- India's GDP for FY22 is estimated to grow 9.2% to Rs. 147.5 lakh crore, up from Rs. 135.6 lakh crore in FY21. Several major reforms were implemented to boost investment and GDP growth. - RBI projected India's economic growth at 7.8% for FY23 and retained growth estimate for FY22 at 9.2%. Retail inflation projection for FY23 is 4.5%. - India's industrial production growth slowed to a 10-month low of 0.4% in December 2021 due to restrictions related to the Omicron variant and high base effects from the previous year.

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(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
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Balmer Lawrie in News
https://www.business-standard.com/article/news-cm/balmer-lawrie-company-consolidated-net-
profit-rises-40-12-in-the-december-2021-quarter-122020901274_1.html
India GDP estimated at Rs 147.5 lakh
crore in FY22:
India's gross domestic product (GDP) is projected
to grow at 9.2 per cent to Rs 147.5 lakh crore in
2021-22, Minister of State for Finance Pankaj
Chaudhary said on Monday. In a written reply to a
query in the Lok Sabha, Chaudhary said the
government has implemented several major
reforms in recent years to boost investment and
GDP growth. "As per the first advance and first
revised estimates of GDP released by the National
Statistical Office (NSO), the size of real GDP has
been increased from Rs 105.3 lakh crore in 2014-
15 to Rs 135.6 lakh core in 2020-21 and estimated
to be Rs 147.5 lakh crore in 2021-22," he said. In
FY 2020-21, he said that as a major part of its
policy response to the pandemic, the government
while providing a safety net to the vulnerable
sections of the society implemented several
structural reforms to strengthen private sector
investment. These include the change in the
definition of MSMEs, new PSU policy,
commercialisation of coal mining, higher FDI limits
in defence and space sector, development of the
Land Bank and Industrial Information System.
The Economic Times - 08.02.2022
RBI projects retail inflation at 4.5% in
FY23
Reserve Bank of India (RBI) Governor
Shaktikanta Das on Tuesday has projected
India’s economic growth projection for the
financial year 2022-2023 at 7.8 per cent. The
growth rate for the current financial year is
retained at 9.2 per cent. The six-member
Monetary Policy Committee headed by Reserve
Bank of India Governor Shaktikanta Das started
deliberations on the bi-monthly policy review on
Tuesday. Further, the CPI inflation projection
for FY23 is slated at 4.5 per cent, Reserve Bank
of India governor said. The RBI governor
expects inflation to peak in the current quarter
with tolerance band, moderating in the second
half of next fiscal. “On the assumption of a
normal monsoon in 2022, CPI inflation for 2022-
23 is projected at 4.5 per cent with Q1 FY 2022-
23 at 4.9 per cent; Q2 at 5.0 per cent; Q3 at
4.0 per cent; and Q4:2022-23 at 4.2 per cent,
with risks broadly balanced," RBI said in its
statement. “Since the December 2021 MPC
meeting, CPI inflation has moved along the
expected trajectory. Going forward, vegetables
WEEKLY MEDIA UPDATE
Issue 540
14 February, 2022
Monday
New Indian Express
– 13.02.2022

2. https://economictimes.indiatimes.com/news/eco
nomy/indicators/india-gdp-estimated-at-rs-147-
5-lakh-crore-in-fy22-
chaudhary/articleshow/89410935.cms
prices are expected to ease further on fresh
winter crop arrivals.
The Times of India - 10.02.2022
https://timesofindia.indiatimes.com/business/i
ndia-business/rbi-projects-retail-inflation-at-4-
5-in-fy23/articleshow/89471924.cms
FY22 Report Card: India Inc to see
earnings downgrades in FY22
Downgrades are expected to outnumber earnings
upgrades for FY22 after the Q3FY22 results
season. With the trend in results during the
December 2021 quarter somewhat mixed, at least
55-60% of companies are likely to see earnings
revised downwards, although in many instances
the cuts may be very small. After a very secular
strong performance in the last four or five
quarters, when India Inc bounced back
spectacularly, operating margins were clearly
under pressure in Q3FY22. The elevated cost of
raw materials has hurt most businesses and unless
prices of inputs come off sharply, profit margins
would continue to be under pressure. For a
universe of 1,754 companies (excluding banks and
financials), the raw materials cost, as a share of
sales, was up nearly 500 basis points y-o-y. Most
companies appear to have de-leveraged their
balance sheets; the interest bill for the December
2021 quarter was flat. Managements in consumer-
facing industries have expressed concern at the
high inflation that they believe could keep demand
subdued. Volumes at Hindustan Unilever, for
example, went up by only 2% y-o-y while at
Marico and Godrej Consumer, they were flat.
