The IMF warns that the world economy still faces an uneven recovery from the COVID-19 pandemic. While revising its forecasts, the IMF now expects global GDP to contract 4.4% in 2020, less severe than its previous forecast of a 5.2% decline. However, the recession is still expected to be the deepest since the Great Depression. The IMF sees growth rebounding to 5.2% in 2021, but notes the path to a full recovery will be difficult until the virus is controlled. Separately, data from India shows inflation rose to an 8-month high in September driven by higher food prices, while industrial output contracted at a slower pace than the previous month.
The document provides summaries of several news articles discussing the impact of the COVID-19 pandemic and lockdown on the Indian economy:
1) Several reports project a contraction of the Indian economy by 5% in the current fiscal year, with a steep decline estimated in the first quarter.
2) India is facing its worst recession since independence, with the first quarter expected to contract by 25%.
3) The State Bank of India estimates the economy may contract by over 40% in the first quarter.
4) International agencies like Fitch, S&P, and DBS also foresee a full-year contraction for the Indian economy.
- Several economic forecasts project a contraction in India's GDP for the current fiscal year ranging from 3.2% to 7.3% due to the impact of the COVID-19 pandemic and lockdown. However, many forecasts also predict a strong recovery in growth for the next fiscal year, in the range of 7.9% to 9.5%, depending on whether a second wave of infections occurs.
- Rating agencies have cautioned about rising public debt levels and fiscal deficits in India and warned that a lack of credible plans to reduce debt could put downward pressure on credit ratings. However, some have maintained India's current ratings with a stable outlook based on expectations of an economic recovery.
- Global agencies project a severe
- Oxford Economics and S&P Global Platts revised downwards their GDP growth forecasts for India in 2021 from 11.8% to 10.2% and cut India's 2021 oil product demand forecast by 9% respectively, citing the impact of India's escalating COVID cases and lockdown restrictions.
- The ADB raised its forecast for India's GDP growth in FY2022 to 11% assuming vaccines are deployed extensively and the second COVID wave is contained. However, S&P said the resurgence poses downside risks to GDP growth.
- Nomura's business resumption index declined to a one-year low, indicating weakening economic momentum, while lockdowns could reduce annual GDP growth by up to
The World Bank has revised its global GDP growth forecast for 2021 upwards to 5.6% due to strong recoveries expected in the US and China. However, emerging markets and developing economies continue to struggle with the pandemic and its economic impacts. The World Bank cut India's GDP growth forecast to 8.3% for fiscal year 2021-22, down from its previous estimate of 10.1%, due to the negative effects of a severe second COVID wave in India. Several other organizations like Crisil have also lowered their growth projections for India amid concerns over reduced private consumption and investment.
This document provides a weekly media update from Balmer Lawrie mentioning several news articles from various Indian publications covering topics like the potential economic impact of the coronavirus outbreak on the Indian economy, cuts to GDP growth forecasts, a narrowing of India's current account deficit, a rise in exports for the first time in seven months, and the government establishing Covid-19 facilities with support from seven ministries.
The World Bank retained its forecast for India's GDP growth at 8.3% for FY22 and upgraded its forecast for FY23. Several analysts lowered their forecasts for India's FY22 growth to around 9% due to the impact of the Omicron variant. India's exports increased 33% in the first week of January compared to the same period last year, while retail inflation rose to a 5-month high of 5.6% in December driven by higher food and fuel prices.
- The Indian economy is projected to contract by 4.5% in the current fiscal year according to a survey by FICCI. The survey also estimates a 14.2% contraction in the first quarter of 2020-21.
- DBS Bank sees a double-digit contraction in the Indian economy in the April-June quarter before a smaller contraction in the July-September quarter. It maintains an expectation for the economy to return to growth by the end of the fiscal year at -4.8% annual growth.
- BofA Securities estimates India's GDP will contract by 3% in FY21 assuming a full opening of the economy from next month, with the estimate rising to 5% contraction if the
The document discusses Balmer Lawrie, a state-run company in India, and its joint venture Transafe Services that filed for bankruptcy. The resolution plan for Transafe Services submitted by Om Logistics to acquire the company for Rs. 49 crore was approved, with secured creditors taking an 87% haircut. It also mentions news about the Indian economy, including brokerages downgrading India's GDP growth forecasts for FY22 due to rising COVID-19 cases, retail inflation rising to a 4-month high in March, and wholesale inflation jumping to an 8-year high. The second wave of COVID-19 poses risks to India's economic recovery and privatization drive.
The document provides summaries of several news articles discussing the impact of the COVID-19 pandemic and lockdown on the Indian economy:
1) Several reports project a contraction of the Indian economy by 5% in the current fiscal year, with a steep decline estimated in the first quarter.
2) India is facing its worst recession since independence, with the first quarter expected to contract by 25%.
3) The State Bank of India estimates the economy may contract by over 40% in the first quarter.
4) International agencies like Fitch, S&P, and DBS also foresee a full-year contraction for the Indian economy.
- Several economic forecasts project a contraction in India's GDP for the current fiscal year ranging from 3.2% to 7.3% due to the impact of the COVID-19 pandemic and lockdown. However, many forecasts also predict a strong recovery in growth for the next fiscal year, in the range of 7.9% to 9.5%, depending on whether a second wave of infections occurs.
- Rating agencies have cautioned about rising public debt levels and fiscal deficits in India and warned that a lack of credible plans to reduce debt could put downward pressure on credit ratings. However, some have maintained India's current ratings with a stable outlook based on expectations of an economic recovery.
- Global agencies project a severe
- Oxford Economics and S&P Global Platts revised downwards their GDP growth forecasts for India in 2021 from 11.8% to 10.2% and cut India's 2021 oil product demand forecast by 9% respectively, citing the impact of India's escalating COVID cases and lockdown restrictions.
- The ADB raised its forecast for India's GDP growth in FY2022 to 11% assuming vaccines are deployed extensively and the second COVID wave is contained. However, S&P said the resurgence poses downside risks to GDP growth.
- Nomura's business resumption index declined to a one-year low, indicating weakening economic momentum, while lockdowns could reduce annual GDP growth by up to
The World Bank has revised its global GDP growth forecast for 2021 upwards to 5.6% due to strong recoveries expected in the US and China. However, emerging markets and developing economies continue to struggle with the pandemic and its economic impacts. The World Bank cut India's GDP growth forecast to 8.3% for fiscal year 2021-22, down from its previous estimate of 10.1%, due to the negative effects of a severe second COVID wave in India. Several other organizations like Crisil have also lowered their growth projections for India amid concerns over reduced private consumption and investment.
This document provides a weekly media update from Balmer Lawrie mentioning several news articles from various Indian publications covering topics like the potential economic impact of the coronavirus outbreak on the Indian economy, cuts to GDP growth forecasts, a narrowing of India's current account deficit, a rise in exports for the first time in seven months, and the government establishing Covid-19 facilities with support from seven ministries.
The World Bank retained its forecast for India's GDP growth at 8.3% for FY22 and upgraded its forecast for FY23. Several analysts lowered their forecasts for India's FY22 growth to around 9% due to the impact of the Omicron variant. India's exports increased 33% in the first week of January compared to the same period last year, while retail inflation rose to a 5-month high of 5.6% in December driven by higher food and fuel prices.
- The Indian economy is projected to contract by 4.5% in the current fiscal year according to a survey by FICCI. The survey also estimates a 14.2% contraction in the first quarter of 2020-21.
- DBS Bank sees a double-digit contraction in the Indian economy in the April-June quarter before a smaller contraction in the July-September quarter. It maintains an expectation for the economy to return to growth by the end of the fiscal year at -4.8% annual growth.
- BofA Securities estimates India's GDP will contract by 3% in FY21 assuming a full opening of the economy from next month, with the estimate rising to 5% contraction if the
The document discusses Balmer Lawrie, a state-run company in India, and its joint venture Transafe Services that filed for bankruptcy. The resolution plan for Transafe Services submitted by Om Logistics to acquire the company for Rs. 49 crore was approved, with secured creditors taking an 87% haircut. It also mentions news about the Indian economy, including brokerages downgrading India's GDP growth forecasts for FY22 due to rising COVID-19 cases, retail inflation rising to a 4-month high in March, and wholesale inflation jumping to an 8-year high. The second wave of COVID-19 poses risks to India's economic recovery and privatization drive.
- UNCTAD expects India's GDP to have contracted 6.9% in 2020 but grow 5% in 2021 due to the deeper downturn in 2020 and stronger recovery projected for 2021. However, Covid restrictions severely affected incomes and consumption.
- India's business activity picked up modestly in mid-March after a sharp fall in February, according to Nomura's business resumption index. Mobility remained largely unaffected despite rising Covid cases in some states.
- Moody's Analytics estimates India's economy will grow by 12% in 2021 following a 7.1% contraction in 2020, with domestic and external demand improving manufacturing output in recent months.
- The Indian economy is projected to contract by 7% in the current fiscal year 2020-21, improving from the 23.9% contraction in the first quarter and 7.5% contraction in the second quarter. Some analysts believe the recession may have ended in the third quarter as business activity picks up.
- Retail inflation slowed to a 16-month low of 4.1% in January due to lower food prices, while industrial output growth returned to positive territory at 1% in December, providing some signs of economic recovery.
- The government is targeting conclusion of the strategic sale of BPCL by June quarter and has received three preliminary bids for the company.
- India's GDP is projected to grow at 10.2% in 2021 according to Oxford Economics, one of the fastest among emerging markets. However, a large second wave of COVID-19 could pose risks to the economic recovery.
- Wholesale inflation in India rose to 2.03% in January from 1.22% in December, led by an increase in manufactured goods prices. Food inflation declined.
- The Indian government is considering setting up an external expert panel to oversee privatization of state-run firms, replacing bureaucrats, to potentially speed up the asset sale process.
The World Bank has significantly increased its GDP growth projection for India in fiscal year 2021-22 to 10.1% from 5.4% previously, due to a strong rebound in private consumption and investment. However, it also estimates growth could range from 7.5-12.5% depending on vaccination progress and economic recovery. Separately, UNESCAP projects 7% growth for India in 2021-22 following a 7.7% contraction last year, while inflation rises above RBI's comfort levels and core sector output contracts sharply by 4.6% in February.
