Modi in Thimphu: Honoured to have a friend like Bhutan

Agencies
August 18, 2019

Aug 18: India’s ‘Neighbourhood First’ policy was evident on Saturday with Prime Minister Narendra Modi and his Bhutanese counterpart Lotay Tshering holding wide-ranging talks in Thimphu to further energise ties and Modi declaring that India was honoured to have a friend like Bhutan. The two countries signed 10 MoUs after the talks in the field of space research, aviation, IT, power and education.

The two leaders jointly inaugurated the ground earth station and Satcom network, developed with assistance from Isro for utilisation of South Asia Satellite in Bhutan. “We had a comprehensive meeting, where we deliberated on the relations between India and Bhutan. There is great scope to further improve economic and cultural ties,” Modi said.

On ties with India, Bhutanese PM Tshering said, “India and Bhutan may vary in size but our beliefs, values and motivation are common. Today, I am overwhelmed with the sense pride that the two countries are living the definition of true friendship. This is the truth. This is the way forward.”

Modi also launched RuPay Card in Bhutan by making a purchase at Simtokha Dzong, built in 1629 by Shabdrung Namgyal, which functions as a monastic and administrative centre and is one of the oldest dzongs (fortified building).

“I am very happy that today we have launched RuPay card in Bhutan. This will further enhance our relationship in digital payments, and trade and tourism. Our shared spiritual heritage and strong people-to-people relationship are key of our relations,” said Modi, who is on his first visit since his re-election in May. He also inaugurated the 740 MW Mangdechhu hydroelectric power plant and launched stamps to commemorate five decades of India-Bhutan hydropower cooperation.

“I am very happy to come to Bhutan at the beginning of my second term,” Modi said in a joint press statement after delegation-level talks with his Bhutanese counterpart Lotay Tshering at Simtokha Dzong. “The relations between India and Bhutan are based on the common interests of progress, prosperity and security of the people of both countries,” Modi said as he described Bhutan as “special friend” of India.

“Today, we have achieved another historic milestone of this journey with the inauguration of the Mangdechhu project. With the cooperation of both countries, hydro-power generation capacity in Bhutan has crossed 2,000 MW. I am confident that we will also take other projects forward very fast,” he said. On increasing the currency swap limit for Bhutan under the Saarc currency swap framework, Modi said India’s approach was “positive”. He said an additional $100 million will be available to Bhutan under a standby swap arrangement to meet the foreign exchange requirement.

On ties with India, Tshering said, “On his (PM Modi) first visit to Bhutan in 2014, I remember him saying that Bhutan and India are close not because we have open borders, but because we have opened our hearts to each other. Your visit this time shows how much you meant it.”

“It is a privilege for India to be a major partner in the development of Bhutan. India’s cooperation in Bhutan’s five-year plans will continue,” Modi said. He also announced to increase the supply of LPG from India from 700 to 1,000 MT per month to meet the growing needs of the people of Bhutan.

Isro funded Saarc satellite ground station in Thimphu

The satellite ground station in Thimphu, which PM Modi inaugurated on Saturday, is part of the South Asia Satellite or Saarc satellite programme. India had launched the Rs 405-crore satellite on May 5, 2017 as a “free gift” to Saarc members — minus Pakistan. Isro chairman K Sivan told TOI, “The station was set up by Isro with its funds.” He said Isro had conducted a workshop last year and provided information needed to set up the station.

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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 29,2020

New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.

According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.

Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.

The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR). 

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Agencies
July 7,2020

New Delhi, Jul 7: Diesel price in the national capital on Tuesday touched an all-time high following a rate hike after a week-long hiatus.

Diesel price on Tuesday was increased by 25 paise per litre, according to a price notification of state-owned oil marketing companies.

This took the retail selling price of diesel to Rs 80.78 per litre in the national capital - the highest ever.

There was no change in petrol price for the 8th straight day, and it continues to be priced at Rs 80.43 per litre.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

Petrol and diesel price were last revised on June 29.

In the last one month, diesel price has been increased on 23 occasions while petrol rates have risen 21 times.

The cumulative increase since the oil companies started the cycle on June 7, totals to Rs 9.17 for petrol and Rs 11.39 in diesel.

In Mumbai, petrol is priced at Rs 87.19 - unchanged since June 29, while diesel was hiked to Rs 79.05 a litre from Rs 78.83.

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