The Financial Express - 14.02.2022
https://www.financialexpress.com/industry/india-
inc-to-see-earnings-downgrades-in-
fy22/2432713/
Dec factory output at 10-month low
India’s industrial production growth slowed to a
10-month low in December, triggering concerns
over the pace of recovery though the third wave
of the pandemic and adverse base effect also
contributed marginally to the slowdown.
Industrial output, as measured by the Index of
Industrial Production (IIP), grew 0. 4% in
December from a year earlier, slipping further
from the tepid 1. 3% expansion in November.
Industrial growth was 2. 2% in December 2020.
As per data released by the National Statistical
Office, month-on-month, industrial output rose
7. 4% in December. “Lacklustre IIP growth puts
a question mark on the current recovery,” India
Ratings economist Sunil Kumar Sinha said,
calling for more measures to support industrial
recovery. The Reserve Bank of India had on
Thursday kept key policy rates unchanged,
contrary to expectations of a hike in the reverse
repo rate to control the supply of money,
flagging the need to revive and sustain growth
on a durable basis.
Terming the IIP performance “disappointing”,
Bank of Baroda chief economist Madan
Sabnavis said: “The pent-up demand story
witnessed in the earlier months has eased with
the mini lockdown contributing at the margin. ”
The Economic Times -12.02.2022
https://epaper.timesgroup.com/article-
share?article=12_02_2022_001_010_etkc_ET
Govt contained retail inflation at 6.2%
despite biggest contraction in economy:
Sitharaman
Rising prices of essential kitchen items pushed the
retail inflation to a six-month high of 5.59 per cent
in December, close to the Reserve Bank’s upper
tolerance limit of 6 per cent. The Consumer Price
Index (CPI) based retail inflation was 4.91 per
cent in November 2021 and 4.59 per cent in
December 2020. The RBI, which mainly factors in
the CPI-based retail inflation while arriving at its
bi-monthly monetary policy, has been tasked by
the government to keep the inflation at 4 per cent
with margin of 2 per cent on either side (that is, in
the range of 2-6 per cent). Retail inflation has
been rising since October 2021. In July too, the
rate of price rise was 5.59 per cent but it slowed
in the subsequent two months, before starting to
move up from October. As per the data released
OPEC sees upside to 2022 oil demand
forecast on strong pandemic recovery
OPEC said on Thursday world oil demand might
rise even more steeply this year as the global
economy posts a strong recovery from the
pandemic, a development that would underpin
prices already at a seven-year high. Tight oil
supply has also given impetus to booming
energy markets, and the report from the
Organization of the Petroleum Exporting
Countries also showed the group undershot a
pledged oil-output rise in January under its pact
with allies. In the report, OPEC said it expected
world oil demand to rise by 4.15 million barrels
per day (bpd) this year, unchanged from its
forecast last month, following a steep rise of 5.7
million bpd in 2021. "Upside potential to the
forecast prevails, based on an ongoing observed
strong economic recovery with the GDP already

3. by the National Statistical Office (NSO) on
Wednesday, food inflation was at 4.05 per cent in
December this fiscal compared to 1.87 per cent in
the preceding month. In the food basket, inflation
was on higher side in ‘cereals and products’, eggs,
‘milk and products’, spices, and ‘prepared meals,
snacks and sweets’ segments in December over
the preceding month.
The Financial Express - 12.02.2022
https://www.financialexpress.com/economy/retai
l-inflation-rises-to-5-59-pc-in-dec-govt-
data/2405003/
reaching pre-pandemic levels," the OPEC report
said in a commentary on the 2022 demand
outlook. "As most world economies are
expected to grow stronger, the near-term
prospects for world oil demand are certainly on
the bright side," OPEC said in a separate
comment on 2022 demand.
The Economic Times - 10.02.2022
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/opec-sees-upside-to-2022-
oil-demand-forecast-on-strong-pandemic-
recovery/89491876
India wants rational crude oil prices,
says MoS Petroleum
As international oil prices near $93 per barrel for
the first time in 7 years, India on Monday said it
strongly prefers responsible and reasonable
pricing and has conveyed serious concerns over
crude oil price volatility. "There have been major
fluctuations in international prices of crude oil and
petroleum products in recent few months,"
Minister of State for Petroleum and Natural Gas
Rameswar Teli said in a written reply to a question
in the Rajya Sabha. India is 85 per cent dependent
on imports to meet its oil needs and domestic
petrol and diesel prices are linked to international
oil rates. But for the last over three months,
despite a spurt in international oil prices, petrol
and diesel prices have not been changed ahead of
elections in crucial states like Uttar Pradesh and
Punjab. "The Government has been taking up the
issue, bilaterally with crude oil-producing
countries with the Organization of Petroleum
Exporting Countries (OPEC) and with heads of
other international fora to convey India's serious
concerns over crude oil price volatility, and India's
strong preference for responsible and reasonable
pricing for consumer countries," Teli said.
