General Affairs
Nitish Kumar is our 'Dulha', BJP has None, Says Lalu Prasad
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PATNA: RJD chief Lalu Prasad today said the BJP-led National Democractic Alliance (NDA) is contesting Bihar assembly polls like hosting a wedding without bridegroom, which the grand alliance has in Nitish Kumar.
Taking a swipe at the Bharatiya Janata Party (BJP)-led NDA alliance for not declaring any chief ministerial candidate ahead of the state assembly polls, Lalu Prasad at a rally in Jamui district said: "We, the grand alliance, have dulha (bridegroom) Nitish Kumar. But BJP-led NDA has no dulha."
The former Bihar chief minister, who has a way with words, said people would reject such a marriage party which lacks the bridegroom.
The grand alliance of the Rashtriya Janata Dal (RJD), Janata Dal-United (JD-U), and Congress has declared present Bihar Chief Minister Nitish Kumar as its chief ministerial candidate for the upcoming state assembly polls.
BJP leaders have repeatedly said the name of the chief ministerial candidate would be decided after the polls if the NDA wins two-thirds majority.
Lalu Prasad, however, also sought to caution the voters, saying that BJP workers from Gujarat and Madhya Pradesh are visiting rural Bihar in large numbers to spread hatred and create communal tension for the party to advantage from it politically.
"Till Lalu is alive, reservation for Dalits and OBCs cannot end. RSS and BJP are keen to end reservation," he said, obliquely referring to the Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat's suggestion to review the country's reservation policy.
PATNA: RJD chief Lalu Prasad today said the BJP-led National Democractic Alliance (NDA) is contesting Bihar assembly polls like hosting a wedding without bridegroom, which the grand alliance has in Nitish Kumar.Taking a swipe at the Bharatiya Janata Party (BJP)-led NDA alliance for not declaring any chief ministerial candidate ahead of the state assembly polls, Lalu Prasad at a rally in Jamui district said: "We, the grand alliance, have dulha (bridegroom) Nitish Kumar. But BJP-led NDA has no dulha."
The former Bihar chief minister, who has a way with words, said people would reject such a marriage party which lacks the bridegroom.
The grand alliance of the Rashtriya Janata Dal (RJD), Janata Dal-United (JD-U), and Congress has declared present Bihar Chief Minister Nitish Kumar as its chief ministerial candidate for the upcoming state assembly polls.
Lalu Prasad, however, also sought to caution the voters, saying that BJP workers from Gujarat and Madhya Pradesh are visiting rural Bihar in large numbers to spread hatred and create communal tension for the party to advantage from it politically.
"Till Lalu is alive, reservation for Dalits and OBCs cannot end. RSS and BJP are keen to end reservation," he said, obliquely referring to the Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat's suggestion to review the country's reservation policy.
Maggi Ban: Nestle Claims It is Being 'Singled Out'
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NEW DELHI: Alleging bias, Nestle India Limited today told the apex consumer commission that it was being "singled out" by the government in the Maggi noodles ban case as no action was being taken against other manufacturers of similar products.
Citing Bombay High Court order which had set aside the countrywide ban on Maggi, the company also sought to recall an earlier order of the National Consumer Disputes Redressal Commission (NCDRC) by which it had admitted government's Rs. 640 crore suit against the noodles manufacturer for alleged unfair trade practices and other charges.
A bench, headed by Justice V K Jain, issued notice to the government on the company's plea and sought response by October 8. It also issued notice to Nestle on a separate plea filed by the government seeking further testing of Maggi noodles.
The company opposed the government's suit saying that due to the ban, around 9,000 vendors and 10,000 suppliers were rendered unemployed and it has suffered a loss of nearly Rs. 250 crore.
"It has caused a huge damage to our reputation... to the extent that my competitors are making fun of me (company).
While my product has been banned, government is not taking any action against any manufacturer of similar products... I am being singled out," senior advocate Arvind Nigam said on behalf of the company.
On August 17, NCDRC had issued notice to Nestle on the government's suit to which the company had to reply today.
However, the company failed to reply to the notice claiming that it has not received complete documents from the government to which it had to filed its reply.
The commission has now asked Nestle to respond to Rs. 640 crore suit by the next date of hearing on October 8.
In its petition, Department of Consumer Affairs has said that Nestle India had "indulged in unfair trade practices by false labelling of Maggi Noodles in as much as it states 'No added MSG' prominently on packet, despite presence of MSG."
The department has also alleged that the company sold "defective" goods to the public by selling Maggi noodles with the presence of Lead and MSG and indulged in unfair trade practices by offering for sale Maggi Oats Masala Noodles with Tastemaker without risk assessment and product approval.
