Minister of Petroleum & Natural Gas Murli Deora has welcomed the General Budget for 2010-11 presented by the finance minister on Friday in the Lok Sabha.
Smartphones have been a key success story of the government's production-linked incentive scheme, helping India become the second-largest mobile phone manufacturing country, after China.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
The strong message from the prime minister is of continuity of policies he considers right with strong emphasis on execution, points out T N C Rajagopalan.
Reliance Industries Ltd, India's most valuable company, on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in April-June -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company's statement.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
According to figures from the Ministry of Petroleum, foreign exchange earnings from the petroleum sector stood at more than $11 billion in the first six months (April-September) of the current financial year. In the last fiscal, it was $9.1 billion.
Defending champions Petroleum on Saturday extended their record run at the Inter State Badminton Championship, winning the men's and women's title for the 14th time at the Sher-e-Kashmir Indoor Complex in Srinagar on Saturday.
Truck drivers protesting against a provision in the new penal law on hit-and-run road accidents, called off their strike in Nashik district of Maharashtra on Tuesday after the local authorities assured to look into their demands.
The operation went on for 66 hours after a giant 120 feet x 120 feet hoarding collapsed on a petrol pump in the Chheda Nagar area during gusty winds on Monday evening, the official said.
India recorded the highest monthly exports during the fiscal in February, registering an 11.9 per cent growth to $41.4 billion, mainly driven by increased shipments of engineering goods, electronic items and pharma products. The trade deficit during February worked out to $18.7 billion, up from $16.57 billion in the year-ago month, as gold imports surged significantly. Merchandise imports were valued at $60.11 billion, up 12.16 per cent compared to $53.58 per cent in February 2023.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
Problems at refineries, higher home demand for automobile fuels among main reasons.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
The former beat Indian Oil while the armymen accounted for Air India in the Ranjit Singh hockey tournament.
Wholesale inflation in the country rose marginally to 0.53 per cent in March compared to 0.20 per cent in the preceding month due to increase in prices of vegetables, potato, onion and crude oil. The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in March 2023 was 1.41 per cent.
Another partner or co-owner of the firm that operated the recreation facility has been nabbed which took the number of persons arrested in the case to five, officials said.
Rising export of petroleum products helped Commerce Minister Kamal Nath meet 96 per cent of the targeted $160 billion worth of exports in 2007-08, but it could not contain the country's net oil import bill. The net oil import bill in 2007-08 is likely to rise by around 41 per cent over 2006-07 as the country's refineries consumed 9 per cent more crude oil to meet surging demand even as crude oil prices rose nearly 53 per cent during the year.
After dropping a Rs 5,000 crore plan to fill parts of strategic oil storages, the government will lease out space in the underground rock caverns to domestic and international firms to store oil, a top executive said on Tuesday. India Strategic Petroleum Reserve Ltd has built underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store 5.33 million tonnes of oil that can be used in any emergency situation like supply disruption or war. UAE's Abu Dhabi National Oil Company (Adnoc) has already hired half of the 2.5 million tonnes storage capacity at Padur and 1.5 million tonnes facility at Mangalore.
Among the new entrants to the Union cabinet, former Madhya Pradesh chief minister Shivraj Singh Chouhan has been given the agriculture and rural development portfolios, Bharatiya Janata Party president J P Nadda the health portfolio and former Haryana chief minister Manohar Lal Khattar the power portfolio.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
Girish Chandra Chaturvedi (57), a 1977 batch Indian Administrative officer from the UP cadre, took charge as the new petroleum secretary on May 3.
In India, petroleum consumption is increasing at a very steep rate from 3.5 MMT in 1950-51 to 74.7 MMT in 1995-96. This is expected to reach 130 MMT in 2001-2002 and 175 MMT in 2006-2007. This fact, coupled with the present and expected consumption rates, implies that these reserves may not last beyond the next 30 years. Therefore, the need of the hour is to conserve petroleum by its judicious use, substituting it by other resources wherever feasible and restricting its use.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
After all, general elections are round the corner and it is not reforms but hand-outs that will fetch greater returns.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Key infrastructure sectors -- from railways to power, and from coal to petroleum -- will not only be part of the achievements but promises too, as the BJP fights to get a third term at the Centre.
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
Oil companies begin pilot testing work on direct LPG subsidy.
Three years back, an MBA in petroleum studies from Dubai or Singapore was enough for a candidate to automatically enter the higher echelons of management at an oil and gas company, considering people with such a specialised degree was a rarity in India.
Sumitra Mahajan on Tuesday took over as the minister of state for petroleum and natural gas.
Oil Minister M Veerappa Moily on Friday said petroleum ministers are "threatened" by import lobbies not to take decisions that will cut India's $160 billion oil imports.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
They won the men's and women's team titles in the 58th Inter-State National badminton championships.
Mansingh, a 1970-batch IAS officer from Gujarat cadre, was the number one choice for the post of chairman of PRB at the screening done by the Search Committee headed by Planning Commission Member (energy) Kirit Parikh, top officials said.
Applications are invited for admission to a four-year BTech programme in petroleum engineering commencing from July 2010.
Investors shunned shares of oil marketing companies (OMCs) on Friday as they feared that the government's decision to cut retail prices of petrol and diesel could hurt the companies' profit margins in the near term. On Thursday, the government announced that OMCs will reduce pump prices of petrol and diesel after a record 22 months, making them cheaper by Rs 2 per litre in the national capital. The changes were effective from Friday.
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