The government on Monday constituted an inter-ministerial task force under UIDAI chairman Nandan Nilekani for evolving mechanisms to provide direct subsidies on kerosene, cooking gas and fertilisers to intended beneficiaries.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
Top sources in the government told Business Standard the Congress managers wanted the rise in prices to be a collective decision of the United Progressive Alliance and also make sure allies could not wriggle out of the exercise to take harsh economic decisions.
Quattrocchi lived in India for several years as the representative of an Italian firm, Snam Progetti, in the 1980s. He was close to the Gandhi family and in 1999 was named one of the accused in the case regarding the Rs 64-crore pay-off for the supply of 155 mm Howitzer guns made by Bofors, for which a controversial deal was signed in 1986 when Rajiv Gandhi was the prime minister.
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India's current account deficit narrowed down to 3.6 per cent of GDP in the January-March quarter but totalled a record 4.8 per cent for the full 2012-13 fiscal.
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
Saurabh Patel, energy minister, Gujarat, who has handled the energy portfolio since 2002, speaks to Archis Mohan on GPSC's investment in the KG basin and says the criticism is politically motivated.
If Raha's resistance to the petroleum ministry's interference turns into a plebiscite at the firm's AGM on Sept 21, the ministry may vote for his ouster.
The continuation of the tax holiday will come as a relief to oil and gas companies, which have already invested huge money in exploration of hydrocarbons. It will also help the petroleum ministry, which has been promising the tax holiday while marketing the auction of oil and gas block under the New Exploration and Licensing Policy.
The divestment ministry would concentrate on "legal option" to resolve the divestment impasse arising out of the Supreme Court verdict on HPCL and BPCL, but would continue with residual stake sale plans in companies like CMC Ltd and VSNL.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Time opportune before state polls as inflation is moderating.
'He selects certain portfolios that he has personal interest in, and he does not give them to a senior leader. The responsibility is given to a junior minister who then directly reports to Modi or to the small team of bureaucrats working with Modi.' 'I noticed this first in Gujarat where Modi worked mainly with two ministers, Saurabh Patel and Amit Shah,' says Aakar Patel.
The cabinet committee on economic affairs will meet this evening to decide on the prices of petrol, diesel, LPG and kerosene, petroleum minister Mani Shankar Aiyar said.
The trade gap - difference between imports and exports - was $11.39 billion in March 2015.
SBI Capital Markets Limited, the merchant banking arm of SBI, is eyeing the twin accounts of HPCL and BPCL for managing the divestment programmes of the 2 oil cos.
Govt expects to save Rs 10,000 crore through this move.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
Attorney General Soli Sorabjee is likely to give by Friday his opinion on legal aspects of divestment of oil PSUs HPCL and BPCL, which were nationalised through Acts of Parliament.
Saudi Arabia-based Jazira Enterprises has sought marketing rights to retail petrol and diesel in all major districts in the country.
Petroleum Ministry has sought help from Law Ministry in resolving the Ambani demerger issue over the production of gas from KG fields.
The Cabinet Committee on Divestment failed to take any decision on the divestment of public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
The official, who did not wish to be identified, said the government will wrap up the stake sale in HPCL by November.\n\n
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
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