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On March 31, the State Administration for Market Regulation released a report on the progress of the 2025 "Quality Certification Improvement Action for Small and Micro Enterprises." According to statistics, a total of 1,816 supporting incentive policies were introduced nationwide, providing approximately 123.5 billion yuan in financial credit support such as "certification loans," and implementing 930 million yuan in fiscal subsidies. 488 certification bodies reduced or waived certification fees by approximately 100 million yuan, provided free training to 722,000 enterprises, provided targeted assistance to over 79,000 enterprises, resolved approximately 48,000 key quality issues, cultivated approximately 138,000 quality management talents, and indirectly created approximately 143,000 new jobs. Small and micro enterprises participating in the improvement action saw an average annual revenue increase of approximately 14.8%, an average profit margin increase of approximately 6.8%, and an average quality cost decrease of approximately 12.2%. Meanwhile, enterprises continued to increase their investment in innovation, with R&D investment as a percentage of revenue increasing by an average of 7.6%.March 31st - Both WTI and Brent crude oil prices continued to decline, falling more than 1% intraday, currently trading at $104.23/barrel and $106.82/barrel respectively. In related news, reports indicate that Trump is willing to end the war while the Taiwan Strait remains closed.March 31 - On March 30, local time, a village on Qeshm Island in southern Iran was attacked by the United States and Israel, resulting in eight deaths. Qeshm Island is Irans largest island and the largest island in the Persian Gulf, located north of the Strait of Hormuz.Japanese Finance Minister Satsuki Katayama: We are prepared to take all necessary measures in the foreign exchange market.Japanese Finance Minister Satsuki Katayama: Foreign exchange rate fluctuations are due to speculation.

Indian Government Reduces Tax on Fuel, Key Commodities To Battle Inflation

Charlie Brooks

May 23, 2022 09:52

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India on Saturday announced a series of modifications to the tax system charged on vital commodities in an attempt to buffer customers from rising prices amid high inflation.


Finance Minister Nirmala Sitharaman announced a drop in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.


The new tax policy on fuel and diesel could result in a loss of around 1 trillion Indian rupees to the government in annual revenue due to the decreased collection, she stated in a series of tweets.


The government also reduced the import duty on anthracite, PCI coal and coking coal in an attempt to cut raw material costs for local market demand.


The latest measures will be effective from May 22, the government stated in a notification after the announcement by Sitharaman, who also asked state governments to follow suit with comparable reductions on fuel costs keeping in line with federal plans.


A liter of petrol currently costs 105.41 rupees, while diesel is at 96.67 rupees in New Delhi.


The government would also pay a supplementary subsidy of 200 rupees per cooking gas cylinder to approximately 90 million people under a welfare scheme launched for women below the poverty line.


The subsidy will have an annual income implication of about 61 billion Indian rupees, Sitharaman said.


"Prime Minister Narendra Modi has expressly requested all arms of the government to work with sensitivity and give relief to the common man," she said.


The government was also attempting to minimize taxes on raw materials for plastic items to lower down the cost of final products.


Experts said the recent steps will likely increase fiscal problems and create uncertainties about the government attaining its deficit target of 6.4 percent of GDP for 2022-23.



But inflation has become a huge concern for Modi's government ahead of elections to many Indian state assemblies this year.


A substantial surge in inflation meant input costs rose for businesses.


The rise forced the central bank to hike interest rates during an unexpected policy meeting this month.


"Today's decisions, notably the one relating to a major drop in fuel and diesel prices, will positively impact many industries, offer relief to our folks," Modi wrote on Twitter (NYSE:TWTR) (NYSE:TWTR). "It is always people first for us!"

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