(PTI) ONGC, IOC and other oil PSUs will invest over Rs 98,521 crore in the coming fiscal starting April 1 in exploring for oil and gas, refineries, petrochemicals and laying pipelines to meet needs of the world’s fastest-growing energy consuming nation. The investment proposed in 2020-21 is almost 4 per cent higher than Rs 94,974 crore spending by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2020-21 documents. Oil and Natural Gas Corp (ONGC) leads the pack with a 19 per cent rise in its capital spending at Rs 32,501 crore. The company is…
Author: Aruna Sharma
(PTI) The government will come out with the expression of Interest (EoI) inviting bidders for privatization of BPCL within few days, a senior official said on February 2.The Cabinet in November had cleared strategic sale of oil marketing and refining firm Bharat Petroleum Corp Ltd (BPCL). The government currently holds 53.29 per cent stake in the company, and at prevailing market prices the share sale would fetch about Rs 60,000 crore to the government. The Investor roadshows for BPCL sale was conducted in December in the US, London and Dubai. “We have got quite a good response (BPCL roadshow). We will…
(LIveMint) Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) are preparing to receive investments from Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) even as the state-run oil marketing companies await the Maharashtra government’s decision on providing a fresh patch of land for the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project. IOCL, BPCL and HPCL will invest a total of ₹100 crore to complete preliminary work on the project, following which they intend of make a presentation to Aramco and Adnoc. While IOCL will put in Rs.50 crore, BPCL and HPCL will contribute Rs.25 crore…
(BS) With the date for polling in the Assembly elections inching closer, the national capital on Sunday saw high profile leaders lending their support to the BJP candidates. Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan hold a door to door campaign in Malviya Nagar for the ensuing polls on February 8. The minister went door to door and handed booklets of BJP to the residents of the colony. He was accompanied by other party workers and later joined by residents too. Pradhan greeted everyone he met during the campaign and requested them to vote for Bharatiya Janata Party (BJP) on February 8.
(LiveMint) New income tax rates will be optional, says FM Income tax rates will be significantly reduced for those who forego reliefs, exemptions Rs.48,000 crore revenue loss due to income tax relief: FM New income tax slab for FY 2020-21: ₹5-7.5 lakh: 10%, Rs.7.5 lakh to Rs.10 lakh: 15%, Rs.10 lakh-12.5 lakh: 20%, Rs.12.5 lakh-15 lakh: 25%. For those earning above Rs.15 lakh, 30%. Those earning Rs.5 lakh will not pay any tax: FM For those earning Rs.5 to Rs.7.5 lakh, income tax has been reduced to 10% from 20%. New simplified personal income tax regime to lower income tax: FM
(ET) Finance Minister Nirmala Sitharaman on Saturday said the government plans to amend the Companies Act to decriminalise civil offences.In her second Budget presentation, the finance minister said tax harassment cannot be tolerated and added that wealth creators will be respected in the country.Taxpayer’s charter will be part of statute, the finance minister added.
(ET) In a big announcement, FM Sitharaman informed Parliament during Budget presentation that India’s fiscal deficit is now pegged at 3.8% for FY20, a significant loosening over the widely touted target of 3.3%. All eyes were on whether or not would Sitharaman’s spending and revenue projections come across as credible, especially after the last Budget’s growth estimates which had found no takers among economists from the very outset. India’s fiscal deficit — the gap between expenditure and revenue — touched 114.8% of 2019-20 Budget Estimate at Rs 8.07 lakh crore at the end of November. With the aim to limit fiscal deficit…
(FE) Government to list LIC on the stock exchanges. Big news on Life Insurance Corporation of India which is the largest institutional investor. This is likely to be the biggest IPO in the country.Govt to raise funds via listing of LIC . Deposit insurance raised to Rs 5 lakh. FY21 fiscal deficit target pegged at 3.5% of GDP.
(ET) The government has decided to set up a single test for recruitment to non gazzetted posts.Finance minister Nirmala Sitharaman proposed to set up a national recruitment agency as a specialised common test for recruitmment to non-gazetted post.The test centre will be set up in every district especially in aspirational district.
(LiveMint) Govt will encourage states which formulate plans for air pollution scheme soon. Rs4,400 crore allocated for 2020-21: Sitharaman Rs. 8,000 crore allocated over 5 years for National Mission On Quantum Technology, said Finance Minister Nirmala Sitharaman