General Affairs
Devendra Fadnavis Urges Centre To Increase Import Duty Of Soyabean
-
MUMBAI: Maharashtra Chief Minister Devendra Fadnavis today wrote a letter to Union Finance Minister Arun Jaitley, seeking a hike in the import duty of soyabean to support farmers in view of the large scale production of the crop this year.
In his letter, Mr Fadnavis said that the exceptional production of soyabean this season may lead to a dip in its prices and hence increase in its import duty is required.
"There has been a large-scale production of soyabean in the state, much more than the previous year, thanks to good monsoon and various initiatives taken by the government.
Therefore, there are chances that the prices of soyabean may dip considerably," he said.
"To give respite to farmers, the state government has started purchasing the crop at a specific price. Also to ensure that farmers do not face distress, the government has taken urgent initiatives," he further said.
"At the same time, if the Centre increases the import duty on soyabean, it will give further relief to farmers," Mr Fadnavis said.
In his letter, Mr Fadnavis said that the exceptional production of soyabean this season may lead to a dip in its prices and hence increase in its import duty is required.
"There has been a large-scale production of soyabean in the state, much more than the previous year, thanks to good monsoon and various initiatives taken by the government.
Therefore, there are chances that the prices of soyabean may dip considerably," he said.
"To give respite to farmers, the state government has started purchasing the crop at a specific price. Also to ensure that farmers do not face distress, the government has taken urgent initiatives," he further said.
"At the same time, if the Centre increases the import duty on soyabean, it will give further relief to farmers," Mr Fadnavis said.
India One Of Britain's 'Most Important' Friends: Theresa May Ahead Of 3-Day Visit
-
Describing India as the UK's "most important and closest" friend and a leading power in the world, Prime Minister Theresa May today said her visit to India will reaffirm the importance of bilateral strategic partnership.
In an article published in the 'Sunday Telegraph' as she left for India for her first bilateral visit outside the UK, she said plans to promote the best of Britain during her three-day trade mission to New Delhi and Bengaluru.
She writes: "One of our most important and closest friends has to be India - a leading power in the world, with whom we share so much history, culture and so may values, and which is led by a Prime Minister who is undertaking a far-reaching programme of reform."
"In other words, we are two countries with strong ties, a mature relationship and an opportunity to make that even deeper.
"That is why, today I will be travelling to India for my first bilateral visit outside Europe and first trade mission as Prime Minister, accompanied by a range of top British businesses, including some of our brightest small and medium enterprises.
"We will be promoting the best of Britain, sending out the message that we are open for business, and making the most of the opportunities offered by Brexit as the world's foremost champion of free trade."
The British premier, who will hold bilateral talks with Prime Minister Narendra Modi tomorrow, said she will be seeking concrete steps to move the partnership forward during the meeting.
"I will be using this visit to reaffirm the importance of the strategic partnership we already have, which delivers huge benefits for both our countries, and to work with Prime Minister Modi to agree concrete steps to realise our shared vision of going even further in our cooperation across trade, investment, defence and security."
"Building 100 new 'Smart Cities', encouraging firms to 'Make in India', getting the country online with 'Digital India', delivering better healthcare, infrastructure, skills and finance - these form Prime Minister Modi's vision, and with our world-class architects, lawyers, financiers, engineers, medics, academics and tech experts, Britain is the ideal partner to help achieve that, creating jobs and growth in both our countries."
Dismissing any talk of a free trade agreement (FTA), she said that focussing on that is missing the point as while an FTA cannot be signed until the official Brexit process, engagement with countries outside the EU can be stepped up.
"There is a great deal we can do right now to break down barriers to trade, open up new markets for British businesses and prepare the ground for ambitious free trade agreements once we have left the EU," she said.
"That's why we are working with the Indians to strengthen intellectual property rights, enable the UK's world-leading services sector to work in the India market, and offer support to Prime Minister Modi's aim to make India an easier place to do business," she said.
"It is why we are introducing new British businesses to the opportunities on offer. And alongside this, while we will maintain our support for an EU-India free trade agreement, we will continue our dialogue with India about a future bilateral trade arrangement between our two countries," she noted.
She said her visit to India is about "collaboration" and highlighting the opportunities for new ways in which we can collaborate in future.
"I want to encourage more Indian businesses to invest in Britain, I want to see more British firms doing business in India, and I want to work with Prime Minister Modi to deliver the ambitious visions we share for our countries. Free trade and increased cooperation will make us all more secure and more prosperous. Take advantage of the opportunities before us, and I truly believe that this can be the partnership of the century," she concluded.
In an article published in the 'Sunday Telegraph' as she left for India for her first bilateral visit outside the UK, she said plans to promote the best of Britain during her three-day trade mission to New Delhi and Bengaluru.
She writes: "One of our most important and closest friends has to be India - a leading power in the world, with whom we share so much history, culture and so may values, and which is led by a Prime Minister who is undertaking a far-reaching programme of reform."
"That is why, today I will be travelling to India for my first bilateral visit outside Europe and first trade mission as Prime Minister, accompanied by a range of top British businesses, including some of our brightest small and medium enterprises.
"We will be promoting the best of Britain, sending out the message that we are open for business, and making the most of the opportunities offered by Brexit as the world's foremost champion of free trade."
The British premier, who will hold bilateral talks with Prime Minister Narendra Modi tomorrow, said she will be seeking concrete steps to move the partnership forward during the meeting.
"I will be using this visit to reaffirm the importance of the strategic partnership we already have, which delivers huge benefits for both our countries, and to work with Prime Minister Modi to agree concrete steps to realise our shared vision of going even further in our cooperation across trade, investment, defence and security."
