India must be prepared for a big, fat fuel import bill in FY23 - barring any further avatars of the Covid virus - as refiners crank up runs, or crude processing rates, to meet the growing demand for fuels, and crude prices soar. Capacity additions by an Indian state-run refiner will reinforce the need for foreign crude. Demand for all fuels is expected to increase by 3-8 per cent next fiscal from 2021-22, reaching pre-pandemic levels, according to analysts and industry experts.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
Pune firm buys 24.46% stake from open market to become largest shareholder.
'The Rajapaksas have been in active politics for decades and survived many challenges, but they seem to have misread this one.'
Many residents complained of suspected gas leak from Chembur, Ghatkopar, Powai and Vikhroli areas late on Saturday night, an official of the BMC's disaster management cell said.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
Poddar had earlier said he would sell his stake in Mangalore Chemicals to the highest bidder.
Bharat Krishak Samaj demanded that the Pradhan Mantri Fasal Bima Yojana should be replaced with a new crop insurance and compensation scheme.
The growth in key sectors will have implications for the Index of Industrial Production as these eight segments account for about 41 per cent of the total factory output.
As many as six of eight core industries saw a contraction in output in October.
Vijay Mallya was made a Member of Parliament's standing committee on chemicals and fertilisers earlier this year.
Ahead of the Union Cabinet expansion on Wednesday, several Union Ministers, including Health Minister Dr Harsh Vardhan, Education Minister Dr Ramesh Pokhriyal Nishank and Labour Minister Santosh Gangwar resigned from their posts.
'Punjab elections are there and so are UP elections. They must have done some calculations (before announcing the repeal).'
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
AAP will have to learn to be patient as such electoral changes do not happen in a hurry, asserts Ramesh Menon.
The output had expanded 1.8 per cent year-on-year in January.
The output of eight core industries increased 4.2 per cent in April, boosted by higher electricity, fertiliser and cement production.
Normally, kharif sowing of vegetable seeds starts during the first week of May across the country. Farmers start preparing their fields to make them suitable for kharif sowing during the second fortnight of April. Now, however, faced with the lockdown, farmers are in a hurry to clear their fields of rabi crop and prepare for kharif planting. With a normal monsoon forecast this year, they are doing all they can to take advantage of pre-monsoon showers.
The government chose moral persuasion to make people give up subsidies, notes Rahul Khullar.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
The growth rate in September too was 3.2%.
India's traditional companies are now moving full scale into the renewable and alternative energy space that had been dominated by smaller players over the past decade. Companies such as government-owned NTPC and the Adani and the Tata groups restructured their businesses well in time to become major players in the green space. At the same time, other conventional companies, such as Larsen & Toubro and Reliance Industries Ltd (RIL), which have a presence both in the energy sector as well as myriad other activities - construction, technology and retailing - are tying up with new-age companies to hitch a ride to a greener path.
Blockchain's promise: Dramatically speeding up transactions, explains Ajit Balakrishnan.
Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP in the current fiscal, they said.
The expansion in September is highest since April, when the core sectors' growth stood at 2.6 per cent.
These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production.
Seeking an interim stay on the high court order, Joshi's petition said it was the top court's duty to ensure that all constitutional authorities act within the 'Lakshman rekha' drawn for each one of them.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
A nearly two-fold hike in natural gas prices will incentivise investment in the hydrocarbon sector and help reduce the energy import bill, India Inc said.
'The big power struggle in faraway Europe erupted at a most critical juncture when India has been increasingly sceptical about American policies and statesmanship,' argues Ambassador M K Bhadrakumar.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
The entire world is taking up the habit of 'namaste', Modi said.
Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
Cement production contracted by 2.7 per cent as against an expansion of 6.2 per cent in October 2016.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Bhupesh Baghel said about his father that he respected his father as a son, but as a chief minister, none of his mistakes that will disturb public order can be ignored.
Maharashtra Chief Minister Uddhav Thackeray announced a statewide curfew for 15 days from 8 am on April 14 to contain the rapid spread of the coronavirus in its second wave. With Section 144 being imposed across the state, Thackeray essential services have been exempted from the restrictions. The curfew will be in place till 7 am on May 1.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
This is the first reshuffle in the Council of Ministers by Prime Minister Modi since he assumed charge for a second term in May 2019.
