This document provides a summary of 3 news articles: 1. RBI MPC member Ashima Goyal says that RBI's repeated interest rate hikes will help contain inflation, which is projected to fall below 6% next year. International commodity prices and supply bottlenecks are also softening. 2. EPFO added 16.94 lakh new members in August 2022, up 14.4% year-over-year. Approximately 9.87 lakh new members joined EPFO for the first time, with 58.32% in the 18-25 age group. 3. Oil PSUs spent 43% of their annual planned capex in the first half of the current

1. (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.)
Inflation to fall below 6% next year amid
RBI rate hikes: Ashima Goyal
RBI Monetary Policy Committee (MPC) member
Ashima Goyal on Wednesday said that the efforts
of the Reserve Bank to contain price rise by
repeatedly increasing interest rates will help in
containing inflation, which is likely to fall below 6
per cent next year. Goyal further said that the
policy rate hikes have largely reversed pandemic-
time cuts, but the real rate remains low enough
not to hurt the growth recovery. "With a lag of
two-three quarters, higher real rates will reduce
demand in the economy. "International
commodity prices are softening with the global
slowdown and supply chain bottlenecks have
reduced," she told PTI in a telephonic interview. In
order to control rising inflation, the RBI on
September 30, raised the short-term lending rate
for the third consecutive time by 50 bps to take
the repo rate to 5.9 per cent. Since May it has
cumulatively increased the key interest rate by
190 basis points.
Business Standard - 21.10.2022
https://www.business-
standard.com/article/economy-policy/inflation-to-
fall-below-6-next-year-amid-rbi-rate-hikes-
ashima-goyal-122101900894_1.html
EPFO adds 16.94 lakh members in
August, 14.4% yoy
The employees‘ provident fund organisation
(EPFO) has added net 16.94 lakh members in
August, up 14.4% year-on-year. Out of the total
additions, around 9.87 lakh new members have
come under the social security cover of EPFO for
the first time, said the Ministry of Labour and
Employment. The newly added members data
shows that nearly 58.32% are in the age-group
of 18-25 years of age. Gender-wise analysis of
payroll data demonstrates that enrolment of net
female individuals has been 3.63 lakh in August
2022. Year-on-year examination of enrolment
information shows that new participation of
females in coordinated labour force has
expanded by 22.60% in August 2022 comparing
with the new female enrolment during last year
in August 2021. During the month of August,
the states of Maharashtra, Karnataka, Tamil
Nadu, Haryana, Gujarat and Delhi continue to
contribute highest number of new members.
Mint - 21.10.2022
https://www.livemint.com/news/india/epfo-
adds-16-94-lakh-members-in-august-
11666270059836.html
Close to 10L join EPFO for 1st time, 58%
in 18-25 age group
The Employees Provident Fund Organisation
recorded net additions of 16. 9 lakh subscribers in
August this year, a jump of 14. 4% than in the
same month a year ago, according to official
numbers. Around 9. 9 lakhs of them came within
the EPFO for the first time. Among the new
entrants, around 5. 7 lakh or 58. 3% were in the
18-25 age bracket, the highest addition in this
segment during the current financial year, the
numbers showed. High growth in this category
was also observed in July this year, when of the
18. 2 lakh net additions to EPFO, around 10. 6
lakhs came under this cover for the first time, of
which 57. 7% additions were in the 18-25 age
group. PM Narendra Modi, at the launch of the
‘Rozgar Mela’ here on Saturday, cited the EPFO
data to highlight that the government’s
employment policies have been beneficial and are
Govt must set moderate divestment
targets, says DIPAM Secretary
The Indian government should focus on
privatisation of state-run companies instead of
chasing high divestment targets, a top finance
ministry official said on Tuesday, pointing to
market volatility and investors' shaky appetite
for risk. Last fiscal year, the government raised
just over Rs 13,500 crore ($1.6 billion) from the
sale of stakes in state-owned firms, a fraction
of its target of Rs 1.75 trillion and missing its
divestment goal for a third straight year. "We
should actually have moderate targets and
more focus should be on privatising," Tuhin
Kanta Pandey, secretary in the Department of
Investment and Public Asset Management, told
Reuters in an interview. The Indian government
has set a Rs 65,000 crore ($7.89 billion)
divestment and privatisation target for
2022/23, out of which it raised 245.44 billion
WEEKLY MEDIA UPDATE
Issue 573
25 October 2022
Tuesday

2. resulting in more people joining the formal sector.
