The Group of 20 nations has welcomed the strategies by member countries to phase out oil subsidies -- a bold move followed by India that only on June 25 raised petrol, diesel and cooking fuel prices.
China's population growth has been slowing since 2016 as the high cost of raising children, a greater pursuit of individualism and a diversified lifestyle dampen enthusiasm to start a family.
India's largest crude oil producer Oil and Natural Gas Corporation (ONGC) is on the verge of reporting "losses" on every barrel of crude oil that it sells due to the high subsidy burden that it has to bear. This would be the first time that ONGC will post negative margins on crude oil sales. This loss comes at a time when crude oil producers around the world are making windfall profits due to record highs in oil prices.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
India is not reaping the benefits of demographic dividends, former RBI governor Raghuram Rajan said on Tuesday, emphasising that there is a need to focus on improving the human capital and enhancing their skill sets. "I think we are in the midst of it (demographic dividend), but the problem is we are not reaping the benefits," Rajan said at a conference on "Making India an Advanced Economy by 2047: What Will it Take" at the George Washington University in Washington DC. "That's why I said 6 per cent growth.
The US on Tuesday said it was in favour of eliminating all trade distorting agricultural subsidies. However, it expressed disagreement with the Indian stand of protecting almost the entire agricultural market.
State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
A long-haul 777 in the US drives about almost 1,000 jobs per flight.
Petroleum ministry expects that this would encourage the rich and affluent also to voluntarily give up the subsidised LPG.
The cash subsidy is a deviation from the earlier practice of issuing bonds for compensation. However, this is against the estimated underrecovery of about Rs 30,000 crore (Rs 300 billion) on cooking fuels made by the ministry of petroleum and natural gas for the current financial year.
The government's food subsidy bill may touch Rs 60,000 crore (Rs 600 billion) this fiscal if it pays a bonus to paddy farmers over the current purchase price of Rs 950-980 a quintal to increase rice procurement.
Ahead of WTO's latest effort to revive the stalled trade talks, India on Friday asked the US to make substantial cuts in farm subsidies.
'It is a fiercely fought battle, like our fiery chillies in Guntur.'
The government appointed panel will look at the difficulties consumers faced in receiving the subsidy after buying gas cylinders at market rates.
India's food subsidy bill is estimated to have crossed Rs 720 billion (Rs 72,000 crore) in the 2009-10 fiscal, a 65 per cent jump from the previous year, mainly due to increased procurement and rising cost of foodgrains.
Referring to long-pending insurance bill, he said "we are on the verge" of opening the sector a little more.
The government will decide steps to be taken by it on the Supreme Court order to end Haj subsidy after receiving the judgment of the apex court on the issue, External Affairs Minister S M Krishna said on Monday.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
Directing the Centre to eliminate the policy of Haj subsidies over a period of ten years, an apex court bench said, "We hold that this policy (giving subsidies to Haj pilgrims) is best done away with."
Companies will be offered incentives for employing more women.
The fiscal deficit, estimated at 4.6 per cent of the gross domestic product, is expected to be around 5.6 per cent, mainly on account of factors like subdued revenue collection, poor disinvestment receipts, high global commodity prices and increasing subsidy bill.
The government is proposing to restrict subsidies and introduce medium-term expenditure management framework to contain fiscal deficit, Parliament was informed on Thursday.
However, it would not be given to Income Tax payees and to those who do not avail of Haj committee accommodation.
The government's subsidy bill on food, fertiliser and petroleum, among others, will fall by about Rs 18,000 crore (Rs 180 billion) at Rs 1,11,275 crore (Rs 1112.75 billion) this fiscal, mainly due to sharp reduction in the urea dole outs.
In what could lead to an overhaul of policy, the Union government is looking at a new sugar subsidy mechanism as part of its decontrol proposal. It plans to rope in state governments for the purchase and distribution of sugar to below-poverty-line consumers at market prices.
The funny thing is that the government has the money - but it is going into subsidies that Mr Jaitley has chosen to leave untouched.
India on Wednesday demanded "real cuts" in farm subsidies by the US for creating a level-playing field in multilateral trade.
Cash transfer is targeted at the poor, but Aadhaar which will be at the core of the direct transfer process -- has no role in identifying the poor.
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
The government on Monday constituted an inter-ministerial task force under UIDAI chairman Nandan Nilekani for evolving mechanisms to provide direct subsidies on kerosene, cooking gas and fertilisers to intended beneficiaries.
The US on Tuesday made an offer to reduce its overall trade distorting subsidy to $15 billion. India's commerce and industry minister on Wednesday rejoined the crucial negotiations to break the Doha deadlock after his government won a confidence vote in Parliament on Tuesday.
The exclusive club that dominates the global semiconductor fab scenario is about to get a new member. Taiwan, South Korea, and China control nearly 70 per cent of the global capacity. SEMI, the global industry body for semiconductor and electronics design and manufacturing, projects all fabs collectively will churn out 30 million wafers a month this year.
Bajaj Auto has virtually closed the gap with Ather Energy in September, notching up 6423 EV registrations compared to 6466 registrations by Ather.
The Supreme Court appointed Justice RM Lodha panel, in an e-mail communication to all state association, has strictly instructed them not to "transfer or disturb" the recent funds disbursed as infrastructural subsidy.
The government will phase out subsidies on LPG and kerosene by 2007, petroleum secretary S C Tripathi said on Friday.
