India, Mauritius pact may include safeguard mechanism related provisions

India-Mauritius trade agreement may include safeguard mechanism related provisions to protect the domestic industry from a sudden or unusual surge in imports of goods

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Yogi govt to provide one job to every farmer family in Uttar Pradesh

The Yogi Adityanath government has set a target to provide at least one employment opportunity to every farmer family in the next five years.

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West Bengal BJP MP Arjun Singh meets Piyush Goyal over 'jute price capping'

BJP MP from West Bengal Arjun Singh met Union minister of textiles Piyush Goyal here in the national capital to raise his concerns regarding the price capping of raw jute by the Central government.

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Scindia talks with US aerospace giants on bolstering alliance with India

Civil Aviation Minister Jyotiraditya Scindia held discussions with American aerospace giants on further strengthening collaboration with the industry in India. Scindia arrived here on Thursday for the first leg of his visit to North America and began his engagements with discussions with New York-based technology-powered, global air mobility platform Blade. On Thursday, he also interacted with members of the Indian diaspora during a session and reception hosted by Consul General of New York Randhir Jaiswal. Scindia's engagements on Friday began with a round table hosted by the US-India Business Council. The roundtable, attended by senior industry leaders, focussed on ways to strengthen collaboration between India and the US across the aviation sector. Had a productive interaction with members of @USIBC from the aviation community. Spoke about the growing focus & opportunities in regional connectivity & urban air mobility in India, Scindia tweeted. Later, he met vice president .

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We've to look after our interests: Hardeep Puri on oil trade with Russia

Petroleum Minister Hardeep Singh Puri on Friday said India imports a very small portion of its oil requirements from Russia and was open to buying it if the terms were right

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Gold price for today: 10 grams of 24-carat stands at Rs 52,960; silver at Rs 64,000 per kilo

Ten grams of 24-carat gold in India is valued at Rs 52,960, today, 30 April, after witnessing a rise of Rs 590 from yesterday. One kilo of silver is being bought and sold at Rs 64,000, following a rise of Rs 200 from yesterday’s price of Rs 63,800.

The price of the yellow metal differs daily due to factors like making charges, excise duty and state taxes. Below are the gold charges from a few Indian cities this Saturday:

In Mumbai, New Delhi and Kolkata, 10 grams of 22-carat gold is priced at Rs 48,550 according to the Good Returns website. The same quantity of the precious yellow metal is being obtained at Rs 48,970 in Chennai.

If we look at the 24-carat gold rates, 10 grams of it in Mumbai, New Delhi and Kolkata is valued at Rs 52,960. In Chennai, the same quantity of 24-carat purity is being traded at Rs 53,420 today.

In Surat and Jaipur, 10 grams of 22-carat gold is being sold at Rs 48,600 and Rs 48,700, respectively. The same quantity of 24-carat purity is being traded at Rs 53,060 in Surat and Rs 53,110 in Jaipur.

In Hyderabad, Kerala and Bengaluru, 10 grams of 22-carat gold is being purchased at Rs 48,550 today. In Vijayawada, Visakhapatnam and Mysore, the same quantity of 22-carat purity is also being obtained at Rs 48,550. Moreover, 10 grams of 24-carat gold is being sold at Rs 52,960 in all the above regions.

Furthermore, in Coimbatore and Patna, 10 grams of 22-carat gold is priced at Rs 48,970 and Rs 48,610, respectively. The same quantity of 24-carat purity stands at Rs 53,420 in Coimbatore and Rs 53,010 in Patna.

In Chandigarh and Nashik, 10 grams of 22-carat gold is being sold at Rs 48,700 and Rs 48,610, respectively. The same quantity of 24-carat purity is available for Rs 53,110 in Chandigarh and Rs 53,010 in Nashik.

The latest figures from Multi Commodity Exchange (MCX) indicates that gold futures, which are set to mature on 3 June this year, increased by 0.97 percent to Rs 51,760.00. Silver futures witnessed a fall of 0.64 percent to reach Rs 63,505.00.

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DoT's top decision-making body okays TRAI's 5G base price suggestions: Rpts

While deciding that the spectrum should be auctioned for a period of 20 years, the inter-ministerial panel also decided against alloting spectrum directly to corporate bodies for private 5G networks

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India to overcome Covid-19 pandemic losses by FY35, says RBI report

6.5-8.5% is the feasible range for medium-term steady state GDP growth in India

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Elon Musk's tweet on political ideologies ignites debate on the left, right and wokes

Elon Musk has once again ignited a debate on political ideologies with his tweets.

