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Friday,22-October-2021

Business

Economy seen consolidating in March with hopes of double digit growth in FY 2021-22: PHD Chamber

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Sanjay-Aggarwal

Economic activity is expected to consolidate in March 2021 as the Covid-19 impacted difficult financial year 2020-21 is winding down with new hopes for the next financial year with a great growth trajectory of Indian economy, said Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry on Saturday.

Out of the 10 indicators of QET (Quick Economic Trends) of economic and business activity tracked by the industry body PHDCCI, 7 have performed positive in February 2021 of which passenger vehicle sales has shown the highest growth of 18% over the corresponding month in the previous year.

Though COVID-19 cases are re-emerging in some states including Maharashtra, Kerala, Punjab, Karnataka, Gujarat and Tamil Nadu, the movement of the Indian economy remains steady in February 2021.

We are happy to note that the vaccination drive in the country is moving at a faster rate, with more than 2.6 crore vaccines being administered so far, said Aggarwal.

Positive GDP growth to the level of 0.4% in Q3 FY 2020-21 and a steady improvement in lead economic and business indicators would go a long way to strengthen economic growth in the coming quarters with the enhanced level of confidence of businesses, he said.

Ten economic and business indicators of QET include demand and supply indicators along with external and financial sectors indicators, according to PHDCCI.

Economic and business indicators such as GST Collections, E-way Bills, Railway freight, Passenger Vehicle Sales, Stock Market and Exports have shown a positive y-o-y growth in February 2021 as compared with February 2020, while the Exchange Rate has shown positive sequential growth in February 2021 as compared with January 2021.

At this juncture, to continue the pace of economic momentum, rapid administration of COVID-19 vaccination, especially in the States where COVID-19 cases are re-emerging, becomes crucial, said Aggarwal.

Further, immediate policy attention is required towards credit access to industry. Credit disbursement should be the top priority at this juncture by the banking sector. The focus should be on ensuring provision of hassle free disbursements of loans vis-a-vis enhanced liquidity for MSMEs, especially in rural sectors.

Also, there is a need to lower interest rates for consumers and businesses, lesser compliances for MSMEs vis-a-vis ease of doing business at the ground level.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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