"Building 100 new 'Smart Cities', encouraging firms to 'Make in India', getting the country online with 'Digital India', delivering better healthcare, infrastructure, skills and finance - these form Prime Minister Modi's vision, and with our world-class architects, lawyers, financiers, engineers, medics, academics and tech experts, Britain is the ideal partner to help achieve that, creating jobs and growth in both our countries."
Dismissing any talk of a free trade agreement (FTA), she said that focussing on that is missing the point as while an FTA cannot be signed until the official Brexit process, engagement with countries outside the EU can be stepped up.
"There is a great deal we can do right now to break down barriers to trade, open up new markets for British businesses and prepare the ground for ambitious free trade agreements once we have left the EU," she said.
"That's why we are working with the Indians to strengthen intellectual property rights, enable the UK's world-leading services sector to work in the India market, and offer support to Prime Minister Modi's aim to make India an easier place to do business," she said.
"It is why we are introducing new British businesses to the opportunities on offer. And alongside this, while we will maintain our support for an EU-India free trade agreement, we will continue our dialogue with India about a future bilateral trade arrangement between our two countries," she noted.
She said her visit to India is about "collaboration" and highlighting the opportunities for new ways in which we can collaborate in future.
"I want to encourage more Indian businesses to invest in Britain, I want to see more British firms doing business in India, and I want to work with Prime Minister Modi to deliver the ambitious visions we share for our countries. Free trade and increased cooperation will make us all more secure and more prosperous. Take advantage of the opportunities before us, and I truly believe that this can be the partnership of the century," she concluded.
Scientists Must Help Battle Hunger: PM Narendra Modi
-
NEW DELHI: Prime Minister Narendra Modi on Sunday asked scientists to find solutions for hunger and malnutrition while conserving the bio-diversity.
"Today, millions of people are struggling with hunger, poverty and malnutrition. Science and technology has an important role in fighting these challenges," PM Modi said at the first International Agrobiodiversity Congress (IAC) in New Delhi.
"We need to ensure that while finding solutions for these challenges, we don't ignore other aspects like sustainable development and conservation of bio-diversity," the Prime Minister said.
For conservation of bio-diversity, PM Modi asked the international, national and private organisations to form a pool of resources and technology to increase chances of success and also to make efforts to formulate a shared vision in this direction.
The Indian Society of Plant Genetic Resources (ISPGR) and Bioversity International are organising the November 6-9 event in collaboration with the Indian Council of Agricultural Research.
"Today, millions of people are struggling with hunger, poverty and malnutrition. Science and technology has an important role in fighting these challenges," PM Modi said at the first International Agrobiodiversity Congress (IAC) in New Delhi.
"We need to ensure that while finding solutions for these challenges, we don't ignore other aspects like sustainable development and conservation of bio-diversity," the Prime Minister said.
The Indian Society of Plant Genetic Resources (ISPGR) and Bioversity International are organising the November 6-9 event in collaboration with the Indian Council of Agricultural Research.
UP Will Become Richest State Once BJP Comes To Power: Amit Shah
-
JHANSI, UTTAR PRADESH: Promising to turn Uttar Pradesh into the richest state, BJP chief Amit Shah today said it could be possible only if people dumped SP and BSP and ushered in a government run by the saffron party.
"Enough of SP and BSP. You have given them enough chance. Now please dump these two parties and usher in a BJP government," he said at a 'parivartan rally' here.
"I promise you that UP will become the richest state in the country once BJP comes to power. There will be no loot of public money, no scams, as have been taking place all these years under Samajwadi Party and Bahujan Samaj Party," he said.
Mr Shah said Bundelkhand, of which Jhansi is a part, was rich in natural resources and once BJP came to power there would be no illegal mining in the area.
With BJP-led government at the centre, the state can progress by leaps and bounds if there is a government of the same party in UP as corruption will become a thing of the past, he said.
"Even (BSP supremo) Mayawati says Samajwadi Party is not good...so give chance to BSP. But friends, SP and BSP are the two sides of the same coin and can never deliver the goods," he said.
Mr Shah said no one could expect better law and order in the state under SP or BSP rule.
"Chief Minister Akhilesh Yadav had said he would give up his chair if gangster-turned-politician Mukhtar Ansari's party QED merged with SP. The merger has taken place. Why is he continuing as CM? What happened," he asked.
Mr Shah said SP was studded with tainted people like Afzal, Ateeq and Azam, while BSP had Nasimuddin in its fold.
"But, there are no goonda elements in BJP," he said.
On the issue of "triple talaq", he said BJP was for Uniform Civil Code and filed an affidavit before the Supreme Court opposing the practice.
He asked Congress, SP and BSP to clarify their stand on the issue.
Earlier, Union Home Minister Rajnath Singh said goonda elements ruled the roost in UP where law and order had touched the nadir.
"Let BJP come to power in UP. This situation will change," he said, adding BJP alone can give a corruption-free government.
Union ministers Kalraj Mishra and Uma Bharti and BJP vice president Om Mathur and state BJP chief Keshav Prasad Maurya also addressed the gathering.
"Enough of SP and BSP. You have given them enough chance. Now please dump these two parties and usher in a BJP government," he said at a 'parivartan rally' here.
"I promise you that UP will become the richest state in the country once BJP comes to power. There will be no loot of public money, no scams, as have been taking place all these years under Samajwadi Party and Bahujan Samaj Party," he said.
With BJP-led government at the centre, the state can progress by leaps and bounds if there is a government of the same party in UP as corruption will become a thing of the past, he said.
"Even (BSP supremo) Mayawati says Samajwadi Party is not good...so give chance to BSP. But friends, SP and BSP are the two sides of the same coin and can never deliver the goods," he said.
Mr Shah said no one could expect better law and order in the state under SP or BSP rule.
