(LiveMint) India’s GDP growth decelerated to a more than five-year low at 5% in the June quarter of 2019-20, against 5.8% in the March quarter. This is way below analysts’ expectations of economic growth at 5.7% in the June quarter. This is likely to increase demand for a stimulus package from the government and indicates that the pain for the economy is not over yet. Manufacturing growth almost collapses at 0.6% in the June quarter, against 3.1% in the March quarter, in a sign of the dismal state of the industrial sector of the economy. Among services sectors, only trade, hotels,…
Author: Aruna Sharma
(BS) State-run Oil and Natural Gas Corporation (ONGC) said on Friday the proposed merger of its subsidiaries, Hindustan Petroleum Corporation (HPCL), and Mangalore Refinery and Petrochemicals (MRPL), would happen next year. The largest hydrocarbon producer in India has lined up a capital expenditure of Rs 32,921 crore during 2019-20, compared to Rs 29,449 crore during the previous financial year. Addressing the media after the company’s annual general meeting, Chairman and Managing Director Shashi Shanker said: “The proposed merger is in progress and will happen next year. We will appoint a consultant soon.” The plan to bring the refining and marketing business…
(LiveMint) India has raised the issue of global oil market’s price volatility with Russia, that is hurting the interests of both consuming and producing nations. This was articulated by India’s oil minister Dharmendra Pradhan in a meeting with Russia’s energy minister Alexander Novak. India has been urging its long time ally Russia to take into account the interest of energy consuming nations during its engagement with the Organisation of the Petroleum Exporting Countries (Opec) at a time when the Opec plus arrangement including Russia has extended its compact for production cuts. “Minister Pradhan also conveyed expectation that Russia, a member of the Opec Plus,…
(ET) With Prime Minister Narendra Modi having announced a target to cut down use of single use plastic by 2020, the entire government machinery is set to swing into action to make it happen. The first target date is October 2- the 150th birth anniversary commemoration of Mahatma Gandhi. The Centre has decided that 10,000 tonnes of single use plastic items will be collected from all over the country and put out of use by October 2 this year.At an inter ministerial meeting held earlier this week in New Delhi, it was decided that all governments departments and all bodies organisations…
(FE) The debt-ridden Essel Group, controlled by Subhash Chandra, has entered into an agreement with Adani Green Energy to sell its 205-MW operating solar assets at an enterprise value of Rs 1,300 crore. On March 8, FE had reported the company was in talks with Adani and CPPIB for sale of its 685-MW solar portfolio on a piecemeal basis. The company is further working to close the divestment of additional 480-MW solar asset portfolio, the company said in a statement. The assets, located in Punjab, Karnataka and Uttar Pradesh, have long-term power purchase agreements (PPAs) with various state electricity distribution…
(LiveMint) Reviving consumption demand and private investment remains the top priority in the current fiscal, the Reserve Bank of India (RBI) said on Thursday, signalling the possibility of at least one more interest rate cut this year. To revive growth, governor Shaktikanta Das asked banks to pass on past rate cuts to borrowers at a faster pace by linking lending rates to external benchmarks such as repo rate. Das’s renewed pitch for addressing the causes of the slowdown in Asia’s third-largest economy comes amid sales of passenger vehicles dropping to a near two-decade low in July and news of mass layoffs across several industries. The central…
(FE) IOC plans giving a big boost to the compressed biogas business by procuring biogas from across India and selling it at its retail outlets, as part of India’s strategy to reduce dependence on imported fuel and double farm income by 2022. Biogas, produced naturally through anaerobic decomposition from waste or biomass sources like agriculture residue, cattle dung, sugarcane press mud and solid waste, also provides an additional source of income to farmers. The company has already issued 200 letters of intent (LoIs) out of 250 issued by all PSUs put together for supply of gas in 250 kg cascades…
(MP) Oil Minister Dharmendra Pradhan began a three-day visit to Moscow, seeking stake in more oil and fields in Russia and inviting Russian investment in refining and petrochemical business. Pradhan met Russian oil firm Rosneft officials to discuss collaboration between the two nations. “Met with Mr Didier Casemiro, Deputy CEO, Mr Krysz Zielicki, Head Business Development, Mr Anand, CEO – Nayara Energy representing @RosneftEN. Discussed scope of collaboration in the Oil & Gas sector & ways to leverage Russian expertise in Indian E&P and Refining sectors,” Pradhan tweeted after the meeting.
(AU) ड्रोन तकनीक को बढ़ावा देने के लिए उत्तराखंड में प्रदेश और देश का पहला ड्रोन प्रोजेक्ट मैनेजमेंट यूनिट (पीएमयू) बनाया जाएगा। इस यूनिट के बनने से विशेषज्ञों के माध्यम से रिसर्च एंड डेवलपमेंट के साथ ही ड्रोन को उड़ाने और इस्तेमाल करने का प्रशिक्षण भी दिया जाएगा। सूचना एवं प्रौद्योगिकी विभाग ने आईटी पार्क में पीएमयू स्थापित करने के लिए टेंडर प्रक्रिया शुरू कर दी है। प्रदेश आईटी विभाग का उत्तराखंड में ड्रोन तकनीकी सेक्टर में निवेश और इसके उपयोग को बढ़ावा देने पर फोकस है। इसके लिए सहस्त्रधारा रोड स्थित आईटी पार्क में 24 हजार वर्ग मीटर क्षेत्र…
(TimesNow) Union Home Minister Amit Shah on Thursday asked officials in his Lok Sabha constituency Gandhinagar to provide by October-end LPG cylinders to beneficiaries under the Ujjwala Yojana and water connections to residents under the Centre’s ‘Nal se Jal’ scheme. Shah set the deadline for the Gandhinagar district administration to achieve the targets at a meeting of ‘Disha’ where he reviewed the progress of various central schemes in his parliamentary constituency. Shah, who was on a day-long visit of Gujarat, obtained details of the progress in various schemes by way of department-wise presentations, said a PIB release. ‘Disha’, formerly known…