The labour ministry said this increase was
significant as it signalled “a crucial stage for an
individual's potential in terms of earning capacity
and joining organised workforce in large numbers
following their education”.
The Times of India - 23.10.2022
https://epaper.timesgroup.com/article-
share?article=23_10_2022_008_007_toikc_TOI
rupees in the first seven months of the fiscal
year.
Business Standard - 18.10.2022
https://www.business-
standard.com/article/economy-policy/govt-
must-set-moderate-divestment-targets-says-
dipam-secretary-122101801118_1.html
India will look at EU proposal to put price
cap on Russian Oil: Puri
India will “look at” the European Union (EU)
proposal to put a price cap on Russian oil,
petroleum minister Hardeep Singh Puri said. The
EU, US and a few other countries are working on
a proposal to restrict Russian revenue by placing
a limit on the price at which its oil can be traded.
The proposal is expected to be implemented by
early December after which Russian oil traded
above the price cap could lose access to shippers
and insurers based in the EU. “We will have to look
at (the proposal),” Puri said. The purchase of
Russian crude was a “commercial, operational”
decision made by refiners, he added. Russia has
said it will stop selling crude to countries that
impose a price cap. The share of Russian oil in
India’s crude imports has grown to 20% from
around 1% since the outbreak of war in Ukraine.
A top oil ministry official, who didn’t want to be
identified, said India will take a call after seeing
the final draft of the price cap proposal.
The Economic Times - 20.10.2022
https://epaper.timesgroup.com/article-
share?article=20_10_2022_001_011_etkc_ET
Moody’s: Crude price hike will weaken
oil cos if net realisation doesn’t go up
A Rs 220 billion one-time grant to the three oil
marketing companies by the Centre would
cover their losses on sales of domestic LPG if
they still incur losses on the sale of petrol and
diesel, said Moody’s Investors Service on
Monday. Last week, the central government
approved the grant to Indian Oil Corporation
Limited (IOCL), Bharat Petroleum Corporation
Limited (BPCL) and Hindustan Petroleum
Corporation Limited (HPCL) to cover losses on
sales of domestic LPG between June 2020 and
June 2022. According to Moody's, the refiners'
earnings would remain weak for FY23 despite
the grant because of significant losses incurred
by these companies on sale of petrol and diesel
during the first half, for which they have not
received any compensation so far.
The Economic Times - 18.10.2022
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/increase-in-crude-prices-will-
weaken-indian-oil-companies-if-net-
realisation-doesnt-go-up-
moodys/articleshow/94913081.cms
India to pitch for global biofuels alliance
at G20 - oil minister
India plans to pitch for a global alliance on biofuels
among members of the group of 20 major
economies, oil minister Hardeep Singh Puri said on
Wednesday, as the world's third-biggest oil
consumer bids to boost the use of cleaner fuels.
India will take over the presidency of the group,
also called G20, from Indonesia in December. New
Delhi will host a meeting of the member nations in
September next year. "We will utilise our G20
presidency to try and set up an international
biofuels alliance," Puri said at the International
Conference on Biofuels. India's plans to set up a
biofuels alliance mirror International Solar Alliance
launched by New Delhi and Paris in 2015 to bring
clean and affordable solar energy within the reach
of all. "We have enough countries in the world
which are producing biofuels, so if you get the
ecosystem around it, in terms of the standards,
the flexi-fuel engines... I think we are on our way
to setting up an international alliance," he said.
