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Petrol and diesel prices will remain steady on July 2, the latest price notification issued by fuel retailers shows, with prices staying unchanged for more than a month after the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel Rs 6 a litre.

The duty cut brought down the petrol price in Delhi by Rs 9.5 and Rs 7 for diesel. Petrol in Delhi costs Rs 96.72 and diesel Rs 89.62 a litre.

In Mumbai, petrol is selling at Rs 111.35 and diesel at Rs 97.28. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai, while in Kolkata, petrol is at Rs 106.03 and diesel at Rs 92.76.

Oil marketing companies are incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel even as they pass on the excise duty cut to consumers in the country. India meets 80 percent of its fuel needs through imports.

Globally, oil prices gained more than two percent on July 1 as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.

Benchmark Brent crude futures settled at $111.63 a barrel, rising $2.60, or 2.4 percent. West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5 percent.

WTI and Brent traded at about 70 percent and 77 percent, respectively, of the previous session's volumes ahead of the Fourth of July holiday in the US.

For the week, Brent lost 1.3 percent, while WTI rose 0.8 percent. For June, both benchmarks had ended the month lower for the first time since November.

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Domestic rating agency Crisil on Friday lowered its real GDP growth forecast for India to 7.3 per cent in FY23 from 7.8 per cent estimated earlier.

It attributed the downward revision to higher oil prices, slowing of export demand and high inflation.

This is in line with the RBI's estimate of 7.2 real GDP growth for this fiscal year.

Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak.

The only bright spots are the uptick in contact-intensive services and forecast of a normal and well-distributed monsoon, it said, lowering its growth outlook.

Inflation, which has been pegged to average at 6.8 per cent in FY23 as against 5.5 per cent in FY22, reduces purchasing power and would weigh on revival of consumption the largest component of GDP which has been backsliding for a while, the agency said.

Factors contributing to the broad-based rise in inflation will include the impact of this year's heatwave on domestic food production, coupled with persisting high international commodity prices and input costs, it said.

The agency also said that with higher commodity prices, slowing global growth and supply chain snarls, the current account will be impacted, and estimated the current account deficit to widen to 3 per cent of GDP in FY23 from 1.2 per cent in FY22.

This will put pressure on the currency, and the rupee is estimated by the agency to be at 78 to the US dollar in March 2023, compared to 76.2 in March 2022.

The rupee-dollar exchange rate will remain volatile with a depreciation bias in the near term due to a widening trade deficit, foreign portfolio investment (FPI) outflows and strengthening of the US dollar index (owing to rate hikes by the US Federal Reserve, or Fed, and safe-haven demand for the dollar amid geopolitical risks), it said.

The agency expects global crude to average between USD 105-110 per barrel in FY23, which is higher by 35 per cent when compared to the last fiscal year's and will be the highest price since 2013.

High commodity prices have a domino effect on India. As the terms of trade worsen with a rising import bill, imported inflation surges, it said.

With inflation rising, the RBI is expected to hike rate by another 75 basis points during the fiscal on top of the 90 basis points hikes already announced, it said.

It, however, said that the rising interest rates will not dent growth prospects in a big way as real interest rates are likely to remain lower than the pre-pandemic levels and monetary policy actions get transmitted with a lag, it said.

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India’s attempt to reform military recruitment — which has set off political convulsions that show no signs of abating — once again shows that its aspirations to superpower status are no match for a below-par economy.

India’s military — particularly its army — is antiquated in organisation and manpower-heavy. After some ill-advised, populist, and expensive tinkering with pensions early in its tenure, the government found it was spending all its military budget on personnel, leaving very little for modernisation or for hardware.

Meanwhile, for more than two decades, its own strategists have been calling for a leaner and younger army. The average Indian soldier is 32 or 33, making its army one of the oldest in the world.

So, after two years in which the army suspended its typical annual enlistment of 60,000 young men on 20-year contracts, the government announced it was shifting to a tour-of-duty type system in which new recruits will be taken on for four years and then sent off with a handsome and tax-free discharge bonus of $15,000.

This has set off a firestorm of protest. Literally, in some cases, as angry would-be army recruits set trains — a very visible symbol of the Union government even the most remote parts of India — alight.

The problem is that, for many young men in the most economically disadvantaged parts of India, the army is their only hope of a career — or, for that matter, of getting married, given that years of sex-selective abortions have caused the gender ratio in those parts of India to skew heavily male.

These men — or boys, since they’re mostly teenagers — have spent years running and practicing drills in hopes of getting selected.

