Photo: DNA India
Edible Oil Prices Shoot Up By 30% In One Year, Suggests Govt Data
The Consumer Affairs Ministry's data has showed a heavy spike in edible oil prices with palm, soybean and sunflower oil cruising by 20-30% in the last one year. While the per litre price of vanaspati oil rose to Rs 102.5 from Rs 75.25, the soybean oil was sold at Rs 110 from Rs 90 of the last year. Sources cite the slump in Malaysian palm-oil production as the reason.
Tags: Covid-19, INDIAN OIL CORP, Economy
Courtesy: Times Of India
photo: Huffpost India
MP: Gond Tribe Families Ostracized Over Inability To Pay Rs 200 For Durga Puja
Villagers of Balaghat district in Madhya Pradesh called a social boycott against 14 families of the Gond tribe for not contributing Rs 200 for Durga Puja. They were made deprived of buying ration and even denied of work. The pandemic-stricken families suffering from poor economic conditions however agreed to pay Rs 100 each, but it was refused by organizers. The boycott that… read-more
Tags: Madhya Pradesh, Durga Puja, Covid-19, Economy
Courtesy: The Indian Express
Picture: Economic Times
Silver Remains People's Pick This Dhanteras Owing to Pandemic
Jewellers in the NCT-Delhi claimed that people are showing keen interest in buying Silver ahead of the Dhanteras festival. They opined that the unemployment due to the pandemic made people shift to the less costly metal this time. A jeweller mentioned people wanted to celebrate Dhanteras “without burning a hole in their pocket.” Another claimed that the footfall of customers and sales are very low this time owing to the pandemic.
Tags: Diwali, business, Silver, gold (1052, Coronavirus, Economy
Courtesy: Hindustan Times
Photo: Representative Image/Jagran Josh
Union Cabinet Approves Rs 2 Lakh Crore To Boost Domestic Manufacturing
Information and Broadcasting Minister Prakash Javadekar on November 11 announced that 10 key sectors will receive funds worth Rs 2 lakh crore under the Production Linked Incentives (PLI) scheme. As per the announcement, various industries, including the textiles and the solar power systems, will get financial incentive to boost domestic manufacturing. He added, "This move will enhance India’s manufacturing capabilities." Meanwhile, Finance… read-more
Tags: Economy, business, cabinet minister, India
Courtesy: Livemint
Photo: Xinhuanet
UK's Unemployment Rate Increases; Experts Fear Further Rise
Following the COVID lockdowns, the UK's unemployment rate grew up to 0.3% and has reached 4.8% in September. Reportedly, about 243,000 people lost their jobs till September and most of them were between the age group of 16-24. UK's Office of National Statistics' official Jonathan Athow said, "We're seeing a continuation of a weakening of the labour market... [and].. We might see furlough creep again."
Tags: UK, jobs unemployment, Coronavirus, Economy
Courtesy: BBC News
Photo: The Economic Times
Pay Cuts, Job Loss Force 46% Indians To Borrow Money During COVID: Report
A Home Credit India's report has indicated that pay cutoffs and job losses during the COVID-19 have forced around 46% of Indians to borrow money to run their households. The percentages were as high as 27% in cities like Bhopal and Mumbai, followed by Delhi (26%). People however have leaned towards informal sources like friends and family to take loans as it would give them plenty of time to repay.
Tags: Economy, COVID, National news, Coronavirus
Courtesy: The New Indian Express
Photo: Business Today
Over Rs 1 Lakh Crore GST Collection In Oct; FinMin Claims Economic Recovery
The Finance Ministry has claimed that the economy is rebounding after the Goods and Services Tax (GST) collection for October month stood at Rs 1.05 lakh crore. It added that total income generated by the Centre and state governments, after regular settlement, in October month was Rs 44,285 crore and Rs 44,839 crore respectively. It also stated that total number of summary tax returns filed for this month was 80 lakh.
Tags: GST, FINANCE MINISTRY, Economy, tax
Courtesy: LiveMint
Photo: Getty Images
China Reports 4.9% Surge In Year-On-Year Growth During July-Sept Quarter
China has witnessed a 4.9% surge in the economy during the July-September quarter 2020 as compared to the same quarter last year. Cabinet adviser, Qiu Baoxing stated, “By focusing on domestic circulation, we are actually enhancing our own resilience.” Another advisor Justin Lin Yifu said China's economy is expected to improve in the coming months, making it a global power-house accounting for "not less than 30%" of the world's economy.
Tags: China, Covid-19, Economy, Chinese Economy
Courtesy: The Indian Express
Photo: Business Today
IMF Predicts Rebound In Indian Economy In 2021; Over 10% Dip In 2020
International Monetary Fund's 'World Economic Outlook' report has suggested that Indian economy is likely to have a positive growth of 8.8% in 2021 after a contraction of 10.3% in 2020. It indicated the similar trend for other countries as well with US economy expected to grow by 3.9% in 2021 after contracting 5.8% this year. However, the report suggested that only China showed a growth of 1.9% in 2020.
Tags: IMF, India, United States Of America, China, Economy
Courtesy: The Times Of India
Photo: Hindustan Times
India's Agricultural Exports Increase by 43.4% Compared to 2019
Indian Agricultural sector has recorded a hike in exports with a 43.4% increase in the first-half of fiscal year 2020, compared to that of 2019. Reportedly, the commodities which have seen an increase in exports include, non basmati rice (105%) and wheat (206%). The data also reveals that the balance of trade has been positive, as compared to a deficit in 2019. Experts opine that the spike could be a result of the Agricultural Export Policy… read-more
Tags: Agriculture, Exports, India, Economy
Courtesy: The Economic Times
