For the Reserve Bank of India, the oil shock might turn into a "nightmare."

Economy
March 7, 2022, 11:53 a.m.

The rise in food and crude oil prices is certain to flow into headline inflation, which has already beyond the Reserve Bank of India's 2 percent -6 percent goal range's upper tolerance level. While the RBI has blamed supply-side shocks for the increase, increased prices would eat into consumers' disposable earnings, the economy's backbone, which has yet to fully resume spending following the pandemic.

Due to rising petroleum prices, the rupee is trading at a record low of 76.96 per dollar.

Economy
March 7, 2022, 11:49 a.m.

According to an analysis by Kotak Institutional Equities, an average crude price of $120 per barrel in FY2023 versus FY2022 will cost the Indian economy an extra $70 billion, or 1.9 percent of GDP.

Former NSE MD Chitra Ramkrishna has been detained in connection with the NSE affair.

Economy
March 7, 2022, 11:47 a.m.

The CBI action follows allegations that Ramkrishna was communicating secret bourse information with a "Himalayan Yogi" and that she had appointed Subramanian in breach of norms.