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India believes that the ongoing imposition of tariff by Bejing and Washington provides it with the opportunity to increase exports to both the countries.

In a written statement in the parliament, Minister of state in the commerce ministry C R Chaudhary said,''The retaliatory tariffs between US and China provides a window of opportunity for enhancing India’s exports to China and US, particularly in products in which India is competitive."

Though New Delhi does consider that the current trade war between the US and China is likely to have its "impact on the imports and exports of other countries, including India'' and may bring about a ''shift in their bilateral trading patterns and displacement of their bilaterally traded commodities to other countries.''

But Overall the commerce ministry doesn't see the impact on Indian imports to Sino US tariffs imposition as both countries have increased tariffs directed at each other.

India, from various global forums, have been calling for a "'rule-based trading system for promoting free and fair trade.'' US and China are one of India's largest trading partners.

The trade deficit with China has been a worry for India and during the 11 sessions of India China Joint Group on Economic relations which was held in New Delhi in March of last year, both countries agreed to increase trade in a balanced and sustainable manner.&nbsp;

India has been seeking market access for Indian agricultural products, animal feed, oil seeds etc.&nbsp;

India has a huge trade deficit with China due to the fact that Chinese exports to India rely strongly on manufactured items which are required in sectors like telecom and power while India's export to China are primary and intermediate products.

China and US hammered a trade truce on the sidelines of the G20 summit in Argentina in December 2018. Both are currently working on a trade deal.

India believes that the ongoing imposition of tariff by Bejing and Washington provides it with the opportunity to increase exports to both the countries. In a written statement in the parliament, Minister of state in the commerce ministry C R Chaudhary said,''The retaliatory tariffs between US and China provides a window of opportunity for enhancing India’s exports to China and US, particularly in products in which India is competitive.

India believes that the ongoing imposition of tariff by Bejing and Washington provides it with the opportunity to increase exports to both the countries. In a written statement in the parliament, Minister of state in the commerce ministry C R Chaudhary said,''The retaliatory tariffs between US and China provides a window of opportunity for enhancing India’s exports to China and US, particularly in products in which India is competitive." Though New Delhi does consider that the current trade war between the US and China is likely to have its "impact on the imports and exports of other countries, including India'' and may bring about a ''shift in their bilateral trading patterns and displacement of their bilaterally traded commodities to other countries.'' But Overall the commerce ministry doesn't see the impact on Indian imports to Sino US tariffs imposition as both countries have increased tariffs directed at each other. India, from various global forums, have been calling for a "'rule-based trading system for promoting free and fair trade.'' US and China are one of India's largest trading partners. The trade deficit with China has been a worry for India and during the 11 sessions of India China Joint Group on Economic relations which was held in New Delhi in March of last year, both countries agreed to increase trade in a balanced and sustainable manner. India has been seeking market access for Indian agricultural products, animal feed, oil seeds etc. India has a huge trade deficit with China due to the fact that Chinese exports to India rely strongly on manufactured items which are required in sectors like telecom and power while India's export to China are primary and intermediate products. China and US hammered a trade truce on the sidelines of the G20 summit in Argentina in December 2018. Both are currently working on a trade deal.

Retaliatory tariffs between US, China opportunity for India’s exports: Commerce Ministry

The ongoing digital transformation taking place globally is making <a href="http://www.wionews.com/opinions/h-1b-visa-row-indian-it-industry-faces-many-challenges-175008">India's information technology (IT) industry</a> stronger, a trend that would continue its growth momentum at least in the foreseeable future, says an expert.

Former President of the industry body NASSCOM (National Association of Software and Services Companies), R Chandrashekhar said 2018 has been a watershed year for the Indian IT industry because in 2016 people were writing its "obituaries."

He said 2017 was a difficult year for the industry and there were many challenges during that period.

"And in 2018 headlines were all about how the IT industry has really made really big strides in digital transformation space globally...Which basically shows that the shift to digital has not killed the IT industry", he told PTI.

"On the contrary, it has actually made it stronger and more important as a partner for its clients," Chandrashekhar said.

"So, that's very big accomplishment by the industry and shows that the growth momentum will continue into at least foreseeable future because this is a trend which is going to remain there for a long time now".

It's a "clear and positive sign" for the industry, he said.

Also, he noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue.

Several companies are forming joint ventures and also acquiring companies which, Chandrashekhar said, are important strategies to keep the growth. "Growth momentum is strong and is expected to continue."

On things in 2019 which could have a dampening effect on the export-dependent IT industry, he said if American economy slows down, it would have an impact, as also a "hard Brexit". Appreciation of rupee would have an impact on the rupee earnings of companies.

But he stressed that one should not be unduly concerned about those factors because they don't fundamentally affect the strength of the Indian IT industry.

Former president of NASSCOM R Chandrashekhar noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue.

The ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future, says an expert. Former President of the industry body NASSCOM (National Association of Software and Services Companies), R Chandrashekhar said 2018 has been a watershed year for the Indian IT industry because in 2016 people were writing its "obituaries." He said 2017 was a difficult year for the industry and there were many challenges during that period. "And in 2018 headlines were all about how the IT industry has really made really big strides in digital transformation space globally...Which basically shows that the shift to digital has not killed the IT industry", he told PTI. "On the contrary, it has actually made it stronger and more important as a partner for its clients," Chandrashekhar said. "So, that's very big accomplishment by the industry and shows that the growth momentum will continue into at least foreseeable future because this is a trend which is going to remain there for a long time now". It's a "clear and positive sign" for the industry, he said. Also, he noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue. Several companies are forming joint ventures and also acquiring companies which, Chandrashekhar said, are important strategies to keep the growth. "Growth momentum is strong and is expected to continue." On things in 2019 which could have a dampening effect on the export-dependent IT industry, he said if American economy slows down, it would have an impact, as also a "hard Brexit". Appreciation of rupee would have an impact on the rupee earnings of companies. But he stressed that one should not be unduly concerned about those factors because they don't fundamentally affect the strength of the Indian IT industry.

Growth momentum is strong for Indian IT companies: Former NASSCOM president

<a href="http://www.wionews.com/india-news/government-not-seeking-rbi-reserves-to-meet-fiscal-deficit-arun-jaitley-187546">Reserve Bank </a>Governor Shaktikanta Das Wednesday said he will meet representatives of MSMEs and non-banking financial companies (NBFC) next week.

A day after the RBI announced a one-time loan restructuring scheme for the MSME sector, Das in a tweet said, "Will hold meetings with MSME associations and representatives of NBFCs next week."

The RBI's board in its crucial meeting held on November 19, 2018, had advised the central bank examine a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to such conditions as are necessary for ensuring financial stability.

The liquidity problem in the non-banking financial companies and housing finance companies came to the fore after series of loan defaults by IL&amp;FS, one of the largest NBFCs in the country.

The government has superseded the board of IL&amp;FS, and the debt-ridden company has already started the process to monetise its several assets.

RBI Governer Shaktikanta Das said in a tweet, 'Will hold meetings with MSME associations and representatives of NBFCs next week.'

Reserve Bank Governor Shaktikanta Das Wednesday said he will meet representatives of MSMEs and non-banking financial companies (NBFC) next week. A day after the RBI announced a one-time loan restructuring scheme for the MSME sector, Das in a tweet said, "Will hold meetings with MSME associations and representatives of NBFCs next week." The RBI's board in its crucial meeting held on November 19, 2018, had advised the central bank examine a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 25 crore, subject to such conditions as are necessary for ensuring financial stability. The liquidity problem in the non-banking financial companies and housing finance companies came to the fore after series of loan defaults by IL&FS, one of the largest NBFCs in the country. The government has superseded the board of IL&FS, and the debt-ridden company has already started the process to monetise its several assets.

RBI Governer Shaktikanta Das to meet MSME, NBFC representatives next week

<a href="http://www.wionews.com/india-news/india-to-increase-public-health-spending-to-25-per-cent-of-gdp-says-pm-narendra-modi-183405">The direct tax-to-GDP ratio </a>of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, the finance ministry said Wednesday. 
It was 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16.

The ministry said the larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant society and the impact of note ban has been felt on the collection of personal income tax.

In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".

It further said there is a growth of over 80 per cent in the number of returns filed in the last four financial years from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.

The number of individuals filing a return of income has also increased by about 65 per cent during this period from 3.31 crore in 2013-14 to 5.44 crore in 2017-18, the ministry added.

It also said there has been a continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three assessment years (AYs).

"For AY (assessment year) 2014-15, corresponding to FY (financial year) 2013-14 (base year), the return filers had declared gross total income of Rs 26.92 lakh crore, which has increased by 67 per cent to Rs 44.88 lakh crore for AY 2017-18, showing higher level of compliance resulting from various legislative and administrative measures taken by the government, including effective enforcement measures against tax evasion," it added.

Refunds amounting to Rs 1.23 lakh crore have been issued during the April-November 2018 period, which is 20.8 per cent higher than refunds issued during the corresponding period in the preceding year.

Growth rate for corporate income tax (CIT) and personal income tax (PIT) stood at 17.7 per cent and 18.3 per cent, respectively.

Demonetisation led to formalisation of the economy and was a blow to the black money, the ministry added.

"Demonetisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method," it said.

The ministry said larger deposits in banks improved lending capacity for the banks. "A lot of this money was diverted to the mutual funds for further investments. It became a part of the formal system," it added.

It further said there is a growth of over 80 per cent in the number of returns filed in the last four financial years from 3.79 crores in 2013-14 to 6.85 crore in 2017-18.