The document provides a summary of various news articles related to the Indian economy and key sectors. It mentions that India's GDP contracted by a record 23.9% in Q1 FY21 due to the Covid-19 lockdown. Several reports estimate the full year contraction to be around 10%. While some sectors like agriculture grew, others like manufacturing, services and core industries declined sharply. There are signs of recovery in August as factory activity expanded and the services sector contraction slowed. However, high fiscal deficit and tax revenue shortfalls continue to strain government finances.
- Balmer Lawrie contributed over Rs. 1.28 crore to the PM CARES Fund to help fight COVID-19 in India. This included Rs. 1 crore from its CSR fund and a voluntary contribution of one day's salary from employees.
- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
- Balmer Lawrie contributed over Rs. 1.28 crore to the PM CARES Fund to help fight COVID-19 in India. This included Rs. 1 crore from its CSR fund and a voluntary contribution of one day's salary from employees.
- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
- The Indian economy is expected to grow by only 2.1% in 2020-21 according to the EIU, while Moody's slashed its forecast to 2.5% from 5.3% previously due to the Covid-19 pandemic. Other major economies like Italy, Germany and Brazil also saw downgrades of over 7 percentage points.
- SBI estimates India's GDP growth will crash to a 30-year low of 2.6% for FY21 due to the coronavirus pandemic and nationwide lockdown. Crisil also slashed its forecast to 3.5% from 5.2% previously.
- Motilal Oswal report says the lockdown could lead to GDP declining
The document provides summaries of several news articles related to the Indian economy:
1) Several indicators suggest India's economic recovery is strengthening, with 19 of 22 high-frequency indicators surpassing pre-pandemic levels. However, factory output growth slowed in October due to moderating manufacturing activity.
2) While global ratings agencies have lowered India's growth forecast for the current fiscal year due to Omicron risks, they expect the impact to be contained and growth to remain strong in the coming years.
3) The government plans to significantly increase capital expenditure again in the next fiscal year to further stimulate growth and job creation, according to Niti Aayog. However, concerns remain that the current growth cycle may
The RBI has said that India's second COVID-19 wave has had a greater impact on demand than supply. Wholesale inflation rose to an 11-year high of 10.5% in April due to increasing fuel and manufacturing prices. The government aims to complete ongoing CPSE privatizations like Air India, BPCL and Shipping Corporation this fiscal year. Bidders for BPCL will be given access to sensitive information in a 'Clean Data Room' after signing an additional confidentiality agreement.
The document provides news clips from various media sources mentioning Balmer Lawrie and related industries. It discusses India's strong Q4 results beating expectations, economic recovery since late May according to RBI governor, eight core sectors growing 16.8% in May due to low base effects, manufacturing contracting for the first time in 11 months due to lockdowns, current account ending FY21 in surplus for the first time in 17 years, and stronger recovery expected post-September as vaccinations increase and festivals begin.
The document provides a weekly media update comprising news related to the Indian economy from various sources. The key points from the update are:
1) The IMF projects India's GDP growth to be 7.5% in 2019 and 7.7% in 2020, ahead of China's estimated 6.2% growth for both years.
2) Crisil forecasts India's GDP growth to improve to 7.3% in fiscal year 2020, provided there are normal monsoon rains and a stable political outcome of the upcoming general elections.
3) A UN report says India will remain the world's fastest growing large economy in 2019 and 2020 at 7.6% and 7.4% growth respectively, much higher than
- Business activity in India hit a record high in the week ending August 8 according to Nomura's Business Resumption Index, nearing pre-pandemic levels as mobility increased.
- The finance ministry said the economic impact of the second COVID wave is likely to be muted with signs of economic rejuvenation and sustained vaccination could reduce severity of future waves.
- India's industrial production grew 13.6% in June from a year ago due to low base effects as lockdowns last year halted activity, while retail inflation eased to 5.59% in July.
- India's GDP grew 1.6% in Q4 of FY21, reducing the full-year contraction to 7.3% from the earlier estimated 8%. This was still the steepest fall in at least 70 years.
- Moody's expects India's economy to rebound and grow 9.3% in FY22 but risks to the outlook have increased due to the second Covid wave, with potential longer-term credit implications.
- SBI economists sharply cut their FY22 GDP growth forecast to 7.9%, the lowest among analysts, citing a disproportionately larger impact of the second wave and uncertainty around recovery.
Balmer Lawrie signed an MOU with KTDC to offer accommodation to customers at KTDC hotels and properties at discounted rates. Several agencies lowered their economic growth forecasts for India in 2020, with estimates ranging from a 4% contraction according to ADB to over 5% according to the IMF, due to the impact of the COVID-19 pandemic. Exports declined less sharply in May compared to April as economic activity began increasing with the easing of lockdown restrictions.
Mr. William McConnell evaluates the 2016 economic conditions, concluding that real growth is at a stall despite full employment. This white paper is part of a three part series. William McConnell will publish a white paper focused on the state of the construction industry next month, followed by the state of the surety industry in July, 2016.
This document provides an overview of the 2016 state of the US economy. Key points include:
1) Real GDP growth has stalled at around 2% despite low unemployment, due to factors like declining commodity prices.
2) Unemployment remains at historically low levels around 5% but inflation remains below 2% due to international factors.
3) The Federal Reserve raised interest rates modestly in 2015 but further increases are expected to be gradual given mixed economic indicators.
The document provides a summary of various news articles from the week of September 15th to September 21st related to the Indian economy and Balmer Lawrie. Key points include:
- Several organizations like S&P, ADB, and OECD cut their FY21 GDP growth forecasts for India to contractions between 9-10.2% due to rising COVID-19 cases slowing economic activity.
- Inflation grew at 6.7% in August driven by higher food prices. Exports declined for the sixth straight month by 12.7% in August while imports dropped 26%.
- The World Bank expects a global economic recovery from the pandemic could take up to 5 years. A CII survey
- India's economy is showing signs of a slow recovery according to Nomura's Business Resumption Index, which increased to 71.8 in the previous week from being stuck at 70 for three weeks. However, some mobility indicators like workplace mobility worsened.
- India's GDP is projected to contract by 4.5% in 2020 due to the COVID-19 pandemic according to a Dun & Bradstreet report, but could see healthy growth of 6.3% in 2021 if conditions improve.
- Factory output contraction in India slowed to 16.6% in June from previous months as some manufacturing activities resumed, but state-level lockdowns forced renewed shutdowns in July.
Macroeconomic Developments Report. March 2021Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
The IMF has lowered its GDP growth forecast for India in 2022 to 6.8% from 7.4% previously due to global headwinds. The IMF also cut its global growth forecast for 2023 to 2.7%, warning that the worst is yet to come and 2023 will feel like a recession for many. Meanwhile, India's finance minister said the Indian economy will stay on course to grow at 7% in the current fiscal backed by reforms. Retail inflation surged to 7.4% in September due to high food prices, while industrial output contracted 0.8% in August posing challenges.
Moody's cuts India's 2020 GDP growth forecast to 5.4% from 6.6% previously due to the economic impact of the coronavirus outbreak. Wholesale inflation in India rose to 3.1% in January from 2.59% in the previous month due to higher food prices. The Government e-Marketplace portal has facilitated public procurement transactions worth Rs. 40,000 crore.
- UNCTAD expects India's GDP to have contracted 6.9% in 2020 but grow 5% in 2021 due to the deeper downturn in 2020 and stronger recovery projected for 2021. However, Covid restrictions severely affected incomes and consumption.
- India's business activity picked up modestly in mid-March after a sharp fall in February, according to Nomura's business resumption index. Mobility remained largely unaffected despite rising Covid cases in some states.
- Moody's Analytics estimates India's economy will grow by 12% in 2021 following a 7.1% contraction in 2020, with domestic and external demand improving manufacturing output in recent months.
- The Indian economy is projected to contract by 7% in the current fiscal year 2020-21, improving from the 23.9% contraction in the first quarter and 7.5% contraction in the second quarter. Some analysts believe the recession may have ended in the third quarter as business activity picks up.
- Retail inflation slowed to a 16-month low of 4.1% in January due to lower food prices, while industrial output growth returned to positive territory at 1% in December, providing some signs of economic recovery.
- The government is targeting conclusion of the strategic sale of BPCL by June quarter and has received three preliminary bids for the company.
- India's GDP is projected to grow at 10.2% in 2021 according to Oxford Economics, one of the fastest among emerging markets. However, a large second wave of COVID-19 could pose risks to the economic recovery.
- Wholesale inflation in India rose to 2.03% in January from 1.22% in December, led by an increase in manufactured goods prices. Food inflation declined.
- The Indian government is considering setting up an external expert panel to oversee privatization of state-run firms, replacing bureaucrats, to potentially speed up the asset sale process.
The World Bank has significantly increased its GDP growth projection for India in fiscal year 2021-22 to 10.1% from 5.4% previously, due to a strong rebound in private consumption and investment. However, it also estimates growth could range from 7.5-12.5% depending on vaccination progress and economic recovery. Separately, UNESCAP projects 7% growth for India in 2021-22 following a 7.7% contraction last year, while inflation rises above RBI's comfort levels and core sector output contracts sharply by 4.6% in February.
The document provides a summary of various news articles related to the Indian economy and key sectors. It mentions that India's GDP contracted by a record 23.9% in Q1 FY21 due to the Covid-19 lockdown. Several reports estimate the full year contraction to be around 10%. While some sectors like agriculture grew, others like manufacturing, services and core industries declined sharply. There are signs of recovery in August as factory activity expanded and the services sector contraction slowed. However, high fiscal deficit and tax revenue shortfalls continue to strain government finances.
- Balmer Lawrie contributed over Rs. 1.28 crore to the PM CARES Fund to help fight COVID-19 in India. This included Rs. 1 crore from its CSR fund and a voluntary contribution of one day's salary from employees.
- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
- Balmer Lawrie contributed over Rs. 1.28 crore to the PM CARES Fund to help fight COVID-19 in India. This included Rs. 1 crore from its CSR fund and a voluntary contribution of one day's salary from employees.
