MUMBAI (Reuters) – ArcelorMittal Nippon Steel India Ltd expects about 90,000 tonnes of steel exports every month to be hit by government’s duty increase, alongside a dampening effect on fresh investments, Dilip Oommen, chief executive officer, said on Monday. “Export duty imposed by Indian government will have repercussion on company’s export market,” Oommen told Reuters, …
By Neha Arora and Rupam Jain NEW DELHI (Reuters) -The increase in export taxes on iron ore, announced by the Indian government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets, a mining industry body said on Monday. On Saturday, the …
India’s top mining, steel groups warn of adverse impact from export duty hikes Read More »
By Sudarshan Varadhan NEW DELHI (Reuters) – Shares in Indian steel and iron ore groups including Tata Steel and JSW Steel slid on Monday at the steepest pace since early 2020 after the government imposed heavy export taxes on the sector, while carmakers rose on lower input costs. India imposed an export tax of 15% …
Indian iron ore and steel stocks slump, autos rise after export tax hikes Read More »
By Swati Bhat MUMBAI (Reuters) -The Indian government is likely to stick to its fiscal deficit target as specified in the budget and there may not necessarily be a need for increasing government borrowing just yet, governor Shaktikanta Das told CNBC-TV18 in an interview on Monday. India on Saturday announced a series of changes to …
Indian govt likely to stick to fiscal deficit target, says RBI chief Read More »
NEW DELHI (Reuters) – Indian oil minister Hardeep Singh Puri said oil prices staying at $110/barrel could pose bigger threats than inflation to the global economy. “If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you’re talking about bigger threats. You know, that’s where the R (recession) word …
Oil prices at $110/bbl pose ‘bigger threats’ than inflation -India Oil Min Read More »
NEW DELHI (Reuters) – India’s imposition of higher export tax on iron ore and various intermediate products such as pellets will raise costs for steel mills, Kaustubh Chaubal, vice-president, corporate finance group, Moody’s Investors Service, said on Monday. However, strong domestic steel demand provides arbitrage opportunity for a portion of such exports to be diverted …
By Sudarshan Varadhan and Aftab Ahmed NEW DELHI (Reuters) – Indian steel firms could be forced to cancel European orders and suffer losses after an overnight decision to impose export taxes on steel products, V R Sharma, managing director at Jindal Steel and Power told Reuters. India imposed an export tax of 15% on eight …
Indian steelmakers face hit on Europe deals over export tax -JSPL exec Read More »
By Aftab Ahmed NEW DELHI (Reuters) – The Indian government is considering spending an additional 2 trillion rupees ($26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation, two government officials told Reuters. The new measures will be double the 1 trillion rupees hit government revenues could …
Exclusive-India considering spending additional $26 billion to fight inflation -sources Read More »
By Munsif Vengattil NEW DELHI (Reuters) – India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation. Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees ($0.1028) per litre, and 6 …
Indian government trims tax on fuel, essential commodities to fight inflation Read More »
NEW DELHI (Reuters) – The Indian government is removing the import duty on anthractite, PCI coal and coking coal, it said on Saturday, aiming to reduce raw material costs. The measure will be effective from May 22, the government said. (Reporting by Munsif Vengattil in New Delhi; Editing by Pravin Char)
