-raises-inflation-forecast-sharply-price-pain-to-remain-1654664762071">&nbsp;RBI raises inflation forecast sharply, price pain to remain</a> The bank sees India's growth slowing further to 7.1 percent in FY24 and the next year&nbsp;GDP growth has been pegged at 6.5 percent. The pressure on India's growth comes from a global risk of recession, in fact&nbsp;even if that is averted the World Bank states&nbsp;"the pain of stagflation could persist for several years unless major supply increases are set in motion&hellip; Several years of above-average inflation and below-average growth are now likely, with potentially destabilising consequences for low- and middle-income economies."

RBI Monetary Policy surprised the street with a 50 bps repo rate hike Repo rate hike again, shocks with 50 bps hike. Here are the top highlights

RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike

RBI Monetary Policy: Repo rate hiked again, inflation outlook worsens 

RBI Monetary Policy:&nbsp;RBI hikes policy repo rate by 50 basis points to 4.90%

RBI Monetary Policy surprised the street with a 50 bps repo rate hike&nbsp;again, shocks with 50 bps hike.
<h3>Here are the top highlights -:</h3>
&bull;&nbsp; Unanimous decision by MPC to hike repo&nbsp;rate by 50 bps to 4.9%
&bull;&nbsp; Decides to keep policy stance &lsquo;withdrawal of accommodation&rsquo;
&bull;&nbsp; Raises <a href="https://www.editorji.com/business-news/rbi-raises-inflation-forecast-sharply-price-pain-to-remain-1654664762071" target="_blank">inflation</a> forecast for the year sharply,&nbsp;FY'23 CPI projected at 6.7% vs 5.7% earlier
&bull;&nbsp; Inflation projection shows prices cooling only in the last quarter of this financial year&nbsp;
&bull;&nbsp;&nbsp;RBI&nbsp;hints at more rate hikes: "We will remain focused on bringing down inflation closer to target and focus on macro stability"
&bull;&nbsp; FY23 GDP retained at&nbsp;7.2% with growth slowing significantly to 4% in the final quarter of the year&nbsp;
&bull;&nbsp; Increases MSF &amp; Bank Rate By 5.15% From 4.65%&nbsp;

Union Minister Nitin Gadkari in the spotlight of success as the National Highway Authority of India (NHAI) has created Guinness World Record by building the longest highway length between Amravati and Akola in the shortest amount of time.“The longest piece of asphalt/bituminous concrete laid continuously was achieved by Raj Path Infracon Pvt. Ltd. and Jagdish Kadam (both India) between Amravati and Akola Districts on NH53, India from 3 to 7 June 2022," says the certificate by the Guinness World Records.The certificate has been tweeted by Minister for Road Transport & Highways Nitin Gadkari, who citing the celebrations of Azadi Ka Amrut Mahotsav, credited 700 workers who were able to complete the 75 km stretch in just 105 Hours and 33 Minutes.

A 75 km highway built in in just 100 hours! A new world record for India

A 75 km highway built in just 100 hours! A new world record for India

The construction of Amravati-Akola highway started at 6 am on June 3 with the goal of finishing by June 7&nbsp;

Union Minister Nitin&nbsp;Gadkari in the spotlight of success as the National Highway Authority of India (NHAI) has created Guinness World Record by building the longest highway length between Amravati and Akola in the shortest amount of time. &ldquo;The longest piece of asphalt/bituminous concrete laid continuously was achieved by Raj Path Infracon Pvt. Ltd. and Jagdish Kadam (both India) between Amravati and Akola Districts on NH53, India from 3 to 7 June 2022," says the certificate by the Guinness World Records. The certificate&nbsp;has been tweeted by Minister for Road Transport &amp; Highways Nitin Gadkari, who citing the celebrations of Azadi&nbsp;Ka Amrut Mahotsav, credited 700 workers who were able to complete the 75 km stretch in just&nbsp;105 Hours and 33 Minutes.

RBI Monetary Policy: The stage is set and the opening is known but the ending though not a cliff-hanger remains a bit of nail biter. The RBI is set to hike rates once again at 10 am today but the question is by how much?

RBI Monetary Policy: Hike for sure but will Governor Das be swift or soft?

Central bank concludes June meet at 10 am today&nbsp;

RBI Monetary Policy: The stage is set and the opening is known but the ending though not a cliff-hanger remains a bit of nail biter. The RBI&nbsp;is set to hike rates once again at 10 am today but the question is by how much? It is a tough balancing act for the RBI&nbsp;as there is a lot goin&nbsp;on. Inflation is uncomfortably high, growth is recovering, new supply shortages are emerging, India&rsquo;s twin deficits are widening, and the rupee has been volatile.&nbsp;
<a href="https://www.editorji.com/business-news/markets/rbi-monetary-policy-repo-rate-hike-again-shocks-with-50-bps-hike-1654662962773" target="_blank">RBI Monetary Policy: Repo rate hike again, shocks with 50 bps hike</a> Economists are leaning for another 40 bps hike, a divergence from the traditional 25 or 50 bps moves done by the central bank. After mentioning inflation 34 times in the May 4 statement, Governor Das is expected to keep the focus squarely on high prices in this meet too.&nbsp;