Millennium Post - 09.02.2022
http://www.millenniumpost.in/business/india-
wants-rational-crude-oil-prices-says-mos-
petroleum-467558
India headed for sharp fuel price hike
after states assembly elections: Report
Deloitte Touche Tohmatsu India expects the
nation’s biggest fuel retailers to sharply raise
pump prices after local elections end next
month, adding pressure on the government and
the central bank to take steps to contain
inflation. “Because of the state elections, they
haven’t increased the retail prices," Debasish
Mishra, partner at Deloitte, said in an interview
with Bloomberg TV’s Haslinda Amin and Rishaad
Salamat. He expects companies to increase
prices by 8-9 rupees (11-12 cents) a liter to
make up for a shortfall in sale price by March 10
when the election process winds down. Despite
a surge in international prices, Indian Oil Corp.,
Bharat Petroleum Corp. and Hindustan
Petroleum Corp. -- which together control more
than 90% of the domestic market -- have frozen
gasoline and diesel rates for over three months,
coinciding with elections in five states. While
state-run fuel retailers are technically free to
align prices with global rates, they often freeze
rates in the run-up to polls fearing public
backlash over higher prices.
Mint - 09.02.2022
https://www.livemint.com/economy/india-
headed-for-sharp-fuel-price-hike-after-states-
assembly-elections-report-
11644394691137.html
India's fuel demand reined in by COVID
curbs in January
India's fuel consumption fell in January after
scaling a nine-month peak in December,
government data showed on Wednesday, as
COVID-19 curbs in several states hit mobility and
industrial activity. Fuel consumption in the world's
third biggest oil consumer, a proxy for oil demand,
totalled 17.61 million tonnes, down 3.7% from
December and 0.2% from a year before, data from
the oil ministry's Petroleum Planning and Analysis
Cell showed. "After relatively strong recovery
during the festive season, recovery is taking a
respite. Recent surge in COVID-19 cases should
Fuel demand boosts oil marketing
companies' petroleum product sales:
Fitch Ratings
Transportation fuel demand shows signs of
improving to pre-pandemic levels from FY23 as
visible from petroleum product sales for the
OMCs (oil marketing companies) which
increased between 8 per cent-11 per cent
during the nine months ended December of
fiscal 2021-22 from a year earlier as demand
rebounded from a pandemic-induced fall.
However, demand was still 5 per cent - 7 per
cent below pre-pandemic levels in 9MFY20.
Fitch Ratings is of the view that OMCs will

4. have played a role in limiting demand," Refinitiv
analyst Ehsan Ul Haq said. "While high oil prices
are a drag on demand recovery, car sales have
also not picked up as much as expected. However,
India's economy looks very strong and this will
also lead to higher demand in the next few
months."
The Economic Times - 09.02.2022
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/indias-fuel-demand-reined-in-by-
covid-curbs-in-
january/articleshow/89461184.cms
generate steady marketing margins in FY23 as
they continue to pass on changes in crude oil
prices to consumers, a Fitch Ratings study
showed on Tuesday. However, record high
retail-fuel prices may limit the extent to which
the changes are passed on, should crude oil
prices continue to rise. The OMCs incurred
marketing inventory losses in 3QFY22, driven
by the excise duty cut in November 2021, as the
fuel inventory in their pipelines and retail
outlets were priced at higher rates.
The Economic Times - 09.02.2022
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/fuel-demand-boosts-oil-
marketing-companies-petroleum-product-
sales-fitch-ratings/89448001
India headed for steep fuel price hike
after state polls end next month, Deloitte
says
Deloitte Touche Tohmatsu India expects the
nation’s biggest fuel retailers to sharply raise
pump prices after local elections end next month,
adding pressure on the government and the
central bank to take steps to contain inflation.
