Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
The Petroleum Ministry has asked for Rs 26,000 crore (Rs 260 billion) as fuel subsidy for the third quarter of this financial year, but the finance ministry is inclined to provide only Rs 10,000 crore (Rs 100 billion) cash support.
Ratnagiri Gas and Power Pvt Ltd, the NTPC-GAIL joint venture that runs the Dabhol power plant, may have to shut down the project by end of this month due to fuel scarcity.
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The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
Gas Authority of India, PowerGrid and RailTel on Friday joined hands to pool in telecom infrastructure to become India's second largest broadband service provider with plans to venture into STD and ISD services in future.\n\n
The government is mulling hiving off ONGC Videsh Ltd, India's flagship firm for overseas oil asset acquisition, from Oil and Natural Gas Corp into a separate entity to be owned jointly by public sector oil firms.
Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
The markets opened in red on the back of weak global cues
State governments in Punjab, Gujarat, Maharashtra and Jammu & Kashmir are on high alert and have come up with contingency plans to ensure the security of residents in case of a war.
With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion, the Minister informed the Lok Sabha on Tuesday.
The petroleum ministry is likely to advocate allowing its public sector units like ONGC to bid for acquiring management control in oil refiner HPCL, which the government on Monday said would be put on the block.\n\n
Power Trading Corporation's initial public offering of 5.85 crore (58.5 million) shares was oversubscribed by about two times on day one, sources associated with the process said in New Delhi.
Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like Oil and Natural Gas Corporation.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Moving from pricing control to a free market means stiff competition.
Delhi, reeling under high temperatures and an acute electricity shortage, will get additional gas supplies from the National Thermal Power Corporation and Dabhol to increase power generation and help meet demand in the national capital.
Side indices raced ahead with BSE Midcap and BSE Smallcap advancing 0.4% and 0.3% up, respectively.
IOC is building a 5 million tonnes per annum LNG terminal at Ennore near Chennai which is to be completed by 2017.
In four years, the state has had to battle cyclones, two floods, and two epidemiological disasters. If people bring Pinarayi Vijayan back to power, he must have done something right, obsevers Aditi Phadnis.
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
But earnings of main private holding firm get a booster dose from RIL dividend
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
The 30-share Sensex ended up 165 points at 29,044 and the 50-share Nifty gained 54 points to close at 8,834.
The government shouldn't hide behind the veil of making a domestic giant out of the HPC-ONGC deal, rather it should just say it needs cash from this divestment exercise, says Sudhir Bisht.
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