Karnataka polls: over Rs 125 cr worth of cash, liquor seized

New Delhi, June 21: Diesel prices rise to record high after 60 paise hike in rates, petrol up 35 paise; rates up by Rs 8.88 and Rs 7.97 in 15 days.

Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies. 

In Bengaluru, petrol will be costlier by 37 paise at Rs 81.81 per litre, while diesel will cost 57 paise more per litre at Rs 74.43.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to a new high. The petrol price too is at a two-year high.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT. 

Petrol in Mumbai costs Rs 86.04 per litre and diesel is priced at Rs 76.69.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 15 days of hike, petrol price has gone up by Rs 7.97 per litre and diesel by Rs 8.88 a litre.

New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31. 

New Delhi, Jan 30: Tension spiralled in Jamia Nagar on Thursday after a man fired a pistol at a group of anti-CAA protesters, injuring a Jamia Millia Islamia student before walking away while waving the firearm above his head and shouting "Yeh lo aazadi" amid heavy police presence in the area.

Massive protests erupted in the area after the incident with hundreds of agitated people gathering near the university, breaking barricades and clashing with police personnel.

The man, who identified himself as "Rambhakt Gopal", was subsequently overpowered by police and detained. He was taken into custody and was being interrogated, police said.

The entire drama, which triggered panic in the area, was captured by television cameras that showed the man in light coloured pants and a dark jacket, walking away on an empty road barricaded by police, turning around and shouting at the protesters in Hindi, "Here, take this freedom."

The gunman went live on Facebook before the brandishing the gun. Police said they were verifying whether it is his real name.

Before the attack, the man also put out messages on Facebook stating "Shaheen Bhag Khel Khatam" (Run Shaheen, the game is over). Another message stated, "Please wrap me in saffron in my last journey with slogans of Jai Shri Ram". His Facebook profile was deleted after screenshots of his posts were circulated widely on social media platforms.

Several students recapped how their peaceful march on Gandhi's death anniversary became violent.

"We were moving towards the Holy Family Hospital where the police had raised barricades. Suddenly, a gun-wielding man came out and opened fire. One bullet hit my friend's hand," Aamna Asif, a student of economics at the university, told PTI.

She said her friend, Shadab Farooq, a mass communication student, was trying to calm the attacker but he shot at him injuring his left hand.

Farooq, who belongs to Kashmir, was taken to the AIIMS Trauma Centre.

Ragibh Naushad, an LLB student at the university, said, "The Jamia Coordination Committee organised a march to pay homage to Gandhi ji on his death anniversary. It started at 12 noon from Gate number 7, but police denied the permission and stopped the march near the Holy Family hospital.

"A man named Gopal, came there and started brandishing a weapon and later shot a round. He was also chanting pro-CAA slogans."

The incident led to panic in the area.

Khalid Hassan, a JMI alumnus, said initially many were not sure whether it was a gunshot or a tyre burst.

There was heavy police and media presence when the incident took place.

The students were heading from Jamia to Mahatma Gandhi's memorial Rajghat. The march was stopped at the Holy Family Hospital near the university.

Chinmoy Biswal, DCP (southeast), said the students wanted to take out a march from Jamia to Rajghat but were denied permission.

"They were being repeatedly told that the protest should be carried out peacefully. We had barricaded the road just before the Holy Family hospital. Meanwhile, a person was seen in the crowd who waved something which appeared to be a weapon."

"We have detained him and are interrogating him. One person has also been injured," Biswal said.