The direct tax-to-GDP ratio of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, the finance ministry said Wednesday. It was 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16. The ministry said the larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant society and the impact of note ban has been felt on the collection of personal income tax. In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years". It further said there is a growth of over 80 per cent in the number of returns filed in the last four financial years from 3.79 crores in 2013-14 to 6.85 crore in 2017-18. The number of individuals filing a return of income has also increased by about 65 per cent during this period from 3.31 crore in 2013-14 to 5.44 crore in 2017-18, the ministry added. It also said there has been a continuous increase in the amount of income declared in the returns filed by all categories of taxpayers over the last three assessment years (AYs). "For AY (assessment year) 2014-15, corresponding to FY (financial year) 2013-14 (base year), the return filers had declared gross total income of Rs 26.92 lakh crore, which has increased by 67 per cent to Rs 44.88 lakh crore for AY 2017-18, showing higher level of compliance resulting from various legislative and administrative measures taken by the government, including effective enforcement measures against tax evasion," it added. Refunds amounting to Rs 1.23 lakh crore have been issued during the April-November 2018 period, which is 20.8 per cent higher than refunds issued during the corresponding period in the preceding year. Growth rate for corporate income tax (CIT) and personal income tax (PIT) stood at 17.7 per cent and 18.3 per cent, respectively. Demonetisation led to formalisation of the economy and was a blow to the black money, the ministry added. "Demonetisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method," it said. The ministry said larger deposits in banks improved lending capacity for the banks. "A lot of this money was diverted to the mutual funds for further investments. It became a part of the formal system," it added.

Direct tax-GDP ratio of 5.98% during Fiscal Year 2018 best in 10 years: Finance Ministry

Oil markets dropped by around 1 per cent in 2019's first trading on Wednesday, pulled down by surging US&nbsp;output and concerns about an economic slowdown in 2019 as factory activity in China, the world's biggest oil importer, contracted.

International Brent crude futures were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 per cent, from their final close of 2018.

West Texas Intermediate (WTI) futures were at $44.95 per barrel, down 47 cents, or 1 per cent.

In physical oil markets, Dubai crude averaged $57.318 a barrel for December, the lowest since October 2017, two traders who participate in the market said on Wednesday.

Similarly, Malaysia's Petronas set the official selling price of a basket of December-loading Malaysian crude grades at $62.79 a barrel, the lowest since October 2017, the state oil firm said on Wednesday.

Traders said futures prices fell on expectations of oversupply amid surging US&nbsp;production and concerns about a global economic slowdown.

Factory activity weakened in December across Asia, including in China, as the Sino-US&nbsp;trade war and a slowdown in Chinese demand hit production in most economies, pointing to a rocky start for the world's top economic growth region in 2019.

Independent market analyst Greg McKenna said in a note on Wednesday that it was "difficult for traders and investors to ignore what looks like a genuine global economic slowdown."

That is also impacting sentiment in oil markets. Oil prices ended 2018 lower for the first time since 2015, after a desultory fourth quarter that saw buyers flee the market over growing worries about too much supply and mixed signals related to renewed US&nbsp;sanctions on Iran.

"Oil prices ... registered their first yearly decline in three years on fears of a slowing global economy and concerns of an ongoing supply glut," said Adeel Minhas, a consultant at Australia's Rivkin Securities.

For the year, WTI futures slumped nearly 25 per cent, while Brent tumbled nearly 20 per cent.

The outlook for 2019 is riddled with uncertainty, analysts said, including the US-China trade concerns and Brexit, as well as political instability and conflict in the Middle East.

A Reuters poll showed oil prices are expected to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine efforts led by the Organisation of the Petroleum Exporting Countries (OPEC) to cut supply and prop up prices.

On the production side, all eyes will be on the ongoing surge in US&nbsp;output and on OPEC's and Russia's supply discipline.

"Don't underestimate shale producers and the wider US&nbsp;oil industry in general. Too often this year the market pushed stories ... bottlenecks (pipelines, frack crews, truck drivers, etc.), yet US&nbsp;oil production will have grown by a massive 2+ million barrels per day between 1.1.2018 and 1.1.2019," consultancy JBC Energy said in an analysis of 2018.

US&nbsp;crude output rose to an all-time high of 11.537 million barrels per day (bpd) in October, the Energy Information Administration (EIA) said on Monday. That makes the US&nbsp;the world's biggest oil producer ahead of Russia and Saudi Arabia.

Weekly data, which is more open to revisions, was reported last week at 11.7 million bpd in late December by the EIA. 
&nbsp;

Oil markets dropped by around 1 per cent in 2019's first trading on Wednesday, pulled down by surging US output and concerns about an economic slowdown in 2019 as factory activity in China, the world's biggest oil importer, contracted.

Oil markets dropped by around 1 per cent in 2019's first trading on Wednesday, pulled down by surging US output and concerns about an economic slowdown in 2019 as factory activity in China, the world's biggest oil importer, contracted. International Brent crude futures were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 per cent, from their final close of 2018. West Texas Intermediate (WTI) futures were at $44.95 per barrel, down 47 cents, or 1 per cent. In physical oil markets, Dubai crude averaged $57.318 a barrel for December, the lowest since October 2017, two traders who participate in the market said on Wednesday. Similarly, Malaysia's Petronas set the official selling price of a basket of December-loading Malaysian crude grades at $62.79 a barrel, the lowest since October 2017, the state oil firm said on Wednesday. Traders said futures prices fell on expectations of oversupply amid surging US production and concerns about a global economic slowdown. Factory activity weakened in December across Asia, including in China, as the Sino-US trade war and a slowdown in Chinese demand hit production in most economies, pointing to a rocky start for the world's top economic growth region in 2019. Independent market analyst Greg McKenna said in a note on Wednesday that it was "difficult for traders and investors to ignore what looks like a genuine global economic slowdown." That is also impacting sentiment in oil markets. Oil prices ended 2018 lower for the first time since 2015, after a desultory fourth quarter that saw buyers flee the market over growing worries about too much supply and mixed signals related to renewed US sanctions on Iran. "Oil prices ... registered their first yearly decline in three years on fears of a slowing global economy and concerns of an ongoing supply glut," said Adeel Minhas, a consultant at Australia's Rivkin Securities. For the year, WTI futures slumped nearly 25 per cent, while Brent tumbled nearly 20 per cent. The outlook for 2019 is riddled with uncertainty, analysts said, including the US-China trade concerns and Brexit, as well as political instability and conflict in the Middle East. A Reuters poll showed oil prices are expected to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine efforts led by the Organisation of the Petroleum Exporting Countries (OPEC) to cut supply and prop up prices. On the production side, all eyes will be on the ongoing surge in US output and on OPEC's and Russia's supply discipline. "Don't underestimate shale producers and the wider US oil industry in general. Too often this year the market pushed stories ... bottlenecks (pipelines, frack crews, truck drivers, etc.), yet US oil production will have grown by a massive 2+ million barrels per day between 1.1.2018 and 1.1.2019," consultancy JBC Energy said in an analysis of 2018. US crude output rose to an all-time high of 11.537 million barrels per day (bpd) in October, the Energy Information Administration (EIA) said on Monday. That makes the US the world's biggest oil producer ahead of Russia and Saudi Arabia. Weekly data, which is more open to revisions, was reported last week at 11.7 million bpd in late December by the EIA.

Oil kicks off 2019 with losses on signs of economic slowdown, surging supply

India's biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries.

Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery.

Iran's participation has been questioned after India cut back its Iranian crude oil imports following US&nbsp;sanctions.

However, Singh's comments come a few days after India exempted rupee payments to the National Iranian Oil Co (NIOC) for crude oil imports from a withholding tax.

The exemption will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC through direct rupee payments.

It has been expected that these payments could help Iran invest in Indian projects, particularly the Chennai Petroleum Corp expansion.

"Iran has always been positive with this (the new rules). I think they should be able to invest," Singh told Reuters, following a media conference on Wednesday.

Chennai Petroleum plans to invest up to 356.98 billion rupees ($5.1 billion) to replace the 20,000 bpd Nagapattinam refinery in Southern Tamil Nadu state with a 180,000 bpd plant.

Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4 per cent stake in Chennai Petroleum, while Indian Oil has about a 52 percent share.

Singh said a detailed feasibility report for the expansion has yet to be prepared. 
&nbsp;

India's biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries. Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery.

India's biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries. Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery. Iran's participation has been questioned after India cut back its Iranian crude oil imports following US sanctions. However, Singh's comments come a few days after India exempted rupee payments to the National Iranian Oil Co (NIOC) for crude oil imports from a withholding tax. The exemption will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC through direct rupee payments. It has been expected that these payments could help Iran invest in Indian projects, particularly the Chennai Petroleum Corp expansion. "Iran has always been positive with this (the new rules). I think they should be able to invest," Singh told Reuters, following a media conference on Wednesday. Chennai Petroleum plans to invest up to 356.98 billion rupees ($5.1 billion) to replace the 20,000 bpd Nagapattinam refinery in Southern Tamil Nadu state with a 180,000 bpd plant. Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4 per cent stake in Chennai Petroleum, while Indian Oil has about a 52 percent share. Singh said a detailed feasibility report for the expansion has yet to be prepared.

Indian Oil says Iran may still invest in Chennai Petroleum expansion

The rupee started the new year on a positive note and appreciated by 15 paise to 69.62 against the US dollar in early trade Tuesday amid weakness in the greenback against some currencies overseas.

Forex traders said, increased selling of the American currency by exporters and banks also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 69.63 and rose further to quote at 69.62, showing a rise of 15 paise over its previous close. 
The Indian rupee Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar.

Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading lower by 0.02 per cent at 96.15. 
Traders said, foreign fund outflows and higher crude oil prices weighed on the local unit and capped the upmove.

