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Home / Economy / The week that was: Covid rise, edible oil prices, rupee

The week that was: Covid rise, edible oil prices, rupee

Several companies including Adani Wilmar and Emami Agrotech have announced a cut in prices by up to 15 per litre, which should bring much-needed relief.

With companies announcing cuts in cooking oil prices, consumers are set to benefit after reeling under high prices for over two years. India’s covid situation seems to be worsening with a high number of confirmed cases being recorded every day, while rupee continues to face the heat from the current global turmoil.

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Every week, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories reported by Mint. With companies announcing cuts in cooking oil prices, consumers are set to benefit after reeling under high prices for over two years. India’s covid situation seems to be worsening with a high number of confirmed cases being recorded every day, while rupee continues to face the heat from the current global turmoil.

Every week, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories reported by Mint. With companies announcing cuts in cooking oil prices, consumers are set to benefit after reeling under high prices for over two years. India’s covid situation seems to be worsening with a high number of confirmed cases being recorded every day, while rupee continues to face the heat from the current global turmoil.

Cooking oil cools

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Cooking oil cools

Retail prices of cooking oils are finally set to ease as companies are passing on the gains from import duty reductions announced by the government and cooling prices in the global markets. For the past two years, high cooking oil prices have been burning a hole in the pockets of consumers and worsening retail inflation. Now, several companies including Adani Wilmar and Emami Agrotech have announced a cut in prices by up to 15 per litre, which should bring much-needed relief.

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Cooking oil cools
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Covid scare

After more than four months, India’s covid cases are showing an alarming trend. The number of daily confirmed cases has been over 12,000 in seven of the past eight days, leading to worries over the outbreak of a new variant. The central government’s expert body last week issued a direction to check whether a new or sub-variant is behind the rise in cases, while the Karnataka government said that the Omicron variant is still a cause of concern in the state.

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Covid scare
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MSMEs’ woes

10.7 trillion: That’s the amount that gets locked up annually because of delayed payments from buyers to micro, small, and medium enterprises, according to a study. The amount is equivalent to 6% of the gross value added. A report by Global Alliance for Mass Entrepreneurship (GAME) and Dun & Bradstreet (D&B), presented to the government this week, highlighted that delayed payments have been impeding the growth of MSMEs.

Pipe dream?

With less than two years left for the general elections, the government recently announced that it would fill its current job vacancies totalling one million. However, the existing hiring pattern suggests it would be a tough task. The government had inducted less than half a million employees between 2016-17 and 2020-21, Mint reported. The trend suggests it would take the government more than a decade to add 1 million new employees, unless drastic changes are made.

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Pipe dream?
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Unexpected gains?

With a global tax deal on the digital economy facing implementation challenges, India’s equalization levy, or Google tax, may stay beyond 2023, Mint reported. The reform, which is set to replace the levy, has been agreed to by 140 nations and was earlier set to be rolled out in 2023. However, Hungary has objected to it. Against this backdrop, India is set to benefit as the revenues from the Google tax have grown markedly over the past few years, soaring 90% year-on-year in 2021-22.

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Google tax
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IPO plan

4,500 crore: That’s the amount National Securities Depository Ltd, aims to raise through an initial public offering (IPO), Mint reported. The company, which has a demat custody value of 297.55 trillion, is in talks with investment banks for the IPO, which will most likely be a secondary share sale by existing investors. The only other depository, Central Depository Services (India) Ltd, had raised 524 crore in an IPO in 2017.

Rupee’s plunge

The Indian rupee is under a lot of pressure lately because of the global turmoil, with the Indian currency hitting a new low of 78.39 against the dollar on Wednesday. The fall in the rupee, which started in the middle of December, may prolong as the global economy faces stagflation risks. Analysts believe the rupee could hit the 80-mark by the end of the year. The continued weakness in the rupee could make the job of the Reserve Bank of India (RBI) tougher.

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Rupee’s plunge
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Chart of the week: FPIs exit

A recent paper by the RBI has said there is a 5% chance that adverse global situation may lead to foreign capital outflow of $100.6 billion in a year. Foreign outflow from equity has been regularly high but has totalled only $27.4 billion until June so far, data shows.

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Chart of the week: FPIs exit
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