The billionaire whose buyout bid was recently accepted by Twitter, shared a meme about polarisation in American politics.

The meme shows a half blue and half red line.

pic.twitter.com/Q9OjlJhi7f

— Elon Musk (@elonmusk) April 28, 2022

While blue represents the Democratic Party, red represents the Republicans.

The Tesla CEO also seems to be taking a dig at 'wokes.' In the diagram he shared, a figure marked as a 'woke progressive' can be seen as calling others a bigot. Hours later, Musk tweeted that the "far left hates everyone, themselves included!." He also tweeted that he is not a fan of the far-right either. It is not entirely clear whether Musk is charting his own shift from the left of centre liberal position to the right of centre or he is commenting on wokism as well.

In 2018, Musk described himself as a 'registered independent', Fox Business reported.

The billionaire had earlier tweeted that "For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally."

For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally — Elon Musk (@elonmusk) April 27, 2022

The Twitter-Musk deal has given way to several possibilities including that the platform will restore former US President Donald Trump's account.

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Twitter overstated audience figure by 1.9 million users for three years: Report

Microblogging site Twitter has admitted to overstating its audience figure by as much as 1.9 million users for almost three years, Financial Times reported on Thursday.

In a report, the company which has recently accepted a buyout offer from billionaire Elon Musk, blamed the error on a technical feature.

The error first happened in 2019 and went unnoticed until this year.

According to the Financial Times, the error led to the overestimation of the monetizable daily active users or mDAU.

"In March of 2019, we launched a feature that allowed people to link multiple separate accounts together in order to conveniently switch between accounts," the newspaper reported Twitter as saying.

"An error was made at that times, such that actions are taken via the primary account resulted in all linked accounts being counted as mDAU," the social media platform added.

Twitter said that fake or spam accounts represented "fewer than five percent" of its mDAU during the quarter.

Notably, Musk has vowed to crack down on bots when he takes control of Twitter.

Less than expected revenues, active users rise

The company's quarterly report also revealed that Twitter fell short of its revenue estimates.

The micro-blogging platform reported profits of $513.3 million, more than seven times the year-ago level following a one-time gain from a divestiture. Revenues rose 16 percent to $1.2 billion, a bit below the $1.22 billion expected by analysts.

But there were some encouraging indications as data showed a rise in the platform's active users.

Twitter's count of active users rose to 229 million, a bit above analyst expectations, AFP reported.

The results are expected to be among Twitter's final earnings reports following the Musk deal, which is anticipated to close in 2022. In the wake of the deal, Twitter canceled its quarterly earnings conference call with analysts.

On Monday, Tesla Chief Executive Musk announced an agreement to acquire Twitter for $44 billion at $54.20 per share in cash.

Twitter had initially resisted Musk's efforts, but abruptly shifted course after the brash entrepreneur lined up billions of dollars in financing from large banks to supplement the contribution from his personal fortune.

With inputs from agencies

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Need for ethics, corporate governance standards in startups: Piyush Goyal

While Goyal did mention the name of the startup, his statement comes after there have been several reports of corporate governance lapses at the unicorn Bharat Pe over the last few months.

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Elon Musk says after Twitter he is buying Coco-Cola for THIS

Elon Musk, who recently sealed the deal to buy micro-blogging site Twitter for $44 billion, on Thursday announced he will next be buying Coca-Cola.

In a tweet, Tesla and SpaceX CEO, Musk even explained why he wants to buy Coca-Cola. "Next I’m buying Coca-Cola to put the cocaine back in," he tweeted.

Musk's tweet is in reference to the usage of coca leaves and Kola nuts to prepare Coca-Cola back in 1980s. Coca leaves are common ingredient in the production of cocaine, while kola nuts are a source of caffeine.

Meanwhile, it is still not known whether Musk's tweet on his new interest of buying Coca Cola is serious or a mere jest.

Musk's latest tweet has created a flutter among twitterati.

Here's how Twitteratis reacted to Musk's tweet of buying Coca Cola:

This is why I love you Elon!https://t.co/dnElMZKoaF

— Peter Grant (@AtheistStoned) April 28, 2022

can you buy fox I want another season of “firefly” — Shibetoshi Nakamoto (@BillyM2k) April 28, 2022

On Tuesday, 26 April, world's richest man, Musk bought a 100 per cent stake in Twitter for approx $44 billion and all of it in cash.

