-PTI/ The Telegraph    The levy on crude down to Rs 1,700 per tonne from Rs 4,900, as per order coming into effect Friday New Delhi: The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural...

There is some respite expected for India in terms of prices of imported commodities. This may ease the depletion of its foreign exchange reserves. The country has faced a widening of its merchandise trade deficit from US$ -17.91 billion to US$ -26.91 billion between October 2021 and October 2022. The commodity price data provided by the World Bank in December 2022 (termed as The Pink Sheet) shows that energy prices plummeted by...

-PTI/ The Hindu The negotiations at the U.N. climate summit last year (COP26) in Glasgow ended with an agreement on phasing down the unabated use of coal instead of phasing out As negotiators from 194 parties started working out a draft cover text at the U.N. climate summit in Egypt, India on Saturday said meeting the long-term goal of the Paris Agreement requires "phase down of all fossil fuels", sources told PTI.  "Natural...

-Hindustan Times At the crucial climate conference, world leaders aim to discuss climate finance and the Paris Agreement. Three times more people are displaced by climate disasters than war, United Nations chief António Guterres said at the crucial COP27 conference in Egypt on Monday as the global body sounded “early warnings" for the world. With half of humanity living in danger zones, he underlined, "ever-rising greenhouse gas emissions are supercharging extreme weather...

-Business Standard Currency depreciation in developing countries could deepen food and energy inflation: Commodity Markets Outlook report Global energy prices will ease in the next couple of years but "remain considerably" higher than the historic average, said a report on Wednesday. In many economies, prices in domestic-currency terms remain elevated because of depreciation and this could deepen food and energy crises. "As the global growth slowdown intensifies, commodity prices are expected to ease in...