Foreign funds pulled out Rs 326.87 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed.

Globally, Brent crude, the international benchmark, was trading 1.11 per cent higher at US $53.80 per barrel.

Meanwhile, the BSE benchmark Sensex turned choppy after opening higher in early trade Tuesday amid sustained capital outflows by foreign funds and surging global crude oil prices.

The 30-share index dropped over 85.77 points, or 0.24 per cent, to 35,982.56 in morning trade, after touching a high of 36,161.80 at the outset.&nbsp;

The rupee started the new year on a positive note and appreciated by 15 paise to 69.62 against the US dollar in early trade Tuesday amid weakness in the greenback against some currencies overseas.

The rupee started the new year on a positive note and appreciated by 15 paise to 69.62 against the US dollar in early trade Tuesday amid weakness in the greenback against some currencies overseas. Forex traders said, increased selling of the American currency by exporters and banks also supported the domestic currency. At the interbank forex market, the rupee opened higher at 69.63 and rose further to quote at 69.62, showing a rise of 15 paise over its previous close. The Indian rupee Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar. Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading lower by 0.02 per cent at 96.15. Traders said, foreign fund outflows and higher crude oil prices weighed on the local unit and capped the upmove. Foreign funds pulled out Rs 326.87 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed. Globally, Brent crude, the international benchmark, was trading 1.11 per cent higher at US $53.80 per barrel. Meanwhile, the BSE benchmark Sensex turned choppy after opening higher in early trade Tuesday amid sustained capital outflows by foreign funds and surging global crude oil prices. The 30-share index dropped over 85.77 points, or 0.24 per cent, to 35,982.56 in morning trade, after touching a high of 36,161.80 at the outset.

New year cheer: Rupee rises 15 paise to 69.62 against US dollar in early trade

The domestic stock market on Tuesday opened on a flat note with BSE Sensex and Nifty registering minor increase in opening trade.&nbsp;

Sensex opened at 36,161.80 from its previous close of 36,068.33 on Monday. At around 9.25 am, Sensex traded at 36,003.51, up by 64.82 points.

Nifty opened at 10,881.70 after Monday's closing at 10,862.55. It rose marginally, by around 20 points, in morning trade.

Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets.&nbsp;

The 30-share BSE index fell 8.39 points, or 0.02 per cent, to finish at 36,068.33; while the broader NSE Nifty edged lower by 2.65 points, or 0.02 per cent, to 10,862.55.

The Indian rupee Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar but clocked a 9.23 per cent fall during the year after witnessing its one of the tumultuous years in the recent past.

(With inputs PTI)

The domestic stock market on Tuesday opened on a flat note with BSE Sensex and Nifty registering minor increase in opening trade. Sensex opened at 36,161.80 from its previous close of 36,068.

The domestic stock market on Tuesday opened on a flat note with BSE Sensex and Nifty registering minor increase in opening trade. Sensex opened at 36,161.80 from its previous close of 36,068.33 on Monday. At around 9.25 am, Sensex traded at 36,003.51, up by 64.82 points. Nifty opened at 10,881.70 after Monday's closing at 10,862.55. It rose marginally, by around 20 points, in morning trade. Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets. The 30-share BSE index fell 8.39 points, or 0.02 per cent, to finish at 36,068.33; while the broader NSE Nifty edged lower by 2.65 points, or 0.02 per cent, to 10,862.55. The Indian rupee Monday signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar but clocked a 9.23 per cent fall during the year after witnessing its one of the tumultuous years in the recent past. (With inputs PTI)

Markets open on flat note; Sensex, Nifty record marginal gains in early trade 

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago.

The Dow Jones Industrial Average climbed 1.2 per cent to close the year at 23,327.46 -- which meant a loss of 5.6 per cent from 2017.

The broad-based S&amp;P 500 advanced 0.9 per cent in the session to 2,506.85, a loss of 6.2 per cent for the year.

The tech-rich Nasdaq Composite Index advanced 0.8 per cent to end at 6,635.28 a decline of 3.9 per cent for 2018.

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago. The Dow Jones Industrial Average climbed 1.

Wall Street closed higher in the final session of 2018 on Monday, but the year proved to be the worst for US stocks since the financial crisis a decade ago. The Dow Jones Industrial Average climbed 1.2 per cent to close the year at 23,327.46 -- which meant a loss of 5.6 per cent from 2017. The broad-based S&P 500 advanced 0.9 per cent in the session to 2,506.85, a loss of 6.2 per cent for the year. The tech-rich Nasdaq Composite Index advanced 0.8 per cent to end at 6,635.28 a decline of 3.9 per cent for 2018.

US stocks gain in final session; 2018 sees biggest decline since 2008

The Indian rupee kicked off 2019 on a resounding note, building up on gains of the previous two sessions and adding another 34 paise Tuesday to close at 69.43 against the US dollar on increased selling of the greenback by exporters and smart gains in domestic equities.

The domestic unit has rallied by a hefty 92 paise in the last three trading sessions.

Traders said sustained selling of the American currency by exporters and banks propped up the rupee.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.63. It gained further to hit a high of 69.43 following dollar selling by exporters, before finally closing at 69.43, up 34 paise.

On Monday, the rupee signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar.

However, the domestic currency clocked a 9.23 per cent fall in 2018.

On year-over-year basis, the rupee depreciated by a whopping 509 paise, or 9.23 per cent, as compared to 2017-end level of 63.87.

Domestic brokerage firm Kotak Institutional Equities in a research report said that the year 2019 seems to be a better starting point in terms of valuation, currency.

"The INR seems to be fairly valued; we see mild depreciation in 2019 compared to the sharp correction that it saw in 2018," the report said.

Traders said, a positive trend in the domestic equities also supported the local unit.

Indian equity market started the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday. The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

Meanwhile, foreign funds pulled out Rs 326.87 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed.

The dollar index was trading down by 0.31 per cent at 95.87 against a&nbsp; 
basket of six currencies in the late afternoon trade.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.7131 and for rupee/euro at 79.9330. The reference rate for rupee/British pound was fixed at 88.9748 and for rupee/100 Japanese yen at 63.57.

The Indian rupee kicked off 2019 on a resounding note, building up on gains of the previous two sessions and adding another 34 paise Tuesday to close at 69.43 against the US dollar on increased selling of the greenback by exporters and smart gains in domestic equities.

The Indian rupee kicked off 2019 on a resounding note, building up on gains of the previous two sessions and adding another 34 paise Tuesday to close at 69.43 against the US dollar on increased selling of the greenback by exporters and smart gains in domestic equities. The domestic unit has rallied by a hefty 92 paise in the last three trading sessions. Traders said sustained selling of the American currency by exporters and banks propped up the rupee. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.63. It gained further to hit a high of 69.43 following dollar selling by exporters, before finally closing at 69.43, up 34 paise. On Monday, the rupee signed off the last trading session of 2018 with 18 paise gains at 69.77 per dollar. However, the domestic currency clocked a 9.23 per cent fall in 2018. On year-over-year basis, the rupee depreciated by a whopping 509 paise, or 9.23 per cent, as compared to 2017-end level of 63.87. Domestic brokerage firm Kotak Institutional Equities in a research report said that the year 2019 seems to be a better starting point in terms of valuation, currency. "The INR seems to be fairly valued; we see mild depreciation in 2019 compared to the sharp correction that it saw in 2018," the report said. Traders said, a positive trend in the domestic equities also supported the local unit. Indian equity market started the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday. The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent. Meanwhile, foreign funds pulled out Rs 326.87 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 321.98 crore Monday, provisional data showed. The dollar index was trading down by 0.31 per cent at 95.87 against a basket of six currencies in the late afternoon trade. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.7131 and for rupee/euro at 79.9330. The reference rate for rupee/British pound was fixed at 88.9748 and for rupee/100 Japanese yen at 63.57.

Rupee begins 2019 journey on a high; soars 34 paise against US dollar

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel.

The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.7 per cent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms.

This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 per cent, on December 1.

The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines.

Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai.

A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66.

ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre.

ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre.

Rates vary from city to city depending on local taxes.

Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise.

Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66. 
Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel.

State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month. Petrol and diesel prices are revised on a daily basis.&nbsp;

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel. The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.

Jet fuel price Tuesday was cut by a record 14.7 per cent on the back of decline in international rates, making it cheaper than both petrol and diesel. The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.7 per cent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms. This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 per cent, on December 1. The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines. Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai. A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF. A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66. ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre. ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre. Rates vary from city to city depending on local taxes. Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise. Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66. Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel. State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month. Petrol and diesel prices are revised on a daily basis.

ATF price cut by 14.7%; costs less than petrol, diesel

<a href="http://www.wionews.com/india-news/23-goods-and-services-to-get-cheaper-from-january-1-as-reduced-gst-rates-kick-in-187607">GST collection</a> dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month.&nbsp;

The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement.

Compensation released to states for August-September stood at Rs 11,922 crore.&nbsp;

Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore.

The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement, it said.&nbsp;

The total revenue earned by the central government and state governments after regular settlement in December is Rs 43,851 crore for CGST and Rs 46,252 crore for SGST, the ministry added.&nbsp;

The Goods and Services Tax (GST) collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October and Rs 97,637 crore in November.&nbsp;

The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement.

GST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month. The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at Rs 11,922 crore. Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore. The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement, it said. The total revenue earned by the central government and state governments after regular settlement in December is Rs 43,851 crore for CGST and Rs 46,252 crore for SGST, the ministry added. The Goods and Services Tax (GST) collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October and Rs 97,637 crore in November.

