Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
Public sector oil firms spent over Rs 800 crore (Rs 8 billion) on advertisements during the last three years with Indian Oil Corp topping the list with an expenditure of Rs 275.35 crore.
Crude and gas supply concerns have eased amid reports that Israel and Hamas have struck a peace deal. The International Energy Agency estimates oil demand may drop slightly in calendar 24 but Opec probably has enough pricing power to maintain $80/ barrel Brent prices. Russia's share of India's crude imports remained strong at about 35 per cent in September 2023.
The government is seeking to keep its fiscal deficit within the budgetary target of 4.8 per cent of GDP.
Petrol doped with 20 per cent ethanol was rolled out on Monday at select petrol pumps in 11 states and union territories as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports. At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. Prime Minister Narendra Modi launched the higher 20 per cent ethanol blended petrol two months ahead of the planned rollout in April, at the India Energy Week (IEW) 2023 in Bengaluru.
Moily walked from his residence at 3, Tughlak Lane, to the Race Course Metro Station, where he boarded a Yellow Line train and alighted two stops later at the Central Secretariat station, a short walk from Shastri Bhawan, the seat of the Oil Ministry.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
ONGC, Hindustan Petroleum, Bharat Petroleum, Indian Oil and Oil India listed the spending as part of their mandatory CSR commitment, but CAG noted that the Sardar Patel statue did not qualify for CSR funding.
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
She said that despite government scheme and initiatives ranging from roads to agriculture, housing, scholarships to electricity benefiting lives of people, a false narrative was being created by the opposition that the government was working for cronies.
'We aren't so unreasonable as to demand that he should have fully reversed Indira Gandhi's worst economic legacy, bank nationalisation.' 'But he could have made a beginning by selling off the two most stressed small public sector banks, and then announced that each year for the next 10, one government bank with the most messed-up balance sheet will be sold.' 'It would have electrified the markets, shocked his other banks into better behaviour, and marked his name among the great reformers,' argues Shekhar Gupta.
Like Nehru, Modi is loathe to touch the public sector. His policy towards Israel leans towards 'non-alignment'. You can find other similarities: frequent public speeches, personalised leadership, total control over foreign and strategic policies, even stylised dressing, says Shekhar Gupta.
Railway Budget has not discriminated against any state.
IDS-2 and raids to uncover black money stash keep receipts flowing
'It was like a doctor giving some simple pain killers to a patient in dire requirement of chemotherapy.' 'There was no sense of urgency or desperation in this particular Budget.'
A mutually beneficial relationship between the airline and the govt is the reason for its continued funding.
In an interview with Shobha Warrier/Rediff.com, he talks about the economic policies of the Narendra Modi government and whether achche din is really coming.
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