- Several reports downgraded India's expected economic growth for FY2021, with forecasts ranging from 2% to 4.6% due to the impact of COVID-19 and the nationwide lockdown.
- Core infrastructure sectors grew 5.5% in February, the highest in 11 months, but the recovery is not expected to continue due to COVID-19 disruptions. Factory activity also grew at its slowest pace in 4 months in March.
- The Indian economy is expected to grow by only 2.1% in 2020-21 according to the EIU, while Moody's slashed its forecast to 2.5% from 5.3% previously due to the Covid-19 pandemic. Other major economies like Italy, Germany and Brazil also saw downgrades of over 7 percentage points.
- SBI estimates India's GDP growth will crash to a 30-year low of 2.6% for FY21 due to the coronavirus pandemic and nationwide lockdown. Crisil also slashed its forecast to 3.5% from 5.2% previously.
- Motilal Oswal report says the lockdown could lead to GDP declining
The document provides summaries of several news articles related to the Indian economy:
1) Several indicators suggest India's economic recovery is strengthening, with 19 of 22 high-frequency indicators surpassing pre-pandemic levels. However, factory output growth slowed in October due to moderating manufacturing activity.
2) While global ratings agencies have lowered India's growth forecast for the current fiscal year due to Omicron risks, they expect the impact to be contained and growth to remain strong in the coming years.
3) The government plans to significantly increase capital expenditure again in the next fiscal year to further stimulate growth and job creation, according to Niti Aayog. However, concerns remain that the current growth cycle may
The RBI has said that India's second COVID-19 wave has had a greater impact on demand than supply. Wholesale inflation rose to an 11-year high of 10.5% in April due to increasing fuel and manufacturing prices. The government aims to complete ongoing CPSE privatizations like Air India, BPCL and Shipping Corporation this fiscal year. Bidders for BPCL will be given access to sensitive information in a 'Clean Data Room' after signing an additional confidentiality agreement.
The document provides news clips from various media sources mentioning Balmer Lawrie and related industries. It discusses India's strong Q4 results beating expectations, economic recovery since late May according to RBI governor, eight core sectors growing 16.8% in May due to low base effects, manufacturing contracting for the first time in 11 months due to lockdowns, current account ending FY21 in surplus for the first time in 17 years, and stronger recovery expected post-September as vaccinations increase and festivals begin.
The document provides a weekly media update comprising news related to the Indian economy from various sources. The key points from the update are:
1) The IMF projects India's GDP growth to be 7.5% in 2019 and 7.7% in 2020, ahead of China's estimated 6.2% growth for both years.
2) Crisil forecasts India's GDP growth to improve to 7.3% in fiscal year 2020, provided there are normal monsoon rains and a stable political outcome of the upcoming general elections.
3) A UN report says India will remain the world's fastest growing large economy in 2019 and 2020 at 7.6% and 7.4% growth respectively, much higher than
- Business activity in India hit a record high in the week ending August 8 according to Nomura's Business Resumption Index, nearing pre-pandemic levels as mobility increased.
- The finance ministry said the economic impact of the second COVID wave is likely to be muted with signs of economic rejuvenation and sustained vaccination could reduce severity of future waves.
- India's industrial production grew 13.6% in June from a year ago due to low base effects as lockdowns last year halted activity, while retail inflation eased to 5.59% in July.
- India's GDP grew 1.6% in Q4 of FY21, reducing the full-year contraction to 7.3% from the earlier estimated 8%. This was still the steepest fall in at least 70 years.
- Moody's expects India's economy to rebound and grow 9.3% in FY22 but risks to the outlook have increased due to the second Covid wave, with potential longer-term credit implications.
- SBI economists sharply cut their FY22 GDP growth forecast to 7.9%, the lowest among analysts, citing a disproportionately larger impact of the second wave and uncertainty around recovery.
Balmer Lawrie signed an MOU with KTDC to offer accommodation to customers at KTDC hotels and properties at discounted rates. Several agencies lowered their economic growth forecasts for India in 2020, with estimates ranging from a 4% contraction according to ADB to over 5% according to the IMF, due to the impact of the COVID-19 pandemic. Exports declined less sharply in May compared to April as economic activity began increasing with the easing of lockdown restrictions.
Mr. William McConnell evaluates the 2016 economic conditions, concluding that real growth is at a stall despite full employment. This white paper is part of a three part series. William McConnell will publish a white paper focused on the state of the construction industry next month, followed by the state of the surety industry in July, 2016.
This document provides an overview of the 2016 state of the US economy. Key points include:
1) Real GDP growth has stalled at around 2% despite low unemployment, due to factors like declining commodity prices.
2) Unemployment remains at historically low levels around 5% but inflation remains below 2% due to international factors.
3) The Federal Reserve raised interest rates modestly in 2015 but further increases are expected to be gradual given mixed economic indicators.
The document provides a summary of various news articles from the week of September 15th to September 21st related to the Indian economy and Balmer Lawrie. Key points include:
- Several organizations like S&P, ADB, and OECD cut their FY21 GDP growth forecasts for India to contractions between 9-10.2% due to rising COVID-19 cases slowing economic activity.
- Inflation grew at 6.7% in August driven by higher food prices. Exports declined for the sixth straight month by 12.7% in August while imports dropped 26%.
- The World Bank expects a global economic recovery from the pandemic could take up to 5 years. A CII survey
- India's economy is showing signs of a slow recovery according to Nomura's Business Resumption Index, which increased to 71.8 in the previous week from being stuck at 70 for three weeks. However, some mobility indicators like workplace mobility worsened.
- India's GDP is projected to contract by 4.5% in 2020 due to the COVID-19 pandemic according to a Dun & Bradstreet report, but could see healthy growth of 6.3% in 2021 if conditions improve.
- Factory output contraction in India slowed to 16.6% in June from previous months as some manufacturing activities resumed, but state-level lockdowns forced renewed shutdowns in July.
Macroeconomic Developments Report. March 2021Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
The IMF has lowered its GDP growth forecast for India in 2022 to 6.8% from 7.4% previously due to global headwinds. The IMF also cut its global growth forecast for 2023 to 2.7%, warning that the worst is yet to come and 2023 will feel like a recession for many. Meanwhile, India's finance minister said the Indian economy will stay on course to grow at 7% in the current fiscal backed by reforms. Retail inflation surged to 7.4% in September due to high food prices, while industrial output contracted 0.8% in August posing challenges.
Moody's cuts India's 2020 GDP growth forecast to 5.4% from 6.6% previously due to the economic impact of the coronavirus outbreak. Wholesale inflation in India rose to 3.1% in January from 2.59% in the previous month due to higher food prices. The Government e-Marketplace portal has facilitated public procurement transactions worth Rs. 40,000 crore.
The World Bank forecasts India's GDP growth to accelerate to 7.5% in 2019-20, driven by continued investment strengthening, improved exports, and resilient consumption. The IMF also estimates India's growth at 7.3% in 2019 and 7.5% in 2020, enabling it to retain its status as the fastest growing major economy. However, the IMF has revised downward its forecasts slightly compared to last year. Industrial production growth slowed to 0.1% in February, its lowest in 20 months, as manufacturing contracted amid muted demand. WPI inflation rose to 3.18% in March due to higher food and fuel prices.
The document provides a summary of recent news articles mentioning Balmer Lawrie and related topics. It includes reports that:
1) The IMF says the global economic outlook is gloomier than previously projected due to high inflation, China's slowing growth, and disruptions from the Ukraine war.
2) An analysis by Deloitte India estimates India will see 6.5-7.1% economic growth in the current fiscal year despite rising inflation and global slowdown risks.
3) The RBI estimates India's economy grew between 6.1-6.3% in the second quarter, putting annual growth on track to be around 7% for fiscal year 2023.
The document provides a weekly media update with news related to the Indian economy from various sources. Some key points from the articles:
1. The RBI said India's economy remains resilient and is on track to become the fastest growing in the world, despite global headwinds. Inflation is expected to moderate further if commodity prices remain stable.
2. Industrial production grew 19.6% in May, the highest in 12 months, boosted by a low base last year. However, retail inflation remained above 7% for the sixth month in a row in June.
3. While economic growth momentum is holding up, risks remain from global monetary tightening, geopolitical tensions, and rising prices.
The document provides updates on the Indian economy from various news sources:
- GDP growth in the April-June quarter rose to 20.1% year-on-year due to a very low base in the same period last year during the national lockdown. While recovery is underway, the economy has not fully recovered.
- High-frequency indicators in August like GST collections, auto sales, rail freight, electricity demand showed continued economic recovery, though manufacturing PMI declined slightly.
- The chief economic adviser indicated that double-digit GDP growth is possible in the current fiscal year based on trends and forecasts. However, a potential third COVID wave could impact the recovery.
- Eight core infrastructure sectors expanded
This weekly media update from Balmer Lawrie provides summaries of recent news articles related to the global and Indian economies, key industries, and Balmer Lawrie. The articles discuss the outlook for the global economy in the coming year according to a WEF study, India's growth outlook for the third quarter, wholesale and retail inflation rates in India, exports and industrial production in India, and initiatives related to central public sector enterprises, the finance commission, and the 'one district, one product' scheme.
The IMF projects India's GDP growth at 11.5% for 2021, making it the only major economy to see double digit growth. However, the NSO has revised India's GDP growth for 2019-20 down to 4% from 4.2%, indicating economic slowdown pre-pandemic. Several reports discuss India's recovery being K-shaped, driven by households rather than government spending. The Economic Survey estimates 11% growth for 2021-22 through a V-shaped recovery enabled by India's COVID management strategy. It also criticizes sovereign credit ratings as "noisy" and argues India's fiscal policy should not be constrained by such ratings.
- Nomura raised its forecasts for India's 2022 consumer price inflation to 5.5%, fiscal deficit to 6.5% of GDP, and current account deficit to 1.7% of GDP, due to higher global energy costs.
- Brickwork Ratings revised its India GDP growth estimate for FY2022 upward to 10-10.5% from 9% earlier, expecting a recovery supported by government spending and improving consumption.
- The RBI governor said tax cuts on fuel will help meet the inflation target of 5.3% and the growth target of 9.5% looks achievable, though global factors pose risks.
