Weekly Media Update_06_03_2023.pdf

(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.)
Moody’s raises 2023 growth forecast to
5.5%
Global ratings agency Moody's Investors Service
Wednesday raised India's economic growth
forecast for 2023 to 5. 5% from its November
projection of 4. 8%, on the back of a sharp
increase in capital expenditure in the budget and
a resilient economic momentum. In its ‘Global
Macro Outlook 2023-24’ report, Moody’s said it
expects India to grow at 6. 5% in 2024. “We have
raised our baseline 2023 real growth projections
meaningfully for several G-20 economies,
accounting for a stronger end to 2022. For India,
the upward revisions additionally incorporate the
sharp increase in capital expenditure budget
allocation,” the report said. The government in the
budget raised capital expenditure, excluding
grants to states for capital spending, to 10 lakh
crores for FY24 from 7. 5 lakh crore target set for
this fiscal year.
The Economic Times - 02.03.2023
https://epaper.timesgroup.com/article-
share?article=02_03_2023_006_007_etkc_ET
GDP growth may cross 7% in FY23
Chief Economic Advisor (CEA) V Anantha
Nageswaran on Thursday expressed hope that
the GDP growth for the current financial year
will exceed the projected 7 per cent in view of
the expected revision of high frequency data.
On Tuesday, the second advance estimate
released by the National Statistical Office (NSO)
maintained the growth projection of 7 per cent
as was projected in the first advance estimate
which was released in January. “Given the high
frequency indicators and the pace at which they
are recovering, I do believe that the current
year’s (GDP numbers)... are more likely to (be)
revised upward than downward,” he said here.
Real GDP or GDP at Constant (2011-12) Prices
in the year 2022-23 is estimated at Rs 159.71
lakh crore as against the first revised estimate
of GDP for the year 2021-22 of Rs 149.26 lakh
crore. The growth in real GDP during 2022-23 is
estimated at 7 per cent as compared to 9.1 per
cent in 2021-22, the NSO had said.
Millennium Post - 03.03.2023
https://www.millenniumpost.in/business/gdp-
growth-may-cross-7-in-fy23-510464
India Inc’s Q3 profit margin shrinks on
high inflation
India Inc’s operating profit margin narrowed by a
sharp 2.37 per cent in Q3FY23 to 16.3 per cent on
an annual basis due to inflation and rising energy
costs, a domestic ratings agency said on Monday.
When viewed sequentially, the operating profit
margin for the December quarter expanded by
1.80 per cent over the preceding September
quarter, Icra Ratings said, attributing the same to
the easing in input costs and also price hikes by
many companies. Going forward, while price hikes
and sequential input cost reductions can boost
margins in the near term, geopolitical tensions,
recessionary concerns, and forex volatility
continue to pose risks, the agency said. The
revenue of companies, excluding those in the
financial sector, grew 17.2 per cent, which was as
per expectations, the agency said, adding that
hotels, oil and gas, auto, airlines, and power
sectors led the way. However, the revenue growth
was a muted 1.4 per cent from a sequential
India has right mix of factors for Long-
term growth: FM
Finance minister Nirmala Sitharaman on
Saturday exuded confidence about India’s
elevated growth rates in the longer term, saying
that an assortment of reasons, including the
rule of law, distinguishes the country from some
other investment destinations. “We seem to
have the right combination of things which
matters for a growing economy: well-trained
youth; a middle class which itself gives you a
captive market and which has a certain
purchasing power; technology and digital
infrastructure in the public space; and rule of
law,” she said at the Raisina Dialogue 2023
event, organised by the Observer Research
Foundation in the capital. Pitching India as an
attractive destination for global businesses, the
minister said the rule of law is an “understated
factor” that plays out in the country’s favour, as
does its robust democracy and transparent
systems. “Here you can speak against the
WEEKLY MEDIA UPDATE
Issue 592
06 March 2023
Monday

perspective due to inflationary headwinds
weighing on consumer sentiments.
Millennium Post - 28.02.2023
https://www.millenniumpost.in/business/india-
incs-q3-profit-margin-shrinks-on-high-inflation-
510113
government and the Prime Minister and nobody
picks you up and makes you disappear — none
of that happens here… Businesses are respected
here for what they do,” Sitharaman said,
pledging “more and more facilitation for
businesses to make them feel at ease to do their
work”.
Q3 GDP slows to 4.4%, govt hopes to hit
7% growth for fiscal year
India’s economic activity slowed to 4. 4% in the
December quarter as manufacturing activity was
seen to be sluggish, although the government
remained hopeful of meeting the 7% growth
estimate for the current financial year. The
economy expanded at 6.3% during the second
quarter of the current financial year and 5. 2% in
the December quarter of 2021. The latest numbers
released by the National Statistical Office also
revised upwards the growth estimate for 2021-22
to 9.1%, against 8.7% earlier, which was
attributed as one of the reasons for the
moderation in the third quarter of the current
fiscal year. Apart from the base effect, sectoral
data based on gross value added estimated that
the manufacturing sector shrank 1.1% during the
third quarter, although a little better than the
3.6% contraction estimated for the July
September period. “The major disappointment is
negative growth in manufacturing, which can be
attributed to weak profit and loss accounts of this
sector. The second-quarter results did indicate a
fall in profits due to high input costs,” said Madan
Sabnavis, chief economist at Bank of Baroda.
The Times of India - 01.03.2023
share?article=01_03_2023_001_025_toikc_TOI
As recovery takes roots, Jan core
growth hits 4-month peak of 7.8%
Growth in eight core infrastructure industries
scaled a four-month peak of 7.8% on year in
January, compared with 7% in the previous
month and 4% a year earlier. Barring crude oil,
seven of the eight infrastructure industries
recorded expansion for a second straight month
in January, indicating that a broad-based
industrial recovery is probably taking roots.
With this, the core sector performance
improved for a third straight month through
January, having recovered from a 20-month
trough of 0.7% in October 2022, showed the
official data released on Tuesday. Given that
these core sectors have a combined weight of
40. 3% in the index of industrial production
(IIP), the IIP growth in January will likely
exceed the December level of 4.3%, said
analysts. India Ratings principal economist
Sunil Kumar Sinha expected the core sector to
grow at a high single-digit rate in February and
March. Power generation, Sinha said, has
already witnessed impressive growth of 13.8%
until February 27 from a year before.
Manufacturing companies record lower
sales growth of 10.6% On Year In Q3:
RBI Data
Sales growth (y-o-y) of listed private non-financial
companies moderated to 12.7 per cent in
Q3:2022-23 from 22.6 per cent in the previous
quarter, according to data released by the Reserve
Bank of India (RBI) on Thursday. Manufacturing
companies recorded lower sales growth (y-o-y) of
10.6 per cent in Q3:2022-23 as compared with
20.9 per cent in the previous quarter; the
moderation was broad-based across the
industries, except for cement. Information
technology (IT) companies remained on high
growth trajectory and recorded 19.4 per cent rise
(y-o-y) in sales during the latest quarter. Revenue
growth for non-IT services companies was
Mfg activity growth slows, but still
robust
Activity in the country’s manufacturing sector
grew at its slowest pace in four months in
February but remained robust on the back of
strong expansion in sales and output while input
cost inflation ticked up higher, a survey showed
on Wednesday. The S&P Global India
Manufacturing Purchasing Managers’ Index
(PMI) was at 55.3 in February, little changed
from 55.4 in January. The headline figure was
above its long-run average of 53.7. The 50-
point mark separates expansion from
contraction. The survey is compiled from
responses to questionnaires sent to purchasing
managers in a panel of around 400
manufacturers.

supported by steady performance in trade,
transport and telecommunication sectors. The
Reserve Bank of India (RBI) has released data on
the performance of the private corporate sector
during the third quarter of 2022-23 drawn from
abridged quarterly financial results of 2,779 listed
non-government non-financial companies.
Business Standard - 03.03.2023
https://www.business-
standard.com/article/news-cm/manufacturing-
companies-record-lower-sales-growth-of-10-6-
on-year-in-q3-rbi-data-123030300251_1.html
Amid reports of accommodative demand
conditions and successful marketing
campaigns, manufacturers experienced an
increase in new work intakes. The upturn
stretched the current sequence of growth to 20
months, according to the survey results. The
manufacturing sector has scripted a recovery
after the bruising impact of the Covid-19 but the
pace has remained uneven.
share?article=02_03_2023_013_001_toikc_TO
I
Services activity hits 12-yr high in Feb
India's service activity expanded at its fastest pace
in 12 years in February, led by favourable demand
conditions and new business gains, a private
monthly survey released Friday showed. The
seasonally adjusted S&P Global India Services PMI
Business Activity Index rose to 59. 4 in February
from 57. 2 in January. “The service sector more
than regained the growth momentum lost in
January, posting the sharpest expansion in output
for 12 years as demand resilience and competitive
pricing policies underpinned the joint best upturn
in sales over the same period,” Pollyanna De Lima,
economics associate director at S&P Global Market
Intelligence, said on Friday. For the 19th straight
month, the headline figure was above the neutral
50 threshold. A print above 50 denotes expansion.
Consumer services outperformed the other three
sub-sectors—transport, information,
communication, finance, insurance, real estate
and business services—registering the fastest
increase in new orders. The degree of optimism
recorded in February was the lowest for seven
months and below the historical trend as some
companies doubted demand would remain this
resilient.
GVA growth faster than GDP due to
rising subsidy bill: Analysts
The ballooning subsidy bill of the government
was a factor behind the growth in the gross
domestic product (GDP) falling below the
growth in Gross Value Added (GVA) in the third
quarter, analysts said. Statistics ministry data
revealed GDP growth in the third quarter at 4.4
per cent which was below the GVA growth of 4.6
per cent. “Taxes less subsidies have risen a
subdued 1.4 per cent in the third quarter
making the GDP growth fall below the GVA rise,
which has occurred after a gap of four
quarters,” Aditi Nayar, chief economist, Icra,
said. “The low growth is somewhat surprising,
as indirect taxes such as GST performed quite
well in this quarter. However, the government’s
subsidies did rise in the third quarter, led by
fertiliser subsidies. The government has fixed
total subsidies on food, fertilisers and fuel at Rs
5.22-lakh crore in its revised budget estimate
for 2022-23 against the actual budget estimate
of Rs 4.46-lakh crore in the last fiscal. The
fertilizer subsidy is estimated to increase to Rs
2.25-lakh crore this fiscal from Rs 1.54-lakh
crore in 2021-22.
The Telegraph - 02.03.2023
https://www.telegraphindia.com/business/gva-
growth-faster-than-gdp-due-to-rising-subsidy-
bill-analysts/cid/1919571
Fiscal deficit for Apr-Jan at 68% of
revised estimates, centre on course to
meet target
The Centre's fiscal deficit touched 67.8% of the
revised estimate (RE) in the first ten months of
this fiscal, compared with 58.9% a year before, as
the pace of spending, especially capex, remained
strong, according to the official data released on
Tuesday. In absolute terms, the fiscal deficit hit ₹
11.90 lakh crore until January, against ₹ 9.38 lakh
crore a year earlier. While capex rose 29% until
January this fiscal from a year before, on the back
of sustained government push to spur economic
Retail Inflation for Industrial Workers
Rises to 6.16% in Jan
Retail inflation for industrial workers rose to 6.
16% in January from 5.50% in December,
mainly due to rise in prices of certain food
items. In a statement on Tuesday, the labour
ministry also said that food inflation stood at 5.
69% in January as against 4. 10% in December.
In January 2022, it stood at 6.22%. “Year-on-
Year inflation for the month (of Jan) stood at 6.
16% compared to 5. 50% for December 2022
and 5.84% in January 2022 a year before,” the
labour ministry said. The All-India CPI-IW

growth, revenue spending inched up 10%. The
Centre’s net tax collection rose 9% until January
this fiscal, while non-tax revenues witnessed a
21% contraction. Experts say the government will
still be able to meet the revised fiscal deficit target
of 6.4% of GDP for FY23. Icra chief economist Aditi
Nayar said: “While there may be modest
deviations from the revised estimates for direct
taxes, disinvestment receipts and certain
categories expenditures, we don’t expect the fiscal
deficit to materially exceed the revised target of
Rs 17.6 lakh crore for FY23."
(Consumer Price Index for Industrial Workers)
for January increased by 0.5 points to 132.8
points against December 2022. The maximum
upward pressure in the current index came from
the housing group, which contributed 0. 40
percentage points to the total change. On an
item basis, house rent, wheat, wheat atta, cow
milk, apple, banana, orange, brinjal, lady
finger, kundru, cumin seed/jira, egg hen,
cooked meal, pan finished, zarda, medicine
allopathic and toilet soap, among others,
became costlier.
India’s goods, services exports may
cross $750 b this fiscal: Goyal
India’s goods and services exports are expected to
cross $750 billion this fiscal despite the global
economic uncertainties, commerce and industry
minister Piyush Goyal said on Saturday. In 2021-
22, the country’s goods and services exports
touched an all-time high of $422 billion and $254
billion respectively, taking the total shipments to
$76 billion. “Last year we crossed a record $50
billion of goods and services (exports). This year,
we are aiming for an even bigger record. We have
crossed last year’s figures already. We will
hopefully cross $750 billion (this year),” he said
while speaking at the Raisina Dialogue here. Due
to the global demand slowdown, India’s exports
contracted for the second consecutive month in
January, dipping by 6.6% to $32.91 billion. During
April-January this fiscal, goods shipments rose 8.
5% to $369.25 billion, while services exports were
estimated at $272 billion in the period. The
minister said sectors which would help in
promoting exports include manufactured goods,
agri products, labour intensive items, and high-
quality products. He expressed confidence that by
2030, India’s goods and services exports would
touch $2 trillion.
The Hindu - 05.03.2023
https://www.thehindu.com/business/indias-
goods-services-exports-may-cross-750-bn-this-
fiscal-goyal/article66581003.ece
Atmanirbhar Bharat is not a
protectionist measure: FM Nirmala
Sitharaman
Finance minister Nirmala Sitharaman on
Saturday expressed confidence over India’s
attractiveness as an investment destination
amidst slowing global growth. She also
underlined that Atmanirbhar Bharat is not a
protectionist measure but is aimed at promoting
Indian manufacturing. “Atmanirbhar Bharat
should not be misunderstood as a protectionist
measure. It is protectionist to the extent that if
you have consumer goods, which are final
products and are manufactured in India, I need
to save those units that are producing in India,”
she said, while addressing the Raisina Dialogue
2023. Raw materials and intermediary goods for
manufacturing will continue to be imported.
Noting that toys are the best example of this
initiative, she pointed out that India is today an
exporter of toys from being a huge importer
some years back. This also provides jobs and
takes the ‘Make in India’ brand abroad.
However, toys, including luxury and electronic
toys, can still be imported with an import duty
on it.
The Financial Express - 05.03.2023
https://www.financialexpress.com/economy/at
manirbhar-bharat-is-not-a-protectionist-
measure-fm-nirmala-sitharaman/2999767/
Centre’s CPSE dividend receipts exceed
FY23RE
The Centre’s dividend receipts from Central Public
Sector Enterprises (CPSEs) have exceeded the
revised estimate (RE) of Rs 43,000 crore for the
current financial year. The Centre on Monday
received Rs 3,955 crore in fresh tranches of
dividends from three CPSEs, bringing the total
such receipts in FY23 to ‘43,172 crore.
“Government has respectively received about Rs
EPF rate likely to stay at around 8%
The central board of trustees of the Employees’
Provident Fund Organisation will meet on March
25-26 to decide on the interest rates on
provident fund deposits for 2022-23. While the
income of the retirement fund body of EPFO is
being worked upon to arrive at the interest rate
for the current fiscal year, official sources said
it is likely to hover around 8%. According to an
official, return on EPFO investments this year