Oil PSUs spent 43% of their annual
capex in first half of the fiscal year
Bharat Petroleum Corp has spent two-thirds of
its capital expenditure target for the ongoing
fiscal year in the first half itself. While the
refiner-retailer was the fastest to spend the
planned capex among state-run oil companies,
Oil & Natural Gas Corp and its overseas arm
were among the slowest. State-run oil
companies together spent ₹48,400 crore in the
first six months of the current fiscal year, or
43% of their combined annual capex target of
₹111,354 crore, according to official data. BPCL,
which controls almost 15% of the nation’s
refining capability and a couple of quarter of
gasoline stations, spent ₹6,700 crore until end-
September in opposition to its goal of ₹10,000
crore for the fiscal year ending March 2023. The
cash has been spent on enhancing its refining
and advertising capabilities, in addition to fuel
infrastructure.
The Economic Times - 24.10.2022

3. Reuters - 21.10.2022
https://www.reuters.com/world/india/india-pitch-
global-biofuels-alliance-g20-oil-minister-2022-
10-19/
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/oil-psus-spent-43-of-their-
annual-capex-in-first-half-of-the-fiscal-
year/articleshow/95055400.cms
World is in its 'first truly global energy
crisis' - IEA's Fatih Birol
Tightening markets for liquefied natural gas (LNG)
worldwide and major oil producers cutting supply
have put the world in the middle of "the first truly
global energy crisis", the head of the International
Energy Agency (IEA) said on Tuesday. Rising
imports of LNG to Europe amid the Ukraine crisis
and a potential rebound in Chinese appetite for the
fuel will tighten the market as only 20 billion cubic
meters of new LNG capacity will come to market
next year, IEA Executive Director Fatih Birol said
during the Singapore International Energy Week.
At the same time the recent decision by the
Organization of the Petroleum Exporting Countries
(OPEC) and its allies, known as OPEC+, to cut 2
million barrels per day (bpd) of output is a "risky"
decision as the IEA sees global oil demand growth
of close to 2 million bpd this year, Birol said.
Soaring global prices across a number of energy
sources, including oil, natural gas and coal, are
hammering consumers at the same time they are
already dealing with rising food and services
inflation.
The Economic Times - 25.10.2022
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/world-is-in-its-first-truly-global-
energy-crisis-ieas-fatih-birol/95077947
Gas price takes a toll on refining
margins
The rise in prices of liquefied natural gas and a
global supply crunch has impacted the gross
refining margins (GRM) of oil marketing
companies, said people in the know of the
developments. Two officials aware of the
developments said this has prompted OMCs, as
the three state-run companies are called, to
move to alternatives like naphtha and diesel in
their crude refinery processes instead LNG. But
refining margins have been impacted despite
the shift because the alternatives too are priced
high under long-term agreements. “We have
had to shift from gas to other alternatives like
diesel, naphtha and even grid power. This has
hit our GRMs," said an official with one of the
OMCs. Another official said several refineries
have more or less stopped using gas in the
refining process. Gas plays a significant role in
the oil refining process, in all three stages—
separation, conversion and treating of oil.
Mint - 21.10.2022
https://www.livemint.com/industry/energy/gas
-price-takes-a-toll-on-refining-margins-
11666286871936.html
Demand for Russian crude rises in India,
China: Reports
Vessel tracking data suggest that the demand for
Russian crude oil seems to be picking up,
especially among India, China, and Turkey,
according to media reports. The three countries
have been Russia’s most reliable buyers of its
crude during its ongoing conflict with Ukraine amid
sanctions threat, reports said. Shipments of crude
oil leaving Russian ports marked for ambiguous
locations, seem to be ending up either in India or
even to China, reports quoting vessel tracking
data said. They further added that in recent
weeks, demand from Turkey for Russian crude has
also gone up. India has consistently sought supply
of discounted Russian oil ever since the Ukraine
conflict broke out in February this year. However,
reports further added that not much time is left for
Russia to export its crude as sanctions by
European Union would set in from December 5,
depriving vessels carrying Russian crude, of
insurance and other benefits.