Weekly Media Update_18_12_2023 - news clips from various media in which Balme...BalmerLawrie
- The document provides news clips from various media sources related to Balmer Lawrie and other public sector enterprises (PSEs) in India.
- It mentions that India's economic growth is projected to exceed 8% in fiscal year 2025 according to industry group FICCI. Several reports also raised India's growth projections for the current fiscal year to between 6.7-7%.
- The document is intended to be uploaded on Balmer Lawrie's intranet and website every Monday to share recent news.
- India's GDP is projected to grow by 10.1% in FY2022 according to ICRA, though this will only mildly surpass pre-pandemic levels. Medium-term growth may slow to 6.5% from FY2023 according to Fitch.
- Several reports predict double-digit GDP growth for India in FY2022 - ICRA predicts 10.1%, Brickwork Ratings predicts 11%, and BofA Securities predicts 9%.
- India saw a contraction in factory output (IIP) again in November 2021, signaling the economic recovery may still be fragile. However, retail inflation declined to a 14-month low in December.
- Goldman Sachs lowered its estimate for India's economic growth in fiscal year 2021-2022 to 11.1% due to lockdowns imposed by various states to curb the spread of COVID-19.
- India Ratings projected overall corporate revenue growth of 6% in fiscal year 2022 over fiscal year 2020, noting that supply chains have been disrupted by the second wave of the pandemic.
- Barclays cut its forecast for India's GDP growth in fiscal year 2022 to 10% from 11% previously, and warned growth could fall further to 8.8% if lockdowns continue through August.
India's GDP is projected to surpass the US to become the world's largest economy by 2052, reaching $45 trillion according to a CLSA report. By 2027, India will surpass Japan to become the third largest economy. However, CLSA expects a slowdown in India's growth until September 2024 followed by a recovery in 2025. S&P Global Ratings also projects India's GDP growth to rise to 7% by 2026, higher than China's projected 4.6% growth. The OECD forecasts India's growth slowing to 6.1% in FY2025 from an estimated 6.3% in FY2024.
The document provides news updates from various media sources related to the Indian and global economy:
- The Indian economy grew 7.8% in 2016, making it the fastest growing major economy, though growth projections were slightly lowered. Meanwhile, the Chinese economy slowed to 6.7% growth.
- A report predicts India will grow 7.7% in 2016, outpacing China for the second year, and will be the only major emerging economy growing faster than its long-term average.
- The eurozone economy is showing signs of recovery growing at 1.6%, boosted by stimulus, though growth remains uneven across countries.
- Global economic concerns include a slowdown in China, political uncertainties, and
This weekly media update from Balmer Lawrie contains several economic news articles from The Economic Times discussing:
1) India's Q3 GDP growth is estimated to be 5% according to an ET poll, the lowest this fiscal year due to an adverse base effect and mixed economic performance.
2) The IMF projects India and China will contribute over 50% of global growth in 2023, with India's growth estimated at 6.1%.
3) The RBI and government are taking steps to control inflation and ensure it remains within expected limits, according to the finance minister.
The document provides a summary of recent news articles mentioning Balmer Lawrie and related topics. It discusses India's GDP growth slowing to 4.1% in the last quarter due to pandemic impacts, supply issues, and high commodity prices. It also reports SBI revising India's FY23 growth forecast upward to 7.5% and mentions risks of global stagflation increasing. Exports grew 15.46% in May while the trade deficit widened to a record level.
The document provides a weekly media update comprising several news articles from Indian publications covering topics related to the Indian economy. Key points from the articles include:
- The Indian economy is expected to grow 7.2% in 2018-19 according to government estimates, higher than the previous year.
- The World Bank and Standard Chartered predict India will be one of the fastest growing major economies in the world over the next few years.
- However, the World Bank also warns that risks to the global economy may be increasing and emerging markets need to prepare for potential turbulence.
- Other articles discuss India's industrial output growth slowing, fiscal deficit targets being overshot, oil demand growth rebounding, and the impact of US sanctions
The World Bank and OECD have trimmed India's GDP growth forecasts for FY23 to 7.5% and 6.9% respectively due to rising inflation, supply chain issues, and global uncertainties caused by the Russia-Ukraine conflict. Fitch Ratings revised India's outlook to stable from negative, while Unctad ranked India 7th in FDI inflows in 2021. The RBI retained India's FY23 GDP growth forecast at 7.2%, and industrial output growth reached an 8-month high of 7.1% in April. The finance minister said fiscal spending will drive India's growth and asked PSEs to improve professionalism and reduce expenditure.
- India's GDP growth forecast for fiscal year 2021 has been cut further to 1.9% by India Ratings, the lowest in 29 years, due to the impact of the COVID-19 pandemic and lockdown.
- Fitch Ratings warned that further deterioration in India's fiscal outlook from lower growth could put pressure on its sovereign credit rating.
- Moody's slashed its growth forecast for India in calendar year 2020 to 0.2% from its previous estimate of 2.5% in March.
The document provides a weekly media update comprising news related to the Indian economy from various sources between January 10-15, 2023. Some of the key topics covered include SBI dismissing concerns about a 'K-shaped' economic recovery in India, projections that India's fiscal deficit may be capped at 5.9% in FY24, and the World Bank warning that the global economy is at high risk of a recession.
BLOG ISSUE 45_January 2024 - Balmer Lawrie Organisational GazzettBalmerLawrie
The Buddhist monk gathered his young students and told them to steal purses from wealthy people in the nearby city to raise money for their temple. All the students were uncomfortable with this except one boy. The boy realized there was no place he could steal without seeing himself, so he told the other students not to go. The monk was pleased with this boy, as he had wanted to teach the students a lesson about integrity.
The document then discusses events at Balmer Lawrie related to observing Vigilance Awareness Week and Constitution Day. It also summarizes new partnerships, projects, and training programs launched by various divisions of the company during this period.
The document provides information on various topics happening in India and at Balmer Lawrie & Co. Ltd. in February 2024. It discusses the upcoming Indian general elections, International Women's Day theme of inclusion, National Safety Day celebrations, regional new year festivals, and Balmer Lawrie business updates including new appointments, awards received, and events/conferences hosted. The newsletter aims to keep employees informed of company and national news and events on a monthly basis.
The document discusses Balmer Lawrie's celebration of various events in February 2024 and announcements. It summarizes that Balmer Lawrie celebrated its 158th Foundation Day on February 1st across India. It also announced positive third quarter results for FY2023-24 with increased profits. The 53rd National Safety Week will be observed from March 4th-10th with programs centered on safety leadership.
Daily Media Update - 26.02.2024. This document comprises news clips from vari...BalmerLawrie
Daily Media Update - 26.02.2024. This document comprises news clips from various media in which Balmer Lawrie is mentioned, news related to GOI and PSEs, and news from the verticals that we do business in.
Weekly Media Update_19_02_2024. This document comprises news clips from vario...BalmerLawrie
Weekly Media Update_19_02_2024. This document comprises news clips from various media in which Balmer Lawrie is mentioned, news related to GOI and PSEs, and news from the verticals that we do business in.
Weekly Media Update_05_02_2024. This document comprises news clips from vario...BalmerLawrie
Weekly Media Update_05_02_2024. This document comprises news clips from various media in which Balmer Lawrie is mentioned, news related to GOI and PSEs, and news from the verticals that we do business in.
The document provides an overview of India's accomplishments in 2023 and upcoming events being celebrated in early 2024. Some key points:
- India successfully shouldered its G20 Presidency and launched various initiatives. Domestically, it achieved several milestones in space, rail, and sports.
- On January 26th, 2024, India will celebrate its 75th Republic Day.
- In early February 2024, Balmer Lawrie will celebrate its 158th Foundation Day with events being organized across various regions for employees and families.
Weekly Media Update_02_01_2024. This document comprises news clips from vario...BalmerLawrie
Weekly Media Update_02_01_2024. This document comprises news clips from various media in which Balmer Lawrie is mentioned, news related to GOI and PSEs, and news from the verticals that we do business in.
The document provides an overview of the various awards and accolades received by Balmer Lawrie SBUs and functions in the past year for their work and achievements. It recognizes the contributions of different divisions in implementing official language policies, delivering excellent customer service, health and safety practices, and developing innovative logistics solutions. The summary also highlights key business partnerships, expansion of operations, and employee engagement initiatives undertaken during the period.
Weekly Media Update - December 26, 2023 - Balmer LawrieBalmerLawrie
This document provides a weekly media update comprising news related to the Indian economy from various sources. Key highlights include:
1) Domestic rating agency Icra revised India's FY24 GDP growth forecast upwards to 6.5% from 6.2% previously.
2) The IMF projected India's economy to grow at 6.3% in the current fiscal year and the next, supported by macroeconomic and financial stability.
3) Leading credit rating firm Fitch Ratings expects India's resilient economic growth will boost corporate demand. Several sectors are expected to see strong demand.
4) Parliament approved additional spending of Rs. 58,378 crore in the current fiscal to support programs like M
BLOG ISSUE 43 _ July 2023 - Quarterly House JOurnal of Balmer LawrieBalmerLawrie
This document provides an editorial and overview of the Balmer Lawrie Start-up Fund initiative. It discusses how Balmer Lawrie launched a Start-up Fund in 2017 aligned with the Government of India's Startup India initiative to promote entrepreneurship and innovation. It highlights how Balmer Lawrie has supported various startups over four rounds of funding. The document also provides updates on significant events at Balmer Lawrie, including new partnerships and handling of logistics for sports teams.
Balmer Lawrie - Weekly Media Update - Monday, 11.12.2023BalmerLawrie
This document provides a weekly media update from various Indian news sources. It summarizes key news related to the Indian economy from the past week, including:
- Nomura projecting India will be one of the fastest growing Asian economies in 2024.
- S&P Global Ratings forecasting India will become the world's third largest economy by 2030.
- The Finance Ministry stating India will become a $5 trillion economy early in the 'Amrit Kaal' period to 2047.
- The RBI keeping interest rates unchanged but raising its FY24 growth forecast to 7%.
