India’s biggest fuel retailer IOC is considering raising petrol prices by 35 paise per litre this week as the crude oil prices have gone up.
If government increases the prices this will be the third hike in petrol prices since government freed its pricing on June 26
IOC decision is expected to be followed by other state run fuel retailers- Bharat Petroleum Corp and Hindustan Petroleum Corp
US criticizes Indian FDI norms
US commerce secretary Garry Locke has criticized India’s complicated FDI rules and non-tariff trade restrictions
Mr. Locke is in favour that the Import Licences, Standards & Certifications and Local content requirements are some barriers that foreign businesses face in India
However Anand Sharma is in favour that Indian government had worked much on increasing transparency, lowering cost with a single FDI Policy
Mining-hit to get compensation early
Government plans to ask mining companies to start paying compensation to project affected people from the day a mining block is allocated
As per plans once the project starts making profits. The displaced families will be provided an annuity income from the net income.
The proposal will insure income support till the time the venture starts to make profits but mining companies will be allowed to claim these as expenditure.
Orissa to move SC
Orissa government is likely to challenge the Union ministry of environment & forest’s decision to deny permission to state owned Orissa Mining Corporation (OMC) to mine bauxite in the Nyamgiri hills
OMC had entered into a JV with Vedanta Aluminum for mining to deed VAL’s refinery at Nyamgiri. State government had committed to supply 150 million tons of bauxite to VAL.
Food Inflation declined
Food Inflation declined for the fourth week in a row to a one year low but government remain concerned over the pace of the decline
The food inflation declined to 12.3% but it has increased when compared to previous year figures which was 12.59% a year ago
New coal mining norms to end ‘No Go’ Zones
Government is formulating a new strategy to allocate coal mines setting aside the controversial move by the environment ministry to categorize coal-bearing areas in the country as “Go” and “No-Go” areas for miners
This move will prevent confusion over mining rights given to Power, Steel and Cement sector companies over coal blocks allocated between 1994 and 2008