BUSINESS
Inflation 'manageable' at 7.4%, love to see it down to 4%, says Sitharaman
Addressing a news conference on Friday at the end of her visit for the annual meetings of the World Bank group, which were accompanied by 24 bilateral meetings, the finance minister also gave a broad overview of India's priorities for its upcoming year-long rotational presidency of the G-20 group of countries -- essentially, focusing on bilateral development banks, climate finance and cryptocurrency.
RBI's digital currency platform data may help enforce black money laws
Finance Minister Nirmala Sitharaman had announced in her budget speech in February that the RBI would come up with a CBDC during the current fiscal. "After factoring in the concerns related to anonymity, appropriate analytics of Big Data generated from CBDC can assist in evidence-based policy making. It may also become a rich data source for service providers for financial product insights," the note said.
US offer to help India in chip manufacturing just lip service: China
Akhter led a semiconductors trade mission to India and met top government officials in the Capital. According to Global Times, the announcement is designed to "lure India into a geopolitical game to exclude China from the global chip industrial chain, rather than a commitment with real investment plans to support India's chip manufacturing."
Windfall tax increased on jet fuel
Apart from this, the Centre also increased the SAED on the export of aviation turbine fuel (ATF) to Rs 3.50 per litre from nil in the last review. Similarly, the windfall tax on the export of diesel has been increased from Rs 5 per litre to Rs 10.50 per litre. A notification regarding the above changes was issued by the Ministry of Finance on Saturday.
iPhone 14 Plus stumps rivals in bigger screen, longer battery game
With the 6.7-inch display in iPhone 14 Plus, you can see more content like text and images when browsing the web, without having to scroll as much. In messaging apps, you can see more text and larger text, which is great for accessibility and you have more workspace available for editing content in the Photos app.
IMF chief warns of risk of geopolitical fragmentation
"Emerging markets and developing countries have stressed that for them, it is paramount that they have the opportunity to drive growth and employment on the basis of a more integrated global economy," Georgieva said at a press conference during the IMF and World Bank annual meetings in response to a question from Xinhua news agency.
Nirmala Sitharaman flags downside risks to economy at IMF meet
While addressing the Plenary Meeting of the International Monetary and Financial Committee, Sitharaman on Friday also raised the cross-border effects due to the ongoing geopolitical situation, rise in commodity prices and tighter financial conditions.
Nirmala Sitharaman urges World Bank to remain steadfast on principles of common responsibilities
Nirmala Sitharaman made the remarks on Friday during a meeting of the Development Committee of the World Bank-IMF, in Washington D.C. Sitharaman also stated that despite this year's projected growth rate of 7 per cent for the Indian economy, "we remain concerned about the global economic outlook and geopolitical environment", according to the Union Finance Ministry.
India's exports rose to $61 billion in September
These were 10.2 per cent higher than the corresponding period of last year. Imports in September 2022 were estimated to be $76.26 billion, exhibiting a positive growth of 10.73 per cent over September 2021. Trade deficit, however, widened to $148.46 billion in September 2022 against $76.25 billion in September 2021, the data revealed.
Lebanese pound sinks to new low at 40,000 against US Dollar
Mounir Younes, an economist and former editor-in-chief of Al Qabas newspaper in Kuwait, attributed the further collapse of the Lebanese pound to the delay in the implementation of necessary reforms that would pave the way for an agreement with the International Monetary Fund. "Also, the obligatory reserves at the Central Bank of Lebanon continue to be depleted, which creates a negative sentiment," Younes said.
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