“Because of the state elections, they haven’t
increased the retail prices,” Debasish Mishra,
partner at Deloitte, said in an interview with
Bloomberg TV’s Haslinda Amin and Rishaad
Salamat. He expects companies to increase prices
by 8-9 rupees (11-12 cents) a liter to make up for
a shortfall in sale price by March 10 when the
election process winds down. Despite a surge in
international prices, Indian Oil Corp., Bharat
Petroleum Corp. and Hindustan Petroleum Corp. —
which together control more than 90% of the
domestic market — have frozen gasoline and
diesel rates for over three months, coinciding with
elections in five states. While state-run fuel
retailers are technically free to align prices with
global rates, they often freeze rates in the run-up
to polls fearing public backlash over higher prices.
The Times of India - 10.02.2022
https://timesofindia.indiatimes.com/business/indi
a-business/india-headed-for-steep-fuel-price-
hike-in-march-deloitte-
says/articleshow/89451529.cms
Prices of petroleum products increases
more than 52 % since 2016
The average retail prices of petroleum products
has increased by more than 52 percent since
2016, said Minister of State for Petroleum and
Natural Gas Rameswar Teli here on Thursday.
The data released by the Minister revealed that
while the average petrol prices have gone up by
52.34 %, the average prices of diesel and LPG
have gone up by 64.23 % and 55.97 %
respectively. He said the average retail price of
petrol was Rs 52.34 in 2016-17, and increased
to Rs 98.23 in 2021-22. Similarly, the average
price of Diesel has also increased from Rs 53.24
to Rs 87.44 and LPG price from Rs 549 per
cylinder to Rs 857.4 a cylinder, the Minister
said.
The Statesman - 11.02.2022
https://www.thestatesman.com/india/prices-
petroleum-products-increases-52-since-2016-
1503045171.html
India exports $21,406 million worth
petroleum products in ’20-21
India exported around 56,769 TMT (thousand
metric tonnes) petroleum products worth $21,406
million in 2020-21 to countries like the United Arab
Emirates, Singapore, and China. The minister of
state for petroleum and natural gas Rameswar Teli
in a written reply to a question in the Rajya Sabha
on Monday said that the oil companies after
Oil gets another tailwind as refiners go
all out in India
Oil refiners in the world’s third-biggest crude
importer are stepping up purchases as they
strive to meet annual production goals, giving
prices another tailwind as they march toward
$100 a barrel. At least 18 of India’s 23 refineries
operated at more than 100% of nameplate
capacity last month, up from just eight in

5. meeting the domestic demand, export surplus
production. “Oil companies export major
petroleum products viz. high-speed diesel, motor
spirit, aviation turbine fuel, naphtha, etc to various
countries like United Arab Emirates, Singapore,
China, United States of America, Turkey, Nepal,
Malaysia, Netherlands, etc,” said the minister. In
2019, oil companies exported 65685 TMT worth
$35848 million. Oil demand in India is expected to
reach around 11 million barrels per day by 2045
as compared to 4.9 m barrels per day in 2021.
“World Oil Outlook 2021', flagship publication by
Organisation of Petroleum Exporting Countries
(OPEC), has projected that the oil demand in India
is expected to reach around 11 million barrels per
day by 2045.”
The New Indian Express - 09.02.2022
https://www.newindianexpress.com/business/20
22/feb/08/india-exports-21406-million-worth-
petroleum-products-in-20-21-2416731.html
August, according to several refinery officials
with knowledge of the matter. Average run
rates across the plants were 101% in
December, compared with 87% in August, they
said. The state-run processors -- Indian Oil
Corp., Bharat Petroleum Corp. and Hindustan
Petroleum Corp. -- are reaching out to term-
contract suppliers including Saudi Arabia and
Iraq for extra barrels or buying on the spot
market, said the officials, who asked not to be
identified as the information is private. The big
three, along with Mangalore Refinery &
Petrochemicals Ltd., which together account for
65% of India’s processing capacity, are playing
catch up after lagging behind production targets
in the first nine months of the fiscal year
through March as the virus hurt fuel demand.
Mint - 09.02.2022
https://www.livemint.com/industry/energy/oil-
gets-another-tailwind-as-refiners-go-all-out-in-
india-11644363982685.html
Petronet to invest Rs 40,000 cr, including
in overseas LNG plants
Petronet LNG Ltd, the operator of the world's
largest liquefied natural gas (LNG) import
terminal, will invest Rs 40,000 crore over next 4-
5 years, including in overseas supply sources, its
CEO A K Singh said on Thursday. Petronet plans
to make foray into the petrochemical business by
investing Rs 12,500 crore in a Propane
Dehydrogenation Plant that will convert imported
feedstock into propylene, as well as set up a
floating LNG import facility at Gopalpur in Odisha
at a cost of Rs 1,600 crore, he told reporters here.