The update covers news from several economic indicators such as GDP growth, inflation rates, industrial production, and assessments from
The document discusses the defeat of the Indian cricket team in the ICC Cricket World Cup 2023 final against Australia. It notes that while this was disappointing for Indian fans, important life lessons can be learned from setbacks like embracing challenges positively, valuing teamwork, and improving through reflection and learning. It also provides updates about Balmer Lawrie's financial performance, observance of Vigilance Awareness Week, and personnel changes and new recruits.
This weekly media update from Balmer Lawrie provides summaries of recent news articles related to the Indian economy, GOI policies and PSEs, and Balmer Lawrie's business sectors. Key articles discuss S&P raising India's FY24 growth forecast to 6.4% due to robust domestic demand, estimates that Q2 GDP growth will be 6.7-7% driven by services and government spending, and forecasts that FY24 will see strong economic growth and macroeconomic stability according to the Finance Ministry.
- RBI governor Shaktikanta Das said that India's GDP growth for the second quarter of FY24 is likely to surpass expectations based on early indicators, and may be higher than the projected 6.5% growth.
- Growth in India's core sectors slowed to 8.1% in September, the lowest in four months, led by a 16.1% expansion in coal production.
- India's manufacturing activity fell to an eight-month low in October due to the slowest rise in new orders in a year, while services activity declined to a seven-month low due to softer increases in output and orders.
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Weekly media update 19 10_2020
1. 70
(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Worst recession since Great Depression,
says World Bank
The world is experiencing one of the deepest
recessions since the Great Depression in the
1930s owing to the novel coronavirus, World Bank
President David Malpass has said, terming the
Covid pandemic a “catastrophic event” for many
developing and the poorest countries. He said
given the extent of the economic contraction,
there was a rising risk of disruptive debt crises in
countries. So that has got a lot of focus here at the
meetings, Malpass told the media on Wednesday
at the start of the annual meetings of the
International Monetary Fund and the World Bank.
“The recession has been deep, one of the deepest
since the Great Depression. And for many
developing countries, and for the people in the
poorest countries, it is truly a depression, a
catastrophic event. It is continuing to add to the
ranks of those in extreme poverty,” he said. That
is the focus of this meeting and the focus of their
actions, he said, adding the World Bank was
building as big a growth programme for countries
as they can in this fiscal year.
The Pioneer - 16.10.2020
https://www.tribuneindia.com/news/business/wo
rst-recession-since-great-depression-says-world-
bank-156574
FY21 GDP to see sharper 10.3% fall:
IMF
India’s economy is forecast to contract by
10.3% in 2020-21, sharper than the previous
estimate of 4.5% decline as the impact of the
Covid-induced lockdown hurts expansion, the
International Monetary Fund (IMF) said on
Tuesday. In its update to the World Economic
Outlook (WEO), the IMF expects the Indian
economy to rebound and grow by 8.8% in
2021-22, stronger than the 6% expansion
predicted earlier. IMF is the latest to project a
sharp contraction for Asia’s third-largest
economy. The World Bank expects the economy
to decline by 9.6%, while the RBI forecast GDP
to plunge 9.5% in 2020-21, but estimates
growth to be back in the fourth quarter.
“Revisions to the forecast are particularly large
for India, where GDP contracted much more
severely than expected in the second quarter,”
the IMF said. The US economy is projected to
contract by 4.3%, before growing at 3.1% in
2021. China is the only economy that is forecast
to grow 1.9% in 2020-21and is expected to
rebound to 8.8% next year.
The Economic Times - 14.10.2020
https://epaper.timesgroup.com/Olive/ODN/Ti
mesOfIndia/shared/ShowArticle.aspx?doc=TOI
KM%2F2020%2F10%2F14&entity=Ar01701&s
k=C3C0AAB2&mode=text
Economic activity softens amidst slowing
recovery
Economic activity in India slowed in the week
ended October 11 from the previous week amid a
downward revision of the country’s recovery
trajectory due to revised Google mobility data,
according to a report by Japanese brokerage
Nomura on Tuesday. The latest reading of Nomura
India Business Resumption Index (NIBRI), which
monitors high frequency indicators of
normalisation, decelerated to 80.9 after a reading
of 81.6 for the week ended October 4. Google
mobility data is an index of changes in various
types of mobility across regions and countries. The
index has recorded a downtrend after a post-
lockdown high of 82.3 in mid-September. The
tracker was at 82.9 in the week ended March 22
before a drastic fall to 44.7 in April. While retail
IMF sees shallower recession, tough
path back to full recovery
The International Monetary Fund warned that
the world economy still faces an uneven
recovery until the coronavirus is tamed even as
it offered a less-dire view of this year’s
recession following massive stimulus from
central banks and governments. The fund now
forecasts world gross domestic product to
shrink 4.4% this year, compared with the 5.2%
drop seen in June, according to the latest World
Economic Outlook released Tuesday. For 2021,
the IMF sees growth of 5.2%, down from 5.4%.
The report includes revisions to June’s forecasts
and other historical data to reflect updated
country weightings. The contraction would still
be the deepest since the Great Depression, with
Covid-19 having killed more than 1 million
WEEKLY MEDIA UPDATE
Issue 472
19 October, 2020
Monday
2. and recreational mobility continued to improve
along with the Apple driving index, workplace
mobility largely stagnated, the note said. The
labour participation rate fell marginally to 40.6%
from 40.8% in the previous week. Similarly, the
unemployment rate stood elevated at 7.7%, after
logging a sharp rise to 8% a week earlier from
5.8% before.
The Economic Times - 14.10.2020
https://epaper.timesgroup.com/Olive/ODN/TheEc
onomicTimes/shared/ShowArticle.aspx?doc=ETK
M%2F2020%2F10%2F14&entity=Ar01106&sk=7
560D6F9&mode=text
people and shut down large swaths of business.
The report sets the tone for this week’s annual
meetings of the IMF and World Bank -- being
held virtually, like April’s spring meetings, due
to the pandemic -- as global policy makers
discuss how to avert a wave of debt defaults in
poorer nations resulting from the virus’s impact.
Mint - 14.10.2020
https://www.livemint.com/news/world/imf-
sees-shallower-recession-tough-path-back-to-
full-recovery-11602593554931.html
Retail inflation hits 8-mth high of 7.3%
on food prices
Retail inflation accelerated to an 8-month high in
September and crossed the 7%-mark as food
prices hardened, dashing hopes of any interest
rate cut by the RBI to bolster a faltering economy.
Separate data showed industrial output contracted
for the sixth month in a row in August but the pace
of decline narrowed, indicating the pick-up in
activity as the economy opened for business after
the strict coronavirus-induced lockdown. But the
inflation numbers remained worrisome with food
inflation hitting the double-digit mark in
September. Data released by the National
Statistical Office (NSO) on Monday showed
inflation, as measured by the Consumer Price
Index (CPI), rose an annual 7.3% in September,
compared to the 6.7% increase in August. Rural
inflation was at 7.4%, while the rate in the urban
areas was 7.3%. The Food Price Index rose to
10.7% in September, higher than August’s 9.1%,
the data showed.
The Times of India - 13.10.2020
https://epaper.timesgroup.com/Olive/ODN/Times
OfIndia/shared/ShowArticle.aspx?doc=TOIKM%2
F2020%2F10%2F13&entity=Ar01511&sk=3AF4A
1BF&mode=text
Wholesale inflation at 7-mth high on
soaring food prices
Inflation based on the wholesale price index
(WPI) accelerated to a seven month high in
September on the back of hardening food
prices, including potatoes and vegetables,
prompting economists to say that the RBI is
likely to maintain an extended pause on interest
rates. Data released by the commerce and
industry ministry on Wednesday showed
wholesale price-based inflation rose an annual
1.3% in September, compared to 0.3% in the
yearago month and 0.2% in the previous
month. Food inflation shot up to an eight-month
high of 8.2% in September. The rise in potato
prices was the highest since the 2011-12 series.
The sharp increase was attributed by
economists to crop loss, owing to heavy rains in
parts of the country, reduced sowing area,
supply of inferior quality seeds and inadequate
stocks.
The Times of India - 15.10.2020
https://epaper.timesgroup.com/Olive/ODN/Ti
mesOfIndia/shared/ShowArticle.aspx?doc=TOI
KM%2F2020%2F10%2F15&entity=Ar01518&s
k=D8C70FD7&mode=text
IIP contraction slows, but inflation at 8-
mth high
Industrial production contracted at a slower pace
in August than the month before as the economic
recovery gathered pace. However, retail inflation
climbed to an eight-month high in September,
driven by higher food prices, potentially delaying
further monetary easing. Industrial production, as
measured by the index of industrial production
(IIP), shrank 8% in August with all its constituents
contracting against a 1.4% decline in the same
period last year. Revised data showed industrial
production contracted 10.7% in July and 15.7% in
June. Earlier estimates had shown IIP shrinking
10.4% in July. Retail inflation accelerated to
7.34%, exceeding the target rate, in September
Exports rise 5.99% in September;
trade deficit narrows to $2.72 billion
Exports grew for the first time in seven months
at 5.99 per cent in September, boosted by items
such as pharmaceuticals and engineering
goods. The growth number was higher than
5.27 per cent estimated in the first week of
October by the government. The growth
assumes importance since it has been
contracting not only six months prior to
September but in all the previous months of the
current calendar year, barring February. The
outbound shipments stood at $27.58 billion in
September against $26.02 billion in the year-
ago month, showed the trade data released by
the commerce department on Thursday. The
3. from 6.69% on dearer food inflation that reached
the double-digit level of 10.68%. In the first five
months of FY21, India’s factory output shrank
25% compared with 2.4% growth in the year-ago
period. “Though economic activities are yet to
reach the pre-Covid-19 level, it is gaining traction
with each passing month, albeit at a reduced
pace,” said India Ratings principal economist Sunil
Kumar Sinha.
The Economic Times - 13.10.2020
https://epaper.timesgroup.com/Olive/ODN/TheEc
onomicTimes/shared/ShowArticle.aspx?doc=ETK
M%2F2020%2F10%2F13&entity=Ar00103&sk=B
CCBB7E7&mode=text
export number in September was just slightly
lower than pre-Covid level of $27.65 billion in
February. Twenty-two of the 30 major products
saw growth in exports. “The reasonably broad-
based pick-up in merchandise exports in
September has come as a relief, and signals on
its sustainability are anxiously awaited in the
light of the second wave of Covid-19 infections
being experienced in many trading partners,”
Aditi Nayar, principal economist at ICRA said.
