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Price hike in oil prices: why and how

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The fuel Price in India hit the record high three figures for the first time in the history of India. On Wednesday the retail price of regular petrol hiked by 26 paise in Rajasthan’s Sri Ganganagar and reached Rs. 100.13. While the Diesel rested at Rs. 92.13 after a hike of 27 paise. The fuel prices in India vary from state to state, City to City. It is determined after implementing state and central government taxes. So why are the prices rising like never before?  After effects of the infamous Pandemic:  Due to the then on-going Pandemic, the demand of Crude Oil (pre refined petroleum) showed a significant drop in April 2020. Which then turned to a collapse in prices of crude oil.           After Pandemic, Saudi Arabia a key oil producing country voluntarily cut its supply by about one million barrels to 8.125 million barrels of crude oil to boost the prices hence to cover the loss due to Pandemic. Resulting in Price of Crude Oil hiked by about 50%. Compared to $40/Barrel

Budget 2021 : Sitharaman's Timid Approch

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Finance Minister Nirmala  Sitharaman presented The Budget in Parliament, which happens to be the NDA government's first after covid pandemic hit India and the ninth one under Modi government. For Nirmala Sitharaman, this is the third budget as she debuted in 2019, springing a change by replacing a decades old leather briefcase with " Bahi-khata". As this years budget is paperless, Bahi khata  has been replaced by a Made in India tab.  PM Modi said ahead of the joint session of Parliament on Friday, 2020 was a year of four to five mini budgets as the finance ministry announced several stimulus packages throughout the year to cushion the blow of the pandemic. Union Budget 2021 will be an extension of those, PM Modi said. Prime Minister Narendra Modi, defense minister Rajnath Singh, home minister Amit Shah and other BJP leaders praised the Budget for being holistic in approach. Though it does not have an announcement of tax exemption, there are several announcements which wi

Sensex hits historic 50k Mark:

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What’s next in the Indian Capital Market  The Indian market is looking well in control of the bulls, with a growth rate of 15% this year which has led to the benchmark indices reaching record heights. The Sensex on Thursday crossed the 50k mark and the Nifty 50 reached the 14,600 for the first time in its history. The market capitalization crossed the mark of 197 lakh crore and reached the mark of 2.7 trillion USD for the first time in its history. This elation in the market can be credited to the optimism among many investors regarding the announcements in the Budget 2021. Much part of this is also supported by the global equity which is almost of Rs 20000 crore in the cash segment of the Indian Equity market in January. This over-optimism towards the announcement of the Indian Budget is due to the fact that the Finance Minister announced that this year’s budget will be unlike anything in the past 100 years. If the announcements of the budget fail to meet the expectations there could

Five died in Serum Institute of India’s Pune campus : Production of Covishield safe

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 F ive laborer's were charred to death in a fire that broke out in the fifth floor of a building under construction of vaccine manufacturing major Serum Institute of India (SII) in Pune’s Manjari area on Thursday afternoon. The five deceased were contractual labourers- two hailing from Uttar Pradesh, two from Pune district and one from Bihar. According to sources, four others were evacuated from the building when the first blaze, which was apparently caused by an electrical fault, erupted around 2 p.m. A second, relatively a minor blaze, occurred at 7 p.m. on the third floor of the same building. Both fires has been brought under control, said fire department authorities. Maharashtra Health Minister Rajesh Tope said the fire had not harmed SII’s ‘Covishield’ vaccine storage, which is sited at a distance from the blaze, in any way. C yrus S. Poonawalla, Chairman and Managing Director, SII, said the institute would offer a compensation of ₹25 lakh to each of the families of the decea

2.3 % Grew in China’s Economy

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  China’s economy recovered to pre-pandemic growth rates in the fourth quarter, propelling it to a stronger than expected full-year expansion of 2.3% and making it the only major one to avoid contraction.  Gross domestic product climbed 6.5% in the final quarter from a year earlier, fueled by stronger-than-expected industrial output, the statistics bureau said Monday.   Covid-19, which has ravaged the world economy, first emerged in central China in late 2019. But the world's second-largest economy also became the first to bounce back after imposing strict lockdowns and virus control measures. It is expected to be the only major world economy clocking positive 2020 growth. In the last three months of 2020, China's economic rebound continued with a better-than-expected 6.5 percent growth on-year, a sustained improvement since the second quarter. This brings it back to a pre-pandemic trajectory, although full-year 2020 growth is still its worst performance since 1976, when the ec

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