Indonesia, the world’s largest exporter of palm oil, has canceled the export tax on palm oil products until August 31. In order to control the price rise in the country, palm oil export was banned for 3 weeks till May 23. As a result, domestic palm oil reserves have increased, and the Indonesian government has canceled the export tax in order to empty the palm oil reserves. As a result, it is expected that the price of palm oil will decrease in the international market. This will be beneficial for India.
Vikram Limayev’s 5-year term as the Chief Executive Officer of the National Stock Exchange ended last Saturday. Following this, the Securities and Exchange Board of India (SEBI) has approved the appointment of Ashish Kumar Chauhan as the new CEO of the National Stock Exchange. Ashish Kumar Chauhan is currently the Managing Director and Chief Executive Officer of the Mumbai Stock Exchange.
The Indian rupee has been depreciating against the US dollar for the past few days. To overcome this, the central government and the Reserve Bank are taking steps to bring capital inflow. Not only the Indian rupee but also the dollar has appreciated against other currencies. Government officials have pointed out that the decline in the value of the rupee has not been caused by any problem in the Indian economy.
Tata Steel plans a total capital expenditure of Rs 12,000 crore in its India and Europe operations (plants) this financial year (2022-23). Tata Steel Chief Executive Officer T. V. Narendran said that the company plans to invest Rs 8,500 crore in domestic plants and Rs 3,500 crore in European plants.