It also sought a direction to the company to recall all the "defective" and "hazardous goods" with respect to Maggi noodles with Tastemaker in all its variants and Maggi Oats Masala Noodles with Tastemaker and also sought a direction to it for issuance of corrective advertisement to neutralize the effect of the misleading advertisements.
"This commission be pleased to direct the opponent company to remove 'No added MSG' from the packets and labels of all the variants of Maggi noodles.... This commission be pleased to direct the opponent company to ensure strict compliance with labelling regulations for its entire range of products," the department's complaint filed before the commission said.
NEW DELHI: Alleging bias, Nestle India Limited today told the apex consumer commission that it was being "singled out" by the government in the Maggi noodles ban case as no action was being taken against other manufacturers of similar products.Citing Bombay High Court order which had set aside the countrywide ban on Maggi, the company also sought to recall an earlier order of the National Consumer Disputes Redressal Commission (NCDRC) by which it had admitted government's Rs. 640 crore suit against the noodles manufacturer for alleged unfair trade practices and other charges.
A bench, headed by Justice V K Jain, issued notice to the government on the company's plea and sought response by October 8. It also issued notice to Nestle on a separate plea filed by the government seeking further testing of Maggi noodles.
"It has caused a huge damage to our reputation... to the extent that my competitors are making fun of me (company).
While my product has been banned, government is not taking any action against any manufacturer of similar products... I am being singled out," senior advocate Arvind Nigam said on behalf of the company.
On August 17, NCDRC had issued notice to Nestle on the government's suit to which the company had to reply today.
However, the company failed to reply to the notice claiming that it has not received complete documents from the government to which it had to filed its reply.
The commission has now asked Nestle to respond to Rs. 640 crore suit by the next date of hearing on October 8.
In its petition, Department of Consumer Affairs has said that Nestle India had "indulged in unfair trade practices by false labelling of Maggi Noodles in as much as it states 'No added MSG' prominently on packet, despite presence of MSG."
The department has also alleged that the company sold "defective" goods to the public by selling Maggi noodles with the presence of Lead and MSG and indulged in unfair trade practices by offering for sale Maggi Oats Masala Noodles with Tastemaker without risk assessment and product approval.
It also sought a direction to the company to recall all the "defective" and "hazardous goods" with respect to Maggi noodles with Tastemaker in all its variants and Maggi Oats Masala Noodles with Tastemaker and also sought a direction to it for issuance of corrective advertisement to neutralize the effect of the misleading advertisements.
"This commission be pleased to direct the opponent company to remove 'No added MSG' from the packets and labels of all the variants of Maggi noodles.... This commission be pleased to direct the opponent company to ensure strict compliance with labelling regulations for its entire range of products," the department's complaint filed before the commission said.
Devendra Fadnavis to Inaugurate 'National Agri and Orange Festival'
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AMRAVATI, MAHARASHTRA: Maharashtra Chief Minister Devendra Fadnavis will inaugurate 'National Agriculture and Orange festival' in the district tomorrow.
The four-day long festival to be held at Warud is being jointly organised by Maharashtra government and 'Krishimitra Events', an official release said.
State Agriculture Minister Eknath Khadse, Union Ministers Nitin Gadkari and Hansraj Ahir and others will be present on the occasion.
Nagpur-based orange grower Dhiraj Junghare and scientist SAMH Naqvi will be awarded Mohanrao Totey Santra Bhushan award for their remarkable achievements in orange production and orange pest control research respectively, it said.
AMRAVATI, MAHARASHTRA: Maharashtra Chief Minister Devendra Fadnavis will inaugurate 'National Agriculture and Orange festival' in the district tomorrow.The four-day long festival to be held at Warud is being jointly organised by Maharashtra government and 'Krishimitra Events', an official release said.
State Agriculture Minister Eknath Khadse, Union Ministers Nitin Gadkari and Hansraj Ahir and others will be present on the occasion.
Nagpur-based orange grower Dhiraj Junghare and scientist SAMH Naqvi will be awarded Mohanrao Totey Santra Bhushan award for their remarkable achievements in orange production and orange pest control research respectively, it said.
Government Releases Stamp on Dr Ambedkar; to Release Coin on Him
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NEW DELHI: Government today released a commemorative postal stamp on Dr BR Ambedkar and said it will come out with a coin in his honour.
Communications and IT Minister Ravi Shankar Prasad released the stamp. The government is celebrating 125th birth anniversary of Dr Ambedkar this year.
The coin is slated to be released in honour of the legendary social reformer and approval from the Finance Ministry has already been received.
"The approval from Finance Ministry was received three days back to come out with a coin in honour of Dr Ambedkar," Minister of Social Justice and Empowerment Thawar Chand Gehlot said.
