India's annual median GDP growth forecast stood at 7.4 percent for 2022-23, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) released on April 3.  The Economic Outlook Survey estimates a minimum and maximum growth of 6.0 percent and 7.8 percent, respectively.

According to the industry chamber's survey, the median growth forecast for agriculture and allied activities has been put at 3.3 percent for 2022-23. The industry and services sectors are expected to grow 5.9 percent and 8.5 percent, respectively, during the fiscal year.

Citing the Russia-Ukraine conflict and existing COVID-19 pandemic, the trade body economists also noted that downside risks to growth may remain escalated and pose a significant challenge to global recovery.

Finance minister Nirmala Sitharaman on Friday said that India is buying crude from Russia, which is available at a discount, as it seeks to secure its energy interests.

The statement came as the two countries eye a new payment mechanism for rupee-rouble trade. Defence ministry sources said that Russia is seeking payments of arrears for equipment purchase, which may also be part of the mechanism.

Sitharaman’s statement at an event organised by a TV channel came amid fresh pressure to sever ties with Russia.

The Central Government on Thursday more than doubled the price of domestically produced natural gas for the six months beginning tomorrow (1 April), reflecting a surge in global prices.

The Petroleum Planning and Analysis Cell of the federal oil ministry announced the new prices today.

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This will raise the prices of gas sold to households, the power sector, industries and fertiliser firms, adding to overall inflation.

With the new fiscal year FY 22-23 kicking in this week, new and reformed Income Tax rules will also kick in.

From April 1, several rules pertaining to personal taxation is going to change. Here's looking at 5 major Income Tax rules changing from the new fiscal.

30 percent tax on virtual digital assets

Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. (Also read: Crypto Tax: How to report it while filing ITR, what will be taxed and what not?)

Cathay Pacific is plotting a course for the world's longest passenger flight under plans to reroute its non-stop New York-Hong Kong service to avoid Russian airspace, Bloomberg reported, citing an internal company memo.

The new route would cover 10,326 miles, significantly more than Singapore Airlines' New York JFK-Singapore service, which is currently the world's longest by distance, according to an analysis by Bloomberg.

The rerouted Cathay Pacific service would, if implemented, last up to 17 hours, meaning flying time would be shorter than the Singapore Airlines service, which takes an additional half-hour to cover its roughly 9,537 miles, Bloomberg said.