Business Standard - 16.10.2020
https://www.business-
standard.com/article/economy-policy/exports-
rise-for-the-first-time-in-seven-months-up-
almost-6-in-september-120101501510_1.html
Govt plans to implement labour codes on
April 1, starts shaping rules
The National Democratic Alliance (NDA)
government plans to bring into effect new labour
laws across the country from April 1. “We intend
to implement the new labour codes from April 1.
We have begun the process of giving shape to the
rules that are to be framed under the codes and
we are confident of finalising them in the last
quarter of this fiscal year,” Union Labour and
Employment Secretary Apurva Chandra said here
on Wednesday. Industries will have to file a single
return to the authorities under the new labour law
regime. Further, the number of minimum wages
that industries have to comply with is set to reduce
to 12, from 540 under central labour laws and to
180-200 under state laws, from 9,000 at present.
An important task would be that states also frame
their rules by March 2021. The new codes give
powers to state governments to make rules as
they will have jurisdiction over most of the
establishments. For instance, while the central
government will frame around 57 rules for the
Industrial Relations Code, 2020, states will have
to come up with around 40 rules.
Business Standard - 16.10.2020
https://www.business-
standard.com/article/economy-policy/govt-plans-
to-implement-labour-codes-on-april-1-starts-
shaping-rules-120101400887_1.html
Cabinet to soon consider new PSE
policy: Sources
The Union Cabinet will soon consider new public
sector enterprises policy that will define
strategic sectors, which will not have more than
four PSUs, Finance Ministry official sources said
on Tuesday. As part of the 'Aatmanirbhar
Bharat Abhiyan' package, the government in
May had announced that there will be a
maximum of four public sector companies in the
strategic sectors, and state-owned firms in
other segments will eventually be privatised.
Under the policy, a list of strategic sectors will
be notified where there will be at least one and
a maximum of four public sector enterprise,
apart from private sector companies. In other
sectors, central public sector enterprises
(CPSEs) will be privatised, depending on the
feasibility. According to the sources, it is before
the Cabinet and it will be taken up soon. "PSEs
will continue to play an important role in defined
areas. We need a coherent policy because
sometimes you open up some sectors in
piecemeal... Now we shall define the areas...
where their presence will be impactfully felt,"
Finance Minister Nirmala Sitharaman had said
while announcing the package in May.
Millennium Post - 14.10.2020
http://www.millenniumpost.in/business/cabine
t-to-soon-consider-new-pse-policy-sources-
420993
IPOs, buybacks to fuel government’s
divestment plan: Dipam Secretary
The government will push forth with initial public
offers and share buybacks in key public sector
enterprises in the remaining months of this
financial year, a top official said, following the
successful public listing of Mazagon Dock
Shipbuilders Ltd. and other offers for sale. “We
have made use of the market opportunities
through three very successful transactions in the
Centre mandates all ministries, public
depts, CPSUs to use BSNL, MTNL
services
The central government has mandated all
ministries, public departments and public sector
units to use telecom services of State-run
Bharat Sanchar Nigam Limited (BSNL) and
Mahanagar Telephone Nigam Limited (MTNL).
“The government of India has, inter-alia,
approved the mandatory utilisation of capacities
4. defence sector... There are IPOs planned,” said
Tuhin Kanta Pandey, secretary in the Department
of Investments and Public Asset Management.
Public offers will be one of the “very big priorities”
as they will generate future value for the
government, Pandey said. He added that
buybacks will be another high priority area.
“Wherever our CPSEs have extra cash after
meeting the capex needs, we’re requesting them
to come with buyback if the stock price is lower
than the book value, or even if the stock price is
high – in this case, they can reward shareholders,”
Pandey said.
The Economic Times - 19.10.2020
https://economictimes.indiatimes.com/news/eco
nomy/policy/ipos-buybacks-to-fuel-govts-
divestment-plan-dipam-
secy/articleshow/78737466.cms
of BSNL and MTNL by all ministries/departments
of government of India, CPSEs, central
autonomous bodies,” a memorandum issued by
the Department of Telecommunications (DoT)
said. The memorandum dated October 12, was
issued to all secretaries and departments under
the Centre following consultation with the
finance ministry. The Department of
Expenditure’s note accompanying the
memorandum mentioned that the decision to
mandate the use of BSNL and MTNL telecom
service was taken by the Cabinet.
The Hindu - 15.10.2020
https://www.thehindu.com/news/national/cent
re-mandates-all-ministries-public-depts-cpsus-
to-use-bsnl-mtnl-services/article32850372.ece
Swachh Bharat Plan 2.0 scaled down by
₹63,869 crore
The urban development ministry has scaled down
Swachh Bharat Mission 2.0, which has been
awaiting the finance ministry’s nod for at least
eight months. Against an earlier outlay of Rs
2,11,869 crore, the final proposal the ministry
drafted stands at Rs 1.48 lakh crore, including the
central share of Rs 48,000 crore. The first phase
involved construction of individual household
toilets and community toilets to make cities open
defecation free (ODF) and increase the solid waste
management capacity. While cities are officially
ODF, barring a few local bodies in West Bengal,
solid waste management capacity has increased
from 17% in 2015 to 67% in 2020. The second
phase envisages treatment of household and
community waste. “It envisages sustainable
sanitation and complete waste water treatment to
make all cities ODF++ by 2024. It would entail
complete treatment of faecal sludge and waste
water before discharge into water bodies in cities
with less than 1 lakh population,” a ministry
spokesperson told ET.
The Economic Times - 17.10.2020
https://epaper.timesgroup.com/Olive/ODN/TheEc
onomicTimes/shared/ShowArticle.aspx?doc=ETM
%2F2020%2F10%2F17&entity=Ar00203&sk=0C
87B511&mode=text
India moving 'cautiously' on BPCL's
privatisation: Pradhan
India is "treading very cautiously" in its plan to
privatise state-run oil refiner Bharat Petroleum
Corp Ltd, Oil Minister Dharmendra Pradhan said
on Tuesday, in a sign that the process could be
delayed. New Delhi's plan to sell its 53.29%
stake in BPCL was first announced in November
2019, and is part of a broader programme to
spin off or sell stakes in dozens of state-owned
companies. India had planned to sell the stake
by the end of the fiscal year to March 2021.
"Bharat Petroleum divestment is very much on
the cards," Pradhan told a virtual energy
conference. "But we all will appreciate looking
into the net worth and looking into the size ...
the government is treading very cautiously (on)
how to offload (the stake) through (a) proper
process". Reuters last month reported that
BPCL's privatisation could spill over into the
next fiscal year that begins in April 2021 and
that Saudi Aramco and Russia's Rosneft may
not participate in the bid as low oil prices affect
their investment plans.
Yahoo.news - 14.10.2020
https://news.yahoo.com/india-moving-
cautiously-bpcls-privatisation-125310692.html
Govt hopeful BPCL strategic sale to sail
through without further extensions
After four extensions, the government is hopeful
that strategic sale of Bharat Petroleum
Corporation Ltd. (BPCL) may go through without
any further need to postpone the bidding
deadlines. The deadline for submitting the
Expressions of Interest (EoI) for 52.98 per cent
IEA: India will lead global recovery in
energy demand
India will lead the global recovery in energy
demand but much will hinge on how soon an
effective Covid-19 vaccine is found and whether
current practices such as work from home and
aversion to travel outlast the pandemic,
according to the International Energy Agency.
5. stake in the BPCL is ending on November 16. Prior
to this, the bid start date was September 30, but
it got postponed due to bidders' request in wake
of prevailing situation arising out of Covid-19
pandemic. BPCL disinvestment has received
interest from several large global oil and gas
companies and a few Indian entities as well. In
fact, the process so far has generated close to 100
enquiries in a clear signal that investors remain
interested in the maharatna oil PSUs despite the
disruptions caused by Covid-19 pandemic, official
source privy to the development said. According
to them, Abu Dhabi National Oil Co (Adnoc), Exxon
Mobil intend to participate in the bidding process
for the PSU. Indian oil majors are not behind their
global counterparts and are also actively pursuing
the prospects of bidding for BPCL. Oil-to-telecom
major Reliance Industries is understood to have
shown interest for the bid.
The Economic Times - 17.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/govt-hopeful-bpcl-strategic-sale-
to-sail-through-without-further-
extensions/78719765
“Prior to the crisis, energy demand was
projected to grow by12% between 2019 and
2030. Growth over this period is now 9% in the
‘stated policy scenario’ (STEPS) and only 4% in
the ‘delayed recovery scenario’ (DRS). With
demand in advanced economies on a declining
trend, all of the increase comes from emerging
market and developing economies, led by
India,” says the IEA’s World Energy Outlook
released on Tuesday. The report sees global
energy demand shrinking by 5% this year and
energy investments by 18%. Oil demand is
expected to decline 8% and coal 7% in sharp
contrast to a marginal rise in the contribution of
renewables. It says global oil demand will
recover to pre-crisis level by 2023 if a vaccine
comes out in 2021 under STEPS. But this will
not happen before 2025 if the pandemic
prolongs and the economic slump deepens.
The Times of India - 14.10.2020
https://epaper.timesgroup.com/Olive/ODN/Ti
mesOfIndia/shared/ShowArticle.aspx?doc=TOI
KM%2F2020%2F10%2F14&entity=Ar01411&s
k=FDDA46CE&mode=text
Pandemic could delay energy demand
recovery to 2025: IEA
A slow economic recovery from the pandemic
threatens to delay a full rebound in world energy
demand to 2025, the International Energy Agency
said on Tuesday. In its central scenario, a vaccine
and therapeutics could mean the global economy
rebounds in 2021 and energy demand recovers by
2023, the IEA, which advises Western
governments on energy policy, said in its annual
World Energy Outlook. But under a "delayed
recovery scenario", the timeline is pushed back
two years, it said. In such a case, the IEA predicts
"a deeper near-term slump erodes the growth
potential of the economy, high unemployment
wears away human capital, and bankruptcies and
structural economic changes mean that some
physical assets become unproductive as well." The
Paris-based IEA sees global energy demand falling
by 5 per cent in 2020, CO2 emissions related to
energy by 7 per cent and energy investment by 18
per cent. Demand for oil is set to fall by 8 per cent
and coal use by 7 per cent while renewables will
see a slight rise.