Speaking during the occasion, Mr Prasad also questioned why Bharat Ratna was given to Dr Ambedkar so late after his death. Dr Ambedkar was given the highest civilian award in 1990 whereas he died in 1956.
NEW DELHI: Government today released a commemorative postal stamp on Dr BR Ambedkar and said it will come out with a coin in his honour.Communications and IT Minister Ravi Shankar Prasad released the stamp. The government is celebrating 125th birth anniversary of Dr Ambedkar this year.
The coin is slated to be released in honour of the legendary social reformer and approval from the Finance Ministry has already been received.
"The approval from Finance Ministry was received three days back to come out with a coin in honour of Dr Ambedkar," Minister of Social Justice and Empowerment Thawar Chand Gehlot said.
Speaking during the occasion, Mr Prasad also questioned why Bharat Ratna was given to Dr Ambedkar so late after his death. Dr Ambedkar was given the highest civilian award in 1990 whereas he died in 1956.
Google's Flagship Project Loon Impresses PM Modi
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WASHINGTON: Impressed by Google's flagship Project Loon - that takes internet to the remote and inaccessible areas - Prime Minister Narendra Modi believes this has multiple uses like long distance education, rural schools and telemedicine, officials said.
He was given a briefing about Loon during his tour to the Google headquarters in the Silicon Valley over the weekend.
Google officials told PM Modi that they were already doing a pilot project in Andhra Pradesh and the idea is to target rural areas which still do not have internet penetration.
"So, the Prime Minister felt that this could be a very very significant innovation to help us with rural connectivity," Ministry of External Affairs spokesman Vikas Swarup said.
The Google officials said their research tells them that 160 million people can be lifted out of poverty if given internet access.
"So, the Prime Minister immediately felt applications of Project Loon in areas such as long distance education, rural schools and telemedicine etc. And they said that the technology exists to scale up," Mr Swarup said.
"As of now, it simply a means to deliver internet to places where no internet exists, but depending on what the requirements are, this could be scaled up," he added.
In his interaction with Google officials, the Prime Minister talked about his favourite concept called 'JAM' where the 'J' stands for the Jan Dhan Yojana, the 'A' stands for the Aadhaar platform and the 'M' stands for mobile governance.
PM Modi told them that the Jan Dhan Yojana is more or less done, 180 million people who were outside the banking sector have now been covered by bank accounts.
The Aadhaar project is about 90 per cent done. "But mobile governance is where he wanted to move on next and that is where he sought inputs from Google, how that could be made possible," Mr Swarup said.
Specifically, there was a discussion on the possibilities of Google technologies for the agricultural sector in terms of if they could develop algorithm etc. to predict rainfall or to say what is going to happen next in terms of crop patterns etc. which could really be of transformative use in agriculture, he added.
WASHINGTON: Impressed by Google's flagship Project Loon - that takes internet to the remote and inaccessible areas - Prime Minister Narendra Modi believes this has multiple uses like long distance education, rural schools and telemedicine, officials said.He was given a briefing about Loon during his tour to the Google headquarters in the Silicon Valley over the weekend.
Google officials told PM Modi that they were already doing a pilot project in Andhra Pradesh and the idea is to target rural areas which still do not have internet penetration.
"So, the Prime Minister felt that this could be a very very significant innovation to help us with rural connectivity," Ministry of External Affairs spokesman Vikas Swarup said.
"So, the Prime Minister immediately felt applications of Project Loon in areas such as long distance education, rural schools and telemedicine etc. And they said that the technology exists to scale up," Mr Swarup said.
"As of now, it simply a means to deliver internet to places where no internet exists, but depending on what the requirements are, this could be scaled up," he added.
In his interaction with Google officials, the Prime Minister talked about his favourite concept called 'JAM' where the 'J' stands for the Jan Dhan Yojana, the 'A' stands for the Aadhaar platform and the 'M' stands for mobile governance.
PM Modi told them that the Jan Dhan Yojana is more or less done, 180 million people who were outside the banking sector have now been covered by bank accounts.
The Aadhaar project is about 90 per cent done. "But mobile governance is where he wanted to move on next and that is where he sought inputs from Google, how that could be made possible," Mr Swarup said.
Specifically, there was a discussion on the possibilities of Google technologies for the agricultural sector in terms of if they could develop algorithm etc. to predict rainfall or to say what is going to happen next in terms of crop patterns etc. which could really be of transformative use in agriculture, he added.
