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With Prime Minster Modi looking to keep the budget deficit in check, India will most probably let go of the reigns to major oil and gas firms. Atanu Chakraborty, Secretary, DIPAM in an interview on Monday said that the Government has recognized major energy firms ONGC, IOCL, GAIL as probable candidates for cutting its direct holding to below 51%. The move aims at reviving investments to ramp up economic growth.
India has registered a record jump of 6.2% in Ethanol-blending in petrol, staying in line with the Government’s strategy to achieve 10% blending percentage of ethanol in petrol by 2022. The Modi government sanctioned Rs 1969 crore to fund 2G ethanol projects over the next six years. The measures seem to have lifted the purchase of the biofuel over the years.
If sources were to be believed, senior government functionaries have directed state-owned oil marketing companies (OMCs) to keep the daily price movement of Diesel and Petrol in check until elections. To achieve this, a portion of the price hike in the international market will be absorbed by the country. The new move is believed to avert any resistance on the grounds of a frequent increase in fuel prices.
Indian Prime Minister, Narendra Modi and UAE Minister of States and Group CEO of ADNOC, Sultan Ahmed Al Jaber met at an invitation-only energy leaders’ roundtable. Al Jaber stressed on expanding investment and partnership opportunities, mainly in the energy sector. He said, “ADNOC is ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in India,”
Top oil majors from around the world will meet India’s Prime Minister today to talk about investment opportunities in the country. Executives from firms like BP, Shell, Exxon, Saudi Aramco, will also provide suggestions to the Government on how to cope with the current situation, and introducing better policy reforms to attract foreign investments. RIL’s chairman Mukesh Ambani and Saudi’s oil minister will be attending the meeting as well.
On World Biofuel Day, the Prime Minister of India yesterday envisioned an increase of three-fold ethanol production so as to save Rs. 12000 crore on oil imports. PM also informed about an investment of Rs 10,000 crore for the set-up of 12 bio-refineries in the nation for the production of fuel. India currently relies on imports to meet 81% its fuel demands.
After the Indian Government’s announcement to ban single-use plastics, 19 states across India have enforced a complete ban on the use of plastics. But the implementations have been, reportedly, facing challenges and are partially obeyed because consumers cannot find any cheap replacement of the same. The Government plans of a plastic-free country by 2022 but the main problem lies in the disposal of plastic wastes.
If sources were to be believed, India might bring jet fuel and natural gas under the GST regime. The proposal to impose a 28% tax on aviation fuel will be under consideration on July 21st when a tax panel will mull over the topic. If aviation fuels are brought under GST, airlines will find it easier to make payments as the rates will be uniform across the country.