The Indian government may lower its excise duty collection target for fiscal year 2024 by ₹45,000 crore if crude oil prices remain high, according to sources. However, this revision is not expected to affect overall revenue as other resources can compensate for the shortfall. The final decision on any reduction will be made at the highest political level. The government wants to consider the impact of higher international crude prices and is monitoring the situation closely. It is also planning to cut taxes on fuels to reduce prices ahead of upcoming elections.
Vedanta shares slide 10% amid global selloff, fears of growth in metals sector
As exporters from countries such as Vietnam, South Korea, and Japan shift their focus to alternative markets like India and the Middle East, Indian manufacturers