"Chief Minister Akhilesh Yadav had said he would give up his chair if gangster-turned-politician Mukhtar Ansari's party QED merged with SP. The merger has taken place. Why is he continuing as CM? What happened," he asked.
Mr Shah said SP was studded with tainted people like Afzal, Ateeq and Azam, while BSP had Nasimuddin in its fold.
"But, there are no goonda elements in BJP," he said.
On the issue of "triple talaq", he said BJP was for Uniform Civil Code and filed an affidavit before the Supreme Court opposing the practice.
He asked Congress, SP and BSP to clarify their stand on the issue.
Earlier, Union Home Minister Rajnath Singh said goonda elements ruled the roost in UP where law and order had touched the nadir.
"Let BJP come to power in UP. This situation will change," he said, adding BJP alone can give a corruption-free government.
Union ministers Kalraj Mishra and Uma Bharti and BJP vice president Om Mathur and state BJP chief Keshav Prasad Maurya also addressed the gathering.
Public Works Department Sprinkles Water On Roads To Reduce Dust Pollution
-
NEW DELHI: Aiming to bring down dust pollution, Public Works Department (PWD) of the Delhi government today started the work of sprinkling water on roads.
"Dust clearing and water sprinkling on PWD roads started (sic)," PWD Minister Satyendar Jain tweeted.
Mr Jain also directed the Transport Department to challan and impound overloaded vehicles and instructed them to ensure that non-destined vehicles--not meant for Delhi--should not be allowed to enter the city as per Supreme Court orders.
Earlier in the day, Chief Minister Arvind Kejriwal announced that schools in Delhi will remain closed till Wednesday besides temporary closure of the Badarpur Power Plant and prohibition on construction and demolition activities.
Mr Kejriwal said the government was also mulling over the possibility of bringing back the odd-even scheme. It was also going to discuss with the Centre the possibility of engineering artificial rain in the city which has turned into a "gas chamber" due to air pollution.
"Dust clearing and water sprinkling on PWD roads started (sic)," PWD Minister Satyendar Jain tweeted.
Mr Jain also directed the Transport Department to challan and impound overloaded vehicles and instructed them to ensure that non-destined vehicles--not meant for Delhi--should not be allowed to enter the city as per Supreme Court orders.
Earlier in the day, Chief Minister Arvind Kejriwal announced that schools in Delhi will remain closed till Wednesday besides temporary closure of the Badarpur Power Plant and prohibition on construction and demolition activities.
Mr Kejriwal said the government was also mulling over the possibility of bringing back the odd-even scheme. It was also going to discuss with the Centre the possibility of engineering artificial rain in the city which has turned into a "gas chamber" due to air pollution.
Business Affairs
Oil marketing company Indian Oil Corporation continued to ride the softening of oil prices, raking up the highest growth in profits among the BT500 companies.
-
B. Ashok couldn't be happier. The Chairman and Managing Director of Indian Oil Corporation, or IOC, doesn't have to run around meeting officials, unlike his predecessors, to seek permission for every piffling increase in prices and timely/sufficient compensation for selling products below market rates. With the dismantling of price control on fuels such as petrol and diesel, the days of being a supplicant are over - the company now has the freedom to sell most of its products at market rates. This is showing in revenue/profit numbers.
IOC reported an 85 per cent jump in profit to Rs 11,391 crore in the first half of 2016/17, despite the dip in revenue from Rs 2,11,043 crore to Rs 2,07,475 crore. This is after a Rs 10,399 crore profit in 2015/16, almost double from Rs 5,273 crore in 2014/15. This is the biggest-ever jump in profits of the country's biggest company by revenues. IOC's main competitors, BPCL and HPCL, reported 66 per cent and 41 per cent rise in net profits, respectively, during the year.
The rise in profits could not have come at a better time for IOC. It is in the middle of implementing some big projects. It is, for instance, anchoring the government scheme to provide LPG connections to all below poverty line households. This will require big investments in building infrastructure for importing and transporting LPG, including laying the ambitious 1,987-km pipeline for transporting 3.75 MT LPG from Kandla port to cities in Madhya Pradesh and Uttar Pradesh. The profits will also ensure that it has the resources to upgrade refineries as part of a government plan to shift to the BS-VI fuel in a few years for which the cost will come to around Rs 30,000 crore.
Reforms/Low Prices
While Ashok has had his share of luck, the company has taken a few critical decisions to improve operational efficiencies during his tenure. On July 16, 2014, when he took charge, a barrel of crude oil cost $108. Today, it is available for less than $50. This has led to a spike in gross refining margins, or GRMs, of most OMCs. In October, for instance, the benchmark Singapore GRM rose 50 per cent to $7.2 per barrel from $4.82 a barrel in June due to higher margins on gasoline and fuel oil. Fall in oil prices also ensured robust demand growth in spite of the economic slowdown. It was also the reason the NDA government could dismantle the subsidy regime with ease that was unthinkable a few years ago.
The government's approach also helped. From January 2016, it started paying LPG subsidy directly to bank accounts of citizens. This plugged pilferage, brought in fiscal discipline, and improved cash flows. A predecessor of Ashok remembers the problems of his tenure. "Crude oil prices were high. So was the amount of under-recoveries. There was uncertainty if the government would compensate OMCs, and when and by how much. In some cases, the money didn't come at all," he says. IOC, as a result, had to borrow heavily from markets even to run daily operations. At the peak, its annual borrowings were close to Rs 1,00,000 crore. The freedom to price products changed this. Interest costs dipped from Rs 5,084 crore in 2013/14 to Rs 3,435 crore in 2014/15; in 2015/16, they were Rs 3,000 crore. The Reserve Bank of India decision to reduce rates also helped.