GST collection drops to Rs 94,726 crore in December

<a href="http://www.wionews.com/business-economy/markets-open-on-flat-note-sensex-nifty-record-marginal-gains-in-early-trade-187634">Indian equity market started</a> the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday on account of banking stocks rally following the Reserve Bank's comments that the banking sector is on a recovery path amid receding impaired assets load.

The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent.

Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

Besides financials, shares of telecom, IT, auto and pharma were in demand.

Leading the Sensex chart, Bharti Airtel shares rose 2.76 per cent, followed by HDFC (2.01 per cent) and Yes Bank (1.38 per cent).&nbsp;

Other gainers in the Sensex pack were HDFC Bank, SBI, Axis Bank, ICICI Bank, Infosys, Hero Motocorp, Tata Motors, SunPharma, Bajaj Finance, TCS, PowerGrid, ITC, Bajaj Auto, Maruti, Coal India, Larsen &amp; Toubro and RIL — rising as much as 1.3 per cent.

Among the losers were Mahindra and Mahindra, Tata Steel, ONGC, HUL, IndusInd Bank, Kotak Mahindra Bank, NTPC, Asian Paints, Vedanta, HCL Tech — falling as much as 3.75 per cent.&nbsp;

Analysts attributed the rise in banking stocks to the Reserve Bank Governor Shaktikanta Das' statement that the banking sector is on "course to recovery" as the afflicting non-performing assets recede.

The asset quality of banks showed improvement with gross non-performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, the Reserve Bank of India (RBI) said in its Financial Stability Report Monday.

Asian bourses are closed Tuesday on account of the New Year.&nbsp;

The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

Indian equity market started the New Year on a positive note, with BSE benchmark Sensex rising over 186 points Tuesday on account of banking stocks rally following the Reserve Bank's comments that the banking sector is on a recovery path amid receding impaired assets load. The 30-share BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent. Similarly, the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent. Besides financials, shares of telecom, IT, auto and pharma were in demand. Leading the Sensex chart, Bharti Airtel shares rose 2.76 per cent, followed by HDFC (2.01 per cent) and Yes Bank (1.38 per cent). Other gainers in the Sensex pack were HDFC Bank, SBI, Axis Bank, ICICI Bank, Infosys, Hero Motocorp, Tata Motors, SunPharma, Bajaj Finance, TCS, PowerGrid, ITC, Bajaj Auto, Maruti, Coal India, Larsen & Toubro and RIL — rising as much as 1.3 per cent. Among the losers were Mahindra and Mahindra, Tata Steel, ONGC, HUL, IndusInd Bank, Kotak Mahindra Bank, NTPC, Asian Paints, Vedanta, HCL Tech — falling as much as 3.75 per cent. Analysts attributed the rise in banking stocks to the Reserve Bank Governor Shaktikanta Das' statement that the banking sector is on "course to recovery" as the afflicting non-performing assets recede. The asset quality of banks showed improvement with gross non-performing assets' (GNPAs) ratio declining to 10.8 per cent in September 2018 from 11.5 per cent in March 2018, the Reserve Bank of India (RBI) said in its Financial Stability Report Monday. Asian bourses are closed Tuesday on account of the New Year.

Indian bourses begin 2019 on bullish note; Sensex soars 186 points

<a href="http://www.wionews.com/world/south-korean-president-moon-jae-ins-popularity-ends-2018-at-its-lowest-rating-187462">South Korea</a>'s exports reached a record high last year of $605.47 billion, 5.5 per cent more than in 2017, the Ministry of Trade, Industry and Energy reported on Tuesday.

According to official data, South Korean imports totalled $534.99 billion in 2018, 11.8 per cent more than in 2017, resulting in a trade surplus of $70.48 billion, marking the 10th consecutive year with a surplus.

It is the first time in South Korea's history that exports have exceeded $600 billion, the Yonhap news agency reported. These volumes make the country the world´s sixth-largest exporter.

The ministry also noted that microprocessor exports reached a record high of $126.7 billion last year.

China remains the main market for South Korean exports, which were worth $162.2 billion last year, 14.2 per cent more than in 2017.

China remains the main market for South Korean exports.

South Korea's exports reached a record high last year of $605.47 billion, 5.5 per cent more than in 2017, the Ministry of Trade, Industry and Energy reported on Tuesday. According to official data, South Korean imports totalled $534.99 billion in 2018, 11.8 per cent more than in 2017, resulting in a trade surplus of $70.48 billion, marking the 10th consecutive year with a surplus. It is the first time in South Korea's history that exports have exceeded $600 billion, the Yonhap news agency reported. These volumes make the country the world´s sixth-largest exporter. The ministry also noted that microprocessor exports reached a record high of $126.7 billion last year. China remains the main market for South Korean exports, which were worth $162.2 billion last year, 14.2 per cent more than in 2017.

South Korea's exports reach record high in 2018

India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries after a request from suppliers, a government notification said.

The reduction will lead to higher imports of palm oil by the world's biggest edible oil buyer in coming months as it would narrow the difference between the tropical vegetable oil and competitors such as soy oil and sunflower oil.

The duty on crude palm oil was lowered to 40 per cent from 44 per cent, while a tax on the refined variety was cut to 50 per cent from 54 per cent, according to the notification issued late on Monday. The cuts took effect on Tuesday.

Malaysian shipments of refined palm oil will be taxed at 45 per cent compared with 54 per cent earlier, the government said in a separate notice.

In March 2018, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent.

Palm oil has been more competitive due to the duty reduction and this will lead to higher imports from January onwards, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil importer.

India primarily imports palm oil from Indonesia and Malaysia and soy oil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada.

Its palm oil imports dropped 6.4 per cent from a year ago to 8.7 million tonnes in the 2017/18 marketing year ended in October, according to Solvent Extractors' Association (SEA), a Mumbai-based trade body.

Indonesia and Malaysia, the top two palm oil producers, were seeking a reduction in the import tax by New Delhi as inventories were rising in both countries due to higher output.

India's palm oil imports could have fallen in December but will jump this month as some importers had delayed shipments in anticipation of tax cuts, said B.V. Mehta, executive director of the SEA.

The effective duty difference between crude and refined palm oil has narrowed to 5.5 per cent from 11 per cent for shipments from Malaysia, which could lead to higher imports of refined palm oil, Mehta said.

"This is a death knell for the domestic refining industry and will halt the expansion of palm plantations in the country," he said.

India relies on imports for 70 per cent of its edible oil consumption, up from 44 per cent in 2001/02.

"Traditionally, Indonesia corners the bulk of India's palm oil market. The duty reduction will now allow Malaysia to raise its share," said a Mumbai-based dealer with a global trading firm.

India's palm oil imports could have fallen in December but will jump this month as some importers had delayed shipments in anticipation of tax cuts, said B.V. Mehta, executive director of the Solvent Extractors' Association (SEA).

India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries after a request from suppliers, a government notification said. The reduction will lead to higher imports of palm oil by the world's biggest edible oil buyer in coming months as it would narrow the difference between the tropical vegetable oil and competitors such as soy oil and sunflower oil. The duty on crude palm oil was lowered to 40 per cent from 44 per cent, while a tax on the refined variety was cut to 50 per cent from 54 per cent, according to the notification issued late on Monday. The cuts took effect on Tuesday. Malaysian shipments of refined palm oil will be taxed at 45 per cent compared with 54 per cent earlier, the government said in a separate notice. In March 2018, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent. Palm oil has been more competitive due to the duty reduction and this will lead to higher imports from January onwards, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil importer. India primarily imports palm oil from Indonesia and Malaysia and soy oil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada. Its palm oil imports dropped 6.4 per cent from a year ago to 8.7 million tonnes in the 2017/18 marketing year ended in October, according to Solvent Extractors' Association (SEA), a Mumbai-based trade body. Indonesia and Malaysia, the top two palm oil producers, were seeking a reduction in the import tax by New Delhi as inventories were rising in both countries due to higher output. India's palm oil imports could have fallen in December but will jump this month as some importers had delayed shipments in anticipation of tax cuts, said B.V. Mehta, executive director of the SEA. The effective duty difference between crude and refined palm oil has narrowed to 5.5 per cent from 11 per cent for shipments from Malaysia, which could lead to higher imports of refined palm oil, Mehta said. "This is a death knell for the domestic refining industry and will halt the expansion of palm plantations in the country," he said. India relies on imports for 70 per cent of its edible oil consumption, up from 44 per cent in 2001/02. "Traditionally, Indonesia corners the bulk of India's palm oil market. The duty reduction will now allow Malaysia to raise its share," said a Mumbai-based dealer with a global trading firm.

India cuts tax on palm oil imports; Malaysia to gain most

<a href="http://www.wionews.com/world/is-china-buying-us-soy-washington-shutdown-keeps-traders-guessing-187225">China's factory activity </a>contracted in December for the first time in more than two years, in a further sign of slackening demand and rising pressure on the world's second-largest economy as it heads into 2019.

The official Purchasing Managers' Index (PMI) fell to 49.4 in December, below the critical 50-point level that separates growth from contraction, according to data released by the National Bureau of Statistics (NBS) on Monday.

It was the first contraction since July 2016 and the weakest PMI reading since February 2016 when it came in at 49.0. Analysts surveyed by Reuters had forecast the official gauge would fell to 49.9 for the month.

The increasing strain on factories signals a continued loss of economic momentum and raises the risks to both China and the global economy, especially if Sino-US trade tensions persist.

There are already signs that trade frictions between the economic giants are hurting global supply chains with concerns the effects could become more pronounced next year in a blow to world trade and investment.

Chinese authorities are expected to roll out more supportive measures on top of a range of policy initiatives this year. A prolonged downturn in the factory sector, key for jobs and the overall health of the economy, would likely draw further steps to juice up domestic demand.

