Trump couldn't care less anymore about the Israeli demand for Iran's 'de-nuclearisation' and 'de-militarisation.' Trump pins hopes on a grand bargain with Iran as a partner in America First, argues Ambassador M K Bhadrakumar.
Though the Prime Minister's Office had earlier this month asked the ministry to decide on giving approvals to the $9.6-billion acquisition on merit, the Oil Ministry has slipped in 11 pre-conditions that are unlikely to be accepted by the London-listed firm.
The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
India has cautioned against 'double standards' regarding its energy procurement from Russia, asserting that it is based on national interests and market dynamics, following a threat of secondary sanctions from NATO Secretary General Mark Rutte.
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
"My understanding is that the rules are weighted in favour of big cars, even though smaller cars emit fewer emissions per passenger, use less material, and consume less fuel," Bhargava said in an interview with Business Standard.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
With domestic retail fuel prices jumping to record high on rising international oil rates, India on Thursday pressed oil cartel OPEC for 'affordable' oil price within a 'reasonable band' and that the producers should phase out production cuts. OPEC nations such as Saudi Arabia have traditionally been India's principal oil source. But, OPEC and its allies, called OPEC+, ignoring its call for ease supply curbs had led to the world's third-biggest oil importer tap newer sources to diversify its crude oil imports. As a result, OPEC's share in India's oil imports has dropped to about 60 per cent in May from 74 per cent in the previous month.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
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.
After HPCL, the government headhunter struggled to find a suitable candidate for the top job at Bharat Petroleum, as most applicants were narrow specialists lacking multidisciplinary experience needed to run a large organisation. The Public Enterprise Selection Board (PESB) last month interviewed a dozen candidates including BPCL director (finance) Vetsa Ramakrishna Gupta and its director (refineries) S Khanna but found none suitable for the job of chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL), according to a PESB order.
Increasing cooperation in critical minerals will top Prime Minister Modi's agenda during his discussions with leaders of Ghana, Argentinia, Brazil and Namibia.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
With India making it clear that the US doesn't have enough spare capacity for crude oil, Washington, DC, now wants India to sign fixed-term liquefied natural gas (LNG) contracts with American producers, multiple sources in the know said.
Natural Gas production from KG-D6 block has dropped to 25.35 million standard cubic meters a day this month, from over 63 mmscmd peak output achieved in August 2010.
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
'New Delhi is not naive about its foreign policy choices.'
The formulations in the declaration in reference to terrorism is going to be to our "satisfaction", Dammu Ravi, secretary (economic relations) in the external affairs ministry said on Monday.
'It concerns the sea and the security of the nation. What has happened is a big tragedy.'
Reliance Industries has refused to give natural gas to new customers by cutting supplies to power and fertiliser plants.
The prospect of protracted uncertainties in the global economic landscape not only pose a risk for India's growth outlook in 2025-26, but are also likely to dent the private sector's capital raising and investment plans, the finance ministry averred on Tuesday, cautioning the country's corporates that the era of 'easy pickings' was over.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
Retail inflation declined to over six-year low of 2.1 per cent in June, nearing the RBI's comfort zone, on account of subdued prices of food items, including vegetables, driven by widespread monsoon.
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below $70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at $74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at $71.71.
'I am not an aspiration-oriented politician.' 'This is the time to redefine politics.' 'Politics of power is not real politics.'
The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 - the immediate period after Russia's invasion of Ukraine sent oil on fire.
The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world's third-biggest energy consumer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022. India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth.
Reliance Industries and Cairn India want to drill exploration wells in already producing oil and gas fields, but the ministry's technical arm DGH had previously opined that such activity in an area that is producing hydrocarbons is not permissible under Production-Sharing Contract.
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With Oil Ministry continuing to be opposed to selling IOC shares on stock market like other disinvestments, an Empowered Group of Ministers headed by Finance Minister P Chidambaram today decided to sell 24.27 crore shares or 10 per cent government stake in the company to Oil and Natural Gas Corporation and Oil India Ltd.
While the Management Committee of KG-D6 block in August agreed to approval of capital spending plans pending for past three years, the resolution has so far not been signed.
China's Ministry of Commerce announced Tuesday it will impose counter tariffs on multiple American products, including a 15 per cent tariff on coal and liquefied natural gas, and a 10 per cent tariff on crude oil, agricultural machinery, and large-displacement vehicles.
By threatening to punish India with high tariff, Trump is actually planting a tantalising thought in the Indian mind that the Modi government should suitably 'incentivise' him, explains Ambassador M K Bhadrakumar.
From the Sensex firms, Eternal, Mahindra & Mahindra, Maruti, Bajaj Finance, Tata Steel, Bharti Airtel, Bajaj Finserv, Asian Paints, Power Grid and State Bank of India were among the laggards. Kotak Mahindra Bank, Axis Bank, Titan, HCL Tech, Tata Motors, Infosys and Tata Consultancy Services were the gainers.
BP will pay $7.2 billion for 30 per cent stake in exploration blocks.
In a note for the Cabinet Committee on Economic Affairs, the ministry has proposed raising gas price for state-run firms immediately and that for RIL from April 2014, sources privy to the development said.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