All this gave Ashok the freedom to re-engineer many operational aspects that his predecessors couldn't do. For instance, due to low oil prices, the company is nowadays relying more on spot market purchases, which are cheaper. This is ensuring better inventory management. "To make the purchases swifter, we close the deals within 36 hours," says Ashok, the first insider to head IOC after M.S. Ramachandran retired in March 2005. He has also been juggling the sources of crude oil and configuration of refineries. "Most of our refineries are either modern or we are investing to upgrade them. We are constantly working on either developing cocktails of crude oil variants acceptable to the particular technology of the refinery or improving the technology altogether. This allows us to buy different varieties of crude oil," he says.
IOC owns 11 out of India's 23 refineries. Its consolidated refining capacity is 80.7 MT per annum, 35 per cent of the national total. Ashok is trying hard to ensure that the refineries keep shutdowns to a minimum. In the previous financial year, the 11 refineries used 103.7 per cent capacity and sold 80.722 MT products. IOC is looking to build an additional 24 MT brownfield refining capacity in the next five years.
IOC seems to have everything going for it. However, there is always a risk of oil prices going up and putting pressure on finances of OMCs. Ashok is aware of this and is keeping a watch on OPEC's November 30 meeting where it will decide on a 100,000-barrel production cut, though Ashok's another predecessor, R.S. Butola, says the days of high oil prices seem to be over. "There are enough supplies to keep prices soft," he says. ~
B. Ashok couldn't be happier. The Chairman and Managing Director of Indian Oil Corporation, or IOC, doesn't have to run around meeting officials, unlike his predecessors, to seek permission for every piffling increase in prices and timely/sufficient compensation for selling products below market rates. With the dismantling of price control on fuels such as petrol and diesel, the days of being a supplicant are over - the company now has the freedom to sell most of its products at market rates. This is showing in revenue/profit numbers.
IOC reported an 85 per cent jump in profit to Rs 11,391 crore in the first half of 2016/17, despite the dip in revenue from Rs 2,11,043 crore to Rs 2,07,475 crore. This is after a Rs 10,399 crore profit in 2015/16, almost double from Rs 5,273 crore in 2014/15. This is the biggest-ever jump in profits of the country's biggest company by revenues. IOC's main competitors, BPCL and HPCL, reported 66 per cent and 41 per cent rise in net profits, respectively, during the year.
The rise in profits could not have come at a better time for IOC. It is in the middle of implementing some big projects. It is, for instance, anchoring the government scheme to provide LPG connections to all below poverty line households. This will require big investments in building infrastructure for importing and transporting LPG, including laying the ambitious 1,987-km pipeline for transporting 3.75 MT LPG from Kandla port to cities in Madhya Pradesh and Uttar Pradesh. The profits will also ensure that it has the resources to upgrade refineries as part of a government plan to shift to the BS-VI fuel in a few years for which the cost will come to around Rs 30,000 crore.
Reforms/Low Prices
While Ashok has had his share of luck, the company has taken a few critical decisions to improve operational efficiencies during his tenure. On July 16, 2014, when he took charge, a barrel of crude oil cost $108. Today, it is available for less than $50. This has led to a spike in gross refining margins, or GRMs, of most OMCs. In October, for instance, the benchmark Singapore GRM rose 50 per cent to $7.2 per barrel from $4.82 a barrel in June due to higher margins on gasoline and fuel oil. Fall in oil prices also ensured robust demand growth in spite of the economic slowdown. It was also the reason the NDA government could dismantle the subsidy regime with ease that was unthinkable a few years ago.
The government's approach also helped. From January 2016, it started paying LPG subsidy directly to bank accounts of citizens. This plugged pilferage, brought in fiscal discipline, and improved cash flows. A predecessor of Ashok remembers the problems of his tenure. "Crude oil prices were high. So was the amount of under-recoveries. There was uncertainty if the government would compensate OMCs, and when and by how much. In some cases, the money didn't come at all," he says. IOC, as a result, had to borrow heavily from markets even to run daily operations. At the peak, its annual borrowings were close to Rs 1,00,000 crore. The freedom to price products changed this. Interest costs dipped from Rs 5,084 crore in 2013/14 to Rs 3,435 crore in 2014/15; in 2015/16, they were Rs 3,000 crore. The Reserve Bank of India decision to reduce rates also helped.
All this gave Ashok the freedom to re-engineer many operational aspects that his predecessors couldn't do. For instance, due to low oil prices, the company is nowadays relying more on spot market purchases, which are cheaper. This is ensuring better inventory management. "To make the purchases swifter, we close the deals within 36 hours," says Ashok, the first insider to head IOC after M.S. Ramachandran retired in March 2005. He has also been juggling the sources of crude oil and configuration of refineries. "Most of our refineries are either modern or we are investing to upgrade them. We are constantly working on either developing cocktails of crude oil variants acceptable to the particular technology of the refinery or improving the technology altogether. This allows us to buy different varieties of crude oil," he says.
IOC owns 11 out of India's 23 refineries. Its consolidated refining capacity is 80.7 MT per annum, 35 per cent of the national total. Ashok is trying hard to ensure that the refineries keep shutdowns to a minimum. In the previous financial year, the 11 refineries used 103.7 per cent capacity and sold 80.722 MT products. IOC is looking to build an additional 24 MT brownfield refining capacity in the next five years.
IOC seems to have everything going for it. However, there is always a risk of oil prices going up and putting pressure on finances of OMCs. Ashok is aware of this and is keeping a watch on OPEC's November 30 meeting where it will decide on a 100,000-barrel production cut, though Ashok's another predecessor, R.S. Butola, says the days of high oil prices seem to be over. "There are enough supplies to keep prices soft," he says. ~
RIL partners consider joining arbitration in $1.55 billion gas row
-
Reliance Industries' partners are considering joining the arbitration that the Mukesh Ambani-run firm is planning to initiate against the government for slapping a $1.55 billion demand for "unfairly enriching" by producing natural gas belonging to ONGC.
