(ET) A rather stable phase of oil prices is expected to help the government make big cuts in the oil subsidy allocation in next year’s budget. Sources said that the maths being worked out by the Finance Ministry ahead of the presentation of Budget 2021-22 in February next year could see petroleum subsidy burden falling by more than half from the FY21 levels of Rs 40,915 crore. A major saving on the subsidy is expected to come from reduced government support for domestic LPG cylinders. A favourable global oil market, in the first half of current fiscal, helped the government to completely eliminate the subsidy paid under direct benefit…
Author: Aruna Sharma
(PTI) Farmer leaders on Monday started their day-long hunger strike against the Centre’s new farm laws and said protests will be held at all district headquarters later in the day, even as more people are expected to join ongoing agitation at Delhi border points. Farmer leader Baldev Singh said, “Representatives of farmer unions have started their hunger strike at Singhu Border.” On Sunday, Delhi Chief Minister Arvind Kejriwal said he would also observe a day-long fast on Monday and appealed to the central government to shun ego and scrap the legislations. A large group of farmers on Sunday blocked the key…
(FE) Of late, Indian ONGC Videsh Ltd has agreed to drill two exploratory wells in two separate offshore blocks of Bangladesh in the next drilling season starting from October 2021. Accoding to reports, it is preparing to drill the wells- Titly in shallow sea block SS-04 and Moitree in block SS-04 areas.The Indian oil-gas exploration firm has already completed a portion of geo-hazard survey on the blocks. Tender will be floated soon to select subcontractors for carrying out the drilling job. Drilling these wells along with Kanchan is mandatory for the firm within its contract period by February 2023. The ONGC had…
(PTI) India is now aiming to surpass China in the field of mobile manufacturing with the production-linked incentive (PLI) scheme attracting global majors in this segment to the country, telecom and IT minister Ravi Shankar Prasad said on Monday. He said that the government is looking to make India a hub of other electronic products as well with the expansion of the PLI scheme to other sectors. “We wanted India to become the second largest mobile manufacturer in the world. Now I am pushing India to surpass China. That’s my goal and I am very clearly defining it,” Prasad said at…
(PTI) State-owned ONGC thought the discovery is too small to make economic sense. But Hindustan Oil Exploration Company (HOEC) in two years of taking over the B-18 block has not just discovered more resources but has invested enough to start oil and gas output from April next year. In an interview, HOEC Managing Director P Elango said the company will start producing 8,500 barrels per day of oil and oil equivalent gas from the B-80 block in April next year. HOEC in September 2017 won the block in India’s first auction round of small discovered fields that the state-owned firms had not developed for a variety…
(LiveMint) Salt-to-software conglomerate Tata Group is likely to submit an expression of interest (EoI) for national carrier Air India Limited before the deadline on Monday, said a person with direct knowledge of the matter. “Tata Sons is likely to bid for Air India this time around,” the person said, requesting anonymity.When contacted, a spokesperson for Tata Sons declined to comment. Mint couldn’t immediately ascertain if any other potential bidders for the national carrier is likely to submit a bid before the deadline on Monday evening. If Tata Sons ends up bidding for Air India, it will be the first time that the current government would…
(PTI) With a view to effectively deal with increasing circulation of banknotes, the Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for receipt, storage and dispatch of currency notes. The functions of the ABPC will also include processing of banknotes received from currency chests (CCs) and bank branches, and destruction of soiled banknotes in an automated manner, said the RBI’s Request for Proposal (RFP) for engagement of consultant for comprehensive consultancy services for establishment of ABPC at Jaipur. “Cash remains an important mode of payment for most Indian citizens, notwithstanding…
(ET) Union road transport and MSME minister Nitin Gadkari has urged domestic industry to end dependence on electric vehicle components, including lithium-ion batteries and magnets sourced from China, and find ways to manufacture these in the country without compromising on quality. Currently, China is the only country that manufactures NdFeB magnet, which is an integral component for manufacturing of the electric vehicle. In his addresses at a FICCI summit and AIMA, Gadkari appealed to the industry to find a solution to this and to see that India doesn’t need to depend on China. Gadkari also said the government has sanctioned Rs 3 lakh crore for medium…
(ET) India’s fuel demand fell 5 per cent in November compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.83 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 5.2 percent higher from a year earlier at 2.67 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased 3.5 percent to 2.35 million tonnes, while naphtha sales surged 7.3 percent to 1.35 million tonnes.
(ET) Prime Minister Narendra Modi will visit Dhordo in Gujarat’s Kutch on December 15 and lay the foundation stone of several development projects in the state. These projects include a desalination plant, a hybrid renewable energy park, and a fully automated milk processing and packing plant, a release from Prime Minister’s Office (PMO) informed. Chief Minister of Gujarat Vijay Rupwill be present on the occasion. Modi will also undertake a visit to the White Rann, followed by witnessing a cultural programme. “This Desalination Plant, with 10 crore litre per day capacity (100 MLD), will strengthen water security in Gujarat by complementing Narmada Grid, Sauni network and treated wastewater…