The Economic Times - 14.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/pandemic-could-delay-energy-
demand-recovery-to-2025-iea/78632763
IEA says oil producers may struggle to
gauge demand amid second wave
Global oil stocks which rose during the height of
the pandemic are being steadily reduced, the
International Energy Agency (IEA) said on
Wednesday, but a second wave is slowing
demand and will complicate efforts by
producers to balance the market. OPEC+
producers - OPEC members and others
including Russia - plan to boost supply by 2
million barrels per day (bpd) from January and
the IEA predicts a ceasefire in Libya will raise
output there to 700,000 bpd in December from
300,000 bpd currently. "There is only limited
headroom for the market to absorb extra supply
in the next few months," the IEA said in its
monthly report. "Those wishing to bring about a
tighter oil market are looking at a moving
target." OPEC+ producers are currently cutting
output by 7.7 million bpd. The IEA said "the
efforts of the producers have shown some
success", noting relatively stable oil prices and
a strong draw on storage, with implied global
stocks falling by 2.3 million bpd in the third
quarter and by a predicted 4.1 million bpd in the
fourth.
The Economic Times - 15.10.2020
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/iea-says-oil-producers-may-
struggle-to-gauge-demand-amid-second-
wave/78657217
6. OPEC+ fears second virus wave could
lead to oil surplus in 2021
OPEC and its allies fear a prolonged second wave
of the COVID-19 pandemic and a jump in Libyan
output could push the oil market into surplus next
year, according to a confidential document seen
by Reuters, a gloomier outlook than just a month
ago. A panel of officials from OPEC+ producers,
called the Joint Technical Committee, considered
this worst-case scenario during a virtual monthly
meeting on Thursday. In September, the panel
had not seen a surplus under any scenarios it
considered. Such a surplus could threaten plans by
OPEC, Russia and allies, known as OPEC+, to taper
record output cuts made this year by adding 2
million bpd of oil to the market in 2021. The
Organization of the Petroleum Exporting Countries
has not indicated any plan so far to scrap that
supply boost. "The earlier signs of economic
recovery in some parts of the world are
overshadowed by fragile conditions and growing
scepticism about the pace of the recovery,"
according to the document used in the panel's
monthly meeting in October. "In particular, a
resurgence of COVID-19 cases across the world
and prospects for partial lockdowns in the coming
winter months could compound the risks to
economic and oil demand recovery," it said.
The Economic Times - 17.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/opec-fears-second-virus-wave-
could-lead-to-oil-surplus-in-2021/78713070
Global oil demand to recover by 2022:
Aramco
Global demand for crude could recover to pre-
coronavirus levels by 2022, Saudi Aramco said
Tuesday, as the International Energy Agency
projected it could take at least a year longer.
"The worst is definitely behind us" in the oil
market, Aramco's chief executive Amin Nasser
told the Energy Intelligence group. "My
prediction is hopefully we will recover by 2022."
Nasser's comment came as the Paris-based IEA
on Tuesday predicted the recovery could take
longer. After an unprecedented eight percent
drop this year, global consumption was set to
return to pre-crisis levels in 2023 provided the
pandemic was brought under control, the IEA
said. The Covid-19 pandemic has plunged the
global economy and oil demand into a tailspin
and sparked speculation that the world might
have reached peak oil demand. But Nasser
voiced optimism, insisting the world's top crude
exporter was seeing a recovery. "Most of the
demand comes from developing countries," he
said. "We see a big pick-up from East Asia,
especially China."
The Economic Times - 14.10.2020
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/global-oil-demand-to-
recover-by-2022-aramco/78654082
India's diesel sales rise above pre-
COVID-19 levels in October - Industry
data
India's gasoil sales rose in October for the first
time since the nation imposed COVID-19
restrictions in late March, preliminary data shows,
signalling a pick-up in industrial activity ahead of
key festivals. Diesel sales by the country's three
state fuel retailers rose 8.8 per cent year on year
in the first half of October, according to provisional
data compiled by Indian Oil Corp, the country's
biggest refiner and fuel retailer. Sales of gasoil,
which account for about two fifths of the country's
overall fuel demand, totalled 2.65 million tonnes,
up more than 24 per cent from the previous
month. Rising diesel sales in the world's third-
biggest oil consumer and importer would help
refiners that have had to cut crude-processing
runs during the coronavirus crisis, said an official
at one of the state refiners, though he cautioned
that diesel sales growth could be temporary.
Rising gasoline and gasoil demand in India should
also aid other markets hit by slow demand
recovery.
The Economic Times - 16.10.2020
OPEC+ will ensure oil prices do not
plunge again, says OPEC chief
The OPEC+ alliance will ensure oil prices do not
plunge steeply again when it meets to set policy
at the end of November, OPEC's Secretary
General said on Thursday, adding that demand
has been recovering more slowly than
expected. "I want to assure you that the OPEC,
non-OPEC partnership will continue to do what
it knows best, by ensuring that we don't relapse
into this almost historic plunge that we saw,"
Mohammad Barkindo said. Barkindo was
answering a question at the Energy Intelligence
Forum on whether there was room for a planned
increase in oil output from January by OPEC+,
a grouping that includes OPEC states, Russia
and other allies. "We have to be realistic that
this recovery is not picking up pace at the rate
that we expected earlier in the year," he said.
"Demand itself is still looking anaemic." A
technical OPEC+ committee meeting is taking
place on Thursday to discuss compliance with oil
cuts and market fundamentals. The group had
102% compliance with its cuts in September,
two OPEC+ sources told Reuters.
7. https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-diesel-sales-rise-above-
pre-covid-19-levels-in-october-industry-
data/78696022
The Economic Times - 16.10.2020
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/opec-will-ensure-oil-prices-
do-not-plunge-again-says-opec-
chief/78681866
India to gradually move towards
alternative fuels: Oil secretary Tarun
Kapoor
India will gradually transition from use of fossil
fuels towards clean energy resources, Tarun
Kapoor, secretary, Ministry of Petroleum and
Natural gas has said. He was addressing a virtual
event on alternative fuels. “The plan is to reach a
level in major cities where diesel vehicles will be
ultimately eliminated to be replaced by affordable
and accessible Compressed Natural Gas (CNG),”
Kapoor said. He said Ethanol is a big focus area in
the government's plan towards clean energy
sources. The government has set a target of 20
per cent ethanol blending with petrol by 2030. He
mentioned the successful implementation of a bio-
ethanol pilot project in Pune and how it is
contributing towards fulfilling the targets set by
the government. Also, another pilot project for
blending 10 per cent Hydrogen with CNG will be
set up in Delhi to improve efficiency and reduce
emissions of vehicles. The oil secretary also talked
about huge resources of bio-diesel available in
India and expensive prices hindering its large
scale use. He said the government has plans to
initiate research and investment to make biodiesel
more affordable.
The Economic Times - 19.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/india-to-gradually-move-towards-
alternative-fuels-oil-secretary-tarun-
kapoor/78742426
IEA says refining throughput set for
quarterly rise
Global refining throughput will increase in the
last quarter of the year by more than 2 million
barrels per day (bpd), the International Energy
Agency (IEA) said on Wednesday, though the
rise will not be sufficient to balance oil products
markets. The sharp fall in demand for transport
fuels owing to coronavirus lockdowns has
placed significant pressure on refiners
worldwide, weighing on margins and dragging
down utilisation rates to their lowest in 35
years. The IEA's monthly report said that global
refinery crude throughput was at 73.7 million
bpd in the third quarter, almost 9 million bpd
down from the same period last year. It
predicted the crude intake would rise by 2.1
million bpd to 75.8 million bpd in the final
quarter of the year. "Nevertheless, runs will be
almost 3 million bpd below the levels required
to balance the product markets, leading to stock
draws," the agency said. Average global
throughput in 2021 will rebound by 4.9 million
bpd to 79.4 million bpd, the agency forecasts.
Refineries have also faced the challenge of a
structural shift in oil use, moving away from
transport fuels such as gasoline, diesel and jet
fuel towards petrochemicals feedstock.
The Economic Times - 14.10.2020
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/iea-says-refining-
throughput-set-for-quarterly-rise/78660875
Fitch expects marketing, refining volume
of oil firms to fall 15 per cent in FY21
With coronavirus lockdowns pummelling fuel
demand in India, Fitch Ratings expects the
marketing and refining volume of state-owned oil
firms to fall by more than 15 per cent in the
current fiscal year before a gradual recovery in
2021-22. "Pent-up demand and the upcoming
festival season may support fuel sales in 3QFY21
(October-December), but a sustainable recovery
would be subject to risks from the continuing
spread of the coronavirus hindering mobility and
economic activity," Fitch said in a note. India's fuel
demand recovered sharply in June from April
before slowing due to the reimposition of
restrictions in certain cities because of coronavirus
and flooding in some regions. Fitch expects gross
refining margins (GRMs) to remain under pressure
Export from crude oil caverns
The Narendra- Modi government on Wednesday
dropped its stand on an export ban from the
country’s giant crude storages in south India as
the Union cabinet gave permission to Abu Dhabi
National Oil Company (ADNOC) to export its
crude stored inside the Mangalore strategic
petroleum reserve facility. The move may
enhance foreign participation as India seeks to
expand its storage capacity. Union minister
Prakash Javadekar told reporters after the
cabinet meeting that the council of ministers
have decided “to allow Abu Dhabi National Oil
Co (ADNOC) to trade the oil it has stocked at
the strategic reserves”. The permission to
ADNOC — the national oil company of Abu
Dhabi — to export its oil mirrors a model
adopted by countries such as Japan and South
8. from weak product demand and crack spreads in
the near term until the global economy recovers
significantly from the coronavirus crisis.
