Economy

The country’s gross domestic product (GDP) was $3.7 trillion in the 2022-23 fiscal year, showing a significant growth from $189 billion in 1980-81.

The current rabi sowing season is lagging compared to the previous year, and the weather outlook, influenced by the El Nino phenomenon, may further impact output.

Another big question is whether Saudi Arabia and Russia will extend their additional voluntary cuts of 1 million barrels per day and 300,000 barrels per day, respectively, into 2024.

The feel-good cheer, however, ends with headline number as the sub-components of GDP made uneven contributions.

In this initial phase, nearly 20 blocks in Odisha, Tamil Nadu, Jammu & Kashmir, Chhattisgarh, Bihar, Jharkhand, Uttar Pradesh, and Gujarat will be put up for auction.

“We are finalising the detailed project report (DPR) of the ICTP project. After it gets cabinet approval, we will invite tenders for the construction of the first phase,” the official said.

Notably, over 60% of these imports, totalling 100 LT, comprised palm oil from Indonesia and Malaysia.

ICL’s losses continued after the company’s plans to raise working capital from selling land parcels didn’t materialize.

Imports between April and August from Australia increased to 3.11 LT, while imports from Canada stood at 2.8 LT despite lower price there.

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In an exclusive interaction, Gupta said that there is no time limit for the collection of demand and clarified that even cases dating back several years can still be pursued.

Rohit Jawa, CEO and MD of HUL, added, 'they need to be watchful of volatile global commodity prices as well as the impact of monsoon on crop output and reservoir levels'.

The biggest dip in area under cultivation was seen in pulses, at 0.54mn hectares, followed by oilseeds at 0.33mn hectares and cotton by 0.41mn hectares.

However, compared with September 2022, food inflation is still higher at 6.3% with big spikes in pulse and spices prices.