EMPERIO

Oil prices are punching a hole in consumers’ pockets but the government doesn’t seem keen on stopping the upward spiral *On July 1, petrol was delivered at pumps for Rs 39.30 per litre. This precisely was the price charged to dealers but consumers have ended up paying over Rs 100 per litre for petrol for a long time. *Similar is the case with diesel. While at pumps it is delivered at Rs 41.74 a litre. Many states have earned the distinction of diesel crossing the psychological mark of Rs 100 for a litre. *Taxes that the Centre and states separately levy on the two fuels. It is almost 60% on the landed fuel at pumps. In case of some states, it is even more * India levies one of the highest taxes on petrol and diesel in the world. The revenue generated by transport fuels, for both the Centre and states, is so much that none of them appear too keen to bring these in the ambit of the Goods and Services Tax (GST). For example, the excise duty from petroleum products contributes up to 90% of...

Gita Gopinath to become first deputy managing director of International Monetary Fund (IMF). Gita Gopinath will take over from Geoffrey Okamoto, who is currently in charge, in the event of his resignation early next year.  Gita Gopinath is currently the chief Economist of the IMF. She is the first women to hold this position. Gita who took over in October 2018, was due to return to her parent company, Harvard University, next journey. She is professor of International Studies in Harvard Economics.  Gita Gopinath is the daughter of T. V. Gopinath and Vijayalakshmi from Kannur. For some time, Gita Gopinath was the Financial advisor to Chief Minister Pinarayi Vijayan.  She has authored numerous research articles on Exchange rate, trade and investment, International financial crises, Monetary policy, debt and emerging market crises. She has also served the Co-director of International finance and macro economics program at National Bureau of Economic Research (NBER). She also...