Anup Roy

India will need to monitor the impact of the Middle East crisis on domestic prices closely, the country’s central bank said in its monthly report.

India’s central bank said a report that it’s selling gold is “not correct,” pointing to data showing its physical stock of gold has remained unchanged.

Bloomberg Economics had reported that the central bank likely sold gold reserves worth about $12 bn in the two weeks through May 22, while buying $7.5 bn of foreign-currency assets.

India is taking steps to bolster its currency without the need to hike interest rates, giving the central bank room to focus on supporting an economy hit by soaring oil prices.

India’s central bank left interest rates unchanged, as most economists expected, with policymakers seeking to cushion the economy while keeping the rupee in focus.

India cut taxes on bond investments by foreign institutional investors to attract overseas capital and stabilize the rupee which has been under pressure from higher energy prices and equity market outflows.

Govt exempted foreign investors from 'any interest on government security' and 'capital gains arising from sale, exchange or transfer' of the same.

India bought oil from Russia 2022 onwards because it was cheap and available, and did so at the request of the US to keep global oil prices low, India’s foreign minister S. Jaishankar said.

India is becoming a case study in how rising temperatures can undermine productivity and growth in nations that still rely heavily on physical labor.

Severe temperatures are having increasing impacts on workers and businesses