The firm, which had last year allowed an initial
non-binding agreement to invest USD 2.5 billion in
US energy upstart Tellurian's LNG project in
Louisiana in return for gas supplies for 40 years
lapse, will look at investing in overseas projects
such as gas fields that feed into plants turning the
fuel into liquid (LNG) and liquefaction plants. "We
always evaluate good opportunities for overseas
investment. If it is beneficial for the country (and)
if we find it a better option, definitely we will go
for it," Singh said without elaborating.
Business Standard - 10.02.2022
https://www.business-
standard.com/article/companies/petronet-to-
invest-rs-40-000-cr-including-in-overseas-lng-
plants-122021000803_1.html
Saudi Arabia moves $80 billion Aramco
stake to wealth fund
Saudi Arabia transferred a $80 billion stake in
Aramco to the kingdom’s sovereign wealth fund,
boosting its assets ahead of plans to tap debt
markets for the first time. The transfer from the
government will “bolster the fund’s strong
financial position and high credit ratings in the
medium term,” the Public Investment Fund
said, adding that it “relies on the value of its
assets and the returns on its assets under
management for its funding strategy.” The
Aramco deal, which essentially transfers an
asset from one pocket of the government to
another, is the latest move taken to bolster the
fund’s assets. The PIF, which got its first credit
ratings this month ahead of a potential bond
sale, was previously handed billions of dollars
from the central bank’s reserves and received
free land to develop projects. The move also
follows people familiar with the matter saying
last week that the government held talks with
advisers on a potential second offering of
Aramco stock, which could bring in more than
its initial public offering. Aramco’s 2019 IPO–in
which it sold about 2 per cent of its stock on the
Riyadh bourse -- raised almost $30 billion.
Business Standard - 13.02.2022
https://www.business-
standard.com/article/international/saudi-
arabia-moves-80-billion-aramco-stake-to-
wealth-fund-122021300903_1.html
Domestic air passenger traffic falls 43%
to 6.4 mn in January: Icra
Meet Sukla Mistry, first woman
director on IOC board

6. Domestic air passenger traffic plunged around 43
per cent month-on-month at 64 lakh in January
2022 as the third wave of the pandemic and the
resultant restrictions by state governments kept
flyers away from air travel, Icra said on Tuesday.
The domestic passenger volume in December
2021 was recorded at 112 lakh. The rating agency
said it is expecting the recovery process to remain
subdued during March quarter and that the jet fuel
prices continue to be a drag on the sector. The
passenger traffic declined 17 per cent last month
over 77 lakh passengers transported by domestic
airlines on local routes in January 2021, Icra said.
Also, airlines deployed 7 per cent lower capacity in
January 2022, which saw 62,979 departures
against 67,877 departures recorded in the
corresponding month of 2021, it said, noting that
on a sequential basis, the number of departures in
January was lower 27 per cent due to emergence
of the new COVID-19 variant. The same is also
reflected as passenger traffic during April-January
period of 2021-22 remained around 45 per cent
lower than the period year earlier, he stated.
Business Standard - 09.02.2022
https://www.business-
standard.com/article/companies/domestic-air-
passenger-traffic-falls-43-to-6-4-mn-in-january-
icra-122020801389_1.html
Country’s largest oil marketing company Indian
Oil Corporation (IOC) has appointed 58-year-
old Sukla Mistry as the director of refineries.
She is also the first woman director on the IOC
board. Indian Oil Corporation (IOC) confirmed
Mistry’s appointment in a tweet on its official
handle. “Indian Oil welcomes Ms Sukla Mistry as
Director (Refineries), the first woman Director
on Indian Oil Board. With a rich experience of
over 35 years in refining and petrochemicals,
Ms Mistry takes over the reins of the refining
business and operations of India’s largest
refiner,” IOC tweeted. The newly appointed IOC
director is also a nominee director of Indian Oil
on the Board of Chennai Petroleum Corporation
Limited, Ratnagiri Refinery and Petrochemicals
Limited and IHB Limited. Prior to her
appointment as the Director (Refineries), she
was heading IOC’s Barauni Refinery in Bihar
where she played an important role in rolling
out BS-6 grade fuels and ethanol blended MS.
Mistry has an experience of over 35 years in the
areas of refining and petrochemicals.
Business Today - 07.02.2022
https://www.businesstoday.in/latest/corporate
/story/meet-sukla-mistry-first-woman-
director-on-ioc-board-321731-2022-02-07