(MC) Fitch Ratings on Tuesday raised India’s growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. “We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO),” Fitch said in its global economic outlook report.Fitch’s estimates are in line with that of RBI which earlier this month projected Indian economy to…
Author: Aruna Sharma
(BS) Prime Minister Narendra Modi, during his visit to Varanasi on Tuesday will release the 17th installment of the PM-KISAN scheme, in which more than 92.6 million farmers will receive the benefits amounting to over Rs 20,000 crore. The Prime Minister will also distribute the certificates to more than 30,000 self-help groups trained as Krishi Sakhis to work as para extension workers. The event is being organised by the Union Ministry of Agriculture and Farmers Welfare in coordination with the Uttar Pradesh government. After assuming office for the third term, PM Modi authorised the release of the 17th installment of the PM…
(BS) The Narendra-Modi led government has increased the devolution of taxes to state governments contrary to claims by Karnataka Chief Minister S Siddaramaiah, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday.Karnataka became the first state to raise taxes on petrol and diesel after the General Elections 2024. The state’s sales tax on petrol was raised to 29.84 per cent, up from 25.92 per cent. For diesel, the tax was raised to 18.4 per cent, up from 14.3 per cent. Consequently, the prices of petrol have increased by Rs 3, while diesel is now dearer by Rs 3.02…
(FE) Greater thrust to domestic production of crude oil, boosting the refining capacity and raising the consumption of natural gas would be the top objectives of the new National Democratic Alliance (NDA) government in the hydrocarbon sector, Hardeep Singh Puri said on Tuesday after assuming charge as the Union Minister of Petroleum and Natural Gas, for the second straight term. The minister also hinted that if the Indian basket of crude is sustained at around $70-80/barrel, the state-run oil marketing companies (OMCs) may consider cutting retail prices of auto fuels. The government would be firm on its target of 20% ethanol blending with…
(FE) State-owned integrated power utility NTPC Ltd plans to double production of coal from its mines to 70 million tonnes in the next three years, a senior official of the company told. The company’s plan to ramp up coal output comes amidst the surge in power demand which is estimated to rise 6-7% every year. In line with the expected surge, the government last year announced an addition of 80 gigawatt (GW) of new thermal capacity while increasing the share of renewable energy to 500 GW by 2030. In the current financial year 2024-25, the company has targeted to produce 40 million…
(FE) Larsen and Toubro (L&T) announced on Thursday, that its Hydrocarbon vertical (L&T Energy) has secured a large order from the Oil & Natural Gas Corporation (ONGC) for Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), off India’s west coast. The scope of work, it added, includes engineering, procurement, construction, installation, and commissioning of four Wellhead Platforms, 140-km Pipeline and associated Topside modifications at Tapti Daman block at a Western offshore location. Subramanian Sarma, Whole-time Director & President (Energy), L&T, said, “This order demonstrates ONGC’s confidence in L&T forged through execution of multiple complex offshore projects and also reinforces L&T’s commitment to contribute…
(FE) The Securities and Exchange Board of India (Sebi) on Tuesday imposed a fine of Rs 1 crore each on Pradeep Pandya, former CNBC Awaaz markets editor, and Alpesh Vasanji Furiya, a technical analyst, for engaging in fraudulent trading practices. The duo, along with six other entities, have been barred from the securities market for five years. The six other entities — Alpesh Furiya (HUF), Alpa Furiya, Manish Furiya, Manish Furiya (HUF), Mahan Investment, and Toshee Trade — have been fined Rs 10 lakh each. Alpesh Group entities used to carry out fraudulent trades in synchronisation with the stock recommendations given…
(NDTV) Prime Minister Narendra Modi is heading to Italy to attend a summit of Group of Seven, known as the G7, which is likely to be dominated by Ukraine and Gaza ceasefire talks. The summit will be held between June 13-15 at the luxurious Borgo Egnazia resort in Apulia region, with leaders flying in from the seven member countries, US, UK, Canada, Germany, Italy, Japan, and France, as well as the European Union. India, which has been invited to the G7 Summit as an outreach country, has defence and maritime cooperation on its agenda, according to ambassador Vani Rao. “Defence and security will be…
Bharat Petroleum Corporation Limited (BPCL) has appointed SBI Capital Markets to secure Rs 31,000 crore loan for its ambitious expansion project at the Bina refinery complex in Madhya Pradesh, according to a report by The Economic Times. This capital will be used for planned capital expenditures aimed at significantly enhancing the refinery’s capacity and capabilities. The expansion project is a strategic move to address global refining capacity shortages that have emerged due to the shutdown of unviable refineries post Covid-19. In addition to increasing crude processing capacity, the capital expenditure plan includes the establishment of an ethane cracker unit. This unit will break down…
(BS) Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major. The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027. “Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company,” CIPL said in a statement. As part of the contract, CIPL will deploy more than 400…