There is also uncertainty over whether<a href="http://www.wionews.com/world/china-customs-gives-green-light-for-us-rice-imports-187045"> China and the United States</a> can bridge their differences during a temporary ceasefire in their trade war.

At the beginning of this month, US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day ceasefire that delayed the planned Jan. 1 US increase of tariffs on $200 billion worth of Chinese goods while they negotiate a trade deal.

New export orders contracted for a seventh straight month on faltering external demand, with the sub-index falling to 46.6 from the previous month's reading of 47.0.

"There are many short-term orders from overseas but few long-term orders received by Chinese factories as caution remains amid the trade uncertainties," Nie Wen, an economist at Hwabao Trust in Shanghai, said before the PMI release.

"The medium to long-term export prospect is not optimistic particularly."

In contrast, the factor activity gauge, the official non-manufacturing PMI, also released on Monday, rose to 53.8 from 53.4 in November, well above the 50-point mark that separates growth from contraction.

The services sector accounts for more than half of China's economy, with rising wages giving Chinese consumers more spending power. But consumer demand and confidence have been faltering recently in a sign of growing pressure on the economy.

China's factory activity contracted in December for the first time in more than two years, in a further sign of slackening demand and rising pressure on the world's second-largest economy as it heads into 2019.

China's factory activity contracted in December for the first time in more than two years, in a further sign of slackening demand and rising pressure on the world's second-largest economy as it heads into 2019. The official Purchasing Managers' Index (PMI) fell to 49.4 in December, below the critical 50-point level that separates growth from contraction, according to data released by the National Bureau of Statistics (NBS) on Monday. It was the first contraction since July 2016 and the weakest PMI reading since February 2016 when it came in at 49.0. Analysts surveyed by Reuters had forecast the official gauge would fell to 49.9 for the month. The increasing strain on factories signals a continued loss of economic momentum and raises the risks to both China and the global economy, especially if Sino-US trade tensions persist. There are already signs that trade frictions between the economic giants are hurting global supply chains with concerns the effects could become more pronounced next year in a blow to world trade and investment. Chinese authorities are expected to roll out more supportive measures on top of a range of policy initiatives this year. A prolonged downturn in the factory sector, key for jobs and the overall health of the economy, would likely draw further steps to juice up domestic demand. There is also uncertainty over whether China and the United States can bridge their differences during a temporary ceasefire in their trade war. At the beginning of this month, US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day ceasefire that delayed the planned Jan. 1 US increase of tariffs on $200 billion worth of Chinese goods while they negotiate a trade deal. New export orders contracted for a seventh straight month on faltering external demand, with the sub-index falling to 46.6 from the previous month's reading of 47.0. "There are many short-term orders from overseas but few long-term orders received by Chinese factories as caution remains amid the trade uncertainties," Nie Wen, an economist at Hwabao Trust in Shanghai, said before the PMI release. "The medium to long-term export prospect is not optimistic particularly." In contrast, the factor activity gauge, the official non-manufacturing PMI, also released on Monday, rose to 53.8 from 53.4 in November, well above the 50-point mark that separates growth from contraction. The services sector accounts for more than half of China's economy, with rising wages giving Chinese consumers more spending power. But consumer demand and confidence have been faltering recently in a sign of growing pressure on the economy.

China's factory activity falls for first time in over 2 years: Report

The rupee appreciated 20 paise to 69.75 against the US currency in opening trade Monday amid weakening of the American unit and positive opening in the domestic equity market.

Forex traders said weakening of the US dollar against some currencies overseas aided the local unit.

Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading higher by 0.04 per cent at 96.44.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing.

On Friday, the rupee finished at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback's weakness overseas.

Traders, however, said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds sold shares worth Rs 119.60 crore from the capital markets on a net basis Friday, while domestic institutional investors bought shares worth Rs 1,199.40 crore, provisional data showed.

The global benchmark Brent crude was trading higher by 1.13 per cent at 53.81 per barrel.

Meanwhile, continuing its winning streak for a fourth straight session Monday, the BSE benchmark Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses.&nbsp;

The rupee appreciated 20 paise to 69.75 against the US currency in opening trade Monday amid weakening of the American unit and positive opening in the domestic equity market.

The rupee appreciated 20 paise to 69.75 against the US currency in opening trade Monday amid weakening of the American unit and positive opening in the domestic equity market. Forex traders said weakening of the US dollar against some currencies overseas aided the local unit. Meanwhile, the dollar index, which gauges the American currencies strength against a basket of six currencies was trading higher by 0.04 per cent at 96.44. At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.76 against the US dollar, then appreciated further to 69.76 showing a rise of 20 paise over its previous closing. On Friday, the rupee finished at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback's weakness overseas. Traders, however, said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove. Foreign funds sold shares worth Rs 119.60 crore from the capital markets on a net basis Friday, while domestic institutional investors bought shares worth Rs 1,199.40 crore, provisional data showed. The global benchmark Brent crude was trading higher by 1.13 per cent at 53.81 per barrel. Meanwhile, continuing its winning streak for a fourth straight session Monday, the BSE benchmark Sensex surged over 150 points as investors maintained their bullish stance in early trade on positive cues from other Asian bourses.

Rupee gains 20 paise to 69.75 against dollar in opening trade

Domestic markets on Monday opened in green with BSE Sensex trading above 200 points in opening trade.

The 30-share index rose 160.03 points, or 0.44 per cent, to trade at 36,236.75. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.20 points, or 0.46 per cent, higher at 10,910.10.

On Friday, the Sensex had rallied 269.44 points or 0.75 per cent to finish at 36,076.72, while the broader NSE Nifty spurted 80.10 points, or 0.74 per cent, to 10,859.90.

Meanwhile, the Indian currency gained 19 paise to 69.76 against the US dollar in morning trade.

Elsewhere in Asia, Japan's Nikkei fell 0.31 per cent, Hong Kong's Hang Seng was up 1.4 per cent, Kospi gained 0.62 per cent and Shanghai Composite Index rose 0.44 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index fell 76.42 points, or 0.33 per cent, to 23,062.40 in its previous session.

(With inputs from PTI)

Domestic markets on Monday opened in green with BSE Sensex trading above 200 points in opening trade. The 30-share index rose 160.03 points, or 0.44 per cent, to trade at 36,236.

Domestic markets on Monday opened in green with BSE Sensex trading above 200 points in opening trade. The 30-share index rose 160.03 points, or 0.44 per cent, to trade at 36,236.75. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.20 points, or 0.46 per cent, higher at 10,910.10. On Friday, the Sensex had rallied 269.44 points or 0.75 per cent to finish at 36,076.72, while the broader NSE Nifty spurted 80.10 points, or 0.74 per cent, to 10,859.90. Meanwhile, the Indian currency gained 19 paise to 69.76 against the US dollar in morning trade. Elsewhere in Asia, Japan's Nikkei fell 0.31 per cent, Hong Kong's Hang Seng was up 1.4 per cent, Kospi gained 0.62 per cent and Shanghai Composite Index rose 0.44 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index fell 76.42 points, or 0.33 per cent, to 23,062.40 in its previous session. (With inputs from PTI)

Markets open in green, Sensex surges 200 points

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut.

Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.

Brent crude futures - the international benchmark for oil prices - rose 42 cents, or 0.per cent, to $53.63 a barrel by 0250 GMT. Brent declined nearly 20 per cent in 2018 following two years of growth.&nbsp;

US West Texas Intermediate (WTI) crude futures were at $45.65 a barrel, up 32 cents, or 0.7per cent, from their last close. WTI is down about 24 per cent this year.

Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week.&nbsp;

"Investors are looking for bargains in an illiquid market (today)... If Trump gets over trade issues with China expect economic demand to surge," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.

"China is still the best bet for global economic growth. Anything that severely pinches China will inevitably hurt global growth and, as a consequence, oil consumption," said Sukrit Vijayakar, director of energy consultancy Trifecta.

The current downward pressure on oil prices should likely taper off from January, when OPEC-led supply cuts commence, analysts said.

Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices.

The group of producers "may hold out on supplies longer than reasonable in order to see if they can effect a rally similar to September-October this year," Vijayakar said.

Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as US sanctions on Iran`s oil exports took effect last month.

Asia`s imports from Iran are set to rise again in December after the US granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May.

"We postulate for a gentle recovery for oil prices into the first quarter of 2019 though marked volatility can snap oil prices south in lieu of market uncertainties and key events such as Brexit, US-China trade truce deal, US monetary policy, US-Iran sanctions," said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures.

Energy companies in the United States, currently the world`s biggest oil producer, added two oil drilling rigs in the week to December 28, General Electric Co`s Baker Hughes unit said on Friday. That was up from 747 a year ago. The rig count is used as an indicator for future output.

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut.

Oil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut. Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook. Brent crude futures - the international benchmark for oil prices - rose 42 cents, or 0.per cent, to $53.63 a barrel by 0250 GMT. Brent declined nearly 20 per cent in 2018 following two years of growth. US West Texas Intermediate (WTI) crude futures were at $45.65 a barrel, up 32 cents, or 0.7per cent, from their last close. WTI is down about 24 per cent this year. Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week. "Investors are looking for bargains in an illiquid market (today)... If Trump gets over trade issues with China expect economic demand to surge," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney. US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well. "China is still the best bet for global economic growth. Anything that severely pinches China will inevitably hurt global growth and, as a consequence, oil consumption," said Sukrit Vijayakar, director of energy consultancy Trifecta. The current downward pressure on oil prices should likely taper off from January, when OPEC-led supply cuts commence, analysts said. Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million barrels per day starting in January to clear a supply overhang and prop up prices. The group of producers "may hold out on supplies longer than reasonable in order to see if they can effect a rally similar to September-October this year," Vijayakar said. Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as US sanctions on Iran`s oil exports took effect last month. Asia`s imports from Iran are set to rise again in December after the US granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May. "We postulate for a gentle recovery for oil prices into the first quarter of 2019 though marked volatility can snap oil prices south in lieu of market uncertainties and key events such as Brexit, US-China trade truce deal, US monetary policy, US-Iran sanctions," said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures. Energy companies in the United States, currently the world`s biggest oil producer, added two oil drilling rigs in the week to December 28, General Electric Co`s Baker Hughes unit said on Friday. That was up from 747 a year ago. The rig count is used as an indicator for future output.

