Import lobbies threaten every oil minister: Veerappa Moily

June 14, 2013

Veerappa_Moily

New Delhi, Jun 14: In a stunning comment, oil minister M Veerappa Moily on Friday said petroleum ministers are "threatened" by import lobbies not to take decisions that will cut India's $160 billion oil imports.

Moily, who has been under attack from the CPI leader Gurudas Dasgupta for proposing to hike natural gas prices by 60 per cent, said he has been striving to attract investments in almost stagnant oil and gas exploration which will lead to higher domestic output and lesser reliance on imports.

"I am telling you with all sense of responsibility (that) we are floating in oil and gas in this country. And we don't explore it. We put every obstruction not to do it. There is bureaucratic obstructions and delays.

"And also there are other lobbies. They don't want us to stop imports. There are some lobbies who are working on that. Every minister is threatened many a times. Every minister who occupies this position is threatened," he told reporters here.

Moily however refused to name anyone or identify anyone who may have directly or indirectly threatened ministers. "History will speak about it. It is for you to judge," he said, adding oil imports will rise dramatically if domestic production is not incentivised through right pricing policy.

"This (increase in oil imports) will work to the detriment of the country. We are challenged by the vagaries of international price," he said. The revision in natural gas prices was aimed at reviving investor confidence and attracting investments, he added.

"For the last 4-5 years, investor sentiments is not that high... We have to give right price, otherwise nobody will come. One well (in the ultra deepsea) may sometime cost in millions of dollars," he said.

Moily said he has proposed to the Cabinet Committee on Economic Affairs (CCEA) the raising of domestic gas prices from current $4.2 per million British thermal unit to $6.775. Moily said he will not be cowed down by any lobby and will continue to work for any India energy independent by 2030.

"I am not helpless. Any timid minister will not go forward... I have come here to strive hard for the sake of the country, to work for the country. If anybody thinks that decision making process in the oil sector will be prevented they are totally wrong," he said.

"After having dismantled many of the obstacles, it is in the national interest to go for aggressive exploration. Investors should also come. They should be attracted it is not done now," Moily said.

India spent a record $160 billion on import of oil last fiscal and the geographical progression is that imports are going up, he added.

Raising domestic oil and gas production by increased exploration is the answer but decisions are not taken which is hurting the country. "Decisions are not taken. Trend is not to take decisions here. I don't want to blame anybody. This is the fate of the country," he said.

Asked about Dasgupta's allegations that the gas price hike was to benefit Reliance Industries Ltd (RIL), he said he and his ministry are open to any solution that will help unshackle the present grid of non-investment-no-production and increased imports.

"I had called him (Dasgupta) but he is not prepared to come for a discussion. But I can reassure Gurudas Dasgupta or whosoever is there in the market, all the criticism should be there, but it should not get personal," he said.

He said he was open to any suggestion of the CPI leader. "I am open to any suggestion by Gurudas Dasgupta or any other person. If they can come out with best solution, we are open it as after all we are doing this in the interest of the country.

"But in the process of ego, in the process of lobbying and in the process of just criticising for stake of criticism or in the process of politicising, don't commit national crime. Don't prevent exploration in the country. Let us move ahead more aggressively, it is in the best interest of the country," he said.

Moily added: "We had suggested $6.7. It is for CCEA to reduce it or increase. I am not playing for any lobby. I am playing for national lobby. I will ignore lobby. Anybody has useful suggestion, they can give it to me. The history will speak about it. it is for you to judge."

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News Network
June 15,2020

New Delhi, Jun 15: A total of 1,15,519 samples of COVID-19 have been tested in the last 24 hours taking the total samples tested to 57,74,133 in the country, the Indian Council of Medical Research (ICMR) said.

"Total sample tested 57,74,133 and samples tested in the last 24 hours is 1,15,519," said ICMR.

With an increase of 11,502 cases in the past 24 hours, the COVID-19 count in India reached 3,32,424 on Monday, according to the Union Health and Family Welfare Ministry.

The COVID-19 count includes 1,53,106 active cases while 1,69,798 patients have been cured and discharged or migrated so far, and the toll due to COVID-19 has now reached 9,520.

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News Network
February 28,2020

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

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Agencies
May 31,2020

New Delhi, May 31: Indian aviation regulator DGCA on Saturday said the suspension of scheduled international commercial passenger flights will continue till midnight on June 30, hours after the Home Ministry announced fresh guidelines pertaining to the countrywide lockdown to contain the coronavirus pandemic.

"It is once again reiterated that foreign airlines shall be suitably informed about the opening of their operations to or from India in due course," the circular issued by the Directorate General of Civil Aviation (DGCA) said.

Domestic passenger flight services resumed in the country from Monday after a hiatus of two months since the lockdown was announced on March 25, when all scheduled commercial passenger flights were suspended in India. International flights continue to remain suspended even now.

The Home Ministry on Saturday said 'Unlock-1' will be initiated in the country from June 8 under which the nationwide lockdown effectuated on March 25 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 pandemic-hit areas.

International air travel shall remain suspended, the MHA order said, adding that a decision on when to resume it would be taken after making an assessment of the situation.

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