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp;At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp;&ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo;As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

India in talks to buy more oil from Russia: reports

Indian refiners rush for 'oil discount' at the Russian counter

India&rsquo;s purchases of Russian crude aren&rsquo;t illegal or in breach of any sanctions

Indian refiners are looking to gain a massive price advantage by buying oil at big discount from Russia as per reports.As oil prices continue to hover around $120/bbl and the rupee tumbles towards record lows, refiners as per a report on Bloomberg are looking to finalise a 6-month&nbsp;collectively supply contract for Russian crude to India with state firm Rosneft.&nbsp; At a time when global crude prices are hovering at $120/bbl and rupee heads towards a record low, as an oil importer India has been looking to protect consumers that are hit by record high prices. India is not in violation of any sanction by purchasing this oil but has received criticism for it from western allies who want oil trade with Russia to stop.&nbsp; &ldquo;We don&rsquo;t send people out there saying go buy Russian oil, we send people saying go buy oil,&rdquo; Subrahmanyam Jaishankar, Minister of External Affairs said at a conference on Friday. &ldquo;Now you buy the best oil you can in the market. I don&rsquo;t think I would attach a political messaging to that.&rdquo; As per Bloomberg India has bought more than 40 million barrels of Russian oil between late-February and early-May, which comes to about 20% more than flows for all of 2021.&nbsp;

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A new LPG cylinder connection will be expensive from June 16, 2022. 
Now, for a new connection, you will have to shell out Rs 2,200, with a cylinder weighing 14.2 kg instead of Rs 1,450 charged in the past.
The revision in rates has taken place due to the latest increase in the fuel prices. 
With this, authorities have increased the price for regulators, pipes, passbook, additional gas connection and security deposit. 
If someone takes two cylinders, then he will have to pay Rs 4,400 as security money for the cylinder. Earlier, Rs 2,900 had to be paid as security for two cylinders.
Also, the security amount of the 5 kg cylinder has now been increased to Rs 1,150 instead of Rs 800 charged earlier.

New LPG connection to get costlier 

LPG cylinder a new cost added ! Find out what is more expensive from today. 

<div class="artText medium" data-brcount="9">LPG consumption was 28.1% more than June 2019 demand and 2.9% higher than 1.03 million tonnes in May 2022.&nbsp;</div>

Another addition to expenses. New LPG cylinder connections will be more expensive from June 16, 2022 as per a govt notification.&nbsp;
Now, for a new connection, you will have to shell out Rs 2,200, with a cylinder weighing 14.2 kg instead of Rs 1,450 charged in the past.
Also read/watch| <a title="Costly flight tickets, ATF prices see steep hike to record high" href="https://www.editorji.com/business-news/costly-flight-tickets-atf-prices-see-steep-hike-to-record-high-1655350287343">Costly flight tickets, ATF prices see steep hike to record high</a>
The revision in rates has taken place due to the latest increase in the fuel prices.&nbsp;
With this, authorities have increased the price for regulators, pipes, passbook, additional gas connection and security deposit.&nbsp;
If someone takes two cylinders, then they will have to pay Rs 4,400 as security money for the cylinder vs Rs 2,900 earlier as security.
Also, the security amount of the 5 kg cylinder has now been increased to Rs 1,150 instead of Rs 800 charged earlier.

As Sri Lanka suffers its worst financial crisis in decades, leaving millions struggling to buy food, medicine and fuel, people are returning to cooking with firewood. 
Suppliers of cooking gas have been increasing the proportion of propane, looking to cut costs, which has led to over a thousand kitchens exploding across the country, killing at least seven people and injuring hundreds others. 
But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most. 
Sri Lanka is in the midst of its worst financial crisis in seven decades, after its economic mismanagement and the crucial tourism industry hammered by Covid-19. The nation has run out of dollars needed to pay for most imports. 

Sri Lankans return to cooking with firewood as crisis deepens 

Gas is either unavailable or too expensive for most

As Sri Lanka suffers its worst financial crisis in decades, millions are left struggling to buy food, medicine and fuel, people are returning to cooking with firewood.&nbsp;
Suppliers of cooking gas have been increasing the proportion of propane, looking to cut costs, which has led to over a thousand kitchens exploding across the country, killing at least seven people and injuring hundreds others.&nbsp;
But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most.&nbsp;
Also read/watch| <a title="This country moves to make work-from-home a legal right" href="https://www.editorji.com/business-news/this-country-moves-to-make-work-from-home-a-legal-right-1657090524088">This country moves to make work-from-home a legal right</a>
Some tried to shift to kerosene oil cookers, but the government did not have dollars to import it along with petrol and diesel, which are also in short supply.
And those who bought electric cookers were in for a rude shock when the government imposed lengthy power blackouts as it ran out of dollars to import fuel for generators.
Sri Lanka is in the midst of its worst financial crisis in seven decades, after its economic mismanagement and the crucial tourism industry hammered by Covid-19. The nation has run out of dollars needed to pay for most imports.&nbsp;

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>

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