Oil prices set for first annual decline since 2015

Commenting on whether India and the United States (US) have commenced trade deal talks, the commerce ministry has said that both the countries are trying to resolve trade issues.&nbsp;

In a written reply in the parliament, Minister of state in the commerce ministry C R Chaudhary said, "India and United States (US) are currently engaged bilaterally to resolve certain identified trade issues".&nbsp;

Saying "no" to if New Delhi and Washington have reached any understand, Chaudhary said, "discussion is continuing with the intent of mutually satisfactory resolution".

US President Donald Trump had called India "Tariff King" in October 2018 and said India called and "want to start negotiating immediately" for a trade deal to keep him happy.&nbsp;

Tariff on Harley Davidson has been a key issue US President has been raising and raised it during his phone calls with Indian Prime Minister Narendra Modi.

During Diwali celebration at White House, President said, "We’re trying very hard to make better trade deals with India, but they’re very good traders. &nbsp;So we’re working, and it’s moving along."

Indian Prime minister met US president Trump on the sidelines of G20 Summit in Argentina on 30th November 2018 for the Japan-India-US trilateral or JAI Meeting. PM Modi met US Vice President Mike Pence on the sidelines of East Asia Summit in Singapore.

2018 saw US granting India STA1—Strategic Trade Authorisation-1 status and 2+2 India US dialogue. The US also granted India 6 month wavier, which is expected to be renewed, from Iran Sanctions. But in terms of trade US has been calling India for a "free, fair, and reciprocal trade."

Commenting on whether India and the United States (US) have commenced trade deal talks, the commerce ministry has said that both the countries are trying to resolve trade issues.

Commenting on whether India and the United States (US) have commenced trade deal talks, the commerce ministry has said that both the countries are trying to resolve trade issues. In a written reply in the parliament, Minister of state in the commerce ministry C R Chaudhary said, "India and United States (US) are currently engaged bilaterally to resolve certain identified trade issues". Saying "no" to if New Delhi and Washington have reached any understand, Chaudhary said, "discussion is continuing with the intent of mutually satisfactory resolution". US President Donald Trump had called India "Tariff King" in October 2018 and said India called and "want to start negotiating immediately" for a trade deal to keep him happy. Tariff on Harley Davidson has been a key issue US President has been raising and raised it during his phone calls with Indian Prime Minister Narendra Modi. During Diwali celebration at White House, President said, "We’re trying very hard to make better trade deals with India, but they’re very good traders. So we’re working, and it’s moving along." Indian Prime minister met US president Trump on the sidelines of G20 Summit in Argentina on 30th November 2018 for the Japan-India-US trilateral or JAI Meeting. PM Modi met US Vice President Mike Pence on the sidelines of East Asia Summit in Singapore. 2018 saw US granting India STA1—Strategic Trade Authorisation-1 status and 2+2 India US dialogue. The US also granted India 6 month wavier, which is expected to be renewed, from Iran Sanctions. But in terms of trade US has been calling India for a "free, fair, and reciprocal trade."

Discussions underway to resolve certain trade issues: Commerce Ministry on if India, US have commenced trade deal talks

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai.

On Sunday,&nbsp;petrol prices were recorded at Rs 69.04 in Delhi, Rs 74.67 in Mumbai, Rs 71.15 in Kolkata and Rs 71.62 in Chennai.

Meanwhile, the prices of diesel were revised to Rs 62.86 per litre in Delhi and to Rs 65.76 per litre in Mumbai. Diesel was selling at Rs 63.09 per litre in Delhi on December 30, while the same was priced at Rs 66.01 in Mumbai yesterday.&nbsp;

After reaching a record high of Rs 84 on October 4 in Delhi, petrol recorded its lowest price in the national capital in December this financial year.&nbsp;

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Petrol and diesel prices at Rs 68.84/litre &amp; Rs 62.86/litre respectively in Delhi. In Mumbai, petrol and diesel prices at Rs 74.47/litre &amp; Rs 65.76/litre respectively <a href="https://t.co/ANuCT3srpZ">pic.twitter.com/ANuCT3srpZ</a>
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Fuel rates across India have been on a falling trend due to the fall in global crude oil prices.

What also contributed to this slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states. Oil retailers were also asked to bear a loss of Rs&nbsp;1 on every litre of fuel sold in India by the state government.

(With inputs from agencies) 
&nbsp;

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai.

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai. On Sunday, petrol prices were recorded at Rs 69.04 in Delhi, Rs 74.67 in Mumbai, Rs 71.15 in Kolkata and Rs 71.62 in Chennai. Meanwhile, the prices of diesel were revised to Rs 62.86 per litre in Delhi and to Rs 65.76 per litre in Mumbai. Diesel was selling at Rs 63.09 per litre in Delhi on December 30, while the same was priced at Rs 66.01 in Mumbai yesterday. After reaching a record high of Rs 84 on October 4 in Delhi, petrol recorded its lowest price in the national capital in December this financial year. Petrol and diesel prices at Rs 68.84/litre & Rs 62.86/litre respectively in Delhi. In Mumbai, petrol and diesel prices at Rs 74.47/litre & Rs 65.76/litre respectively pic.twitter.com/ANuCT3srpZ — ANI (@ANI) December 31, 2018 × Fuel rates across India have been on a falling trend due to the fall in global crude oil prices. What also contributed to this slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states. Oil retailers were also asked to bear a loss of Rs 1 on every litre of fuel sold in India by the state government. (With inputs from agencies)

Fuel prices continue to fall; petrol at Rs 68.84 in Delhi and Rs 74.47 in Mumbai

India's finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters.

The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC. Those have been building up since Tehran was put under stringent US sanctions in early November.

The two countries on November 2 signed a bilateral agreement to settle oil trades through an Indian government-owned bank, UCO Bank, in the Indian currency, which is not freely traded on international markets.&nbsp;

However, the income of a foreign company that is deposited in an Indian bank account is subject to a withholding tax of 40 per cent plus other levies, leading to a total take by the authorities of 42.5 per cent.

That made the agreement unworkable for Iran and led to the freeze in payments by the refiners until the exemption could be introduced.

Iran will be able to use the rupee funds for a range of expenses - including&nbsp;imports from India, the cost of its missions in the country, direct investment in Indian projects, and its financing of Iranian students in India, according to another government document reviewed by Reuters. It can also invest the funds in Indian government debt securities.

"In the previous round of sanctions Iran was allowed to use funds for imports from India but this time we have expanded the scope for use of funds to benefit both nations," said an Indian government official, who declined to be named because of the sensitivity of the issue.

The move may help India fix its trade balance, which is currently tilted in favour of Iran.

PAYMENTS TO START SOON

The tax exemption order, though, only refers to crude oil. That means it does not apply to imports of other commodities, such as fertiliser, liquefied petroleum gas and wax.

India, Iran`s top oil client after China, has turned to paying for Iranian oil in rupees as major banking channels dealing in global currencies are closed off by the US sanctions.

"Passing of this notification eases constraints for Indian refiners to make payment," said Sanjay Sudhir, joint Secretary in India`s oil ministry.

An official from India`s top refiner and Iran`s top customer in the country, Indian Oil Corp, said his company would start making payments to Iran from January.

The finance ministry did not respond to a request for comment. Indian Oil Corp and UCO Bank also did not respond.

Last month, the United States introduced the sanctions aimed at crippling Iran`s oil revenue-dependent economy because of its nuclear and ballistic missile programmes and its support for militant proxies in the Middle East.&nbsp;

Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil.

India`s overall imports from Iran totalled about $11 billion in April-November 2018, with oil accounting for about 90 per cent of the imports.

Iran will be able to register as a foreign portfolio investor, allowing it to invest in Indian government debt.

The direct investment provision could help Iran in participating in Indian oil refiner Chennai Petroleum Corp Ltd`s expansion plans. Iran owns 15.4 per cent of the company.

Iran which used to be the third biggest oil supplier to India slipped to No. 6 in November, according to ship-tracking data and industry sources.

India's finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters.