Before the new recruitment system was announced, a typical applicant told a reporter for the Print: “If I don’t get a job in the army, my chances of living with dignity in my society are very low. My chances of marrying go down. People will mock me at every function.” Those who do return to their villages after their 20 years of service, on the other hand, tend to be respected and wind up in positions of local leadership.

It’s telling that the protests, and the anger, have largely been limited to the poorest parts of India, where other employment opportunities are scarce. The government has tried to emphasize the $15,000 payout the four-year men will receive and claimed that army training will make them more attractive on the job market. That argument holds less sway in areas where there’s little prospect of finding a good job today or four years from now.

The government has done itself no favours by obscuring its real motivations. Everyone knows this is about reducing the amount the military spends on salaries and creating an army that is younger and more agile technologically. At the same time, the government won’t reveal its plans for military transformation.

Forget about detailing how much money the programme would save; we don’t even know for certain how many people are currently employed by India’s military. For some reason, that’s treated as a state secret. (It’s estimated to be around 1.4 million, about half as many again as in China.)

Prime Minister Narendra Modi is generally credited with having an instinctive understanding of what voters want. Yet it’s astounding how often his government designs policies in secret that then elicit a furious public reaction. While military reform was inevitable and overdue, surely it could have been discussed in public so that at least the current generation of aspirants would have known better than to run kilometres a day to get themselves in shape.

As with farmer-led protests last year, there’s a chance the government will be forced to retreat in the face of this unwavering hostility in areas that remain politically powerful, if economically weak.

A reversal would carry its own costs, however. In an aspiring superpower the military should be an instrument designed to project power, ensure domestic security, and respond to emerging threats. What India is learning is that, given its failure to create jobs, its army must also remain something of an employment generation scheme. If the country wants to play a bigger role in its region and in the world, it will first need to fix its economy.

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India's factory output expanded at its slowest pace in nine months in June as elevated price pressures continued to dampen demand and output, according to a private survey, which also showed business confidence was at its lowest in over two years.

Although inflation eased in May to 7.04% after touching an eight-year high of 7.79% in April, a meaningful decline is not seen anytime soon even as the Reserve Bank of India is expected to continue with aggressive rate hikes.

While the Manufacturing Purchasing Managers' Index, compiled by S&P Global, remained resilient, it fell to a nine-month low of 53.9 in June from May's 54.6, lower than the Reuters poll median prediction of 54.5.

It has been above the 50-level separating growth from contraction for a year, indicating growth in the sector has remained solid.

"The Indian manufacturing industry ended the first quarter of fiscal year 2022/23 on a solid footing, displaying encouraging resilience in the face of acute price pressures, rising interest rates, rupee depreciation and a challenging geopolitical landscape," noted Pollyanna De Lima, economics associate director at S&P Global Market.

"Yet, there was a broad-based slowdown in growth across a number of measures such as factory orders, production, exports, input buying and employment as clients and businesses restricted spending amid elevated inflation."

New orders and output grew at their weakest rate since September last year and firms hired at a slower pace in June.

However, a sub-index tracking delivery times of goods was above the 50-mark for the first time since February 2021 and at its highest in nearly three years, signalling an easing in supply chain pressures.

That partly helped both input and output prices, which increased at a slower rate last month, but a respite from the cost of living crisis still looks a distant possibility.

Indeed, business optimism declined to its lowest since the onset of the pandemic over two years ago.

Asserting that the GST had serious "birth defects" which became only worse over the last five years, the Congress on Friday said the GST laws and the manner of their implementation have "wrecked the economy" and the party will work toward its replacement by GST 2.0.

The Opposition party said demonetisation was the first "Tughlaqi farman" of the government while the Goods and Service Tax second that harmed the economy.

At a press conference here, senior Congress leader P Chidambaram said the GST "celebrates" its fifth birthday on Friday but there is nothing really to celebrate.

"The GST had serious birth defects. In the last five years these defects have only become worse and all those touched by GST have been seriously injured," the former finance minister said.

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The Congress wishes to make it absolutely clear that the so-called GST that is in force today was not the GST envisaged by the UPA government, he said.

"The GST that we have today is a complex web of many rates, conditions, exceptions and exemptions that will leave even an informed taxpayer completely bewildered. Not all registered dealers are informed taxpayers; as a result, they are at the mercy of the tax-collector," he said.

A flawed GST has led to "large-scale destruction" of MSMEs, a sector that contributes up to 90 per cent of the jobs in the manufacturing sector, he said.

The worst consequence of the GST brought in by the government has been a complete breakdown of trust between the Centre and states, he said.