Business Affairs
Sensex closes 376 points higher, Nifty at 7,948.90
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Domestic equity markets continued their upward trajectory on Wednesday after RBI cut key lending rates by 50 basis points on Tuesday. The benchmark Bombay Stock Exchange (BSE) Sensex closed at 26,154.83 with gains of 376 points or 1.46 per cent.
Bullish sentiments were observed at the wider 50-scrip Nifty of the National Stock Exchange (NSE) also as it closed 1.35% higher at 7,948.90.
Analysts cited that more than expected monetary easing coupled with a dovish outlook by the central bank, strengthening rupee value and stable Asian bourses supported the Indian markets.
Furthermore, the Supreme Court's verdict in favour of Mauritius-based foreign fund Castleton Investment has shed more clarity over the applicability of minimum alternate tax (MAT) on foreign portfolio investors (FPIs).
The Sensex touched a high of 26,179.70 points and a low of 25,918.21 points in the intra-day trade.
Domestic equity markets continued their upward trajectory on Wednesday after RBI cut key lending rates by 50 basis points on Tuesday. The benchmark Bombay Stock Exchange (BSE) Sensex closed at 26,154.83 with gains of 376 points or 1.46 per cent.
Bullish sentiments were observed at the wider 50-scrip Nifty of the National Stock Exchange (NSE) also as it closed 1.35% higher at 7,948.90.
Analysts cited that more than expected monetary easing coupled with a dovish outlook by the central bank, strengthening rupee value and stable Asian bourses supported the Indian markets.
Furthermore, the Supreme Court's verdict in favour of Mauritius-based foreign fund Castleton Investment has shed more clarity over the applicability of minimum alternate tax (MAT) on foreign portfolio investors (FPIs).
The Sensex touched a high of 26,179.70 points and a low of 25,918.21 points in the intra-day trade.
Reliance Communications to partner Reliance Jio in 4G services
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Reliance Communications (RCom), controlled by tycoon Anil Ambani, will partner with Reliance Industries telecom subsidiary to launch fourth-generation (4G) mobile phone services by year-end, the company's chairman said on Wednesday.
Reliance Industries is controlled by Anil Ambani's brother Mukesh Ambani, one of the richest businessmen in the country.
RCom is the latest operator to enter the race to provide 4G services, joining leading carriers Bharti Airtel and unlisted Vodafone India, which are bracing for heated competition from Reliance Jio Infocomm Ltd, the telecom unit of conglomerate Reliance Industries, as it prepares to offer 4G services starting December.
Mobile phone carriers in India, the world's second-biggest market by number of customers, have spent billions of dollars on buying telecom airwaves to meet surging demand for voice and data services.
RCom, country's fourth-biggest mobile phone carrier by subscribers, will enter into a "strategic partnership" with Reliance Jio, allowing for trading and sharing of 4G airwaves, Chairman Anil Ambani said at the telecom company's annual general meeting on Wednesday.
4G services typically offer customers faster browsing speeds than 3G services while surfing the web through mobile phones, tablets or laptops.
A proliferation of cheap smartphones has prompted more Indians to use handsets to access the Internet and demand faster downloads.
An Internet-based startup boom in the country has also seen increased adaptability on smartphones, bolstering the demand for high-speed data.
RCom was also at an "advanced stage of merger talks" with the India telecom operations of Russian billionaire Vladimir Yevtushenkov's Sistema conglomerate, Anil Ambani said.
RCom shares closed 6.26 per cent higher at Rs 67.90 on BSE.
Reliance Communications (RCom), controlled by tycoon Anil Ambani, will partner with Reliance Industries telecom subsidiary to launch fourth-generation (4G) mobile phone services by year-end, the company's chairman said on Wednesday.
Reliance Industries is controlled by Anil Ambani's brother Mukesh Ambani, one of the richest businessmen in the country.
RCom is the latest operator to enter the race to provide 4G services, joining leading carriers Bharti Airtel and unlisted Vodafone India, which are bracing for heated competition from Reliance Jio Infocomm Ltd, the telecom unit of conglomerate Reliance Industries, as it prepares to offer 4G services starting December.
Mobile phone carriers in India, the world's second-biggest market by number of customers, have spent billions of dollars on buying telecom airwaves to meet surging demand for voice and data services.
RCom, country's fourth-biggest mobile phone carrier by subscribers, will enter into a "strategic partnership" with Reliance Jio, allowing for trading and sharing of 4G airwaves, Chairman Anil Ambani said at the telecom company's annual general meeting on Wednesday.
4G services typically offer customers faster browsing speeds than 3G services while surfing the web through mobile phones, tablets or laptops.
A proliferation of cheap smartphones has prompted more Indians to use handsets to access the Internet and demand faster downloads.
An Internet-based startup boom in the country has also seen increased adaptability on smartphones, bolstering the demand for high-speed data.