Calgary-based Niko Resources Ltd, which holds 10 per cent interest in RIL-operated KG-DWN-98/3 or KG-D6 block, said the partners believe they are "not liable for the amount claimed by the Government of India."
In an emailed statement, it said it "is considering joining RIL in invoking the dispute resolution mechanism in the Production Sharing Contract (PSC)."
The oil ministry had on November 3 issued a notice to RIL, Niko and UK's BP plc seeking USD 1.47 billion for producing in the seven years ended March 31, 2016 about 338.332 million British thermal unit of gas that had seeped or migrated from state-owned Oil and Natural Gas Corp's (ONGC) blocks into adjoining KG-D6 in Bay of Bengal.
After deducting USD 71.71 million royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent, totalling USD 149.86 million, a total demand of USD 1.55 billion was made on RIL, BP and Niko.
RIL had on Friday stated that it "proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the Government."
"RIL remains convinced of being able to fully justify and vindicate its position that the government's claim is not sustainable," the company had said, adding it has worked within the boundaries of the KG-D6 block awarded to it and has complied with all applicable regulations and provisions of the PSC.
"The claim of the government is based on misreading and misinterpretation of key elements of the PSC and is without precedent in the oil and gas industry, anywhere in the world," it had said.
BP, which holds the remaining 30 per cent interest, said it is evaluating its options.
"BP believes that the action taken is neither in line with well-established global practices nor is it in line with the PSC. We are aligned and working with our partners to evaluate our options to achieve an effective resolution," a BP India spokesperson said.
Originally, ONGC had sued RIL for producing gas that had migrated from its blocks KG-DWN-98/2 (KG-D5) and Godavari PML in the KG basin to adjoining KG-D6 block of RIL.
Under direction of the Delhi High Court, the government had appointed a one-man committee under retired Justice A P Shah to go into the issue. The panel in its report on August 29 felt that the government and not ONGC is entitled to compensation.
Subsequently, the ministry asked its upstream technical arm DGH to calculate the amount of compensation and a demand notice was slapped on RIL-BP-Niko.
"The committee has concluded that the contractor's (RIL- BP-Niko) production of migrated gas and retention of ensuing benefits amounts to unjust enrichment, since the production sharing contract (PSC)... does not permit a contractor to produce and sell migrated gas," the November 3 demand note said.
The ministry said it had accepted the Shah committee report and consequently "it has been decided by the government to claim restitution from the contractor of the block KG-DWN- 98/3 for the unjust benefit received and unfairly retained by them".
Reliance Industries' partners are considering joining the arbitration that the Mukesh Ambani-run firm is planning to initiate against the government for slapping a $1.55 billion demand for "unfairly enriching" by producing natural gas belonging to ONGC.
Calgary-based Niko Resources Ltd, which holds 10 per cent interest in RIL-operated KG-DWN-98/3 or KG-D6 block, said the partners believe they are "not liable for the amount claimed by the Government of India."
In an emailed statement, it said it "is considering joining RIL in invoking the dispute resolution mechanism in the Production Sharing Contract (PSC)."
The oil ministry had on November 3 issued a notice to RIL, Niko and UK's BP plc seeking USD 1.47 billion for producing in the seven years ended March 31, 2016 about 338.332 million British thermal unit of gas that had seeped or migrated from state-owned Oil and Natural Gas Corp's (ONGC) blocks into adjoining KG-D6 in Bay of Bengal.
After deducting USD 71.71 million royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent, totalling USD 149.86 million, a total demand of USD 1.55 billion was made on RIL, BP and Niko.
RIL had on Friday stated that it "proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the Government."
"RIL remains convinced of being able to fully justify and vindicate its position that the government's claim is not sustainable," the company had said, adding it has worked within the boundaries of the KG-D6 block awarded to it and has complied with all applicable regulations and provisions of the PSC.
"The claim of the government is based on misreading and misinterpretation of key elements of the PSC and is without precedent in the oil and gas industry, anywhere in the world," it had said.
BP, which holds the remaining 30 per cent interest, said it is evaluating its options.
"BP believes that the action taken is neither in line with well-established global practices nor is it in line with the PSC. We are aligned and working with our partners to evaluate our options to achieve an effective resolution," a BP India spokesperson said.
Originally, ONGC had sued RIL for producing gas that had migrated from its blocks KG-DWN-98/2 (KG-D5) and Godavari PML in the KG basin to adjoining KG-D6 block of RIL.
Under direction of the Delhi High Court, the government had appointed a one-man committee under retired Justice A P Shah to go into the issue. The panel in its report on August 29 felt that the government and not ONGC is entitled to compensation.
Subsequently, the ministry asked its upstream technical arm DGH to calculate the amount of compensation and a demand notice was slapped on RIL-BP-Niko.
"The committee has concluded that the contractor's (RIL- BP-Niko) production of migrated gas and retention of ensuing benefits amounts to unjust enrichment, since the production sharing contract (PSC)... does not permit a contractor to produce and sell migrated gas," the November 3 demand note said.
The ministry said it had accepted the Shah committee report and consequently "it has been decided by the government to claim restitution from the contractor of the block KG-DWN- 98/3 for the unjust benefit received and unfairly retained by them".
'India rises to 2nd spot on global business optimism index'
-
India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey.
According to the latest Grant Thornton International Business Report, India was ranked second on the optimism index during the third quarter (July-September 2016).
Indonesia took the top spot, with the Philippines coming in third.
India was ranked third during the April-June period after being on top for two consecutive quarters.
"The improvement in the optimism ranking in the recent past clearly reflects that the reform agenda of the government and its efforts on improving the climate for doing business are having an impact," Grant Thornton India LLP Partner India Leadership Team Harish H V said.