Sarkaritel.com - 19.10.2022
Barclays sees 'turbulence ahead' for oil
markets, cuts Brent forecast
Barclays has cut its Brent oil price forecasts for
this year and 2023, flagging risks to demand
from COVID-19 flare-ups in China and a broader
global economic slowdown. The oil market was
likely to see "turbulence" given the uncertainty
created by several factors at play at present,
including the Ukraine war, analysts at the bank
said in a note. However, overall, they were still
"constructive" on oil prices given the prevalent
supply risks. The bank cut its 2022 Brent price
forecast by $3 per barrel to $100 per barrel, and
its 2023 outlook, by $5 to $98. The global
benchmark was trading on Friday at around
$91.22 a barrel. "Supply-side support remains
unwavering, driven by a proactive OPEC+ and
underperforming U.S. production. However, the
lack of price response is likely to cut both ways
and we would expect U.S. production to be a lot
more resilient," the analysts said.
The Economic Times - 21.10.2022
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/barclays-sees-turbulence-

4. https://www.sarkaritel.com/demand-for-russian-
crude-rises-in-india-china-reports/
ahead-for-oil-markets-cuts-brent-
forecast/95011659
The world’s oil buyers are being crushed
by a surging dollar
Brent oil has dropped more than 30% from this
year’s high, but you wouldn’t know it if you live in
Paris, Mumbai or Accra. The decline in the global
oil benchmark from nearly $128 a barrel has
dovetailed with a jump in the dollar of about 15%
over the same period. That means fuel prices
remain a significant factor driving up the cost of
living across most of the world. Oil-demand
powerhouses like China, India and the European
Union have all seen smaller real-term declines in
crude prices than benchmarks would suggest. And
for some emerging markets like Sri Lanka, the
impact of a spiralling oil price and collapsing
currency has already shown up in the form of
near-total economic collapse. “A stronger dollar is
a headwind for oil consumer nations whose
currencies are not linked to the greenback,” said
Giovanni Staunovo, commodity analyst at UBS
Group AG. “Over the last 12 months, oil prices
have increased much more in local currency
terms.”
The Economic Times - 23.10.2022
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/trends-the-worlds-oil-buyers-are-
being-crushed-by-a-surging-dollar/95040351
MICE pick up pace with travel back on
track
Global CEO visits, large-scale conferences,
corpoGrate events and industry seminars are
making a comeback, boosting occupancies at
top city hotels, as normal flights to global
money hubs resume after two consecutive
seasons of restricted mobility. Top hospitality
executives said they are seeing a definite uptick
in such events after two years, although more
could be done to tap the country’s MICE
(meetings, incentives, conferences, and
exhibitions) potential. Vineet Mishra, cluster
general manager for Accor and general
manager of Pullman and Novotel hotels in
Delhi’s Aerocity, said it’s not just company
leaders, but delegates from different countries
have also been arriving for different ministerial
events in India. “Some of these events were
probably planned before the second Covid-19
wave and we see a large pent-up demand. They
are happening in medium to large formats,
going up to 1,500 delegates.
The Economic Times - 20.10.2022
https://epaper.timesgroup.com/article-
share?article=20_10_2022_010_014_etkc_ET
Air traffic to recover to pre-Covid level of
340 mln passengers this fiscal; tariff
hikes aiding revenue recovery
Private airport operators are expected to see their
traffic volume recover to the pre-pandemic (fiscal
2020) level this fiscal, spurring a recovery in
revenue, supported by an increase in tariffs. The
revenue recovery is crucial to support rising debt-
servicing requirements as these airports are at the
end of their expansion phase. Between fiscal 2015
and 2020, air traffic had logged a healthy
compound annual growth rate of ~12%, driven by
growing penetration of air travel beyond metro
cities on tailwind from government schemes such
as RCS and UDAN1, the inherent benefit of time
saving in passenger air travel for distances over
500 km, and focus on infrastructure development.