RCom was also at an "advanced stage of merger talks" with the India telecom operations of Russian billionaire Vladimir Yevtushenkov's Sistema conglomerate, Anil Ambani said.
RCom shares closed 6.26 per cent higher at Rs 67.90 on BSE.
Axis Bank cuts base rate by 35 bps to 9.50 per cent
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Axis Bank on Wednesday announced a cut in its base rate by 35 basis points bringing it down to 9.50 per cent. The reduced rates will be effective from October 5.
The third largest private bank of the country is the latest to join State Bank of India (SBI), Bank of India and Andhra Bank to slash its lending rates after Reserve Bank of India (RBI) announced 50 basis points cut in repo rate in its fourth bi-monthly monetary policy review on Tuesday.
SBI announced cutting its lending rate by 0.4 per cent to 9.3 per cent while Andhra Bank slashed lending rate by 0.25 per cent bringing it down to 9.75 per cent. Bank of India has cut its base rate by 25 bps to 9.70 per cent.
Axis Bank's base rate will still be higher than that of SBI after the cut.
The central bank has brought down repo rate, the rate at which RBI lends money to commercial banks in the event of any shortfall of funds, to 6.75 per cent. Accordingly, reverse repo rate stands at 5.75 per cent. However, CRR has been kept unchanged at 4%.
It is expected that more banks will follow the suit and slash their lending rates.
Axis Bank on Wednesday announced a cut in its base rate by 35 basis points bringing it down to 9.50 per cent. The reduced rates will be effective from October 5.
The third largest private bank of the country is the latest to join State Bank of India (SBI), Bank of India and Andhra Bank to slash its lending rates after Reserve Bank of India (RBI) announced 50 basis points cut in repo rate in its fourth bi-monthly monetary policy review on Tuesday.
SBI announced cutting its lending rate by 0.4 per cent to 9.3 per cent while Andhra Bank slashed lending rate by 0.25 per cent bringing it down to 9.75 per cent. Bank of India has cut its base rate by 25 bps to 9.70 per cent.
Axis Bank's base rate will still be higher than that of SBI after the cut.
The central bank has brought down repo rate, the rate at which RBI lends money to commercial banks in the event of any shortfall of funds, to 6.75 per cent. Accordingly, reverse repo rate stands at 5.75 per cent. However, CRR has been kept unchanged at 4%.
It is expected that more banks will follow the suit and slash their lending rates.
RBI Governor Raghuram Rajan says not running for IMF chief's job
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Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday said that he was not interested in heading the International Monetary Fund after finishing his term as the apex bank Chief.
"It's not a job I have applied for," he told a television channel in an interview. "It's not a job I am running for," he added.
Rajan's three-year term is due to end in September 2016.
Emphasising the need of insurance in agriculture, Rajan said India needs to set long-term goals to insulate the sector from the vagaries of nature.
The country's agricultural output has taken a hit after two successive years of poor summer rains, stoking prices of some food items.
Rajan also urged wary Indian corporates to start making fresh investments following the more-than-expected interest rate cut announced by RBI on Tuesday.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday said that he was not interested in heading the International Monetary Fund after finishing his term as the apex bank Chief.
"It's not a job I have applied for," he told a television channel in an interview. "It's not a job I am running for," he added.
Rajan's three-year term is due to end in September 2016.
Emphasising the need of insurance in agriculture, Rajan said India needs to set long-term goals to insulate the sector from the vagaries of nature.
Emphasising the need of insurance in agriculture, Rajan said India needs to set long-term goals to insulate the sector from the vagaries of nature.
The country's agricultural output has taken a hit after two successive years of poor summer rains, stoking prices of some food items.
Rajan also urged wary Indian corporates to start making fresh investments following the more-than-expected interest rate cut announced by RBI on Tuesday.
Government cuts natural gas price by 16 per cent to $4.24 per unit
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The government today cut natural gas prices by 16 per cent to $4.24 per unit for the six month period, beginning October 1. Natural gas prices, according to a formula approved by the government in October last year, will fall to $4.24 per million British thermal unit on net calorific value (NCV) basis from the current $5.50 per mmBtu.
On gross calorific value (GCV) basis, the new gas price for October 1 to March 31 would be $3.82 per mmBtu as compared to $4.66 currently, officials said.
Using prevailing price in gas surplus nations like the US, Russia and Canada, the government had in October last year announced a new pricing formula that led to rates rising by about 33 per cent to $5.61 per mmBtu for a period up to March 31, 2015 from the long-standing price of $4.2.
The rates, on net calorific value (NCV) basis, dropped to $5.05 per mmBtu for six month period beginning April 1, 2015.
