Petrol, diesel prices may see a cut after Oct 5: Report

Petrol, Diesel Prices May See A Cut After Oct 5: Report

by Utkalika Mohanty

NEWS HIGHLIGHTS

Petrol and diesel prices may be reduced after October 5, according to CLSA, which has based its report on speculation after comments by Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, suggesting a cut last month.

New Delhi, Sep 25: Petrol and diesel prices may be reduced after October 5, according to CLSA, which has based its report on speculation after comments by Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, suggesting a cut last month.

The prices have not changed since March 2024. Jain had said that the state-run oil marketing companies (OMCs) may consider reducing petrol and diesel prices if international crude prices stay low for an extended period, as per media reports.

The CLSA in its note said, "Maharashtra is a crucial battleground, and the BJP-led alliance may consider lowering fuel prices as a populist move."

According to several media reports, Maharashtra's state elections are expected in early November. Final dates for the state election are likely announced by mid-October.

CLSA report suggests that along with any retail fuel price cut, the government may also raise excise duty on petrol and diesel. At present, the Centre levies an excise duty of Rs 19.8 and Rs 15.8 per litre on the sale of petrol and diesel.

Current excise duty is 40 per cent and 50 per cent lower compared to the 2021 peak.

According to CLSA, every rupee hike in excise duty on petrol and diesel would lead to an additional Rs 16,500 and Rs 5,600 crore collection annually in government accounts.

Excise duty is a tax levied on the manufacture or production of goods within the country. In the context of petrol and diesel, excise duty is a tax imposed by the Central government on the production or sale of these fuels within India.

Recently, crude oil prices saw a sharp decline in the International Market. On Wednesday, crude oil benchmark Brent Oil was 74.15 dollars per barrel and WTI was 71.16 dollars per barrel.

The report said the sharp decline in crude oil prices is positive for Indian oil marketing companies like Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. However, a potential rate cut and excise duty hike make these oil marketing companies vulnerable.

In the National capital Delhi, on Wednesday, petrol was priced at Rs 94.72 per litre and diesel at Rs 87.62.

--IANS

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IMD Forecasts Heavy Rainfall In Parts Of Odisha For Two Days

by Hemanta Pande

Bhubaneswar, Sep 25: The Indian Meteorological Department (IMD) on Wednesday forecast heavy to very heavy rainfall over several districts in Odisha for the next two days.

The IMD issued an orange warning for heavy to very heavy rainfall between 7 and 20 cm at one or two places over Boudh and Angul districts till 8.30 AM on Thursday.

It also issued a yellow alert for thunderstorm with lightning and heavy rainfall (7 to 11cm) at isolated places in the districts of Balasore, Bhadrak, Mayurbhanj, Keonjhar, Dhenkanal, Deogarh, Sambalpur, Jharsuguda, Sundargarh, Bargarh, Nuapada, Balangir, Sonepur, Kendrapara, Jagatsinghpur, Puri, Jajpur, Cuttack, Khordha, Nayagarh and Kandhamal during the period.

Similarly, heavy rainfall between 7 and 11cm is likely at one or two places over Balasore, Bhadrak, Mayurbhanj, Keonjhar and Sundargarh districts from 8.30 AM on Thursday to 8.30 AM on Friday. A yellow weather warning has been issued for these five districts, the IMD’s latest bulletin said.

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10 Years Of Make In India: Looking Back At Decade Of Transformational Growth

by Hemanta Pande

New Delhi, Sep 25: The ‘Make in India’, one of the flagship initiatives of the Modi government completed ten years on Wednesday. This not only illustrates a decade of India’s transformational growth but also a defining moment for the nation as it positions itself as a global manufacturing hub.

The flagship scheme launched on 25th September 2014, during the first tenure of the Modi government, ushered in big-ticket reforms and played a pivotal role in boosting domestic manufacturing, enhancing skill development and facilitating foreign investment.

A snapshot of achievements

119 per cent rise in FDI in 10 years

In the last ten years (2014-24), India has witnessed a cumulative Foreign Direct Investment (FDI) of USD 667.4 billion, registering an increase of 119 per cent in the past ten years.

This investment inflow spans 57 sectors with most of them being opened for 100 per cent FDI under the automatic route. FDI equity inflows into the manufacturing sector reached USD 165.1 billion, marking a 69 per cent increase compared to the past decade, which stood at USD 97.7 billion.

Over 1 crore investment under PLI scheme

Production Linked Incentive (PLI) Scheme, touted as the game-changer program has led to ₹1.32 lakh crore (USD 16 billion) in investments and a significant boost in manufacturing output. More than 8.5 lakh jobs have been created directly and indirectly due to the initiative.

Surge in exports

India’s exports have surged in the past decade, with an additional ₹4 lakh crore generated due to the PLI schemes.

Rise in Ease of Doing Business Index

India saw a significant jump in its Ease of Doing Business Index, registering a sharp rise from 142nd rank in 2014 to 63rd rank in 2019 in the World Bank’s Doing Business Report. Over the years, 42,000 compliances were reduced while 3,700 provisions were decriminalised.

Key reforms

As the Make in India initiative rolled out, it also saw the onset of many reforms including below

National Single Window System (NSWS), launched in September 2021 simplified investor experience and integrated clearances from multiple ministries and departments thereby facilitating rapid approvals.

PM Gati Shakti National Master Plan (NMP), launched in October 2021 was a transformative move to facilitate data-based decisions related to integrated planning of multimodal infrastructure, thereby reducing logistics costs.

