Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
Congress leader Rahul Gandhi on Wednesday slammed the government over the rising price of domestic cooking gas, diesel and petrol, and alleged that an amount of Rs 23 lakh crore has been earned by increasing prices of these commodities in the last seven years.
The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore this fiscal and fall further by 27 per cent to nearly Rs 3.18 lakh crore in 2022-23. In its revised Budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual Budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to decline to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21, while petroleum subsidy is estimated to fall to Rs 6,517 crore from Rs 38,455 crore in the said period.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
A day after the Patna high court slammed the Bihar government for its poor handling of the second wave of the pandemic and sought to know whether it was enforcing lockdown or not, the administration on Tuesday announced imposition of lockdown from May 5 to May 15.
Negotiators from nearly 200 countries have accepted a new climate agreement after the COP26 summit in Glasgow concluded its extra time plenary on Saturday with a deal, which recognises India's intervention for the world to 'phase down' rather than "phase out" fossil fuels.
Modi said there was a time when families would celebrate getting gas connections as if they have got home a Mercedes.
Ironically, on the 20th anniversary of the event, the sleaze associated with neoliberalism, with all its cronyism, criminality and plunder of public wealth, is on full display.
The government does not seem inclined, at least in the petroleum sector, to effect sudden and steep upward price revisions to tame its huge subsidy burden and rein in fiscal deficit.
'Economic issues do not matter during elections; it is the emotional connect that helps swing votes.'
Petroleum Minister Mani Shanker Aiyar will meet Finance Minister P Chidambaram on Tuesday to chalk out the ways and means of mitigating the crisis created by the spurt in crude oil prices.
Queen Elizabeth II's staff at Buckingham Palace has signed up with Toyota's 'Green Tomato Cars' to cut costs, after they found out about the car from Prince Charles's London office, which switched to its cheaper carbon-efficient Toyota Prius fleet. "They were very conscious of the savings they'd be making both in financial and carbon terms. Cost was certainly a major factor, so much so in fact that Clarence House negotiated a discount," said Tom Pakenham, director, Toyota.
Chuni Goswami needs insulin daily and due to the 21-day nationwide lockdown his medical supervisor is not able to attend him but his wife Basanti is 'managing' it somehow. Former India hockey captain Gurbux Singh remembers the World War II and also the partition but said he never witnessed anything like the current crisis.
According to estimates, if the companies are not allowed to raise petrol rates at least Rs 5 a litre by the first fortnight of September, they might begin to suffer underrecoveries on this decontrolled auto fuel, too -- for the first time this financial year.
BJP would observe the next 10 days -- from Sunday to September 17, the birthday of the PM -- as 'seva parva'.
'The government is sincerely working on employment generation. Unfortunately, they are depending on these people from Harvard. Their wrong policies are killing jobs. The government has to come out of the Western framework on which they depend upon a lot.'
Around 700 migrant workers, women and children have lost their lives in this reverse migration. But what is happening today with the migrant labour is only a continuation of the policies pursued by the Modi regime during the last six years. It is not for nothing that India was ranked the most dangerous country in the world for women in 2018 by the Thompson Reuters Foundation poll, points out Rashme Sehgal.
'With this amendment, permanent employees will cease to exist.' 'The government should give a human touch and human face to labour reforms.' 'Ideas like survival of the fittest, might is right, etc, are rules of the jungle.' 'They cannot give new terms like hire and fire to jungle law.'
India's water future remains very bleak. The monsoon season, which once extended to 4 months, is now down to less than 30 days of heavy rain.
RBI Governor Shaktikanta Das on Friday said that inflation is on a declining trajectory, as it has fallen by 170 basis points from its January 2020 peak. Retail inflation fell to four-month low of 5.91 per cent in March over the previous month, mainly due to easing food prices.
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.
'BPCL has always been spoken about as a multinational company though it is State-run... this sets our work culture also apart.'
In politics, if your objective is only winning elections, just Chanakya neeti might do. For governance you need both, Chanakya neeti and Ram Rajya. You can neither beat up the farmers into submission, nor dismiss them as 'Khalistanis', asserts Shekhar Gupta.
'He has a gift none of his eight predecessors, from Manmohan Singh to Rajiv Gandhi, had: Being able to speak directly and convincingly to a large enough section of Indians who will take his word for gospel,' notes Shekhar Gupta.
'The way opposition parties such as the Nationalist Congress Party, Shiv Sena, the Samajwadi Party, Rashtriya Janata Dal and the Jharkhand Mukti Morch have supported her, if she wins, she will be the biggest opposition face for 2024'
'Karna is the greatest warrior in the Mahabharata -- in fact, Arjuna is a nobody in front of Karna.' 'But Arjuna had a better advisor in Krishna than Karna.' 'Karna failed because he listened to the wrong advice given by Salya.' 'It just shows wrong advisors can land even the mighty in trouble.'
The Manipur government's plan to carve out seven new districts in the hill areas has ignited old resentments between Naga and non-Naga ethnic groups, leading to clashes and a month-long economic blockade.
Likening the situation in the country to a "social emergency", Prime Minister Narendra Modi on Wednesday made it clear that the nationwide lockdown to contain the spread of Covid-19 cannot be lifted in one go on April 14, asserting that the priority of his government is to "save each and every life".
'Chidambaram, lots of people argue not without justification, is all about bluff and bluster without any concrete achievement on the ground. His record in the finance ministry fully endorses that view,' argues Virendra Kapoor.
Nepal's Cabinet on Monday passed a special resolution asking India to open the border entry points to ease supplies of essential goods like medicines, gas and petroleum to the landlocked country, reeling under acute shortage due to blockade of key trade points.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
While inaugurating the projects, Modi said highways construction has reached 27-km a day from mere 12-km a day during the Congress regime.
'In the Indian context it is not easy for rival parties to come together, especially pre-elections.' 'Having pulled it off, they should be taken seriously.'
Slamming the Bharatiya Janata Party government for spurt in prices of essential commodities during its 45-day rule, Opposition Congress on Monday took potshots at Prime Minister Narendra Modi for riding to power on promise of controlling inflation yet doing nothing on it.
The Congress president alleged that the Bharatiya Janata Party deceived people and siphoned off hard-earned money of farmers, poor, small businessmen to fill the pockets of the country's 15-20 big industrialists.
He also gave examples witnessed at various places, like changing of the crop pattern in view of scarce water and adoption of sprinklers, drip irrigation, water harvesting and water recharging methods.
Overall, the Survey warned that unless shifts in the vision of development were articulated and embraced, the Indian economy would lose the chance to move to a high-growth trajectory.
A 19-year-old Indian was killed as Nepal police opened fire on people demonstrating against the new Constitution near the Indo-Nepal border, hours after security forces baton-charged Madhesi protesters and evicted them from a key bridge in the area in a pre-dawn swoop.
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