The price cut is the second reduction in rates ever - the first being on April 1. While the cut will impact the revenue of producers like Oil and Natural Gas Corp (ONGC ) and Reliance Industries, it will bring gains for users in the power and fertiliser sector in the form of lower feedstock cost.
As per the mechanism approved in October 2014, price of domestically produced natural gas is to be revised every six months using weighted average or rates prevalent in gas-surplus economies of US or Mexico, Canada and Russia to incentivise exploration in deep-sea that wasn't viable at $4.2 rate.
Indian gas prices are calculated by taking weighted average price at Henry Hub of the US, National Balancing Point of the UK, rates in Alberta (Canada) and Russia with a lag of one quarter.
So, the rates for April 1 to September 30 period were based on average price at the international hubs during January to December 2014. The October 1, 2015 to March 31, 2016 rate will be based on average of prices during July 1, 2014 to June 30, 2015.
The current price of $5.61 per mmBtu is already among the lowest in Asia Pacific. China pays explorers $11.9 per mmBtu rate for new projects while Indonesia and the Philippines prices the fuel at $11 and $10.5, respectively.
Gas from offshore fields in Myanmar, where Indian firms ONGC and GAIL have stake, are sold to China for $7.72 per unit. Thailand prices gas from new projects at $8.2 per mmBtu. The only nations with lower rates than prevailing price are Vietnam ($5.2) and Malaysia ($5).
The government today cut natural gas prices by 16 per cent to $4.24 per unit for the six month period, beginning October 1. Natural gas prices, according to a formula approved by the government in October last year, will fall to $4.24 per million British thermal unit on net calorific value (NCV) basis from the current $5.50 per mmBtu.
On gross calorific value (GCV) basis, the new gas price for October 1 to March 31 would be $3.82 per mmBtu as compared to $4.66 currently, officials said.
Using prevailing price in gas surplus nations like the US, Russia and Canada, the government had in October last year announced a new pricing formula that led to rates rising by about 33 per cent to $5.61 per mmBtu for a period up to March 31, 2015 from the long-standing price of $4.2.
The rates, on net calorific value (NCV) basis, dropped to $5.05 per mmBtu for six month period beginning April 1, 2015.
The price cut is the second reduction in rates ever - the first being on April 1. While the cut will impact the revenue of producers like Oil and Natural Gas Corp (ONGC ) and Reliance Industries, it will bring gains for users in the power and fertiliser sector in the form of lower feedstock cost.
As per the mechanism approved in October 2014, price of domestically produced natural gas is to be revised every six months using weighted average or rates prevalent in gas-surplus economies of US or Mexico, Canada and Russia to incentivise exploration in deep-sea that wasn't viable at $4.2 rate.
Indian gas prices are calculated by taking weighted average price at Henry Hub of the US, National Balancing Point of the UK, rates in Alberta (Canada) and Russia with a lag of one quarter.
So, the rates for April 1 to September 30 period were based on average price at the international hubs during January to December 2014. The October 1, 2015 to March 31, 2016 rate will be based on average of prices during July 1, 2014 to June 30, 2015.
The current price of $5.61 per mmBtu is already among the lowest in Asia Pacific. China pays explorers $11.9 per mmBtu rate for new projects while Indonesia and the Philippines prices the fuel at $11 and $10.5, respectively.
Gas from offshore fields in Myanmar, where Indian firms ONGC and GAIL have stake, are sold to China for $7.72 per unit. Thailand prices gas from new projects at $8.2 per mmBtu. The only nations with lower rates than prevailing price are Vietnam ($5.2) and Malaysia ($5).
General Awareness
PM Modi visit to US – An Overview
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Prime Minister Narendra Modi was on a five-day visit to the United States of America (USA) from September 24 to September 29. Here is the overview
SEPTEMBER 24TH – MEETING WITH CEOs OF FORTUNE 500
On the first day of his visit, Prime Minister Narendra Modi met with 47 CEOs of Fortune 500 companies for attracting capital and investments in India. He sketched out his vision for “Start-Up India, Stand-Up India” in meeting.
- Theme – “Media, Technology and Communications – Growth Story for India”.
CEOs expressed their eager interest in the Indian start-up sector and showed willingness to invest in entrepreneurial ventures and innovative start-ups which will provide bull high future prospectus in Indian economy.
SEPTEMBER 25TH – NaMo ADDRESSED UN SUSTAINABLE DEVELOPMENT SUMMIT
The United Nations sustainable development summit on was held from 25 to 27 September 2015 in New York which was hosted by UN Secretary General Ban Ki-moon where Modi addressed the 70th session of UN General Assembly.
