The government will cut excise and customs duty on petrol, diesel, LPG and kerosene to contain the effect of spike in international crude oil prices, which touched an all-time high of $47 a barrel.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
State-run Bharat Petroleum Corporation Ltd on Monday said it is losing Rs 3 per litre on sale of diesel and Rs 2 per litre on petrol
The outgo for major subsides, is the highest in the first quarter.
An $1 per barrel change in crude price impacts the net import bill by Rs 3,513 crore.
State-owned oil companies IOC, BPCL and HPCL are likely to post net losses in the first quarter of the current fiscal as a result of selling fuel below cost price.
The BJP president came down heavily on the Opposition saying a shocking change has happened in the country's politics with those against the prime minister resorting to lies and speaking it loudly all the time.
The loss, which is made good through government subsidy, has declined since March as the rupee strengthened against the dollar and global oil prices softened.
The Budget session of Parliament on Monday got off to a stormy start with the first day in Lok Sabha being virtually washed out on the issue of price rise and rail fare hike as a strident Opposition insisted on a discussion under an adjournment motion.
As of now, tankers carry petroleum products from India to Nepal as part of an arrangement which is in place since 1973.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
'Are all roads in India privatised? Are governments not playing a role in airports or ports? If they (private players) want to set up lines for a specific requirement, I see no reason to object. It will expand the opportunity and passengers will also benefit.'
In a marathon address to the nation from the ramparts of the Red Fort, Prime Minister Narendra Modi on Saturday underlined India's unity and diversity and the progress of his 15-month-old government's policies.
Bharatiya Janata Party leader Arun Jaitley faces a tough electoral battle in his maiden bid to enter Lok Sabha from Amritsar but is unfazed by his "reluctant" heavyweight opponent Capt Amarinder Singh as he claims the groundswell against Congress "adds to my confidence".
Increase in taxes on luxury cars will not have any effect on the demand
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
At the height of the agitation against Tata Motors and after, the decibel level at Singur has always been high. The coronavirus scare, however, appears to have tempered it. The lockdown has hit Singur's inhabitants hard in more ways than one, reports Ishita Ayan Dutt.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
'The election has to be fought on perennial issues and not on a tragedy of one moment'
India must streamline reforms, only then it will see success.
In this year's budget, Finance Minister Nirmala Sitharaman hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
While the finance minister had a great opportunity to come out with flying colours while presenting this last Budget of his government, he didn't, says Omkar Goswami.
The Mahindra group's Igatpuri plant becomes the first in India to be declared carbon-neutral. Ashish Narsale / Rediff.com finds out how this was achieved.
Away from limelight, Jeevika Didis are silently fighting the coronavirus in rural Bihar.
The government's subsidy bill towards oil, fertilisers runs into lakhs of crores of rupees.
If re-elected, his government will set up a National Traders' Welfare Board, bring trader credit cards and a pension scheme for small shopkeepers besides making a provision to provide loans of up to Rs 50 lakh without collateral.
The BJP's win in the Uttar Pradesh assembly polls has emboldened the top leadership to pursue a pro-woman agenda.
The government chose moral persuasion to make people give up subsidies, notes Rahul Khullar.
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.
'This may be good news for Rahul Gandhi, for no matter how Modi performs, there will always be some degree of dissatisfaction with his performance among large sections of voters,' says R Jagannathan.
In Maharashtra, the oil industry had tenancy protection till 1999.
For the first time in more than a decade, diesel demand has declined this fiscal as monthly price hikes and increased power generation clipped consumption, Indian Oil Corporation (IOC) Chairman R S Butola said.
'It goes without saying that Air India has now no imaginable reason to exist.'
Bharatiya Janata Party's chief ministerial candidate Harsh Vardhan on Wednesday voiced confidence that his party will return to power after a gap of 15 years in Delhi, claiming it was "far ahead" of the Congress and the Aam Aadmi Party.
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
The prime minister also said if there is a 'kabaristaan' (graveyard), there should be a 'shamshaan' (cremation ground) too.
8 out of 12 sectoral indices closed in red with BSE IT and Healthcare indices losing 0.5%.
One crucial revenue source that can help the government achieve its fiscal-deficit target is the proceeds from the sale of its stakes in public sector companies.
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