Then the pandemic hit, and air traffic volume
nosedived in fiscal 2021. Fiscal 2022 saw only
partial recovery (at 55% of fiscal 2020 traffic),
given the multiple waves of infection and
restrictions on movement of people. In fiscal
2023, with the pandemic impact seemingly behind
us, air traffic volume is expected to increase to the
fiscal 2020 level of ~340 million passengers.
The Financial Express - 17.10.2022
September domestic air traffic rises
46.5% YoY to 103.55 lakh passengers
India's domestic air traffic rose 46.5 percent
year-on-year to 103.55 lakh passengers in
September against 101.16 lakh passengers in
the previous month, data released by the
Directorate General of Civil Aviation on October
19 shows. During January-September 2022,
domestic airlines carried 874.24 lakh
passengers, up from 531.11 lakh during the
year-ago period, registering an annual growth
of 64.61 percent, the civil aviation regulator
said. The air traffic, however, was still lower
than pre-COVID levels. In September 2019,
domestic airlines flew 115.33 lakh passengers.
The market share of India's largest airline
IndiGo remained unchanged from August at
57.7 percent, with the carrier flying 59.72 lakh
passengers in September. Vistara took the
number two slot, with a share of 9.6 percent,
flying 9.96 lakh passengers during the period.
The airline’s market share saw a slight drop
from 9.7 percent in August.
Moneycontrol.com - 20.10.2022
https://www.moneycontrol.com/news/business
/september-domestic-air-traffic-rises-46-5-
yoy-to-103-55-lakh-passengers-9354591.html

5. https://www.financialexpress.com/industry/air-
traffic-to-recover-to-pre-covid-level-of-340-mln-
passengers-this-fiscal-tariff-hikes-aiding-
revenue-recovery/2717439/
Domestic airlines to operate fewer
flights this winter
Domestic airlines will fly 21,941 flights per week
this winter, 1. 55% less than last year’s 22,287
weekly flights, despite this being touted as the
most profitable quarter since airlines resumed
services after the pandemic lockdown in 2020.
This is primarily because airlines haven’t been able
to increase capacity amid a severe clog in supply
chain, especially with aircraft engine makers like
Pratt and Whitney and CFM International that
supply for the popular narrow body aircraft Airbus
A320 family and Boeing 737 jets failing to keep
pace with demand. As a result of this capacity
shortage coupled with more people travelling,
airfares have hit the roof. Fares on some popular
metro routes are almost 40% higher than a year
ago. “Most people are flying to celebrate the
festivals with their family and friends, resulting in
no or fewer flights available,” Nishant Pitti, CEO
and cofounder of travel portal EaseMyTrip, said.
“Back-to-back lockdowns in earlier years have
increased the urge to travel this year, reflected in
the booking rate which is up by 60-70% over last
year".
The Economic Times - 22.10.2022
https://epaper.timesgroup.com/article-
share?article=22_10_2022_009_011_etkc_ET
Steel prices decline 40% in six months
to Rs 57,000/tonne
Steel prices fell about 40% to Rs 57,000 a tonne
in the domestic market over the past six months
on subdued export orders in the wake of the
15% export levy, according to SteelMint. In
early 2022, the prices of hot rolled coil (HRC)
started showing an upward trend. It had
become a matter of concern for the user
industries as movements in steel prices have a
direct impact on industries like real estate and
housing, infrastructure and construction,
automobile and consumer goods. The steel
prices in the domestic market peaked at Rs
78,800 per tonne in April. After 18% GST levy,
the price was about Rs 93,000 per tonne, the
research firm said. The prices started to fall
from April-end and came down to Rs 60,200 per
tonne towards the end of June, according to
SteelMint data. It continued to fall in July and
August and came down to Rs 57,000 per tonne
by mid-September. SteelMint cited
“government tax on steel products, subdued
overseas demand and high inflation and energy
costs” as the reasons for the fall in steel prices.