"As far as the Congress Party is concerned, we reject the current GST and, as promised in the Election Manifesto of 2019, we will work toward the replacement of the current GST by GST 2.0 that will be single, low-rate," Chidambaram said.

Finance Minister Nirmala Sitharaman has defended the government's move to impose a windfall tax on oil producers and levy a special additional cess on the export of fuel products, saying the current situation is "extraordinary".

"We are happy that exports are happening. We are happy that companies are making profits. We are happy that exports are giving them (companies) that kind of returns on what they invested, which is so required for anybody who makes those investments. But these are extraordinary times," Sitharaman said in the Capital on July 1 on the sidelines of an event marking the fifth anniversary of the implementation of the Goods and Services Tax (GST) regime.

"These are times when oil prices internationally are unbridled. They are just going on and on upwards. And for any country - like India for instance - which depends very much largely on imports, we also need to pay that kind of money to get it," the finance minister added.

Earlier today on July 1, the government announced it was imposing a cess of Rs 23,250 per tonne as special additional excise duty on crude as domestic crude producers are making "windfall gains" amid sharply higher crude oil prices. Further, cesses amounting to Rs 6 per litre on petrol and Rs 13 per litre on diesel have been imposed on their export, while a special additional excise duty of Rs 6 per litre has been imposed on the export of Aviation Turbine Fuel.

Shares of oil companies like Oil and Natural Gas Corporation and Oil India sank after the government measures were announced.

Amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman on Thursday said the Indian currency is relatively better placed than other global currencies against the greenback.

Emerging market currencies have been falling against dollar amid geopolitical tensions in the wake of the Russia-Ukraine war, concerns over growth, high global crude prices, sustained inflation and central banks worldwide adopting hawkish monetary policy approach.

"We are relatively better placed. We are not a closed economy. We are part of the globalised world. So, we will be impacted (by global developments)," the finance minister said on the sidelines of an event here. She was responding to a question on the movement of rupee against the dollar.

The rupee breached the psychologically significant level of 79 per dollar level for the first time ever on Wednesday and has also hit a series of lifetime lows this month. However, on Thursday, the domestic currency rose 13 paise to 78.90 against the US dollar in early trade.

Since the war in Ukraine broke out in late February, the Reserve Bank of India (RBI) has expended its foreign exchange reserves in order to shield the rupee from steep depreciation. Since February 25, the headline foreign exchange reserves have declined by USD 40.94 billion. Last week, Reserve Bank Deputy Governor, Michael D Patra said the central bank will not allow "jerky movements" of the rupee and stressed that the Indian currency has witnessed least depreciation in recent times.
We will stand for its stability and we are doing it. We are there in the market and we will not allow disorderly movement of the rupee. We have no level in mind, but we will not allow jerky movement. That is for certain," Patra had said.

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A bipartisan group of American state governors and top officials have vouched for strong bilateral ties with India and pitched for investment from the Indian corporate sector who they said not only brings foreign direct investment but also skills and creates local jobs in the US.

Governors Tom Wolf from Pennsylvania and Asa Hutchinson from Arkansas along with Lt Governors Garlin Gilchrist from Michigan, and Eleni Kounalakis from California made an aggressive pitch before a group of more than 100 Indian businesses travelling to the US to attend the annual Select USA Investment Summit in the American Capital.

In their remarks at a reception hosted at the popular India House by India's Ambassador to the US, Taranjit Singh Sandhu, these top State level elected officials asserted that Indian businesses add value to their state economy, bring in new skill sets and most important of all create most sought-after jobs.

According to a 2020 survey by the Confederation of Indian Industries, more than 155 Indian companies have invested USD 22 billion. Referring to the unicorns appearing in India almost every week, Pennsylvania Governor Wolf told the audience that India is a dynamic nation, and it's a sleeping giant.

The Republican governor said that he is proud to have maintained his admiration and friendship with India through all these years. Governor Hutchinson from Arkansas, who is from the Democratic party, asserted that the India-US relationship enjoys bipartisan support.

This really illustrates he's a Democrat, I'm a Republican... We all in a bipartisan way support our relationship with India. I think that speaks well of our National Governors Association that we work together, we promote our states, that we promote the relationship that we have with our allies such as India, said Hutchinson. He travelled to India in 2019.

Arkansas, he said, has benefited from great foreign direct investment coming from Indian companies, including Welspun Mahindra Group, Infosys, TCS and Wipro employing several thousand people from Arkansas. Just last year, Wipro announced that they will build a new large-scale service centre employing 400 Arkansans.

