Fuel price reforms to continue: Moily

December 14, 2013

MoilyNew Delhi, Dec 14: Oil minister M Veerappa Moily on Friday allayed fears of an oil shock by way of hefty increase in diesel and cooking gas prices but said fuel pricing and other reforms in the oil sector would continue irrespective of the Congress's drubbing in the recent assembly polls.

A panel, under former Planning Commission member Kirit Parikh, has suggested raising prices of diesel by Rs 5 a litre and cooking gas by Rs 250 per cylinder and lower the annual cap on subsidized refills to six from nine as measures to cut fuel subsidy.

"Economically that is the right decision but how practical is it, how we can apply (it), which is something we have to take a view on. If the country has to go forward, reform is a must. But, the question is whether we can implement what has been recommended because we have to balance between the consumer (interest) and government revenue. A balanced view will be taken on the report," Moily said.

Moily said the 50 paise a litre hike would continue irrespective of the drubbing that Congress faced in the assembly elections. "Election results will not drive the UPA government or Congress to panic. Congress or UPA will not act in panic. These decisions have been taken in national interest and we will continue to act in best interest of the country and its people."

Without the phased adjustment in rates being effected, the country would not have money to buy raw material (crude oil) and there would be shortages of fuel across the country, he said.

Present pump price of diesel is Rs 9 less than production cost. It would take more that one-and-a-half years to wipe out this gap under the present policy of raising the price by 50 paise a litre every month. The gap has varied from Rs 14.5 per litre in mid-September to as low as Rs 3.5 in May.

The total under-recoveries, or revenue loss, on diesel and cooking fuel (LPG and kerosene) could be around Rs 147,500 crore, which could lead to the government exceeding the budgeted Rs 65,000 crore for total fuel subsidy burden for 2013-14.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 24,2020

Ahmedabad, Mar 24: The Gujarat police has detained 426 people in the last 24 hours for violating lockdown rules in force in the state to combat the novel coronavirus outbreak, a senior official said on Tuesday.

They include those who came out despite being advised home quarantine, state Director General of Police Shivanand Jha said.

"The lockdown met with around 90 per cent success. We are taking strict measures to implement the lockdown in the remaining 10-15 per cent areas. We have lodged 238 cases related to the violation of police notification and 127 cases related to quarantine rule violation. In all, we have detained 426 persons across the state," Jha told reporters in Gandhinagar.

"For better implementation of the lockdown and to address issues concerning people, we have set up a dedicated 24-hour control room and appointed two additional DGP rank officers to supervise operations. Three teams under them would work to resolve issues across the state," said Jha.

He said police commissioners and districts SPs have been asked to enforce the lockdown in an effective manner.

Essential services like vegetable and milk shops are allowed to remain open, he said, and asked people not to flock in large numbers to such shops.

The state has so far reported 33 COVID-19 cases, and one person has died of the infection.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 9,2020

New Delhi, May 9: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks'' funds, it said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 14,2020

New Delhi, May 14: India may witness the death of additional 1.2-6 lakh children over the next one year from preventable causes as a consequence to the disruption in regular health services due to the COVID-19 pandemic, UNICEF has warned.

The warning comes from a new study that brackets India with nine other nations from Asia and Africa that could potentially have the largest number of additional child deaths as a consequence to the pandemic.

These potential child deaths will be in addition to the 2.5 million children who already die before their fifth birthday every six months in the 118 countries included in the study.

The estimate is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health published in the Lancet.  

This means the global mortality rate of children dying before their fifth birthday, one of the key progress indicators in all of the global development, could potentially increase for the first time since 1960 when the data was first collected.

There were 1.04 million under-5 deaths in India in 2017, of which nearly 50% (0.57 million) were neonatal deaths. The highest number of under-5 deaths was in Uttar Pradesh (312,800 which included 165,800 neonatal deaths) and Bihar (141,500 which included 75,300 neonatal deaths).

The researchers looked at three scenarios, factoring in parameters like reduction in workforce, supplies and access to healthcare for services like family planning, antenatal care, childbirth care, postnatal care, vaccination and preventive care for early childhood. The effects are modelled for a period of three months, six months and 12 months.  

In scenario-1 marked by 10-18% reduction of coverage of all the services, the number of additional children deaths could be in the range of 30,000 plus over three months, more than 60,000 over six months and above 120,000 over the next 12 months.

Coronavirus India update: State-wise total number of confirmed cases, deaths on May 13

The numbers sharply rose to nearly 55,000; 109,000 and 219,000 respectively for scenario-2, which was associated with an 18-28% drop in all the regular services.

But in the worst-case scenario in which 40-50% of the services are not available, the number of additional deaths ballooned to 1.5 lakhs in the three months in the short-range to nearly six lakhs over a year.

The ten countries that could potentially have the largest number of additional child deaths are Bangladesh, Brazil, Congo, Ethiopia, India, Indonesia, Nigeria, Pakistan, Uganda and Tanzania.

In countries with already weak health systems, COVID-19 is causing disruptions in medical supply chains and straining financial and human resources.

Visits to health care centres are declining due to lockdowns, curfews and transport disruptions, and due to the fear of infection among the communities. Such disruptions could result in potentially devastating increases in maternal and child deaths, the UN agency warned.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.