Twitter was evaluating Musk’s offer for the last few weeks. Earlier he had said Twitter has "extraordinary potential" and he wanted to unlock it all.

Earlier, Musk had openly criticised some of the policies of Twitter, saying that the content moderators on the platform are "too involved" and how free speech has been hampered on the micro-blogging site. It is expected that easing content moderators on Twitter is something that is on cards for the microblogging website.

Also Read: Elon Musk seals deal to buy Twitter for $44 billion, says 'want to make it better than ever'

After striking a deal to buy Twitter, Musk tweeted, "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated."

He further said that he also wants to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating spam bots and authenticating all humans.

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Centre allocates 207MW of additional power to J-K to meet increasing demand

In order to meet the increasing electricity demand, the Centre has allocated 207MW of additional power to Jammu and Kashmir.

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Petrol, diesel prices today: Fuel rates unchanged on 28 April; remain same for 22 days

New Delhi: Petrol and diesel prices remained steady for 22 days in a row with no change in rates on Thursday. Earlier both petrol and diesel rates were hiked by 80 paise a litre each, taking the total increase in rates in two weeks to Rs 10 per litre.

Petrol in Delhi now costs Rs 105.41 per litre, while diesel rate is Rs 95.87 per litre to Rs 96.67, according to a price notification of state fuel retailers. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 and Rs 104.77 respectively.

Rates across the country and vary from state to state, depending upon the incidence of local taxation.

In the last hike, the country saw the 14th increase in fuel prices since the ending of a four-and-half-month long hiatus in rate revision on 22 March.

On the first four occasions, prices were increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017. On the following days, petrol price went up by 50 paise and 30 paise a litre while diesel rose by 55 paise and 35 paise a litre. It was followed by a hike of 80 paise in a litre of petrol and by 70 paise for diesel.

Prices had been on a freeze since 4 November ahead of the Assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about $30 per barrel.

The rate revision was expected soon after the counting of votes on 10 March but it was put off by a couple of weeks.

The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around $82 per barrel to $120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.

Moody's Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel," according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

Jet fuel prices on Friday were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices.

Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by Rs 2,258.54 per kilolitre, or 2 per cent, to Rs 1,12,924.83 per kl in the national capital, according to a price notification by state-owned fuel retailers.

There was, however, no change in the price of petrol and diesel on Friday. Prior to the second pause in 11 days, auto fuel rates had gone up by Rs 6.40 per litre.

The increase in ATF price came on the back of the steepest ever hike 18.3 per cent (Rs 17,135.63 per kl) effected on 16 March.

Jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.

Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.

ATF prices have increased every fortnight since the start of 2022. In seven hikes beginning 1 January, ATF prices have been increased by Rs 38,902.92 kl or almost 50 per cent.

With inputs from agencies

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What is India-EU Trade and Technology Council?

India and the European Union agreed to establish a Trade and Technology Council early this week. What it is and what both sides will gain from it, watch this report to know more.

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Centre tells states to step up coal imports for three years: Report

The decision to boost imports underscores the severity of India's fuel crisis as coal inventories are at the lowest pre-summer levels in at least nine years

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Consider impact on other nations before imposing sanctions: FM Sitharaman

She also blamed rising commodity prices due to Russia-Ukraine war for the high inflation

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Rs 79,000 crore of GST dues to states pending for FY22: Finance Ministry

It added that all dues had been paid for FY21. So far, it has released Rs 7.35 trillion to States, including the assistance released on a back-to-back basis

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Rs 4,526 crore sanctioned for 540 MW Kwar hydropower project in J&K

The Cabinet Committee on Economic Affairs on Wednesday approved the investment of Rs 4,526.12 crore for the 540 MW Kwar Hydro-electric project located on Chenab River in Jammu & Kashmir's Kishtwar district.

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Not criticising anyone, but reduce VAT now and give benefits to people, please cooperate: PM Modi asks these 7 states

Prime Minister Narendra Modi Wednesday requested states to reduce the value-added tax (VAT) on fuel in the national interest and to increase the spirit of cooperative federalism.

The Prime Minister, during his meeting with Chief Ministers via video conferencing on assessing COVID-19 situation in the country on Wednesday, also listed out prices of petrol and diesel in the cities and highlighted the states which had lowered VAT have lower fuel prices compared to the rest.

PM Modi cited an example and said that the Union government decreased taxes of fuel and some states did not follow it. "So, because of that, fuel prices are more in those states, which is impacting the people of the states," he said.

"I am not criticising anyone but request Maharashtra, West Bengal, Telangana, Andhra Pradesh, Kerala, Jharkhand, Tamil Nadu to reduce VAT now and give benefits to people," the Prime Minister said.

"I am appealing to you for the welfare of your people, in national interest, please reduce VAT for the benefit of your people. What was to be done was not done, but please cooperate now," PM Modi said.

#WATCH | Centre reduced the excise duty on fuel prices last November and also requested states to reduce tax. I am not criticizing anyone but request Maharashtra, West Bengal, Telangana, Andhra Pradesh, Kerala, Jharkhand, TN to reduce VAT now and give benefits to people: PM Modi pic.twitter.com/IPIuOJyTGK

— ANI (@ANI) April 27, 2022

In November 2021, the Centre had cut the tax on fuel prices but some of the state governments did not follow through.

Also Read: Need to remain alert, uptick in cases shows COVID-19 challenge not yet surpassed: PM Modi to CMs

On Wednesday, 27 April, 2022, prices of petrol and diesel continue their exorbitant streak. Oil Marketing Companies (OMCs) made their last hike in fuel prices on 6 April, following which 14 price hikes were implemented across major cities.

For the past three weeks, petrol and diesel prices have been following a steady streak. On Wednesday, petrol in Delhi was sold at Rs 105.41 per litre, while diesel was retailed at Rs 96.67.

In Mumbai, one litre of petrol was sold for Rs 120.51 and a litre of diesel was retailed for at Rs 104.77.

In Kolkata, for petrol people have to pay Rs 115.12 per litre, while for diesel one has to shell out Rs 99.83 per litre. In Chennai a litre of petrol retailed at Rs 110.85 per litre, while a litre of diesel was sold at Rs 100.94 per litre.

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LIC IPO expected to open on 4 May: Here's how to apply, things to keep in mind for policyholders

The public issue of Life Insurance Corporation of India (LIC) is expected to open on 4 May. The Initial Public Offering (IPO), which is set to be the biggest-ever in the country, will bring an estimated Rs 21,000 crore to the exchequer.

Ten percent of the LIC IPO has been reserved for policyholders. While bidding, a discount will also be offered to policyholders and LIC employees.

Here is what policyholders should keep in mind regarding the Reservation Portion before the LIC IPO:

1. Only Indian residents, who are LIC policyholders, are eligible to apply. NRI policyholders and other policyholders are not eligible to apply for the Reservation Portion.
2. All policies, except group policies are eligible to apply under the Reservation Portion. People with lapsed LIC policies can also bid under the reserved portion.
3. People how are eligible to apply for the issue must ensure that their PAN card details must be updated in the policy records. Policyholders who did not update their PAN details before 28 February this year, will not be eligible to apply for the public issue, according to the draft red herring prospectus of the company filed before SEBI in February.
4. A demat account is a must before applying for the LIC IPO.

Here’s how to apply for LIC IPO:
•    Login to your online banking account.
•    Select the investments section and click on the IPO/e-IPO section given there.
•    Fill in your depository details and account details.
•    Once the verification process is complete, select the “Invest in IPO” option
•    Select the IPO you want to apply for and enter details such as bid price and number of shares.
•    Read the Terms and Conditions carefully before placing the bid.
•    Confirm the order and click on “Apply now” to finalise your bid.

Once the share allotment date is finalised, you can also visit the website of the Bombay Stock Exchange to check your share allotment status.

Steps to check LIC IPO allotment status:

• Visit the website- https://ift.tt/Jcg0Kdf.
• Click on the issue type and then select ‘LIC’ as the issue name.
• Enter the required details such as PAN Card and click submit.
• The LIC share allotment will appear before you.

LIC has also reserved five percent of shares for employees. The public issue is expected to be open till 9 May.

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Rupee slumps 16 paise to 76.72 against US dollar in early trade

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent higher at 102.34

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Gold price today: 10 grams of 24-carat reaches Rs 52,850; silver stands at Rs 65,000 per kilo

Ten grams of 24-carat gold today, 27 April, reached Rs 52,850, witnessing a fall of Rs 10 from yesterday’s selling price of Rs 52,860. Whereas, one kilo of silver is being traded at Rs 65,000, following a fall of Rs 450 from yesterday’s purchasing price of Rs 65,450.

The price of the precious yellow metal fluctuates daily due to significant factors like state taxes, excise duty and making charges. Here are the gold rates from different cities across the country on Wednesday:

According to the Good Returns website, 10 grams of 22-carat gold in Kolkata, New Delhi and Mumbai is being sold at Rs 48,440, today. The same quantity of the much in demand metal is being obtained at Rs 48,800 in Chennai.

If we look into the 24-carat gold rates, 10 grams of the metal is being traded at Rs 52,850 in Mumbai, New Delhi, and Kolkata. The same amount of 24-carat purity is being retailed at Rs 52,240 in Chennai.

In Patna and Surat, 10 grams of 22-carat gold is being sold at Rs 48,490 and Rs 48,520 respectively. The same quantity of 24-carat purity is valued at Rs 52,900 in Patna and Rs 52,930 in Surat.

In regions including Hyderabad, Bengaluru and Kerala, 10 grams of 22-carat gold is being bought and sold at Rs 48,440. Similarly, in Mysore, Visakhapatnam and Mangalore, 22-carat purity of the metal is being purchased at Rs 48,440. Ten grams of 24-carat gold is valued at Rs 52,850 in all the above areas.

In Coimbatore and Nagpur, 10 grams of 22-carat gold is valued at Rs 48,800 and Rs 48,490 respectively. The same quantity of 24-carat purity is priced at Rs 53,240 in Coimbatore and Rs 52,900 in Nagpur.

In Jaipur and Chandigarh, 10 grams of 22-carat gold is being purchased at Rs 48,590. The same quantity of 24-carat purity is being traded at Rs 53,000 in Jaipur and Chandigarh.

As per the recent Multi Commodity Exchange (MCX) data, gold futures which are set to mature on 3 June this year, increased by 0.34 percent to Rs 51,569.00. Silver futures witnessed a fall of 0.25 percent and settled at Rs 64,950.00.

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Australia hopes digital trade agreement with India by the year-end

The outbreak of the global pandemic has impacted Australia's investment in India to a degree consistent with trends elsewhere in Asia

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NITI Aayog bats for pricing freedom on natural gas in India

NITI Aayog favours selling all natural gas through the Indian Gas Exchange

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India to meet half of its energy needs from renewable by 2030: NITI member

He was addressing the Norway-India Business Summit 2022 organized by CII in association with the Embassy of Norway

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No feedback sought from states on hiking GST rates, says finance ministry

It further said views of the states were sought generally on the Terms of References (ToRs) of the Group of Ministers (GoM) soon after it was set up in September 2021

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Raising policy rates is not anti-national, RBI will have to do it: Rajan

Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing, Rajan said

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Gold price today: 10 grams of 24-carat priced at Rs 53,580; silver at Rs 66,600 per kilo

The value of 10 grams of 24-carat gold in India today, 25 April, stands at Rs 53,580, with an increase of Rs.140 in its rate from yesterday’s purchasing rate of Rs. 53,440. One kilo of silver is being sold at Rs 66,600,  declining by Rs 100 from yesterday's procuring price of Rs 66,700.

Factors like state taxes, making charges, and excise duty impact the rate of the yellow metal daily. Here are the gold rates from a few Indian cities on 25 April:

As per the Good Returns website, 10 grams of 22-carat gold is priced at Rs 48,990 in New Delhi, Mumbai and Kolkata. In Chennai, 10 grams of the 22-carat gold is being traded at Rs 49,280.

In the case of 24-carat gold, 10 grams of the yellow metal is being sold at Rs 53,440 in New Delhi and Kolkata. The same amount of 24-carat purity is being traded for Rs 53,760 in Chennai and Rs 53,580 in Mumbai.

In Madurai and Patna, 10 grams of 22-carat gold is being bought and sold at Rs 49,280 and Rs 49,030 respectively. The same quantity of 24-carat purity is being purchased at Rs 53,760 in Madurai and Rs 53,490 in Patna.

Coming to regions like Bengaluru, Hyderabad, and Kerala, 10 grams of 22-carat gold is being procured at Rs 48,990. In cities like Mysore, Mangalore, and Vijayawada, the same quantity of 22-carat purity is being sold at Rs 48,990. Ten grams of 24-carat gold in all the above areas is priced at Rs 53,440, today.

In Jaipur and Nagpur, 10 grams of 22-carat gold is being purchased at Rs 49,130 and Rs 49,030 respectively. The same quantity of 24-carat purity is priced at Rs 53,580 in Jaipur and Rs 53,480 in Nagpur.

Ten grams of 22-carat gold is being sold at Rs 49,030 and Rs 49,130 in Pune and Chandigarh respectively. The same quantity of 24-carat purity is being retailed at Rs 53,480 in Pune and Rs 53,580 in Chandigarh.

Updated data from the Multi Commodity Exchange (MCX) shows that gold futures, which are set to mature on 3 June this year, declined 0.68 percent to Rs 51,905.00. Silver futures also dropped 1.56 percent to settle at Rs 65,505.00.

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Petrol, diesel prices today: Fuel rates steady on 25 April; remains unchanged for 19 days

New Delhi: Petrol and diesel prices remained steady for 19 days in a row with no change in rates on Monday. Earlier both petrol and diesel rates were hiked by 80 paise a litre each, taking the total increase in rates in two weeks to Rs 10 per litre.

Petrol in Delhi now costs Rs 105.41 per litre, while diesel rate is Rs 95.87 per litre to Rs 96.67, according to a price notification of state fuel retailers. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 and Rs 104.77 respectively.

Rates across the country and vary from state to state, depending upon the incidence of local taxation.

In the last hike, the country saw the 14th increase in fuel prices since the ending of a four-and-half-month long hiatus in rate revision on 22 March.

On the first four occasions, prices were increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017. On the following days, petrol price went up by 50 paise and 30 paise a litre while diesel rose by 55 paise and 35 paise a litre. It was followed by a hike of 80 paise in a litre of petrol and by 70 paise for diesel.

Prices had been on a freeze since 4 November ahead of the Assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about $30 per barrel.

The rate revision was expected soon after the counting of votes on 10 March but it was put off by a couple of weeks.

The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around $82 per barrel to $120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.

Moody's Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel," according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

Jet fuel prices on Friday were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices.

Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by Rs 2,258.54 per kilolitre, or 2 per cent, to Rs 1,12,924.83 per kl in the national capital, according to a price notification by state-owned fuel retailers.

There was, however, no change in the price of petrol and diesel on Friday. Prior to the second pause in 11 days, auto fuel rates had gone up by Rs 6.40 per litre.

The increase in ATF price came on the back of the steepest ever hike 18.3 per cent (Rs 17,135.63 per kl) effected on 16 March.

Jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.

Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.

ATF prices have increased every fortnight since the start of 2022. In seven hikes beginning 1 January, ATF prices have been increased by Rs 38,902.92 kl or almost 50 per cent.

With inputs from agencies

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Majority of Indian workforce, mostly women, no longer seeking jobs: CMIE

Now, more than half of the 900 million Indians of legal working age -- roughly the population of the US and Russia combined -- don't want a job, according to the CMIE

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Coal stocks at non-pithead plants low at 26% of normative level

The peak power demand met was around 167GW while the peak shortage of electricity was 0.63 GW on April 22, 2021.

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European Union to pursue trade deal with India to reduce its ties to Russia

European Commission President Ursula von der Leyen is on a two-day visit to India.

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GST Council has not sought states' views on hiking tax rates: Report

The Council had last year set up a panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates

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Private sector to drive growth of PFRDA pension schemes: Study paper

The private sector is expected to drive growth of the NPS, which has witnessed exponential rise over the last five years, in terms of number of subscribers as well as assets under management

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Gadkari announces Rs 10,000 cr expressway project between Aurangabad-Pune

Gadkari said an access- controlled expressway will be constructed between Aurangabad and Pune at a cost of Rs 10,000 crore to considerably reduce the travel time between the two Maharashtra cities

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Current power crisis due to sharp fall in generation, not coal shortage

The current power crisis is mainly on account of sharp decline in electricity generation from different fuel sources and not due to non-availability of domestic coal, a top official said on Sunday.