All prices are excluding 18% GST.
The Tribune - 21.10.2022
https://www.tribuneindia.com/news/business/
steel-prices-decline-40-in-six-months-to-57-
000-tonne-443319
Steel exports slump in September
Engineering exports fell 10.85 per cent in
September to $8.4 billion because of a fall in
demand from the EU and China and the imposition
of duties on steel. Engineering exports to the EU
registered a 6.3 per cent year-on-year decline in
September to $1.611 billion, while shipments to
China slumped 64.5 per cent to $202.61 million.
Germany, Italy, Belgium and Spain were among
the countries in Europe which registered a decline
in imports. “This decline can be majorly explained
by the falling steel exports — in September alone
exports of iron and steel came down more than 60
per cent and in cumulative terms, the drop was
more than 30 per cent,” EEPC India chairman Arun
Kumar Garodia said. He said this decline had been
a direct result of the 15 per cent export duty on
iron and steel products applicable since May 21,
2022. Excluding steel, engineering exports
recorded 4.94 per cent growth in September and
12.37 per cent growth during April-September
2022-23.
Rajan Kanwar assumes charge as
Director (Technical) of NFL
Rajan Kanwar on Friday took over the charge of
Director (Technical) of National Fertilizers
Limited (NFL). Prior to this, he was serving as
Chief General Manager in the company at the
Corporate Office, Noida. Kanwar is associated
with NFL for more than 33 years and has an
extensive experience in Project Management,
Operations and Maintenance of fertilizer plants.
With a degree in chemical engineering from
Punjab University, Chandigarh, Kanwar also
holds Master's in Business Administration (MBA)
degree with specialization in operations.
Kanwar also served as Unit Head of NFL's
Vijaipur Unit.
Millennium Post - 22.10.2022
http://www.millenniumpost.in/business/rajan-
kanwar-assumes-charge-as-director-technical-
of-nfl-496662

6. The Telegraph - 25.10.2022
https://www.telegraphindia.com/business/steel-
exports-slump-in-september/cid/1894027
Ms. Shelly Verma assumed additional
charge of CMD, IRFC
Ms. Shelly Verma, the Director of Finance, IRFC
has assumed the additional charge of Chairman
and Managing Director of a wholly owned
subsidiary of the Indian Railways, and a Schedule
‘A’/Miniratna Public Sector Enterprise IRFC (Indian
Railway Finance Corporation) on October 15,
2022, in addition to her existing post. Ms. Verma
has assumed the charge for a period of three
months or until further orders, whichever is
earlier. According to the Railway Ministry order, it
has been decided that Shri Amitabh Banerjee may
be divested of the charge of the post of CMD, IRFC
with immediate effect until further orders.
PSU Connect - 20.10.2022
https://www.psuconnect.in/news/shelly-verma-
assumed-additional-charge-of-cmd-irfc/34845
PESB Selects Pankaj Pandey for
Director (Technical), MECL
Public enterprises selection board (PESB) on
October 22, 2022, selected Pankaj Pandey as
the Director (Technical) of Mineral Exploration
Corporation Limited (MECL). Currently, He is
serving as, Chief Manager, at Central Mine
Planning & Design Institute Ltd (CMPDIL). PESB
in the selection meeting interviewed five others
apart from him including Dr. Abhijeet
Mukherjee, Deputy General Manager, NMDC
Limited, Purusottam, Mohanta, General
Manager, National Aluminium Company
Limited, Dhananjay Kumar, Senior General
Manager-LIGNITE MINES /Head of Mining
Division, GHCL LTD.
PSU Connect - 22.10.2022
https://www.psuconnect.in/news/pesb-selects-
pankaj-pandey-for-director-technical-
mecl/34882