The fuel price hike comes on the heels of over 27.4 per cent increase in the rate of inflation in August, putting an unbearable burden on the masses, as petrol and HSD are used by all private and public service vehicles.
India's economy experienced robust growth of 7.8% in the April-June quarter of the current fiscal year, driven by strong activity in the services sector and robust demand.
According to Pakistani English Daily, the prices of kerosene would also get costlier by about Rs10 per litre.
According to the data released by the Ministry of Statistics and Programme Implementation, the inflation rate in Delhi was 6.83% in August 2023, which is the lowest among all states in India.
Haqiqat Kya Hai: Pakistan's Economic worsen; Nationwide protest over inflation
The government on Tuesday announced a Rs 200 per cylinder cut in prices of domestic cooking gas as it looked to counter the promise of cheaper LPG made by the Congress in upcoming Assembly elections in states such as Madhya Pradesh.
The net impact of China's deflation on India will depend on a number of factors, including the severity of the slowdown, the extent to which it affects global trade, and the Indian government's response.
PM Modi speech on Independence Day, what he say on Inflation
The PM acknowledged that the country has been facing inflation but added that his government is working hard to minimise the burden of sky-rocketing prices.
Previously, high inflation was recorded at 7.79 per cent in April 2022.
The 30-share BSE Sensex fell 307.63 points or 0.47 per cent to settle at 65,688.18. The NSE Nifty declined 89.45 points or 0.46 per cent to end at 19,543.10.
ccording to data from the Thai Rice Exporters Association, Thai white rice 5 per cent broken, an Asian benchmark, jumped to $648 a tonne, the most expensive since October 2008.
The government has decided to offload 50 lakh tonnes of wheat and 25 lakh tonnes of rice under the Open Market Sale Scheme (OMSS).
This is the eleventh rate increment since the Fed started its expansion battle in March 2022 and comes only one month after the national bank hit 'stop' to survey the condition of the economy after the disappointments of three provincial banks since the spring, according to Fox Business.
The IMF's statement comes after non-basmati white rice exports were outlawed by the Indian government on July 20 in an effort to increase domestic supplies and regulate retail prices during the upcoming festive season.
The strike comes amid high inflation and a weakening Pakistani currency in the market, which has heavily impacted the businesses of petrol pump operators.
The Index of Industrial Production (IIP), which reflects the country's factory output, rose to 5.2 per cent in May from 4.5 per cent in April 2023, mainly due to good performance by the manufacturing and mining sectors.
For the second time in a row, the RBI decided unanimously to maintain the repo rate at 6.5%. The interest rate at which the RBI lends to other banks is known as the repo rate.
Inflation in food articles eased to 1.51 per cent in May, against 3.54 per cent in April.
The stock limit has been imposed on traders, wholesalers, retailers, big chain retailers and processors till March 31, 2024.
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