Energy security, infra investments top on agenda during PM Modi’s UAE visit

Agencies
February 8, 2018

Dubai, Feb 8: Prime Minister Narendra Modi has said that India's energy security and infrastructural investments from the UAE will be the key topics of his discussions with the Gulf nation's top leadership this week.

In an interview to Gulf News' XPRESS ahead of his two-day visit to the United Arab Emirates from Saturday, Modi said that he will meet Shaikh Mohammad Bin Rashid Al Maktoum, vice-president and Prime Minister of the UAE and Ruler of Dubai Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

Modi said energy security and infrastructural investments in India will be the key topics that he will discuss with the UAE's leadership.

The investment from UAE to India exceeds USD 11 billion.

A number of initiatives taken during his earlier visit to the UAE in August 2015 and during the visit of Shaikh Mohammad Bin Zayed last year when he was the Chief Guest at India's Republic Day celebrations have come to fruition, he said.

"It is a matter of even greater happiness that new Government-to-Government and business-to-business initiatives promise to add even more strength and depth to the bilateral cooperation in various areas of economic activity," Modi said.

The prime minister noted that the UAE was home to over three million people of Indian origin. "The Indian community has acted as a bridge between the two countries and I hope my visit will further strengthen these ties," he said.

When asked whether he has had a holiday, Modi told the paper: "I have not been on a holiday either as Chief Minister or now as Prime Minister. However, my work does require me to travel across India and interact with people, learn about their joys, sorrows and aspirations. This is refreshing and rejuvenating for me."

On a question about his sleep habits and daily routine, the 67-year-old prime minister said, "My sleep cycle varies from four to six hours, depending on the workload. But I get a sound sleep every night. In fact, I fall asleep minutes after hitting the bed.

"I do not take any worry with me and wake up fresh every morning and welcome the new day in my life," he said.

Modi said his day begins with yoga.

"It refreshes me and keeps me agile through the day," he said, adding that he scans the newspapers, checks e-mails and makes a round of phone calls.

"I also spend time reading some comments and feedback shared by citizens on the 'Narendra Modi Mobile App' which he said was "a wonderful way to remain connected with people across India."

"Before hitting the bed, I read the documents sent to me during the day. I also prepare for the next day meetings and engagements," he said.

Asked about his favourite dish, Modi said, "I am not much of a foodie. I enjoy a simple vegetarian meal every day."

On his favourite day of the week, he said, "Today is my favourite day of the week! I believe in a simple tenet - make the most of today, live life to the fullest. Today is the only day on our hands to work hard and make things happen."

 He said he was a firm believer in the power of technology as it empowers people.

When asked the one person who inspires him the most, the prime minister replied that several people inspired him and listed Swami Vivekananda, Mahatma Gandhi, Sardar Vallabhbhai Patel, Bhagat Singh, Dr. Babasaheb Ambedkar as well as Benjamin Franklin, one of the founding fathers of the United States.

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News Network
June 23,2020

New Delhi, Jun 23: In an unexpected development, the pump price of diesel is all set to surpass the petrol price in the capital, making it the most expensive transport fuel for the first time in a long time.

Globally, diesel is priced slightly above petrol prices due to the very nature of the product that has a higher cost of production. But in India, due to the lopsided taxation structure, diesel attracts lesser of the tax between the two auto fuels keeping its prices lower than petrol for last several years.

Diesel is currently priced at Rs 79.40 a litre in the Capital, just 36 paise short of petrol price that is being retailed at Rs 79.76 a litre. Going by the trend of price movement in the two products for the last few days where diesel prices have consistently increased by 50-60 paise per litre while the daily increase in petrol prices have fallen to just 20 paise on Tuesday, it is set to surpass petrol prices in next few days.

"Diesel price movement is sharper in international market and if oil companies follow the global price trend, diesel prices will surpass that of petrol later this week. It will be after many years that this would happen and is expected to sustain for some time unless government changes the tax structure of the petroleum products again," said an oil sector expert from one of the big four audit and advisory firms asking not to be named.

Interestingly, even in India the base price of diesel is expensive than petrol. According to the Indian Oil Corporation (IOC), while the base price of petrol in Delhi currently comes to Rs 22.11 per litre, the same for diesel is higher at Rs 22.93 per litre (effective from June 16, 2020). This has been the case for a long time, but retail price of petrol can be higher than diesel due to central and state taxes.

What has now brought diesel prices to a whisker of petrol prices in the capital is the Delhi government's decision early May to increase the Value Added Tax on diesel from 16.75 per cent to 30 per cent and on petrol from 27 per cent to 30 per cent. This increased the retail price of diesel and petrol in Delhi by Rs 7.10 and Rs 1.67 a litre respectively. With Central taxes on the two products already reaching identical levels, the Delhi governments move hastened price parity between petrol and diesel.

Currently, the Central excise on petrol is Rs 32.98 a litre while that on diesel it is Rs 31.83 a litre. The VAT on petrol in Delhi is Rs 17.71 a litre and that on diesel is Rs 17.60 a litre.

While the movement of retail pricing is being seen with a sigh of relief by vehicle owners whose cars run on petrol, those buying the relatively expensive diesel cars are now repenting on their decision. The development is also being seen with caution by automobile companies who have spent millions to ramp up their facilities for diesel run vehicles. The expectation is that demand for such cars will now fall, causing more damage to companies where sales are already impacted due to persistent economic slowdown and now the spread of COVID-19 pandemic.

"The pricing development would push automobile companies to strategies being followed by companies in the western markets where diesel run cars are not sold on fuel pricing differential, but on overall make and quality that puts them ahead of petrol run cars," the expert quoted earlier.

Yes, but for commercial vehicle sector the rising price of diesel had not been welcomed. In fact, the commercial transport sector had time an again threatened strike against the move to raise fuel prices.

With petrol and diesel retail prices closing, the case for adultering fuel has also gone down much to the relief of vehicle owners.

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News Network
June 12,2020

Jun 12: The global number of COVID-19 cases has increased to over 7.5 million, while the death toll was nearing 421,000, according to the Johns Hopkins University.

As of Friday morning, the overall number of cases stood at 7,500,777, while the deaths increased to 420,993, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US continues with the world's highest number of confirmed cases and deaths at 2,022,488 and 113,803, respectively, according to the CSSE.

In terms of cases, Brazil comes in the second place with 802,828 infections.

This was followed by Russia (501,800), the UK (292,860), India (286,605), Spain (242,707), Italy (236,142), Peru (214,788), France (192,493), Germany (186,691), Iran (180,156), Turkey (174,023), Chile (154,092), Mexico (133,974), Pakistan (125,933) and Saudi Arabia (116,021), the CSSE figures showed.

Regarding fatalities, the UK continues in the second position after the US with 41,364 COVID-19 deaths, which also accounts for the highest number of fatalities in Europe.

The other countries with over 10,000 deaths are Brazil (40,919), Italy (34,167), France (29,349), Spain (27,136) and Mexico (15,944).

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News Network
February 10,2020

New Delhi, Feb 10: Former Jammu and Kashmir chief minister Omar Abdullah's sister on Monday moved the Supreme Court to challenge his detention under the Public Safety Act.

Senior advocate Kapil Sibal, appearing for the petitioner, mentioned the matter for urgent listing before a bench headed by Justice N V Ramana.

Sibal told the bench that they have filed a habeas corpus petition challenging the detention of Abdullah under the PSA and the matter should be heard this week.

The bench agreed for urgent listing of the matter.

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