Scorpio Horoscope Today, 6th August 2025: Focus shifts to finances and values
Scorpio Horoscope Today, 6th August 2025: The Moon transits in the Sagittarius sign. Your attention turns to material stability and personal values. Mercury is retrograde in the Cancer sign. Your old financial matters or travel-related delays may resurface, requiring careful review.
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Time of India
40 minutes ago
- Time of India
Stricter rules likely to curb substandard steel imports
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India plans to tighten the advance authorisation norms for steel imports, aiming to curb large-scale inflows of substandard inputs. According to officials aware of the development, instances of non-Bureau of Indian Standards (non-BIS) compliant steel being sold in the domestic market are being flagged. These substandard products are said to be imported duty free by export-oriented units under the advance authorisation."The imported steel, meant for export production is often sold in the domestic market, resulting in revenue loss for the government and putting domestic steel makers at a competitive disadvantage," the official told currently levies an interim 12% safeguard duty, and a 7.5% basic customs duty on steel imports. There is also a Quality Control Order (QCO) which bans the import and sale of non-BIS steel in the advance authorisation scheme allows exporters to import raw material at nil duty and without QCO regulations with an export mandate that needs to be met within 18 months."Eighteen months is too long, and traceability of non-BIS compliant steel is a matter of concern since it is making its way to the domestic market and not being used to make exported products," the official centre is now said to be considering lowering the Export Obligation Period (EOP) of advance authorisations to six months in a bid to ensure the substandard steel is not tightening the Advance Authorisation regime, India is also planning to withdraw an exemption from the QCO granted to domestic importers under the scheme. This too is aimed at plugging misuse of the scheme, officials to Fitch Ratings, India is also expected to extend its 12% safeguard duty and even revise the duty rates upwards as industry conditions worsen globally. "Governments around the world have been raising barriers to steel imports in recent months," Fitch said while adding India has introduced other non-tariff measures to protect domestic producers in recent steel imports fell by 16% annually in the first half of this calendar year. "Barriers to steel imports should benefit domestic producers," Fitch added.
Time of India
43 minutes ago
- Time of India
India Leans in on Local Growth
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Economic Times
an hour ago
- Economic Times
MoSPI proposes new base years for IIP, GDP & CPI
Synopsis The government plans to update the base years for key economic indicators. The Index of Industrial Production (IIP) and Gross Domestic Product (GDP) will shift to a 2022-23 base year, while the Consumer Price Index (CPI) will be rebased to 2024. Agencies Image for representation The government has proposed 2022-23 as the new base year for the Index of Industrial Production (IIP) and Gross Domestic Product (GDP), and 2024 for the Consumer Price Index (CPI), Parliament was informed on the base year for both IIP and GDP is 2011-12, while it is 2012 for CPI. The new CPI will draw weight of items from the Household Consumption Expenditure Survey 2023-24."The Ministry is underway to revise the base year of GDP, IIP, and CPI," MoS for Statistics and Programme Implementation Rao Inderjit Singh informed Lok Sabha. "The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources, he CPI, which tracks monthly retail prices of goods and services across 1,181 rural and 1,114 urban markets, will expand its coverage to 2,900 markets, ET reported new series will also include e-commerce price trends and online streaming services revised GDP series will source data from Goods and Service Tax (GST), Public Finance Management System, and Vahan portal. It will also include Unified Payments Interface (UPI) transaction data, ET reported in December 2024.