So we value the great investments that are made. Tata Consulting Services (TCS) is another example of an Indian firm investing in their business in Arkansas and also in students promoting STEM education in our state, he said. STEM stands for the fields of science, technology, engineering and math.

Lt Gov Gilchrist said that Michigan is already home to a number of influential Indian-American companies, including Mahindra, Tata Group, and Wipro.

We are grateful for the continued partnership and investment of Indian businesses and the community in Michigan, where they enjoy not only a strong business climate but also a cost of living that is 10 per cent more affordable than the national average, a highly skilled and loyal workforce and an incredible quality of life that my counterparts will appreciate you saying is unmatched across the United States of America, he said.

I encourage all of those here today to continue to reach out and work with us in Michigan, in my Michigan Economic Development Corporation to continue to grow economic opportunities that will benefit both our State, this country and the nation of India, he said. Opportunity certainly awaits all of you in Michigan for all of your ideas and imagination. ...Michigan also happens to be home to a very vibrant Indian American community.

It actually is the fastest growing racial and ethnic group in our State. We are very proud of this distinction, Gilchrist said. Opportunity certainly awaits all of you in Michigan for all of your ideas and imagination. ...Michigan also happens to be home to a very vibrant Indian American community.

Lt Gov Eleni Kounalakis from California, the fifth-largest economy in the world if this was a country, exuded confidence that the relationship between California and India will continue to grow. Why am I so confident? First, because more Indian Americans live in California than in any other state.

In places like Los Angeles, the San Francisco Bay Area, and Silicon Valley, where they make up 6.4 per cent of the population in the San Jose Sunnyvale Santa Clara census tract. This is the highest percentage anywhere in the United States, she said. Why am I so confident? First, because more Indian Americans live in California than in any other state.

Second, I'm confident that this relationship will continue to grow because total trade between California and India continues to grow in spite of the pandemic. Before COVID-19 trade between our sub-national government and the country of India was over USD10 billion and in 2021, it amounted to USD12.5 billion, she said. Finally, Indian investment in California continues to thrive, with nearly 300 Indian-owned firms operating in our state, employing more than 8,000 people and generating more than USD980 million every year in wages, she said.

So, in short from the Golden Gate to India Gate, the ties between California and India are strong and are growing stronger, be they between Hollywood and Bollywood or Silicon Valley and Bangalore. So, as lieutenant governor,... I cherish the strong ties of friendship, and I look forward to a brighter and more collaborative future for all, she said. Welcoming the top governors, Lt Governors and other top officials from the US Government, Sandhu, underlined that Indian companies in the United States bring strength, resilience, competitiveness to the United States.

They create jobs in local communities and build capacity and technical know-how. Welcoming the top governors, Lt Governors and other top officials from the US Government, Sandhu, underlined that Indian companies in the United States bring strength, resilience, competitiveness to the United States.

In my travels, I'm amazed to see what our companies have done from the neighbourhood and to partner with schools and universities. In my recent visits to Indianapolis, Chicago and San Antonia, I have seen firsthand what contribution they are bringing, Sandhu said.

India, he said, has accelerated the speed and scale of economic reforms, making India an excellent place to do business, hire talent and manufacture for the world. Arun Venkataraman, Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service said that India's FDI in the United States is over USD12.7 billion and that has created over 70,000 jobs in the United States.

It is self-evident that India is an important commercial partner... We are partners bound by shared values, by rule of law, by a commitment to democracy and as a diaspora that is stubborn enough to refuse to let this relationship backtrack one step. We are proud to be here to keep this relationship on track and to ensure that the commercial side underpins what is already a critical and long-standing strategic partnership, Venkataraman said. Jasjit Singh is the Executive Director of SelectUSA, this year Indian delegation of 138 delegates is the second-biggest delegation by all standards of Select USA Investment Summit.

Reliance Industries chairman Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire.

In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.

The announcement comes days ahead of the RIL AGM where Street is expecting demerger plans from the oil-to-telecom conglomerate.

Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27.

Raminder Singh Gujral and K V Chowdary were appointed independent directors for a period of five years commencing from June 27, 2022, it added.

Akash Ambani takes over at a time when the Indian telecom firms will be rolling out 5G network in a few months and are looking at increasing the average revenue per user, a key metric to suggest profitability in the industry.

On Tuesday, RIL's scrip on BSE closed 1.5% higher at Rs 2,529.

Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.

Akash Ambani has graduated from Brown University with a major in Economics.

Akash Ambani led the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with development of new technologies and capabilities, including AI-ML and blockchain. He was also closely involved with the creation of the digital ecosystem around Jio’s 4G proposition.