- New framework – “Transforming our world: the 2030 Agenda for Sustainable Development”
17 Sustainable Development Goals and 169 targets were announced in the summit as an ambition of the new post – 2015 universal agenda to end poverty, hunger, assure gender equality and build a life of dignity for all over the next 15 years.
SEPTEMBER 26TH – INDIA HOST G-4 SUMMIT
PM Modi hosted a G-4 Summit with leaders of G-4 nations Brazil, Germany and Japan in New York. This summit aims at the permanent member seats on the United Nations Security Council. After 2004 it was hosted by India.
Participants
German Chancellor Angela Merkel,
Japanese PM Shinzo Abe
Brazilian President Dilma Rousseff
SEPTEMBER 26TH -27TH – VISIT TO SILICON VALLEY & SAN JOSE
NaMo visited tech capital of Silicon Valley for the expansion of “Digital India” initiative. There he met Microsoft’s CEO Satya Nadella, Google’s Sundar Pichai, Facebook’s founder Mark Zukerberg, Apple CEO Tim Cook and leaders of other tech companies. Here are the commitments done by the tech giants:
- Google to provide India a set up base for free Wi-Fi at 500 railway stations
- Google will introduce 11 new languages in Android next month, including Gujarati.
- Microsoft to provide low-cost broadband technology to five lakh villages across India in collaboration with the Indian government.
- Qualcomm to invest $150 Million in India to create a venture investment fund that would probably help start-ups in the country.
- Qualcomm also announced to set up a “design houses” for product innovation in India.
- Apple to set up a manufacturing base in India.
On 27th September 2015 “Startup Konnect” was held by Nasscom in partnership with TiE Silicon Valley and IIM Ahmedabad’s CIIE India that showcased the strengths of India’s startup ecosystem in San Jose. There he addressed a meeting of some 18,000 Indian Americans in at the SAP Centre and seven MoU was signed between Indian and US entities:
- MoU between Centre for Cellular and Molecular Platforms and the California Institute for Quantitative Biosciences
- To develop Indo-US Life Science Sister Innovation Hub so as to enhance science-based entrepreneurship, research, academia and businesses
- MOU between Department of Biotechnology and Prakash Lab and Stanford University on Foldscope
- Economical science innovation emerged from a lab of an Indian with majority of Indians working in this laboratory.
- MOU between National Association of Software and Service Companies(NASSCOM) and the Indus Entrepreneurs
- To support the creation of a vibrant ecosystem to foster technology entrepreneurship in India and Silicon Valley in mutual understanding
- MOU between IIM Ahmedabad’s Centre for Innovation and Entrepreneurship (CIIE) and Lester Centre for Entrepreneurship of the Haas Business School of the University of California
- To collaborate on mutual incubation, and support each other activities of mutual interest.
- MOU between CIIE and Los Angeles Cleantech Incubator
- To extend NGIN Membership benefits to CIIE.
- MOU between CIIE and Google
- To support technology and impact entrepreneurs through strategic support.
- MOU between CIIE and Tata Trust
- Founding partner for the Bharat Fund, which will provide seed funding to Indian entrepreneurs.
There is also a launch of initiative programme i.e. CIIE /LACI NGIN Landing Pad Programme which will enables entrepreneurs and innovators to gain access to the California and Indian markets. It will assist startup Cleantech companies with market expansion through partnerships and funding opportunities in California and India.
SEPTEMBER 28TH – NaMo MEETS BARACK OBAMA
US President and Indian PM held talks to tighten strategic in fields of climate change, security, counter-terrorism, defence and economy. Barack Obama publicly supported India for being a permanent member at UN Security Council. It was a third meet of two in a year.
Other participants
British Prime Minister – David Cameron
French President – Francois Hollande
- France, UK and US are permanent members of United Nations Security Council
- Council $2.5-billion helicopter deal of Chinook and Apache was signed During US peacekeeping Summit hosted by President Obama in New York.
- Modi announced the deployment of an additional battalion, additional police units, provision of critical enablers, deployment of technical personnel, new training course, and additional training teams during summit.
SEPTEMBER 29TH – BACK TO INDIA
Today Modi wrapped up his all engagements by concluding the US visit.
- Prime Minister Narendra Modi was on a five-day visit to the United States of America (USA) from September 24 to September 29. Here is the overviewSEPTEMBER 24TH – MEETING WITH CEOs OF FORTUNE 500
On the first day of his visit, Prime Minister Narendra Modi met with 47 CEOs of Fortune 500 companies for attracting capital and investments in India. He sketched out his vision for “Start-Up India, Stand-Up India” in meeting.- Theme – “Media, Technology and Communications – Growth Story for India”.
