The government on Thursday allowed free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia as it seeks to boost usage of the carbon-free fuel and make India an export hub. Unveiling the first part of the much-awaited National Hydrogen Policy, Power and New and Renewable Energy Minister Raj Kumar Singh said the government is targeting production of 5 million tonnes of green hydrogen by 2030. Oil refineries to steel plants require hydrogen to produce finished products.
Health Minister Mansukh Mandaviya, Civil Aviation Minister Jyotiraditya Scindia, Railway Minister Ashwini Vaishnaw and other ministers took charge of their respective offices on Thursday, a day after taking oath at a ceremony held in the Darbar Hall of the Rashtrapati Bhavan.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
Infrastructure accounts for nearly 38 per cent of India's industrial output
Sluggish infrastructure sector growth would also have impact on IIP as these segments account for about 41 per cent of the total factory output.
The S&P BSE Small-cap index has recovered 26 per cent as compared to a 23 per cent rise in the S&P BSE Sensex.
Department of Economic Affairs secretary Atanu Chakraborty said that equity capital flows have been positive this year.
India's wheat exports could touch a new record of 10 million tonnes in 2022-23, up from a record seven million tonnes in the current financial year, if global market conditions remain choppy and no curbs are imposed on outbound shipments. That is the bullish estimate by officials from global trading firms and market watchers who say the Russia-Ukraine crisis has not only attracted global buyers to India but also pushed the price of Indian wheat from around $320 per tonne (FOB) to over $360 per tonne in less than 10 days. Food secretary Sudhanshu Pandey told reporters that wheat exports till February-end have already reached 6.6 million tonnes and by the end of March, outbound shipments will reach seven million tonnes.
While no specific state-oriented sops were rolled out, a strong thread of political wellness ran through the Budget.
Farmer leader Balbir Singh Rajewal appealed to people to raise black flags at their houses, vehicles and shops on May 26 to protest against the contentious farm legislations.
The immediate need is to put more money in the hands of agriculture-based and rural households to improve their purchasing power, says S Mahendra Dev.
'But extremely difficult, expensive and time consuming to rebuild it.'
After recording positive growth for two months in a row, India's exports dipped marginally by 0.25 per cent to $27.67 billion in February and trade deficit widened to $12.88 billion, according to preliminary data released by the government on Tuesday. Imports grew 6.98 per cent to $40.55 billion during the month, the data showed. The trade deficit stood at $10.16 billion in February 2020. Exports during April-February 2020-21 were $255.92 billion, compared with $291.87 billion during the same period of last year, exhibiting a negative growth of 12.32 per cent.
"Didi has already said in Delhi that if Akhilesh Yadav needs our help, we are ready to extend help. The gesture of senior SP leader Jaya Bachchan seeking votes for the TMC during the West Bengal Assembly elections will be reciprocated in Uttar Pradesh," said Laliteshpati Tripathi, who recently joined the TMC.
Arthritis, cancer, blindness, erectile dysfunction... smoking can have adverse effects on your overall health, warns Dr Harish Chafle, senior consultant-pulmonology and critical care, Global Hospitals, Mumbai.
Tamil Nadu Chief Minister J Jayalalithaa on Thursday demanded that Union Fertiliser Minister and Dravida Munnetra Kazhagam nominee M K Alagiri should be sacked in connection with the alleged fertiliser subsidy scam.
The finance ministry on Wednesday reimposed expenditure curbs on ministries and government departments for July-September quarter. There will be no spending restrictions on the ministries of health, rural development, agriculture, MSME (micro, small and medium enterprises) and railways as part of a two-pronged strategy. "The existing guidelines for expenditure control have been reviewed. "Keeping in view the evolving situation arising out of Covid-19 and anticipated cash position of the government, it is felt essential to regulate Quarterly Expenditure Plan (QEP)/Monthly Expenditure Plan (MEP) of specific ministries/departments for July-September, 2021," the Department of Economic Affairs in the finance ministry said in a notification.
'The Rajapaksas have been in active politics for decades and survived many challenges, but they seem to have misread this one.'
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
A newspaper vendor from Neknoor in Maharashtra tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
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.
From providing food and succour to pavement dwellers to helping the elderY in times of need, Dinesh Saravanan has been a godsend to the needy.
Infrastructure accounts for nearly 38 per cent of India's industrial output
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said. Employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said. Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees' Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.
Import segments which recorded negative growth include gold, silver, transport equipment, coal, fertiliser, machinery and machine tools. However, exports of oil seeds, coffee, rice, tobacco, spices, pharma, and chemicals reported positive growth in June.
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.
AAP will have to learn to be patient as such electoral changes do not happen in a hurry, asserts Ramesh Menon.
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.
However, production of coal, crude oil and natural gas declined in April 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.
Slow growth in key sectors would also have implications on the Index of Industrial Production number
'Punjab elections are there and so are UP elections. They must have done some calculations (before announcing the repeal).'
The low-profile chief of Deepak Fertilisers on Wednesday bought 24.46% shareholding in MCF.
Modi government plans to set up a committee of five or six chief ministers to suggest ways to promote digitisation.
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.
Bharat Krishak Samaj demanded that the Pradhan Mantri Fasal Bima Yojana should be replaced with a new crop insurance and compensation scheme.
As many as six of eight core industries saw a contraction in output in October.
Bimal Jalan, has recommended to the government that it cut fiscal deficit to 3.6 per cent of the GDP during 2015-16.
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