High business optimism was also complimented by the rise of employment expectations. India regained its top position on this parameter, from second position in the April-June period, while profitability expectations also moved up.
"...all the programs and initiatives of the government as well as its focus on building relationships with all major economic powers has made India a bright spot in the global economy," Harish said, adding the recent push for GST augurs well and should give a further boost to business optimism.
While India continues to be amongst the top five countries citing regulations and red tape as a constraint on growth, for the first time in the year, the country's ranking on this parameter has dropped from second to fourth.
As per the survey, 59 per cent of the respondents have quoted this as an impediment in the growth prospects compared to 64 per cent in the previous quarter.
The report is prepared on the basis of a quarterly conducted global business survey of 2,500 businesses across 36 economies.
Meanwhile, in terms of revenue expectations, India slipped to third position from top in the previous quarter.
In spite of the downturn, India is much ahead of China where only 30 per cent respondents expect an increase in revenue, whereas in India, 85 per cent respondents have voted in favour of increasing revenue.
The survey further noted that 68 per cent of respondents have voted for an upsurge in selling prices. On this parameter too, China lags India with only 10 per cent of respondents expecting an upsurge in selling prices. The global average is 19 per cent.
Globally, business optimism stands at net 33 per cent, rising 1 percentage point from the previous quarter but falling 11 percentage points over the year.
"Political events such as Brexit and the US presidential election understandably rattle the global economy and test the resilience and elasticity of businesses worldwide. In general, businesses do not like uncertainty, and that is what is happening," Grant Thornton Global CEO Ed Nusbaum said.
India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey.
According to the latest Grant Thornton International Business Report, India was ranked second on the optimism index during the third quarter (July-September 2016).
Indonesia took the top spot, with the Philippines coming in third.
India was ranked third during the April-June period after being on top for two consecutive quarters.
"The improvement in the optimism ranking in the recent past clearly reflects that the reform agenda of the government and its efforts on improving the climate for doing business are having an impact," Grant Thornton India LLP Partner India Leadership Team Harish H V said.
High business optimism was also complimented by the rise of employment expectations. India regained its top position on this parameter, from second position in the April-June period, while profitability expectations also moved up.
"...all the programs and initiatives of the government as well as its focus on building relationships with all major economic powers has made India a bright spot in the global economy," Harish said, adding the recent push for GST augurs well and should give a further boost to business optimism.
While India continues to be amongst the top five countries citing regulations and red tape as a constraint on growth, for the first time in the year, the country's ranking on this parameter has dropped from second to fourth.
As per the survey, 59 per cent of the respondents have quoted this as an impediment in the growth prospects compared to 64 per cent in the previous quarter.
The report is prepared on the basis of a quarterly conducted global business survey of 2,500 businesses across 36 economies.
Meanwhile, in terms of revenue expectations, India slipped to third position from top in the previous quarter.
In spite of the downturn, India is much ahead of China where only 30 per cent respondents expect an increase in revenue, whereas in India, 85 per cent respondents have voted in favour of increasing revenue.
The survey further noted that 68 per cent of respondents have voted for an upsurge in selling prices. On this parameter too, China lags India with only 10 per cent of respondents expecting an upsurge in selling prices. The global average is 19 per cent.
Globally, business optimism stands at net 33 per cent, rising 1 percentage point from the previous quarter but falling 11 percentage points over the year.
"Political events such as Brexit and the US presidential election understandably rattle the global economy and test the resilience and elasticity of businesses worldwide. In general, businesses do not like uncertainty, and that is what is happening," Grant Thornton Global CEO Ed Nusbaum said.
India's domestic air traffic saw strong 23.6% growth in Sept
-
The domestic air passenger traffic in India grew by a whopping 23.6 per cent in September over the past year as against the global average of 7.2 per cent during the period, IATA said today.
The demand in air travel in India was more than five times of the US air passenger growth, which stood at 4.6 per cent in September this year over the same period of 2015, according to a data by International Air Transport Association (IATA).
The domestic demand climbed 7.2 per cent in September compared to September 2015, which was up from the 4.1 per cent year-on-year growth recorded in August with India and China continuing to experience a double-digit increase in their annual traffic.
However, the results elsewhere were decidedly mixed, IATA said and added that all markets except Australia registered all-time highs in September seat factor.
At the same time, International traffic rose 6.9 per cent in September with airlines in all six regions --European, Asia Pacific, Middle East, North America and Latin America-- recording growth compared to 2015, IATA said.
Barring India and China, which registered 23.6 per cent and 14 per cent increase in domestic air traffic in September, respectively, all other major markets --Australia, Brazil, Japan, Russia and the US -- witnessed single digit growth, according to the data.
The US domestic traffic resumed its healthy growth after a slowdown in July and August, rising 4.6 per cent in September year-over-year, while Japan's domestic traffic slid 0.7 per cent in September against a backdrop of weak consumer spending, IATA said.
"September's growth in passenger demand was healthy.
Importantly, this rebound from August weakness suggests that travel demand is showing its resilience in the aftermath of terror attacks...
"And overall the industry is still vulnerable to being buffeted by rising geopolitical tensions, protectionist political agendas, and weak economic fundamentals," IATA Director General and Chief Executive Officer Alexandre de Juniac said.
"This will still be a good year for the airline industry's performance, but our profitability will continue to be hard-won," the IATA DG added.
The domestic air passenger traffic in India grew by a whopping 23.6 per cent in September over the past year as against the global average of 7.2 per cent during the period, IATA said today.
The demand in air travel in India was more than five times of the US air passenger growth, which stood at 4.6 per cent in September this year over the same period of 2015, according to a data by International Air Transport Association (IATA).
