Govt. releases ₹ 7,183­crore deficit grant to 14 States

Govt. releases ₹ 7,183­crore deficit grant to 14 States

• The Finance Ministry on Thursday released the monthly instalment of revenue deficit grant of ₹ 7,183 crore to 14 States.
• With the release of the seventh instalment for the month of October, the total amount of Revenue Deficit Grants released to the States in the current fiscal has gone up to ₹ 50,282.92 crore.
• The Post Devolution Revenue Deficit Grant is released, based on the recommendation of the 15th Finance Commission, to Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.

Oil Prices Rises As OPEC+ Deep Cuts

• Oil prices rose to three-week highs, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition to cuts from the United States and others. Prices also rose on U.S. government data that showed crude and fuel inventories fell last week. 
• Brent crude rose $1.57, or 1.7%, to settle at $93.37 a barrel. Brent reached a session high of $93.96 per barrel, its highest since Sept. 15.
• The 2 million-barrel-per-day (bpd) cut from OPEC+ could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar.