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.
Rupee ends in the green on likely central bank support
The Indian rupee weakened to 87.53 against the dollar on Friday, despite likely RBI intervention, capping a turbulent week marked by new US tariffs. Portfolio
August 2, 2025