India's finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC. Those have been building up since Tehran was put under stringent US sanctions in early November. The two countries on November 2 signed a bilateral agreement to settle oil trades through an Indian government-owned bank, UCO Bank, in the Indian currency, which is not freely traded on international markets. However, the income of a foreign company that is deposited in an Indian bank account is subject to a withholding tax of 40 per cent plus other levies, leading to a total take by the authorities of 42.5 per cent. That made the agreement unworkable for Iran and led to the freeze in payments by the refiners until the exemption could be introduced. Iran will be able to use the rupee funds for a range of expenses - including imports from India, the cost of its missions in the country, direct investment in Indian projects, and its financing of Iranian students in India, according to another government document reviewed by Reuters. It can also invest the funds in Indian government debt securities. "In the previous round of sanctions Iran was allowed to use funds for imports from India but this time we have expanded the scope for use of funds to benefit both nations," said an Indian government official, who declined to be named because of the sensitivity of the issue. The move may help India fix its trade balance, which is currently tilted in favour of Iran. PAYMENTS TO START SOON The tax exemption order, though, only refers to crude oil. That means it does not apply to imports of other commodities, such as fertiliser, liquefied petroleum gas and wax. India, Iran`s top oil client after China, has turned to paying for Iranian oil in rupees as major banking channels dealing in global currencies are closed off by the US sanctions. "Passing of this notification eases constraints for Indian refiners to make payment," said Sanjay Sudhir, joint Secretary in India`s oil ministry. An official from India`s top refiner and Iran`s top customer in the country, Indian Oil Corp, said his company would start making payments to Iran from January. The finance ministry did not respond to a request for comment. Indian Oil Corp and UCO Bank also did not respond. Last month, the United States introduced the sanctions aimed at crippling Iran`s oil revenue-dependent economy because of its nuclear and ballistic missile programmes and its support for militant proxies in the Middle East. Washington did, though, give a six-month waiver from sanctions to eight nations, including India, and allowed them to import some Iranian oil. India`s overall imports from Iran totalled about $11 billion in April-November 2018, with oil accounting for about 90 per cent of the imports. Iran will be able to register as a foreign portfolio investor, allowing it to invest in Indian government debt. The direct investment provision could help Iran in participating in Indian oil refiner Chennai Petroleum Corp Ltd`s expansion plans. Iran owns 15.4 per cent of the company. Iran which used to be the third biggest oil supplier to India slipped to No. 6 in November, according to ship-tracking data and industry sources.

India exempts rupee payments for Iran oil from hefty taxes: Government order

Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets.&nbsp;

The 30-share BSE index fell 8.39 points, or 0.02 per cent, to finish at 36,068.33; while the broader NSE Nifty edged lower by 2.65 points, or 0.02 per cent, to 10,862.55.

At the Interbank Foreign Exchange, the Indian rupee, however, was trading 15 paise higher at 69.80 (intra-day) against the US dollar.

The benchmark Brent crude was trading higher by 1.84 per cent at $54.19 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 119.60 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,199.40 crore, provisional data available with the BSE showed.&nbsp;

Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets.

Snapping their three-session rising streak, market benchmark indices Sensex and Nifty ended the last trading session of 2018 with marginal losses amid mixed cues from global markets. The 30-share BSE index fell 8.39 points, or 0.02 per cent, to finish at 36,068.33; while the broader NSE Nifty edged lower by 2.65 points, or 0.02 per cent, to 10,862.55. At the Interbank Foreign Exchange, the Indian rupee, however, was trading 15 paise higher at 69.80 (intra-day) against the US dollar. The benchmark Brent crude was trading higher by 1.84 per cent at $54.19 per barrel. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 119.60 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,199.40 crore, provisional data available with the BSE showed.

Indian equities end 2018 on a sluggish note

<a href="http://www.wionews.com/business-economy/indias-retail-inflation-rate-hits-17-month-low-in-november-183540">Inflation</a> seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone.

The data showed retail as well as wholesale price inflation remaining low for the most part of the year, though spikes in petrol and diesel prices came as a spoiler.

The retail inflation, measured as per the Consumer Price Index (CPI), remained mostly below 5 per cent, within the RBI's comfort level of 4 per cent with a bias of plus/minus 2 per cent. January was the only month when it crossed 5 per cent.

The Wholesale Price Index (WPI) based inflation is now at a 3-month low of 4.64 per cent, having oscillated in a range of 2.74-5.68 per cent during the year.

The latest data puts retail inflation for November at the year's lowest level of 2.33 per cent, mainly due to low prices of food articles, coupled with deflation in some agricultural products — which is good news for consumers as well as the government and the RBI.

But, this same situation has also led to concerns about the falling prices of agricultural produce resulting in a crisis for farmers. The crisis has got further compounded for those having taken farm loans and there have been reports from various parts of the country about farmers failing to recover even input cost for some commodities including onion.

The year saw multiple agitations by farmers demanding better price of their produce and also effective measures to support the farming sector. The farmers' distress also became a key election issue during recently-held assembly polls and may again be in focus during the 2019 national elections.

In the past, high inflation has been a bigger headache for governments and policymakers.

SBI's Group Chief Economic Adviser Soumya Kanti Ghosh said the government needs to support the rural sector through some sort of price or income support scheme.

"The decline in inflation is largely driven by food, but the recent meltdown in oil will help the numbers further. While the decline in food inflation is comforting for consumers, it is not good news for farmers," Ghosh said.&nbsp;

Unlike in past, farmers have started to realise that short-term loan waivers are not going to work on a durable basis and they want better solutions including incentives to the farm sector, subsidy, low-cost power and irrigation facilities, experts feel.

Several farmer leaders have alleged the government was not heeding to their demands for a reasonable minimum support price (MSP) and the hike announced by the Centre has not matched their expectations.

Edelweiss Securities' economist Madhavi Arora said the terms of trade have been unfavourable for the agriculture sector as despite higher MSPs announced this year, the ground impact has remained modest and food inflation continues to plunge further.

JNU Professor Kamal Mitra Chenoy said it will not be easy for the government to contain the farmers' distress as it is too late to take any effective measure and loan waivers are short-sighted steps.

"Deflation in farm products, while beneficial for consumers, can hurt the income of farmers. It is therefore extremely important to take forward reforms in the marketing and distribution of agricultural produce, which will lead to better remuneration for the farmer," industry chamber CII's Director General Chandrajit Banerjee said.

Greater investment in agriculture is also required including for rural infrastructure, irrigation, storage and warehousing facilities, he added.

The industry body said inflation turned out to be lower than expected in 2018, primarily due to moderation in prices of food products, while on the other hand inflation in fuel and other products in the CPI basket have been higher.

This trend may be reversed in the coming year as fuel prices moderate on lower oil prices and a stable rupee. Food prices may move up from current low levels, but overall retail inflation is expected to remain within the 4 per cent target of the RBI, Banerjee added.&nbsp;

Ghosh also said inflation outlook looks significantly benign.

"We expect inflation trajectory to stay decisively below 4 per cent at least in the first half of 2019. Inflation till March will stay below 3.5 per cent.&nbsp;

Global outlook looks wobbly. This will also impact India's growth prospects," he said.

Arora said sustained lower inflation should open up space for easing of interest rates in the first half of 2019.

RBI has lowered its inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.&nbsp;

For the first half of next fiscal, retail inflation has been pegged at 3.8-4.2 per cent.&nbsp;

Inflation seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone.

Inflation seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone. The data showed retail as well as wholesale price inflation remaining low for the most part of the year, though spikes in petrol and diesel prices came as a spoiler. The retail inflation, measured as per the Consumer Price Index (CPI), remained mostly below 5 per cent, within the RBI's comfort level of 4 per cent with a bias of plus/minus 2 per cent. January was the only month when it crossed 5 per cent. The Wholesale Price Index (WPI) based inflation is now at a 3-month low of 4.64 per cent, having oscillated in a range of 2.74-5.68 per cent during the year. The latest data puts retail inflation for November at the year's lowest level of 2.33 per cent, mainly due to low prices of food articles, coupled with deflation in some agricultural products — which is good news for consumers as well as the government and the RBI. But, this same situation has also led to concerns about the falling prices of agricultural produce resulting in a crisis for farmers. The crisis has got further compounded for those having taken farm loans and there have been reports from various parts of the country about farmers failing to recover even input cost for some commodities including onion. The year saw multiple agitations by farmers demanding better price of their produce and also effective measures to support the farming sector. The farmers' distress also became a key election issue during recently-held assembly polls and may again be in focus during the 2019 national elections. In the past, high inflation has been a bigger headache for governments and policymakers. SBI's Group Chief Economic Adviser Soumya Kanti Ghosh said the government needs to support the rural sector through some sort of price or income support scheme. "The decline in inflation is largely driven by food, but the recent meltdown in oil will help the numbers further. While the decline in food inflation is comforting for consumers, it is not good news for farmers," Ghosh said. Unlike in past, farmers have started to realise that short-term loan waivers are not going to work on a durable basis and they want better solutions including incentives to the farm sector, subsidy, low-cost power and irrigation facilities, experts feel. Several farmer leaders have alleged the government was not heeding to their demands for a reasonable minimum support price (MSP) and the hike announced by the Centre has not matched their expectations. Edelweiss Securities' economist Madhavi Arora said the terms of trade have been unfavourable for the agriculture sector as despite higher MSPs announced this year, the ground impact has remained modest and food inflation continues to plunge further. JNU Professor Kamal Mitra Chenoy said it will not be easy for the government to contain the farmers' distress as it is too late to take any effective measure and loan waivers are short-sighted steps. "Deflation in farm products, while beneficial for consumers, can hurt the income of farmers. It is therefore extremely important to take forward reforms in the marketing and distribution of agricultural produce, which will lead to better remuneration for the farmer," industry chamber CII's Director General Chandrajit Banerjee said. Greater investment in agriculture is also required including for rural infrastructure, irrigation, storage and warehousing facilities, he added. The industry body said inflation turned out to be lower than expected in 2018, primarily due to moderation in prices of food products, while on the other hand inflation in fuel and other products in the CPI basket have been higher. This trend may be reversed in the coming year as fuel prices moderate on lower oil prices and a stable rupee. Food prices may move up from current low levels, but overall retail inflation is expected to remain within the 4 per cent target of the RBI, Banerjee added. Ghosh also said inflation outlook looks significantly benign. "We expect inflation trajectory to stay decisively below 4 per cent at least in the first half of 2019. Inflation till March will stay below 3.5 per cent. Global outlook looks wobbly. This will also impact India's growth prospects," he said. Arora said sustained lower inflation should open up space for easing of interest rates in the first half of 2019. RBI has lowered its inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices. For the first half of next fiscal, retail inflation has been pegged at 3.8-4.2 per cent.