2106 crore, Rs 1791 crore and Rs 58 crore from
NTPC, PGCIL, and Engineers India as dividend
tranches,” department of investment and public
asset management (Dipam) secretary Tuhin Kanta
Pandey tweeted. FE had reported on February 23
that the Centre’s dividend receipts will likely cross
Rs 50,000 crore in FY23, thanks to robust pay-
outs by energy, power and commodity firms.
Dividend revenue from the CPSEs in February and
March would be aided by fresh payments by NTPC,
Coal India, Oil and Natural Gas Corporation, NHPC,
Power Grid, Power Finance Corporation and NMDC,
an official said.
https://www.financialexpress.com/economy/cent
res-cpse-dividend-receipts-exceed-
fy23re/2994452/
have been strong while the Covid withdrawals
have come down significantly. With better
returns expected on equity investment, there is
a possibility of either retaining the interest rate
at 8.1% or bringing it a tad lower to 8%, the
official said. “The government is unlikely to go
for any major tweaking in the interest rates as
it heads into key state assembly elections this
year followed by general elections next year,”
another official said. A member of the Finance
Investment and Audit Committee of EPFO
confirmed to ET that the CBT meeting has been
scheduled for the last week of March and the
FIAC could meet a day before to recommend the
interest rates for 2022-23.
Less than 9,000 EPS members opt for
higher pension: EPFO
The Employees’ Provident Fund Organisation
(EPFO) on Saturday said 8,897 beneficiaries of the
Employees’ Pension Scheme (EPS) have applied
online for contributing pension on higher salary
under the EPS-95 scheme since February 27 up to
Saturday. Further, it has received 91,258 online
applications from retired EPS members (prior to
September 1, 2014, and whose options were not
considered at that time). The EPFO closed the
option of online application for such retired EPS
members on March 4. A section of trade unions
had written to the central provident fund
commissioner to look into the matter as certain
necessary requirements on the portal, including a
written approval for higher contribution, were
making it difficult for the beneficiaries to apply for
higher contribution. According to EPFO’s
statement, since the contributions of both the
employee and employer on higher wages are
involved, the EPF and EPS-95 schemes require
joint request when they contribute on higher
salary.
EPFO extends deadline to choose
higher pension till May 3
With a unified portal for subscribers to register
for higher pension still under construction, the
Employees’ Provident Fund Organisation (EPFO)
on Monday extended till May 3 the deadline for
members to sign up for the option under the
Employees’ Pension Scheme (EPS), reports
Swati Mathur. On November 4 last year, the
Supreme Court had set a March 3, 2023
deadline for the government to ensure that
EPFO subscribers who retired before September
1, 2014 and those who were still in service (on
the day and after), and continued to be EPS
members after September 1, 2014, to
contribute up to 8. 33% of their actual basic
salary towards pension contribution. EPFO only
issued a circular explaining the procedure for
opting for higher pension on February 20, and
has still not clarified the method of deposit and
that of computation of pension. The website has
also provisioned for two separate forms — one
to validate the joint options for employees who
had retired before September 1, 2014 and
exercised joint option under para 11(3) of the
EPS Scheme prior to September 1, 2014.
share?article=28_02_2023_021_006_toikc_TO
I
High demand keeps Feb fuel sales on fast
track
Petrol, diesel and jet fuel sales continued to gallop
in February, prompted by the early onset of
summer, farm sector demand, and increased
mobility due to expanding economic activities.
Early trade data shows petrol consumption rising
13%, diesel 12% and jet fuel almost 41% over the
India kept its interest at the top in
importing cheaper fuel: FM Nirmala
Sitharaman
With Russia-Ukraine conflict leading to a spike
in global commodity prices, India chose to
import cheaper fuel from Russia and other
available sources keeping the country’s interest
in mind, Finance Minister Nirmala Sitharaman