CEOs expressed their eager interest in the Indian start-up sector and showed willingness to invest in entrepreneurial ventures and innovative start-ups which will provide bull high future prospectus in Indian economy.SEPTEMBER 25TH – NaMo ADDRESSED UN SUSTAINABLE DEVELOPMENT SUMMIT
The United Nations sustainable development summit on was held from 25 to 27 September 2015 in New York which was hosted by UN Secretary General Ban Ki-moon where Modi addressed the 70th session of UN General Assembly.- New framework – “Transforming our world: the 2030 Agenda for Sustainable Development”
17 Sustainable Development Goals and 169 targets were announced in the summit as an ambition of the new post – 2015 universal agenda to end poverty, hunger, assure gender equality and build a life of dignity for all over the next 15 years.SEPTEMBER 26TH – INDIA HOST G-4 SUMMIT
PM Modi hosted a G-4 Summit with leaders of G-4 nations Brazil, Germany and Japan in New York. This summit aims at the permanent member seats on the United Nations Security Council. After 2004 it was hosted by India.
Participants
German Chancellor Angela Merkel,
Japanese PM Shinzo Abe
Brazilian President Dilma RousseffSEPTEMBER 26TH -27TH – VISIT TO SILICON VALLEY & SAN JOSE
NaMo visited tech capital of Silicon Valley for the expansion of “Digital India” initiative. There he met Microsoft’s CEO Satya Nadella, Google’s Sundar Pichai, Facebook’s founder Mark Zukerberg, Apple CEO Tim Cook and leaders of other tech companies. Here are the commitments done by the tech giants:- Google to provide India a set up base for free Wi-Fi at 500 railway stations
- Google will introduce 11 new languages in Android next month, including Gujarati.
- Microsoft to provide low-cost broadband technology to five lakh villages across India in collaboration with the Indian government.
- Qualcomm to invest $150 Million in India to create a venture investment fund that would probably help start-ups in the country.
- Qualcomm also announced to set up a “design houses” for product innovation in India.
- Apple to set up a manufacturing base in India.
On 27th September 2015 “Startup Konnect” was held by Nasscom in partnership with TiE Silicon Valley and IIM Ahmedabad’s CIIE India that showcased the strengths of India’s startup ecosystem in San Jose. There he addressed a meeting of some 18,000 Indian Americans in at the SAP Centre and seven MoU was signed between Indian and US entities:- MoU between Centre for Cellular and Molecular Platforms and the California Institute for Quantitative Biosciences
- To develop Indo-US Life Science Sister Innovation Hub so as to enhance science-based entrepreneurship, research, academia and businesses
- MOU between Department of Biotechnology and Prakash Lab and Stanford University on Foldscope
- Economical science innovation emerged from a lab of an Indian with majority of Indians working in this laboratory.
- MOU between National Association of Software and Service Companies(NASSCOM) and the Indus Entrepreneurs
- To support the creation of a vibrant ecosystem to foster technology entrepreneurship in India and Silicon Valley in mutual understanding
- MOU between IIM Ahmedabad’s Centre for Innovation and Entrepreneurship (CIIE) and Lester Centre for Entrepreneurship of the Haas Business School of the University of California
- To collaborate on mutual incubation, and support each other activities of mutual interest.
- MOU between CIIE and Los Angeles Cleantech Incubator
- To extend NGIN Membership benefits to CIIE.
- MOU between CIIE and Google
- To support technology and impact entrepreneurs through strategic support.
- MOU between CIIE and Tata Trust
- Founding partner for the Bharat Fund, which will provide seed funding to Indian entrepreneurs.
There is also a launch of initiative programme i.e. CIIE /LACI NGIN Landing Pad Programme which will enables entrepreneurs and innovators to gain access to the California and Indian markets. It will assist startup Cleantech companies with market expansion through partnerships and funding opportunities in California and India.SEPTEMBER 28TH – NaMo MEETS BARACK OBAMA
US President and Indian PM held talks to tighten strategic in fields of climate change, security, counter-terrorism, defence and economy. Barack Obama publicly supported India for being a permanent member at UN Security Council. It was a third meet of two in a year.
Other participants
British Prime Minister – David Cameron
French President – Francois Hollande- France, UK and US are permanent members of United Nations Security Council
- Council $2.5-billion helicopter deal of Chinook and Apache was signed During US peacekeeping Summit hosted by President Obama in New York.
- Modi announced the deployment of an additional battalion, additional police units, provision of critical enablers, deployment of technical personnel, new training course, and additional training teams during summit.
SEPTEMBER 29TH – BACK TO INDIA
Today Modi wrapped up his all engagements by concluding the US visit.
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