Inflation in 2018: Data shows price rise within comfort zone, but farmers hit

<a href="http://www.wionews.com/business-economy/rbi-to-soon-release-new-rs-20-bank-note-186317">The Reserve Bank </a>is looking at a mobile phone-based solution to help visually impaired people easily identify Indian currency notes.

Currently, intaglio printing-based identification marks are present in banknotes of Rs 100 and above for helping the visually challenged identify them. At present, banknotes of Rs 10, 20, 50, 100, 200, 500 and 2000 are in circulation.

There are about 80 lakh blind or visually impaired people in the country,&nbsp;who are likely to benefit from the initiative of the central bank.

In June 2018 <a href="http://www.wionews.com/opinions/shaktikanta-das-has-a-job-cut-out-for-himself-at-rbi-186078">the Reserve Bank </a>had announced that it will explore the feasibility of developing a suitable device or mechanism for aiding the visually impaired in the identification of Indian banknotes.

In line with that, the RBI has now invited expression of interest from vendors for developing a 'mechanism/device' for Identification of denomination of Indian banknotes.

The device/mechanism should be able to identify the denomination of a banknote with handheld operation, when the banknote is held in front of it/near it/inserted in it/ scrolled across it, within a few seconds (preferably 2 seconds or less) and read out in English/Hindi the denomination, said the tender document.

In case of a software-based solution, the document said: "The solution can be either totally software based capable to run on mobile phones or hardware driven or a combination of both... ."

Also, it should not require a data connection and should function in offline mode, as per the document.

In the&nbsp;case of a&nbsp;hardware-based solution, the device "should be battery operated, rechargeable, small and handy" for ease of operation and should not require additional light source including daylight.

The tender document also said it should be amply made clear to the user that the device/mechanism does not authenticate the genuineness or otherwise of the banknote and the user may ascertain the same separately.

India has changed its over four-decade-old definition of blindness, bringing it in line with the WHO criteria.&nbsp;

According to the new definition, a person who is unable to count fingers from a distance of three metres would be considered "blind" as against the earlier stipulation of six metres, which was adopted in 1976.

Going by the new definition, the population of blind people in India will reduce from 1.20 crore (as per National Blindness survey 2007 data) to 80 lakh.

The Reserve Bank is looking at a mobile phone-based solution to help visually impaired people easily identify Indian currency notes. Currently, intaglio printing-based identification marks are present in banknotes of Rs 100 and above for helping the visually challenged identify them.

The Reserve Bank is looking at a mobile phone-based solution to help visually impaired people easily identify Indian currency notes. Currently, intaglio printing-based identification marks are present in banknotes of Rs 100 and above for helping the visually challenged identify them. At present, banknotes of Rs 10, 20, 50, 100, 200, 500 and 2000 are in circulation. There are about 80 lakh blind or visually impaired people in the country, who are likely to benefit from the initiative of the central bank. In June 2018 the Reserve Bank had announced that it will explore the feasibility of developing a suitable device or mechanism for aiding the visually impaired in the identification of Indian banknotes. In line with that, the RBI has now invited expression of interest from vendors for developing a 'mechanism/device' for Identification of denomination of Indian banknotes. The device/mechanism should be able to identify the denomination of a banknote with handheld operation, when the banknote is held in front of it/near it/inserted in it/ scrolled across it, within a few seconds (preferably 2 seconds or less) and read out in English/Hindi the denomination, said the tender document. In case of a software-based solution, the document said: "The solution can be either totally software based capable to run on mobile phones or hardware driven or a combination of both... ." Also, it should not require a data connection and should function in offline mode, as per the document. In the case of a hardware-based solution, the device "should be battery operated, rechargeable, small and handy" for ease of operation and should not require additional light source including daylight. The tender document also said it should be amply made clear to the user that the device/mechanism does not authenticate the genuineness or otherwise of the banknote and the user may ascertain the same separately. India has changed its over four-decade-old definition of blindness, bringing it in line with the WHO criteria. According to the new definition, a person who is unable to count fingers from a distance of three metres would be considered "blind" as against the earlier stipulation of six metres, which was adopted in 1976. Going by the new definition, the population of blind people in India will reduce from 1.20 crore (as per National Blindness survey 2007 data) to 80 lakh.

RBI exploring mobile phone-based solution to help visually impaired identify banknotes

The US dollar strength, oil prices and next year's general elections will determine the rupee's direction in the near-term, with fundamentals being supportive for the domestic currency over the next 6-12 months, says a report by Standard Chartered.

<a href="http://www.wionews.com/business-economy/inflation-in-2018-data-shows-price-rise-within-comfort-zone-but-farmers-187302">Attractive real yields (net of inflation)</a>, growth momentum and robust forex reserves of $394 billion are likely to be positive for the Indian rupee (INR), said the report titled '2019 India Outlook — A year to prepare and react'.

On the macro overview, the report expects India's GDP growth to remain robust in 2019, supported by tailwinds from recent policy reforms (GST and bankruptcy code implementation), signs of a revival in private capex and pre-election spending.

"In our assessment, consumer price inflation (CPI) is likely to average 4 per cent in 2019. Benign food inflation, positive base effects, recent correction in oil prices and INR stability is likely to keep inflationary pressures under check," it said.

The report also said<a href="http://www.wionews.com/business-economy/rbi-exploring-mobile-phone-based-solution-to-help-visually-impaired-identify-banknotes-187305"> the RBI</a> is likely to stay on hold in 2019, as inflation is likely to remain within its medium-term target of 4 per cent.

"However, if inflation continues to undershoot RBI's target, there is a &nbsp;possibility of a rate cut later in 2019," it noted.

On the equity market, Standard Chartered said, "We remain positive on Indian equity markets in 2019, though more cautious compared to 2018."

"As we head into 2019, Indian markets are likely to remain volatile. We take a balanced approach to investing being selective in taking risk (diversified equity exposure) while keeping a greater margin of safety (preference for bonds) and keeping some dry power for tactical opportunities during the year," said Nitin Singh, MD and Head, Standard Chartered Wealth Management India.

Citing reasons for the likely volatility in markets, the report said India's twin deficits are likely to remain under pressure in 2019 as fiscal slippage risk is high and current account deficit rises amid a weak global funding environment.

"Second, while we don't see systemic risk arising from the recent liquidity pressures on non-banking financial companies (NBFCs), markets still need to adjust in the near-term to tighter financial conditions amid an elevated credit risk," it said.

It added that "as we near the general elections in mid-2019, risk premiums could rise to factor in political uncertainty".

The report said the macro environment is still supportive for equities.

Earnings growth outlook remains robust with high double-digit growth expected in 2019, it said.

"In our assessment, the recent market correction from 2018 peak has created a greater valuation buffer, with valuations converging closer to longer-term averages, compared to peak valuations a few months back," reads the report.

However, rising margin pressures and its impact on future profitability, stretched valuations relative to bonds and cash and moderating flows amid tighter liquidity are risks to equity outlook, it added.

The US dollar strength, oil prices and next year's general elections will determine the rupee's direction in the near-term, with fundamentals being supportive for the domestic currency over the next 6-12 months, says a report by Standard Chartered.

The US dollar strength, oil prices and next year's general elections will determine the rupee's direction in the near-term, with fundamentals being supportive for the domestic currency over the next 6-12 months, says a report by Standard Chartered. Attractive real yields (net of inflation), growth momentum and robust forex reserves of $394 billion are likely to be positive for the Indian rupee (INR), said the report titled '2019 India Outlook — A year to prepare and react'. On the macro overview, the report expects India's GDP growth to remain robust in 2019, supported by tailwinds from recent policy reforms (GST and bankruptcy code implementation), signs of a revival in private capex and pre-election spending. "In our assessment, consumer price inflation (CPI) is likely to average 4 per cent in 2019. Benign food inflation, positive base effects, recent correction in oil prices and INR stability is likely to keep inflationary pressures under check," it said. The report also said the RBI is likely to stay on hold in 2019, as inflation is likely to remain within its medium-term target of 4 per cent. "However, if inflation continues to undershoot RBI's target, there is a possibility of a rate cut later in 2019," it noted. On the equity market, Standard Chartered said, "We remain positive on Indian equity markets in 2019, though more cautious compared to 2018." "As we head into 2019, Indian markets are likely to remain volatile. We take a balanced approach to investing being selective in taking risk (diversified equity exposure) while keeping a greater margin of safety (preference for bonds) and keeping some dry power for tactical opportunities during the year," said Nitin Singh, MD and Head, Standard Chartered Wealth Management India. Citing reasons for the likely volatility in markets, the report said India's twin deficits are likely to remain under pressure in 2019 as fiscal slippage risk is high and current account deficit rises amid a weak global funding environment. "Second, while we don't see systemic risk arising from the recent liquidity pressures on non-banking financial companies (NBFCs), markets still need to adjust in the near-term to tighter financial conditions amid an elevated credit risk," it said. It added that "as we near the general elections in mid-2019, risk premiums could rise to factor in political uncertainty". The report said the macro environment is still supportive for equities. Earnings growth outlook remains robust with high double-digit growth expected in 2019, it said. "In our assessment, the recent market correction from 2018 peak has created a greater valuation buffer, with valuations converging closer to longer-term averages, compared to peak valuations a few months back," reads the report. However, rising margin pressures and its impact on future profitability, stretched valuations relative to bonds and cash and moderating flows amid tighter liquidity are risks to equity outlook, it added.

US dollar strength, oil prices, general elections to determine rupee direction in near term: Report