The country's GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March period, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output.
Prime Minister Narendra Modi's brother Prahlad Modi, who is also the vice president of All India Fair Price Shop Dealers' Federation, will stage a dharna in New Delhi on Tuesday with various demands of the organisation.
The rupee had closed at 60.1550/1650 per dollar on Monday.
The wholesale price-based inflation eased to a five-month low of 13.93 per cent in July on easing prices of food articles and manufactured products. The WPI-based inflation softened for the second consecutive month in July, raising hopes of further decline in wholesale prices in the months to come. The Wholesale Price Index-based inflation, after scaling a record high of 15.88 per cent in May, declined to 15.18 per cent in June. It was 13.43 per cent in February. It was 11.57 per cent in July last year.
The government on Monday ruled out making public the RBI report detailing the reasons why the central bank could not keep inflation within the targeted 6 per cent upper limit for the three consecutive quarters. "Yes sir, RBI has furnished a report to the central government, as mandated under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI Monetary Policy Committee and Monetary Policy process Regulations, 2016," minister of state for finance Pankaj Chaudhary said in a written reply. The said provisions of the RBI Act, 1934, and regulations therein does not provide for making the report public, he said.
The kingdom, the world's leading oil producer, also offered to coordinate with the Organisation of Petroleum Exporting Countries and other major producers to ensure adequate fuel supply in order to curb prices. Pressure is being mounted on OPEC, the supplier of more than a third of the world's oil, to boost output in order to ease the effect of high prices on economies across the world.
Professor Zha Daojiong speaks of the complex issues related to energy security, diplomacy and economics of the region.
Dilip Shanghvi's Sun Oil & Natural Gas, signed a deal for the transfer of Interlink Petroleum's interest in the Modhera and Baola fields.
The Chhattisgarh government has decided to set up model fair-price shops (FPS) in each district and encourage owners to act as banking correspondents for providing financial services. The state has around 12,300 fair-price shops across 33 districts. The state government is, however, encouraging FPS owners to provide a host of services besides acting as a banking correspondent.
The Modi government caved in under American pressure without even token resistance. Two countries similarly placed as India with high dependence on Iranian oil -- China and Turkey -- have shown the grit to stand up to Washington, says Ambassador M K Bhadrakumar.
NTPC has taken RIL to court seeking performance of a bid by the Mukesh Ambani firm to supply 12 million standard cubic meters per day of gas to its Kawas and Gandhar expansion projects at $2.34 per mmBtu. However, the oil ministry has opposed the same price in case of supplies to be made to Anil Ambani Group firm RNRL on the basis of a private family agreement.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
Oil prices fell heavily again on Thursday bringing losses so far this month to 10 per cent as US crude supplies showed a surprisingly strong recovery from record lows and US forces advanced on Baghdad.\n\n\n\n
RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
The value of oil has dropped by 30 per cent in a week, having peaked at nearly $40 last month. A big wave of extra OPEC oil arriving in the West, replacing supply lost from war-torn Iraq, also helped ease the threat of shortages.\n\n\n\n
The importance of China as India's top trading partner cannot be understated.
Consult our leisure guide for six ways to while away the evening.
Tehran plans to lift exports by 500,000 barrels per day
India's imports from Iran rose to 250,200 barrels per day
Whatever the humanitarian stance taken by the leaders in Washington, London and Paris, the real catalyst for action in Libya is not the deaths of countless civilians, but the need to secure the supply of oil to an increasingly thirsty developed world, argues Richard M Bennett
Edamame is high in protein, magnesium, folate and is a good source of fibre.
During his three-day visit, the first by an Indian Naval Chief, Admiral Mehta met top brass of the UAE armed forces and discussed "collaborative cooperation and energy security", officials said on Thursday.
If the central banks act harshly now, the markets will crash and then rally. If they are hesitant, the pain will be prolonged, predicts Debashis Basu.
The United States is in touch with several countries, including India and Turkey, on how to "significantly reduce" their dependence on Iranian oil to avoid American sanctions in this regard, a State Department official has said. "We are working hard with India to see if we can help with regard to reducing the country's dependence and the dependence of any of the other countries on Iranian crude, and looking at alternative sources of supply as well," said a spokesperson.
The Special Operation Group and the anti-terrorism squad of Rajasthan Police arrested Mohd Sirazudin, the marketing manager of IOC in Jaipur.
There is the problem of regions in the North East being theatre for power-play by nations with borders and influences converging in those parts, which in turn requires a sizable presence of the armed forces, notes Shyam G Menon.
Talks between the government and striking oil Public Sector Undertakings failed late Thursday night over the officers' insistence on getting an immediate hike in their wages as the agitation threatened a major disruption in supply of petrol across the country. Deora is likely to meet Prime Minister Manmohan Singh on Friday afternoon on the issue after the meeting of the Union cabinet in the morning.
SpiceJet grounded all its aircraft due to payment woes
After drastically cutting imports from Iran, India is hoping to win waiver from US financial sanctions on its oil trade with Iran so as to continue to getting supplies from the Persian Gulf nation.
The strife in Iraq could not only create millions of refugees, it could even lead to a regional catastrophe by disrupting oil supplies and spark a direct confrontation between the US and Iran, warns a Brookings Institution report.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown
Sounds a little far-fetched -- but it's true. You see the EU is in desperate need of a substitute for common gasoline for its cars and diesel for the huge trucks. Given the shaky security of oil supply, it's no surprise that engineers are taking some unusual approaches in trying to find a replacement for fossil-based fuels.
RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, the Economic Survey said on Tuesday. However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said. The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman.
India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.
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