'There's significant interest from both existing and new sponsors who recognise the value of associating with Olympic athletes.'
Trying to give the best support to Indian contingent but still being criticised: IOA chief PT Usha
70-year-old Reddy, who was made the petroleum minister in January 2011, was shifted to the Ministry of Science and Technology and Earth Sciences in the Cabinet reshuffle on October 28.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
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.
The Lok Sabha witnessed a display of linguistic diversity on Monday, with the newly-elected MPs taking their oaths in English and Indian languages, including Sanskrit, Hindi, Dogri, Bengali, Assamese and Odia.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
The Goods and Services Tax (GST) Council, scheduled to meet on June 22, could take a call on ending uncertainty on taxing foreign airlines and shippers as regards certain services, a senior official in the know told Business Standard. He said the Council was expected to decide on exempting the services in question from GST - aircraft lease rentals, maintenance, crew salaries, etc. These services are provided by foreign airlines to their Indian operations.
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.
The members of the cabinet committees included Union ministers from the Bharatiya Janata Party and its National Democratic Alliance partners like Janata Dal-United, Telugu Desam Party, Janata Dal-Secular, Shiv Sena and Lok Janshakti Party-Ram Vilas.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Unlike the previous visit, where TDP MPs accompanied Naidu to meetings, sources termed the current visit as "low profile", with one-on-one meetings with key Union ministers.
'The Paris Olympics has once again blessed the Indian sports marketing landscape with fresh faces and promises.' 'Expect at least one biopic.'
'We are in a position to start due diligence and private data room access shortly.'
While most analysts are expecting poor results from oil marketing companies (OMCs) in the first quarter of 2024-25 (Q1FY25) and even in the first half (H1) of FY25, GAIL (India) could be an outlier. Upstream producers, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) could do well due to strong crude and gas prices, but refiners are likely to see weak margins and the impact of frozen prices during the election period will also be negative.
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.
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.
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.
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.
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.
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.
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.
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.
Girish Chandra Chaturvedi (57), a 1977 batch Indian Administrative officer from the UP cadre, took charge as the new petroleum secretary on May 3.
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.
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.
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.
After all, general elections are round the corner and it is not reforms but hand-outs that will fetch greater returns.
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.
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.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
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.
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