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The prices of commercial LPG cylinders have jumped by Rs 10 to reach Rs 2,820, marking a consecutive increase after a rise of Rs 62.50 earlier this month. Additionally, the cost of aviation turbine fuel has escalated by Rs 1.37 per litre, further burdening airline costs. In contrast, domestic LPG prices stand steady at Rs 942 for a 14.2-kg cylinder, showcasing the impact of international market variations.
India witnessed a notable rise in crude oil imports, reaching approximately 5.6 million barrels per day in October. A significant portion, around 2.3 million bpd, came from the Middle East, with Russian shipments also holding a firm position at nearly 2 million bpd. Yet, increasing freight costs might diminish the desirability of Russian oil moving forward.
October witnessed a remarkable surge in India's Goods and Services Tax revenues, hitting Rs 2.31 lakh crore, reflecting a commendable 22.9% growth from last year. This rise was primarily fueled by a staggering 42.2% increase in imports and consistent domestic transactions. Furthermore, major states contributed positively to these collections, showcasing a resilient economy and improved adherence to tax regulations across the country.
India's recent free trade agreements with the UK and EU will aid domestic manufacturers in expanding exports. Industry participation and awareness efforts are crucial for capitalizing on the benefits of these FTAs. Export diversification is a key strategy for companies amid global economic uncertainties, particularly with European markets. Companies should focus on targeting significant markets to increase their presence in international trade.
Foreign portfolio investors withdrew Rs 34,843 crore from Indian equities in October, continuing a trend. Despite substantial outflows, foreign investors became net buyers towards the end of the month. Market experts suggest that recent foreign buying may indicate a shift in sentiment. Investors are focused on global crude prices and US interest rates influencing markets. The outcome of upcoming events will remain critical for future investment flows.