The domestic demand climbed 7.2 per cent in September compared to September 2015, which was up from the 4.1 per cent year-on-year growth recorded in August with India and China continuing to experience a double-digit increase in their annual traffic.
However, the results elsewhere were decidedly mixed, IATA said and added that all markets except Australia registered all-time highs in September seat factor.
At the same time, International traffic rose 6.9 per cent in September with airlines in all six regions --European, Asia Pacific, Middle East, North America and Latin America-- recording growth compared to 2015, IATA said.
Barring India and China, which registered 23.6 per cent and 14 per cent increase in domestic air traffic in September, respectively, all other major markets --Australia, Brazil, Japan, Russia and the US -- witnessed single digit growth, according to the data.
The US domestic traffic resumed its healthy growth after a slowdown in July and August, rising 4.6 per cent in September year-over-year, while Japan's domestic traffic slid 0.7 per cent in September against a backdrop of weak consumer spending, IATA said.
"September's growth in passenger demand was healthy.
Importantly, this rebound from August weakness suggests that travel demand is showing its resilience in the aftermath of terror attacks...
"And overall the industry is still vulnerable to being buffeted by rising geopolitical tensions, protectionist political agendas, and weak economic fundamentals," IATA Director General and Chief Executive Officer Alexandre de Juniac said.
"This will still be a good year for the airline industry's performance, but our profitability will continue to be hard-won," the IATA DG added.
Tata Motors defends strategy for Rs 100,000 Nano car
-
Tata Motors defended its strategy for producing the $1,500 Nano but shied away from commenting on the loss-making car's future, after the conglomerate's ousted chairman said there were emotional reasons for not shutting down production.
Tata Motors' issued the statement to the stock exchange late Friday after an internal letter by ousted chairman Cyrus Mistry said the cost of Nano's production was always higher than its Rs 100,000 ($1,497.33) price tag and the project needed to be shut down if the company wanted to remain profitable.
Mistry was sacked in a boardroom coup last week with group patriarch Ratan Tata taking over the reins as interim chair of Tata Sons. A bitter public feud has since erupted between the two sides, raising prospects of a legal battle.
The Nano's concept received global interest for its affordable pricing but a change in its manufacturing location and the perception of a cheap car hurt production and sales, Tata Motors said in the statement.
Mistry's leaked letter, addressed to the Tata Sons directors on Oct. 25, said emotional reasons were keeping Tata Motors away from shutting down the Nano's production.
Nano sales declined more than three-fifths to 4,459 cars in the in the six months of the fiscal year beginning April 2016.
The car maker had written off some costs associated with the Nano, it said.
Tata Motors also said investments in the Nano factory could be used for making other products and that the company would focus on "growing and attractive segments of the passenger vehicle market."
The company denied Mistry's accusation of aggressive accounting for product development expenses and said it followed standard norms which present a fair and true picture of its financial health.
Tata Sons on Friday announced a new management team for the $100 billion steel-to-software group under interim chairman Ratan Tata.
While Mistry has been removed as chairman of Tata Sons, he is still chairman of some of the key listed group companies such as Indian Hotels Co, Tata Motors, Tata Consultancy Services Ltd and Tata Steel.
Tata Motors defended its strategy for producing the $1,500 Nano but shied away from commenting on the loss-making car's future, after the conglomerate's ousted chairman said there were emotional reasons for not shutting down production.
Tata Motors' issued the statement to the stock exchange late Friday after an internal letter by ousted chairman Cyrus Mistry said the cost of Nano's production was always higher than its Rs 100,000 ($1,497.33) price tag and the project needed to be shut down if the company wanted to remain profitable.
Mistry was sacked in a boardroom coup last week with group patriarch Ratan Tata taking over the reins as interim chair of Tata Sons. A bitter public feud has since erupted between the two sides, raising prospects of a legal battle.
The Nano's concept received global interest for its affordable pricing but a change in its manufacturing location and the perception of a cheap car hurt production and sales, Tata Motors said in the statement.
Mistry's leaked letter, addressed to the Tata Sons directors on Oct. 25, said emotional reasons were keeping Tata Motors away from shutting down the Nano's production.
Nano sales declined more than three-fifths to 4,459 cars in the in the six months of the fiscal year beginning April 2016.
The car maker had written off some costs associated with the Nano, it said.
Tata Motors also said investments in the Nano factory could be used for making other products and that the company would focus on "growing and attractive segments of the passenger vehicle market."
The company denied Mistry's accusation of aggressive accounting for product development expenses and said it followed standard norms which present a fair and true picture of its financial health.
Tata Sons on Friday announced a new management team for the $100 billion steel-to-software group under interim chairman Ratan Tata.
While Mistry has been removed as chairman of Tata Sons, he is still chairman of some of the key listed group companies such as Indian Hotels Co, Tata Motors, Tata Consultancy Services Ltd and Tata Steel.
General Awareness
List of Indian Missiles
-
Hello Readers,
We have collected some important missiles name and provide you in the table format which includes the list of Indian missiles and it’s ranges and speed. We hope, it will help you in Competitive exams.
