Rise in LPG cap unlikely for now

January 6, 2013

gas_price_hike

New Delhi, Jan 6: Domestic consumers may have to wait longer for the cap on subsidised LPG cylinders to be raised from six to nine. The Petroleum Ministry has been pressing for a relaxation, but the Finance Ministry has expressed serious reservations.

“Lack of revenue and a wide fiscal deficit may not make it possible this year to extend such subsidies,” a senior official in the Finance Ministry said. He, however, added that after this year’s Budget is presented, some provisions may be made by adjusting the flow of funds.

An additional Rs 3,000 crore will be needed to provide households with nine subsidised cylinders every year. The government is not willing to burden the exchequer any further. This was the reason behind the Petroleum Ministry not preparing a Cabinet note regarding the matter, sources told Deccan Herald.

Petroleum Minister M Veerappa Moily, in a premature statement ahead of the Gujarat Assembly elections, had said the government may raise the cap.

The government is already in a tight spot after allocating funds for social sector programmes, including flagship schemes like the MGNREGS and the direct cash transfer. In fact, the Finance Ministry never favoured raising the cap to nine cylinders. Moily had discussed the issue with Finance Minister P Chidambaram, but to no avail.

The Finance Ministry had contended that the whole purpose of capping subsidised cylinders will be defeated if the government goes with relaxing the restriction. The exchequer has to shell out Rs 35,000 crore towards cooking gas subsidy in 2012-13.

Besides, the Finance Ministry also suggested the Petroleum Ministry to reduce the gap between the four different price categories of LPG cylinders - subsidised cylinder, additional refills that a household may buy beyond the six cylinders, cylinders used by charitable and other institutions and commercial use, like in hotels.

According to the finance ministry, a wide gap in price of these four categories has led to the misuse of subsidised refills.

Sources said the petroleum ministry is trying to find a middle path to tackle the problem. They added that the ministry has proposed a different rate structure for bulk buyers of diesel like the Railways, defence and public and private sector companies. It has proposed some cut in diesel subsidy for these organisations, which account for close to 20 per cent of the total diesel consumption. The proposal, if implemented, can save the exchequer close to Rs 15,000 crore every year, which can in turn be diverted to raise the LPG cap.

However, lifting the subsidy on diesel for the Railways will culminate in an unusual hike in passenger fares in the next Budget, which can draw flak from political opponents.

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Agencies
May 31,2020

New Delhi, May 31: The fourth phase of the coronavirus-triggered lockdown, which began on May 18, saw 85,974 COVID-19 cases till 8 am on Sunday, which is nearly half of the total cases reported in the country so far.

Lockdown 4.0, which will end on May 31 midnight, has accounted for 47.20 per cent of the total coronavirus infection cases, number crunching from the Union Health Ministry data reveals.

The lockdown, which was first clamped on March 25 and spanned for 21 days, had registered 10,877 cases, while the second phase of the curbs that began on April 15 and stretched for 19 days till May 3, saw 31,094 cases.

The third phase of the lockdown that was in effect for 14 days ending on May 17, recorded 53,636 cases till 8 am of May 18.

The country had registered 512 coronavirus infection cases till March 24.

India is the ninth worst-hit nation by the COVID-19 pandemic as of now.        

The first case of COVID-19 in India was reported on January 30 from Kerala after a medical student of Wuhan university, who had returned to India, tested  positive for the virus.

India registered its highest single-day spike of COVID-19 cases on Sunday, with 8,380 new infections reported in the last 24 hours, taking the country's tally to 1,82,143, while the death toll rose to 5,164, according to the Union Health Ministry.

The number of active COVID-19 cases stood to 89,995, while 86,983 people have recovered and one patient has migrated, it said.

"Thus, around 47.75 per cent patients have recovered so far," a senior Health Ministry official said.

With the fourth phase of lockdown ending on Sunday, the Home Ministry on Saturday said 'Unlock-1' will be initiated in the country from June 8 under which the nationwide lockdown will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places, even as strict restrictions will remain in place till June 30 in the country's worst-hit areas.

While announcing the extension of the lockdown in containment zones across the country, the Home Ministry said temples, mosques, churches and other religious places and shopping malls will be allowed to open in a phased manner from June 8, while a decision on opening of schools and colleges will be taken in July in consultation with states.

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Agencies
March 12,2020

Mumbai, Mar 12: In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex crashed over 2900 points to end below the 33,000-mark.

The Sensex crashed 2,919.26 points to end at 32,778.14. So far it has touched an intra-day low of 32,530.05 points.

The Nifty50 on the National Stock Exchange also lost nearly 850 points so far. It plunged 868.25 points to 9,590.15.

The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.

The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.

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News Network
February 9,2020

New Delhi, Feb 9: As the outbreak of novel coronavirus has lead to the death of more than 800 Chinese nationals, aviation regulator DGCA on Saturday said that foreigners who went to China on or after January 15 will not be allowed to enter India.

The DGCA, in its circular to airlines on Saturday, reiterated that all visas issued to Chinese nationals before February 5 have been suspended.

However, the Directorate General of Civil Aviation (DGCA) clarified, "These visa restrictions will not apply to aircrew, who may be Chinese nationals or other foreign nationalities coming from China."

"Foreigners who have been to China on or after January 15, 2020, are not allowed to enter India from any air, land or seaport, including Indo-Nepal, Indo-Bhutan, Indo-Bangladesh or Indo-Myanmar land borders," the DGCA said.

Among Indian airlines, IndiGo and Air India have suspended all of their flights between the two countries. SpiceJet continues to fly on Delhi-Hong Kong route.

On February 1 and 2, Air India conducted two special flights to Chinese city of Wuhan, epicentre of the outbreak, evacuating 647 Indians and seven Maldivians.

Till date, three Indians have tested positive for novel coronavirus.

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