same month a year ago. Consumption of LPG,
mostly used by households for cooking,
maintained the usual modest growth of 2.4%. The
growth in consumption was substantially higher
than in the same month of 2021 when the
economy began firing up after the pandemic.
Compared to February 2021, petrol, diesel and jet
fuel sales were way higher by 15.7%, 12.1% and
41.3%, respectively. The growth in diesel sales,
however, appeared modest at 77% compared to
February 2020, when the pandemic was yet to
squeeze demand. Since diesel is a key indicator of
economic activities, this indicates a lingering
pandemic overhang. In contrast, petrol sales show
a sharp uptick at 20% versus February 2020 as
people’s preference for personal vehicles during
the post-pandemic unlock period continues, as
reflected in robust automobile sales.
share?article=02_03_2023_013_002_toikc_TOI
said on Monday. The government also had to
more than double the budget allocation on
fertiliser subsidies to insulate farmers from a
sharp increase in global prices, she said. “We
did not come under any pressure, we made sure
that affordable fuel came to India. So, we took
decisions which put India’s interest on the top,”
Sitharaman said speaking at a Gangtok event,
without naming Russia. Russia’s share in India’s
crude oil import basket rose to a record 28% in
January compared with a mere 0.2% before the
Russian invasion of Ukraine on February 24,
2022. With high commodity prices dampening
India’s growth story and stocking inflation,
India could not afford to abandon Russia, a
cheaper source of fuel. The US and its allies
have imposed tough economic sanctions on
Russia for invading Ukraine.
https://www.financialexpress.com/economy/in
dia-kept-its-interest-at-the-top-in-importing-
cheaper-fuel-fm-nirmala-sitharaman/2994498/
Fuel retail turns profitable for oil
marketing companies
Fuel retail has turned profitable again for oil
marketing companies as domestic prices stay
frozen while international rates have softened.
Indian Oil, Hindustan Petroleum and Bharat
Petroleum are estimated to have made an average
margin of ₹1.2 per litre on the retail sale of petrol
and diesel in the current quarter so far compared
to a loss of ₹3 per litre in the October-December
quarter and a loss of ₹8.9 per litre in the April-
December period, according to ICICI Securities. In
the third week of February, the average marketing
margin on petrol and diesel is estimated to be ₹3.4
per litre. Companies are estimated to have made
a loss of ₹1.2 per litre on the sale of diesel in the
current quarter so far. But a profit of ₹6.8 per litre
on petrol has turned the blended margin on the
two fuels positive, according to the brokerage. The
volume of diesel sold in the country is about two-
and-a-half times that of petrol. Domestic rates of
petrol and diesel haven't changed for nearly a year
except to adjust for duty revisions.
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/fuel-retail-turns-profitable-for-oil-
marketing-companies/articleshow/98398883.cms
Indian refiners churn record amounts
of crude in January
Crude oil processed by Indian refiners reached
record levels in January, provisional
government data showed on Wednesday, as the
country boosted shipments of lucrative Russian
barrels that Western countries shunned.
Refinery throughput at 5.39 million barrels per
day (22.80 million tonnes) for January was the
highest since Reuters records going back to
2009. "Indian refiners are churning out refined
products due to strong demand and on
discounted Russian feed stock," said Refinitiv
analyst Ehsan Ul-Haq, adding that refinery
margins are strong as refiners are getting crude
at lower prices and can sell them at higher rates
due to a healthy demand. Data from trade
sources last week showed India's oil imports
from Moscow were the highest on record in
January, as the world's third-biggest oil
importer and consumer emerged as Russia's
key oil client. Overall crude oil imports rose to a
six-month high last month, while the country's
fuel demand is further expected to grow 4.7%
in the next fiscal year beginning on April 1,
initial government estimates showed last week.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/indian-refiners-churn-record-
amounts-of-crude-in-
january/articleshow/98343135.cms
India's Russian oil imports hit record
high in Feb; more than Iraq, Saudi
After ethanol success, policy support
for biogas adoption

