Sangli, May 28 (IANS) In light of the prevailing economic hardships, senior leader of the Nationalist Congress Party (SP) and former State Finance Minister, Jayant Patil, on Thursday urged the Maharashtra government to prioritise public interest by immediately waiving the Value Added Tax (VAT) and surcharges on petrol and diesel. Patil made this demand through an official letter addressed to Chief Minister Devendra Fadnavis.Expressing deep concern over the situation, Patil stated that the contin…
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Guwahati, May 25 (IANS) Senior Bharatiya Janata Party (BJP) MLA and former Assam Minister Prashanta Phukan on Monday attributed the ongoing rise in prices to global conflicts and said the situation is expected to gradually improve in the coming months. Talking to reporters here, Phukan said inflation and price rises are not issues limited to Assam or India alone, but are part of a broader global economic situation driven by international conflicts and instability.“The price rise that we are wi…
New Delhi, May 15 (IANS) The Confederation of All India Traders (CAIT) on Friday termed the Rs 3 per litre increase in petrol and diesel prices a ‘measured and responsible decision’ aimed at ensuring an uninterrupted fuel supply and maintaining economic stability amid prevailing global uncertainty.Reacting to the fuel price hike, CAIT Secretary General and BJP MP Praveen Khandelwal said the decision must be viewed in the context of ongoing geopolitical tensions and disruptions in global crude oi…
New Delhi, May 13 (IANS) The increase in import duty on precious metals is a part of a broader strategy aimed at conserving foreign exchange, protecting the current account, prioritising essential imports, and strengthening India’s economic resilience in the face of evolving global uncertainties, government sources said on Wednesday.The measure represents a balanced, proportionate, and nationally responsible response to extraordinary external conditions while maintaining due regard for macroec…
New Delhi, May 11 (IANS) Prime Minister Narendra Modi’s appeal for a one-year economic adjustment framework makes sense, which is aimed at managing short-term stress and likely recover over the next nine months, a top banker said on Monday.In an interview with IANS, Dr Dharmesh Bhatia, Director–Wealth Management at Dubai-based Emirates Investment Bank, said such temporary disruptions are part of normal economic cycles, and can be offset in the broader recovery phase if policy and macro condi…
Washington, May 6 (IANS) US Secretary of State Marco Rubio warned that Iran’s actions could trigger broader economic instability as the increasing tensions in the Strait of Hormuz and fears of prolonged disruption to one of the world’s busiest energy corridors are increasing pressure on global oil markets.At the White House news conference , Rubio said Iran’s attempts to control shipping through the Strait of Hormuz threatened fuel supplies, global trade and international shipping lanes re…
Washington, April 30 (IANS) US President Donald Trump blasted Federal Reserve Chairman Jerome Powell after the central bank chief said he would stay on as a governor. “Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him,” Trump wrote on his Truth Social account on Wednesday (Local time), reports XinhuaEarlier, Powell confirmed he will step down as chair on May 15 but plans to remain on the Federal Reserve Board as a governor for a period…
Mumbai, April 24 (IANS) India’s foreign exchange reserves registered a $2.3 billion increase in the week ending April 17, according to data released by the Reserve Bank of India on Friday.The country’s forex reserves rose to reach $703.30 billion, the central bank said.The uptick comes after a period of sustained pressure on the reserves, largely driven by external factors and currency market interventions.India’s reserves had previously touched an all-time high of $728.494 billion in the …
Washington, April 15 (IANS) Governments across the world must prioritise efficient, targeted and transparent spending to sustain public trust and economic stability, policymakers and experts said, highlighting lessons from recent fiscal crises and reform efforts across countries.At a high-level panel discussion, officials from the International Monetary Fund and finance leaders from Ecuador and Ethiopia underscored that “spending well is probably one of the cornerstones of the social pact in c…
New Delhi, April 7 (IANS) Large-scale tax evasion in Pakistan’s tobacco sector, resulting in estimated annual losses of over Rs 300 billion, has emerged as a major concern amid the country’s worsening fiscal stress, according to a local media report.The report by The Express Tribune highlighted that the illicit cigarette trade continues to significantly erode government revenues, even as authorities struggle to meet tax targets and manage a widening budget deficit.Pakistan’s fiscal position has …