
Economic Survey 2023: Inflation to behave well in FY24, says CEA
CEA V. Anantha Nageswaran says if the global economy slows down, as IMF and others have projects, then commodity prices should retreat on monetary tightening
CEA V. Anantha Nageswaran says if the global economy slows down, as IMF and others have projects, then commodity prices should retreat on monetary tightening
Brent crude oil price has fallen 9.2% in the last two days to $78.01 per barrel, the lowest level since December 12, 2022.
States gained ₹49,229 cr from VAT revenue on fuel when oil prices were increasing and they will forego only ₹15,021 cr after oil price has been downwardly adjusted through excise cut by the Centre.
The government is committed to use the deploy strategic petroleum reserves to contain market volatility, says the finance ministry.
Though, Russia is a marginal trade partner with barely 1.4% of India's import and 0.9% of exports, spike in crude and commodity prices will elevate inflation and dent consumer demand.
State-run oil marketing companies in India have yet to hike retail prices of petrol and diesel.
The Brent crude price is now at around $90 a barrel while the Indian basket costs around $87.
The firm's strategists believe that S&P 500 index could decline 5% in 2022 while developed markets could end the year higher.
Highest increase in wholesale inflation since May; core inflation at an all-time high of 11.9% in October.
Anything beyond $70 will kill the oil market, spur demand for alternative sources of energy, fuel demand for green energy: BPCL, HPCL.