Economy

The basic customs duty structure has not been reviewed in 20 years resulting in over 27 different duty rates and over 100 specific or mixed duty slabs. The new government.

WPI inflation increased to 2.61 percent in May, primarily due to increase in prices of food articles, manufacturing of food products, crude petroleum and natural gas, mineral oils, and other.

Manufacturing output’s growth during April eased to 3.9% from 5.8% in March, whereas mining growth rose to 6.7% from 1.3%. India’s factory output growth, as measured by the Index of.

The Gini coefficient figures (mentioned above) shows the level of consumption inequality is way higher in urban households as compared to rural households. Inequality in India in terms of consumption.

This year, however, economists and policy makers are optimistic of a rise in rural consumption due to above-normal monsoon. India’s Gross Domestic Product (GDP) may expand less than 7% in.

While the RBI decided to keep the benchmark repo rate unchanged, in line with the expectations, interestingly, the voting decision of the MPC members changed with 4:2 voted in favour.

On the weather forecasts, the PM was briefed that as per IMD forecasts, the heat wave is likely to continue in parts of Rajasthan, Gujarat and Madhya Pradesh. Prime Minister.

According to the HSBC India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, manufacturing PMI fell from 58.8 in April to 57.5 in May, signalling a slower but still substantial.

The country exported 1.24 million barrels per day of petroleum products in May, registering a marginal increase of 3.3% against 1.20 million barrels per day in April, data from ship.

The monsoon rainfall will be important not just for the kharif crop cycle, but also to gauge water availability for the winter (rabi) crop cycle. As India Meteorological Department (IMD).