The development of 11 industrial corridors under the National Industrial Corridor Development Programme seeks to enhance India’s competitiveness by providing world-class infrastructure.

The One-District-One-Product (ODOP) initiative has fostered local economic development, with Unity Malls being set up in 27 states to provide platforms for these unique products.

Under the Startup India initiative, the number of recognised startups has gone up to 1,40,803 as of 30th June 2024, which has created over 15.5 lakh direct jobs. (IANS)

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PM Modi To Lay Foundation Stone Of Various Projects In Maharashtra Tomorrow

by Hemanta Pande

Mumbai, Sep 25: Prime Minister Narendra Modi will visit Pune, Maharashtra on Thursday to lay the foundation stone worth over Rs 22,600 crore.

He will inaugurate the Pune Metro section of District Court to Swargate which will mark the completion of the Pune Metro Rail Project (Phase-1). The cost of the underground section between the District Court to Swargate is around Rs 1,810 crore.

Further, the Prime Minister will also lay the foundation stone for the Swargate-Katraj Extension of Pune Metro Phase-1 to be developed at the cost of around Rs 2,950 crore. This southern extension of around 5.46 km is completely underground with three stations namely Market Yard, Padmavati and Katraj.

PM Modi will lay the foundation stone for the Memorial of the Krantijyoti Savitribai Phule’s First Girls’ School at Bhidewada. He will also address the rally at the SP College ground in Pune.

In line with his commitment to make India self-reliant in the field of Supercomputing technology, the Prime Minister will dedicate to the nation three PARAM Rudra Supercomputers worth around Rs 130 crore, developed indigenously under the National Supercomputing Mission (NSM).

These supercomputers have been deployed in Pune, Delhi and Kolkata to facilitate pioneering scientific research.

Giant Metre Radio Telescope (GMRT) in Pune will leverage the supercomputer to explore Fast Radio Bursts (FRBs) and other astronomical phenomena. Inter-University Accelerator Centre (IUAC) in Delhi will enhance research in fields like material science and atomic physics. SN Bose Centre in Kolkata will drive advanced research in areas such as physics, cosmology, and earth sciences.

The Prime Minister will also inaugurate a High-Performance Computing (HPC) system tailored for weather and climate research. This project represents an investment of Rs 850 crore, marking a significant leap in India's computational capabilities for meteorological applications.

Located at two key sites, the Indian Institute of Tropical Meteorology (IITM) in Pune and the National Center for Medium-Range Weather Forecast (NCMRWF) in Noida, this HPC system has extraordinary computing power.

The new HPC systems are named 'Arka' and 'Arunika,' reflecting their connection to the Sun. These high-resolution models will significantly enhance the accuracy and lead time of predictions related to tropical cyclones, heavy precipitation, thunderstorms, hailstorms, heat waves, droughts, and other critical weather phenomena.

The Prime Minister will launch and dedicate to the nation various initiatives in the petroleum and natural gas sector worth Rs 10,400 crore. These initiatives will focus on energy, infrastructure, safety and convenience of truck and cab drivers, cleaner mobility and a sustainable future.

To enable ease of driving, the Prime Minister will launch the Way Side Amenities for truck drivers at Chhatrapati Sambhajinagar, Maharashtra; Fatehgarh Sahib, Punjab; Songadh, Gujarat; Belagavi and Bangalore Rural, Karnataka.

With the objective of developing modern facilities for a comfortable journey break in one place designed to cater to the needs of truckers and cab drivers during their long journeys, wayside amenities such as affordable boarding and lodging facilities, clean toilets, safe parking space, cooking area, WiFi, Gym, etc. are being developed at a cost of around Rs 2,170 crore at 1,000 retail outlets.

To develop multiple energy choices like petrol, diesel, CNG, EV, CBG, and Ethanol blended petrol (EBP), at one retail outlet, the Prime Minister will launch Energy Stations. Nearly 4,000 energy stations would be developed over Golden Quadrilateral, East-West and North-South Corridors and other major highways over the next five years at a cost of around Rs 6000 crore.

Energy stations will help provide seamless mobility through the provision of alternate fuels under one roof to energy-seeking customers.

To facilitate a smooth transition to Green Energy, De-carbonisation and Net Zero Emission and to reduce the range anxiety of Electric Vehicle drivers, the Prime Minister will dedicate to the nation 500 EV charging facilities. Further, 10,000 EV Charging stations (EVCS) are being targeted to be developed by FY 2025 at an estimated cost of Rs 1,500 crore.

The Prime Minister will dedicate to the nation 20 Liquefied Natural Gas (LNG) stations across the country including 3 in Maharashtra. To promote the adoption of clean fuel such as LNG for long-distance transportation, 50 LNG Fuel Stations will be developed in various states of the country by Oil and Gas companies at a cost of around Rs 500 crore.

The Prime Minister will also dedicate to the nation 1500 E20 (20 per cent ethanol blended) petrol retail outlets worth around Rs 225 crore.

The Prime Minister will inaugurate the Solapur Airport which would significantly improve connectivity, making Solapur more accessible to tourists, business travellers and investors. The existing terminal Building of Solapur has been revamped to serve around 4.1 lakh passengers annually.

The Prime Minister will dedicate to the nation Bidkin Industrial Area, a transformative project covering an expansive 7,855 acres under the National Industrial Corridor Development Program, situated 20 km south of Chhatrapati Sambhajinagar in Maharashtra.