Missile Name Orgin Type Range Speed
Air-to-air missiles
Astra India Air-to-Air Missiles 60 – 80 km Mach 4 + K-100 Russia & India Medium Range air-to-air missile 300–400 km Mach 3.3 MICA IAF Air-to-Air Missiles
Surface-To-Air Missiles
Akash India Medium - range surface - to - air missile 30-35km Mach 2.5 to 3.5 Barak 8 Isreal/India Long Range surface to air Missile 100 km Mach 2 Trishul India Short Range surface to air missile 9km
Defence Missile
Prithvi Air Defence (PAD)
India Exo - atmospheric Anti-ballistic missile Altitude- 80km
Mach 5+
Advanced Air Defence (AAD) India End -oatmospheric Anti - ballistic missile Altitude- 30km Mach 4.5 Prithvi Defence Vehicle (PDV) India Exo - atmospheric Anti-ballistic missile Altitude- 120km
Cruise Missiles
Nirbhay India Subsonic cruise missile(Ship, submarine, aircraft and land) 1,000 -1500 km Mach 0.8 BrahMos Russia & India Supersonic cruise missile(Ship, submarine, aircraft and land) 290 km Mach 2.8 to 3 Mach BrahMos II India Hypersonic cruise missile(Ship, submarine, aircraft and land) 300km Mach 7
Surface-to-surface missiles
Agni-I India Medium-range ballistic missile (MRBM) 700-1250 km Mach 7.5 Agni-II India Intermediate-range ballistic missile(IRBM) 2,000–3,000 km Mach 12 Agni-III India Intermediate-range ballistic missile(IRBM) 3,500 km – 5,000 km 5–6 km/s Agni-IV India Intermediate-range ballistic missile(IRBM) 3,000 – 4,000 km Mach 7 Agni-V India Intercontinental ballistic missile(ICBM) 5000 – 8000Km Mach 24 Prithvi I India Short Range Ballistic Missile(Tactical) 150 km Prithvi II India Short Range Ballistic Missile(Tactical) 350 km Dhanush India Short Range Ballistic Missile(Tactical) 350 – 600 km Prahaar (Pragati) India Short Range Ballistic Missile(Tactical) 150 km Mach 2.03 Shaurya India Medium-Range Ballistic Missile (MRBM) 750 to 1,900 km Mach 7.5
Submarine Launched Ballistic Missiles
Sagarika (K-15) India Ballistic Missile 700 – 1900Km Mach 7+ K-4 India Ballistic Missile 3,500–5,000 km Mach 7+ K-5 India Ballistic Missile 6,000 km Ashwin India Ballistic Missile 150-200km Mach 4.5 Anti-Tank Missile Nag India Anti-Tank Guided Missile 4km 230 m/s Helina (HELIcopter launched NAg) India Anti-Tank Guided Missile 7-8km Amogha-1 India Anti-Tank Guided Missile 2.8 km
Hello Readers,
We have collected some important missiles name and provide you in the table format which includes the list of Indian missiles and it’s ranges and speed. We hope, it will help you in Competitive exams.
| Missile Name | Orgin | Type | Range | Speed |
Air-to-air missiles
| ||||
| Astra | India | Air-to-Air Missiles | 60 – 80 km | Mach 4 + |
| K-100 | Russia & India | Medium Range air-to-air missile | 300–400 km | Mach 3.3 |
| MICA | IAF | Air-to-Air Missiles | ||
Surface-To-Air Missiles
| ||||
| Akash | India | Medium - range surface - to - air missile | 30-35km | Mach 2.5 to 3.5 |
| Barak 8 | Isreal/India | Long Range surface to air Missile | 100 km | Mach 2 |
| Trishul | India | Short Range surface to air missile | 9km | |
Defence Missile
| ||||
Prithvi Air Defence (PAD)
| India | Exo - atmospheric Anti-ballistic missile | Altitude- 80km |
Mach 5+
|
| Advanced Air Defence (AAD) | India | End -oatmospheric Anti - ballistic missile | Altitude- 30km | Mach 4.5 |
| Prithvi Defence Vehicle (PDV) | India | Exo - atmospheric Anti-ballistic missile | Altitude- 120km | |
Cruise Missiles
| ||||
| Nirbhay | India | Subsonic cruise missile(Ship, submarine, aircraft and land) | 1,000 -1500 km | Mach 0.8 |
| BrahMos | Russia & India | Supersonic cruise missile(Ship, submarine, aircraft and land) | 290 km | Mach 2.8 to 3 Mach |
| BrahMos II | India | Hypersonic cruise missile(Ship, submarine, aircraft and land) | 300km | Mach 7 |
Surface-to-surface missiles
| ||||
| Agni-I | India | Medium-range ballistic missile (MRBM) | 700-1250 km | Mach 7.5 |
| Agni-II | India | Intermediate-range ballistic missile(IRBM) | 2,000–3,000 km | Mach 12 |
| Agni-III | India | Intermediate-range ballistic missile(IRBM) | 3,500 km – 5,000 km | 5–6 km/s |
| Agni-IV | India | Intermediate-range ballistic missile(IRBM) | 3,000 – 4,000 km | Mach 7 |
| Agni-V | India | Intercontinental ballistic missile(ICBM) | 5000 – 8000Km | Mach 24 |
| Prithvi I | India | Short Range Ballistic Missile(Tactical) | 150 km | |
| Prithvi II | India | Short Range Ballistic Missile(Tactical) | 350 km | |
| Dhanush | India | Short Range Ballistic Missile(Tactical) | 350 – 600 km | |
| Prahaar (Pragati) | India | Short Range Ballistic Missile(Tactical) | 150 km | Mach 2.03 |
| Shaurya | India | Medium-Range Ballistic Missile (MRBM) | 750 to 1,900 km | Mach 7.5 |
Submarine Launched Ballistic Missiles
| ||||
| Sagarika (K-15) | India | Ballistic Missile | 700 – 1900Km | Mach 7+ |
| K-4 | India | Ballistic Missile | 3,500–5,000 km | Mach 7+ |
| K-5 | India | Ballistic Missile | 6,000 km | |
| Ashwin | India | Ballistic Missile | 150-200km | Mach 4.5 |
| Anti-Tank Missile | ||||
| Nag | India | Anti-Tank Guided Missile | 4km | 230 m/s |
| Helina (HELIcopter launched NAg) | India | Anti-Tank Guided Missile | 7-8km | |
| Amogha-1 | India | Anti-Tank Guided Missile | 2.8 km | |
No comments:
Post a Comment