India's imports of crude oil from Russia soared to
a record 1.6 million barrels per day in February
and is now higher than combined imports from
traditional suppliers Iraq and Saudi Arabia. Russia
continued to be the single largest supplier of crude
oil, which is converted into petrol and diesel at
refineries, for a fifth straight month by supplying
more than one-third of all oil India imported,
according to energy cargo tracker Vortexa.
Refiners continue to snap up plentiful Russian
cargoes available at a discount to other grades.
From a market share of less than 1 per cent in
India's import basket before the start of the
Russia-Ukraine conflict in February 2022, Russia's
share of India's imports rose to 1.62 million
barrels per day in February, taking a 35 per cent
share. India, the world's third-largest crude
importer after China and the United States, has
been snapping Russian oil that was available at a
discount after some in the West shunned it as a
means of punishing Moscow for its invasion of
Ukraine.
Business Standard - 06.03.2023
https://www.business-
standard.com/article/economy-policy/india-s-
russian-oil-imports-hit-record-high-in-feb-more-
than-iraq-saudi-123030500198_1.html
The government is planning to replicate the
success of ethanol in compressed biogas (CBG)
by offering capital support for biomass
aggregation, laying of gas pipelines, and
mandating natural gas marketers to blend 5%
biogas by 2027, according to people familiar
with the matter. India achieved an ethanol
blending average of 10% in 2021-22 from 1.
5% in 2013-14, riding a raft of policy
interventions that encouraged investments in
new supplies and ensured full offtake. The
ethanol story has emboldened the government
to plan a similar policy push for a wider adoption
of CBG. The oil ministry is preparing a cabinet
proposal aimed at enhancing the supply of
biogas, its assured offtake and easy evacuation
to the customers, one of the people said. The
proposed scheme will provide capital support
for biomass aggregation, manure handling and
laying of the pipeline used for evacuating
biogas. To ensure that all the biogas produced
by CBG plants is sold, the government will
mandate city gas distributors to sell biogas
equal to at least 5% of the total volumes they
market.
Cargo traffic at major ports rises 12 pc in
February: IPA
Cargo traffic at the country's major ports
increased 11.79 per cent to 65.45 million tonnes
in February from 58.55 million tonnes in the same
month a year ago, according to Indian Ports
Association (IPA). The positive growth in cargo
traffic was recorded by all major ports except
Visakhapatnam, Kamarajar and Chennai Ports, it
said. India has 12 major ports -- Deendayal
(Kandla), Mumbai, Mormugao, New Mangalore,
Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V
O Chidambaranar), Visakhapatnam, Paradip and
Kolkata (including Haldia) and Jawaharlal Nehru
Port. Deendayal Port registered the highest cargo
growth at 26.98 per cent during the month under
review followed by V O Chidambaranar Port with
26.04 per cent and Paradip Port with 23.63 per
cent, respectively. The JNPA and Mumbai Port saw
their cargo traffic rising 18.21 per cent and 11.85
per cent annually, respectively, in February 2023,
among others. Chennai Port's overall cargo traffic
declined by 12.65 per cent while Visakhapatnam
Port saw a 5.62 per cent drop in cargo traffic
during the previous month comated to a year-ago
period, IPA said.
https://economictimes.indiatimes.com/industry/t
ransportation/shipping-/-transport/cargo-traffic-
at-major-ports-rises-12-pc-in-february-
ipa/articleshow/98394860.cms
Strong demand to keep airfares high
With passenger traffic almost hitting the pre-
pandemic level in the first two months of the
year, coupled with a constrained capacity,
airlines have warned that the surge in air fares
witnessed now will be the new normal as
demand continues to outstrip supply. Airfares
during January and February this year were
about 25-40% higher than the same months
during the pandemic-hit 2020, according to
ticket booking agencies. Certain popular routes
are reporting an even steeper jump. Despite the
increase in fares though, there has been no
negative impact on passenger traffic. While the
deficit between domestic passengers flown by
the end of 2022 (123.3 million) against the pre-
pandemic year of 2019 (144.1 million) stood at
14.4%, the deficit reduced to under 3% during
January and February this year (24.4 million) as
against the same two months in 2020 (25.15
million), according to data supplied by the
ministry of civil aviation.
https://www.financialexpress.com/industry/str
ong-demand-to-keep-airfares-high/2999201/