The Economic Times - 16.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/fitch-expects-marketing-refining-
volume-of-oil-firms-to-fall-15-per-cent-in-
fy21/78678781
Korea which allow producers to re-export the
crude in their storages. The Mangalore storage
has a total capacity of 1.5 million tonnes. Of
this, half had previously been hired by ADNOC.
The Telegraph - 15.10.2020
https://www.telegraphindia.com/business/exp
ort-from-crude-oil-caverns/cid/1794755
India, Arab countries can partner to
develop oil, gas reserves: MEA
India and Arab countries, in the Gulf and West
Asia, can explore the forging of partnerships and
investments to develop the oil and gas reserves in
India which would provide "win-win solutions", a
top official of the Ministry of External Affairs (MEA)
said on Wednesday. "We can explore the forging
of partnerships and investments to develop the oil
and gas reserves of India. Developing the
significant fields in Kutch district, Cauvery basin,
Mahanadi basin, Hugli basin and offshore locations
in the Bay of Bengal will broaden hydrocarbon
production and provide win-win solutions longer
into the future," said the MEA Secretary
(CPV&OIA) Sanjay Bhattacharyya said at LEADS
2020 FICCI Seminar on Gulf and West Asia
Reimagining Business Beyond Oil. He further said
that the movement towards alternate energy
sources is leading to a "new partnership" in
renewables adding that India is "happy" that a
number of countries in the region are associated
with the International Solar Alliance.
The Economic Times - 15.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/india-arab-countries-can-partner-
to-develop-oil-gas-reserves-mea/78672052
Domestic natural gas output falls 9.5%
in August
Domestic natural gas production fell 9.5% year-
on-year (y-o-y) to 2,427 million metric
standard cubic metre (MMSCM) in July. The 2.6
million tonne (MT) of crude oil produced in the
country during the month was also 6% lower
than the production in the year-ago period.
Indigenous natural gas production caters about
51% of the country’s requirements, while
around 85% of the country’s crude oil is
imported. As noted earlier by CARE Ratings, the
gross production of domestic natural gas will fall
by 10.6% during FY21 as “no company would
aggressively want to increase production or get
into high-risk projects with such a low gas
price”. The current price for gas produced from
local fields has been revised to an all-time low
of $2.39/mmBtu by the government, which is
even below the breakeven point for most fields,
the agency noted. Indigenous natural gas
production caters about only 51% of the
country’s requirements.
The Financial Express - 15.10.2020
https://www.financialexpress.com/industry/do
mestic-natural-gas-output-falls-9-5-in-
august/2083131/#
Petroleum Minister Dharmendra Pradhan
seeks Kuwaiti investments in India
Petroleum Minister Dharmendra Pradhan on
Monday invited Kuwait to invest in India as he saw
the oil-rich Gulf nation as an important and trusted
partner in achieving energy security. Pradhan, on
a two-day visit to Kuwait, first called on Sheikh
Nawaf Al-Ahmed Al-Jaber Al-Sabah, the Emir of
Kuwait, to offer condolences on the passing away
of its former Emir Sheikh Sabah Al-Ahmed Al-
Jaber Al-Sabah. He was carrying letters from
President Ram Nath Kovind and Prime Minister
Narendra Modi to the new leadership of Kuwait.
“On behalf of Govt. of India, PM Shri
@narendramodi and the people of India expressed
sincere condolences to the Al-Sabah family, the
Kuwait Govt. and its people, on the sad demise of
HH Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah,
Late Emir of the State of Kuwait," Pradhan
tweeted. The late Emir was known as the 'Dean of
Arab Diplomacy' for his vast diplomatic experience
Oil PSUs to float website to promote
Aatmanirbhar Bharat
Public sector oil companies such as IOC and
ONGC will launch a portal to provide information
on their capital goods requirements to domestic
industry in line with the government's
Aatmanirbhar Bharat campaign. The portal
"aims to highlight the capital goods requirement
of oil and gas majors besides the items related
to maintenance, repair, and overhaul (MRO),"
an Indian Oil Corp (IOC) press release said
here. It will provide opportunities to new
entrepreneurs and existing manufacturers to
invest and expand their manufacturing base in
India. "This portal shall also provide real-time
data, along with visual indicators in the form of
graphs and charts, to facilitate decision making
for the apex management and other
stakeholders," it said. For this, a special Task
Force, under the leadership of the Oil Secretary
has been formed. The Taskforce comprises the
9. contributed immensely to regional peace, security
and stability, he said. "A humanitarian leader, (he)
was instrumental in strengthening our bilateral
ties, and always cared for the Indian community
in Kuwait."
The Economic Times - 13.10.2020
https://economictimes.indiatimes.com/news/inte
rnational/uae/petroleum-minister-dharmendra-
pradhan-seeks-kuwaiti-investments-in-
india/articleshow/78620333.cms
heads of various oil and gas PSUs such as IOC,
Oil and Natural Gas Corp (ONGC), Engineers
India Ltd, GAIL, Bharat Petroleum Corp Ltd and
Hindustan Petroleum Corp Ltd, as well as
private refiners.
The Economic Times - 16.10.2020
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/oil-psus-to-float-website-to-
promote-aatmanirbhar-bharat/78672084
India set to lose Farzad-B gas field in
Iran: Sources
India has all but lost the ONGC Videsh Ltd-
discovered Farzad-B gas field in the Persian Gulf
after Iran decided to prefer domestic companies
over foreign firms for development of the field,
sources said. ONGC Videsh Ltd (OVL), the
overseas investment arm of state-owned Oil and
Natural Gas Corp (ONGC), had in 2008 discovered
a giant gas field in the Farsi offshore exploration
block. OVL and its partners had offered to invest
up to $11 billion for development of the discovery,
which was later named Farzad-B. After sitting over
OVL's proposal for years, the National Iranian Oil
Co (NIOC) informed the firm in February this year
about its intention to conclude the contract for
Farzad-B development with an Iranian company,
sources with direct knowledge of the development
said. OVL, however, continued its engagements
with NIOC over the development of the field and
sought terms and conditions of the proposed
contract for its evaluation, they said, adding that
Iran has so far not responded to the Indian firm's
request.
The Economic Times - 19.10.2020
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/india-set-to-lose-farzad-b-gas-
field-in-iran-sources/78740420
Unused LTC as stimulus bait in festive
season
At a time, air and train travel has virtually dried
up, the Modi government is looking to unlock
spending in the leave travel concession (LTC)
which is not being availed and by reintroducing
the Rs 10,000 festival advance. “This is
expected to create a consumer demand of about
Rs 28,000 crore,” finance minister Nirmala
Sitharaman said, voicing a plan to boost the
economy ahead of the festival season when
people tend to spend more. There is a rider:
employees will need to spend three times their
entitlements in order to qualify for the tax
breaks they get. LTC is tax free for government
employees in two years out of a block of every
four years. The plan is to persuade government
employees to spend the LTC amount on
purchases of GST items that attract a rate of 12
per cent or more. This will hopefully catalyse
spending in white goods and home appliances,
she said. The festival advance scheme is being
brought back as a one-time measure and will
involve a disbursal of Rs 4,000 crore.
The Telegraph - 13.10.2020
https://www.telegraphindia.com/business/unu
sed-ltc-as-stimulus-bait-in-festive-
season/cid/1794618
Domestic air passenger traffic up 39%
MoM in September
Domestic air traffic jumped the most since the
lockdown, with a month-on-month growth of 39
percent in September. Data from industry
regulator DGCA showed that 39.43 lakh people
took to the air in September compared to 28.32
lakh in August. The growth rate in August was
34.4 percent. Year-on-year, however, the
numbers are still lower and was down 65.82
percent from September 2019. At the same time,
the drop was less steep. In August, year-on-year
traffic declined by 82.3 percent. For the year till
September, the industry saw a total of 4.4 crore
passengers, a drop of 58.39 percent from the
same period a year ago. Domestic flights had
resumed on May 25, after they had been
Amazon India-IRCTC partnership: How
to book train tickets on e-commerce
platform
Amazon India announced last Wednesday it had
joined hands with the Indian Railway Catering
and Tourism Corporation (IRCTC) to let Amazon
users book reserved train tickets through its
platform. Various features of this facility include
cashback on first booking (12% for Amazon
Prime members, 10% for non-Prime members)
without any additional service charge, option to
check seat and quota facility across all classes,
option to check PNR status etc. Also, customers
booking through Amazon Pay will get instant
refund in case of train cancellation or booking
failures. The facility is available to both iOS and
Android users and can be availed till November
10. suspended in end-March owing to the COVID-19
pandemic. Since then, latest data from the
Ministry of Civil Aviation shows, more than 12.8
million passengers have flown on over 1.35 lakh
flights. Civil Aviation Minister Hardeep Singh Puri
had recently commented that the domestic
aviation sector will reach pre-pandemic levels by
the first quarter of 2020.
Moneycontrol - 15.10.2020
https://www.moneycontrol.com/news/business/c
ompanies/domestic-air-traffic-up-39-mom-in-
september-5962761.html
15. This facility is available only on the latest
version of Amazon app and website. Also, if you
are using mobile, you will have to scan a QR
code to open train tickets booking feature.
The Hindustan Times - 15.10.2020
https://www.hindustantimes.com/business-
news/amazon-india-irctc-partnership-how-to-
book-train-tickets-on-e-commerce-
platform/story-
JEtIVpASV6QrRXSolkdW1K.html
Amit Banerjee is appointed as the New Director (Rail and Metro Business) at BEML
Amit Banerjee on Friday assumed charge as the Director (Rail and Metro Business) and Member on the
Board of BEML Limited. A graduate in Mechanical Engineering from IIT (BHU), Varanasi, Banerjee had
joined BEML as an assistant engineer in 1984, the company said in a statement. In his professional
career spanning over three decades in BEML, Banerjee has worked in the research and development
and manufacturing functions. His experience involves the design and development of various products
like SSEMU, Metro cars, Catenary Maintenance Vehicle, etc. His team has also received the Raksha
Mantri Award for Design Effort towards Design and Development of Austenitic Stainless Steel EMU and
Intermediate metro cars for Delhi Metro.
Moneycontrol - 12.10.2020
https://www.metrorailnews.in/amit-banerjee-is-appointed-as-the-new-director-rail-and-metro-
business-at-beml/