ONGC gets Director for Production as
board revamp kicks in
India's top oil and gas producer ONGC now has a
director for production after two directorships
were merged as part of a larger board revamp
aimed at breathing fresh life into the state-owned
behemoth. The post of Director (Production) has
been created after merging Director (Onshore),
who is in charge of all oil and gas fields located on
land, and Director (Offshore) who looks after all
offshore assets such as the prime Mumbai High
fields. Pankaj Kumar, Director (Offshore), will be
the first Director (Production), Oil and Natural Gas
Corporation (ONGC) said in a stock exchange
filing. Aiding the merger of the two posts was the
retirement of Director (Onshore) Anurag Sharma
on February 28.
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/ongc-gets-director-for-production-
as-board-revamp-kicks-
in/articleshow/98335313.cms
Shailesh Pathak appointed Ficci
secretary general
Industry chamber Federation of Indian
Chambers of Commerce and Industry (Ficci) on
Monday announced the appointment of former
bureaucrat Shailesh Pathak as its secretary
general from 1 March. The industry body said
that in a career spanning 37 years, Pathak has
worked with the government as an IAS officer
as well as helmed large companies in the private
sector. Pathak has an MBA degree from IIM
Calcutta in 1986 after graduation. He has
completed an LLB and a Diploma in Ornithology.
He has scaled a 6831 metre peak in the
Himalayas and has trekked extensively, Ficci
said in a statement. “I am privileged to join the
FICCI family. With its 95-year history, FICCI as
‘Industry’s Voice for Policy Change’ will see an
even brighter decade ahead. India is going to
become a much bigger economy, and Indian
business and industry would play a major role
in this growth," the statement quoted Shailesh
Pathak as saying. Ficci also announced that
Arun Chawla, director general, will
superannuate on June 30, 2023 and transition
to an advisory role.
Mint - 28.02.2023
https://www.livemint.com/news/india/shailesh
-pathak-appointed-ficci-secretary-general-
11677487854388.html
Sanjay Choudhuri joins Assam based
Numaligarh Refinery as Director
(Finance)
Sanjay Choudhuri joined Assam-based
Numaligarh Refinery Limited (NRL) as Director
(Finance) on March 1. Prior to joining the NRL
Board, he was working with Oil India Limited (OIL)
as Executive Director (Finance & Accounts) and
holding additional charge of Executive Director
(Corporate Affairs). Choudhuri is a finance
professional with wide-ranging domain experience
of over 30 years in the Oil and Gas Industry having
headed the finance function in upstream
operations, pipeline business, and green field
exploration projects in India and overseas. He also
has experience of heading corporate finance,
budgeting, taxation, management accounts, and
financial reporting. He participated in the
consultative process for preparing the guidance
note for the industry on accounting for Oil and Gas
producing activities. He spearheaded the
implementation of Ind AS in OIL and initiated an
online Internal Financial Control (IFC) system in
the company, which was one of the first in the
industry.
SK Choudhary takes over as Executive
Dir & State Head of Indian Oil Bihar
and Jharkhand
Sanjeev Kumar Choudhary has taken charge as
Executive Director and State Head, Bihar State
Office, IndianOil, the nation's largest oil firm
said. He would be spearheading the marketing
activities of the states of Bihar and Jharkhand.
Choudhary succeeds Vibhash Kumar who
recently superannuated from the services of the
corporation. The company in a statement on
Tuesday said that during his time at Head
Office, Mumbai, he was instrumental in driving
the automation and implementing end-to-end
automation for fuel delivery at more than
25,000 retail outlets in the country. He has a
substantial role in steering the new Retail Visual
Identity Design of IndianOil which makes the
look and feel of IndianOil Retail Outlets stand
apart from the other oil sector retail outlets, it
said. With a strong technical background
Choudhary has acted as a catalyst and
facilitator to analyse complex processes and
develop innovative solutions to challenges, it
added.

https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/sanjay-choudhuri-joins-assam-
based-numaligarh-refinery-as-director-
finance/98403244
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/sk-choudhary-takes-over-as-
executive-dir-state-head-of-indian-oil-bihar-
jkhand/98333214
Samir Swarup assumes charge as Director (HR) of NLC Indian Limited
Samir Swarup assumed charge as Director (Human Resources), NLC India Limited, on 27th February
2023. Swarup, prior to joining NLC India Limited, was serving as Executive Director (P&A) at the
Corporate Office of Steel Authority of India Limited (SAIL). He was responsible for the entire Personnel
and Administration stream and has harmoniously handled the complexities of the various Human
Resource functions. He is a Post Graduate in Political Science and also has an MBA in Human Resource
Management. Swarup started his career in the year 1991, at SAIL. During his professional journey of
more than three decades, he has made significant contributions in all the domain areas of Human
Resources ranging from Recruitment, Industrial Relations, Organization Development, Shop Floor HR
and CSR. Apart from Corporate Office, he has served at various units of SAIL, namely, Alloy Steels
Plant at Durgapur, Bokaro Steel Plant at Bokaro and Central Marketing Organization of SAIL at Kolkata.
He has also served in the Vigilance Branch of SAIL.
Sarkaritel.com - 01.03.2023
https://www.sarkaritel.com/samir-swarup-assumes-charge-as-director-hr-of-nlc-india-limited/

Weekly Media Update_06_03_2023.pdf

More Related Content

Similar to Weekly Media Update_06_03_2023.pdf

More from BalmerLawrie

Recently uploaded

Weekly Media Update_06_03_2023.pdf