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Chennai-Vladivostok Maritime Corridor: A major shift in India’s geo-economic imagination with Russia

Every crisis coincides with opportunities. There is nothing unethical or ethical about this trajectory of history. This irony constitutes the very nature of the crisis. This is how history functions. The ongoing conflict between Russia and Ukraine is, of course, a disturbing reality for the people who are suffering. But this crisis also creates significant opportunities for the countries to secure their interest.

On the question of the current war in Ukraine, India has unequivocally expressed its support for a peaceful and diplomatic solution to the crisis. It has not responded to the crisis the way the US expected it to do. On the matter of sending humanitarian aid and medical supplies, India has played a pioneering role. Russia, on the other hand, expresses emphatically its desire to expand its trade ties with India, knowing the latter's absorbing capacity and vast energy requirement, in order to revive its sanction-stressed economy. This provides an opportunity for India to capitalise on this offer and to diversify its energy dependencies. The Biden administration’s sanctions have not touched the Russian export of energy to Europe. Moreover, the European Union heavily depends on Russia’s oil to sustain its burgeoning economy.

Europe’s energy dependency (2020)

 

This explains the quantum of dependencies that the EU has on Russia. Other nations, including those from Europe, still import their earmarked energy requirements from Russia unaffected by the sanction promotionism of the US. This is the right opportunity that comes effortlessly to India, and it should show its right inclination and clarity of intent to benefit from it. This geopolitical churn is seemingly giving India the much-needed scope to expand its interest. Then the question arises as to what is the modus operandi to materialise this prospect and what way it might serve India's geo-economic, geo-strategic and geo-political interest.

The Modi-Putin joint declaration in 2019 to initiate the Chennai (India)-Vladivostok (Russia) maritime corridor is going to play a major role. The India-Russia joint trade commitment will diversify significantly India's trade space. New Delhi's energy dependencies on the West Asian nations, Africa, and the US for the major part of its requirements will be relatively relaxed. The Chennai-Vladivostok maritime linkages were not a new phenomenon. It was very much operational between 1967 and 1969 by the shipping company FESCO; and the shipment took nearly 90 days given the shipping technology at work then following the maritime route Nakhodka, Hong Kong, Singapore, Calcutta, and Madras.

The proposed Chennai-Vladivostok maritime connectivity was crystallised at the policy level during Prime Minister Narendra Modi's visit to Vladivostok to attend Eastern Economic Forum (EEF). The Memorandum of Intent (MoI) signed thereof is illustrative of the interest of both the nations to expand their trade participation.

The proposed corridor is expected to take 24 days from Chennai port to Vladivostok comprising 5,647 nautical miles in comparison to the traditional European route operationalised in 2000 from the Port of Mumbai to the port of St Petersburg, Russia, through the circuitous route covering Red Sea, Mediterranean Sea and Baltic sea taking 40 days to cover the distance of 8,675 nautical miles. The Chennai-Vladivostok maritime trade corridor is expected to cover the Sea of Japan, East and the South China Sea through Malacca Strait to reach the Bay of Bengal.

The areas of economic engagement with Russia include transport, energy, agriculture, industry, and space. The India-Russia Inter-Governmental Commission-TEC in 2019 set the target of $30 billion by 2025. The Covid-19 pandemic paused the intended progress in that direction. But the current global geopolitical pressure on Russia creates fresh opportunities for both countries to augment their trade space. The US sanction on its SWIFT modalities used by Russia for international transactions opens up the alternative areas of Ruble-Rupee one-on-one transactions without involving any third party.

Moreover, India's energy needs are going to increase rapidly as it strives to come under the bracket of a $5 trillion economy; and necessary efforts are very much on track. With its increasing domestic demand for energy, to have Russia as an option is always a profitable move. With the unfolding of trade alternatives, there is a greater demand for infrastructure revitalisation. In the eastern coast, the refinery infrastructures are just barely satisfactory in comparison to the capacities in the western coast as India receives a larger quantity of crude through the Arabian sea.

Knowing the heaviness of Russian crude owing to the Sulphur content, the refinery infrastructures are to be efficient and advanced. Out of the total 18 refineries, only 6 are located in the eastern coast. They include Paradeep Oil Refinery (Indian Oil Corporation Limited), Manali Refinery (Chennai Petroleum Corporation Limited), Visakhapatnam Refinery (Hindustan Petroleum Corporation Limited), Haldia Refinery (Indian Oil Corporation Limited), Nagapattinam Refinery (Chennai Petroleum Corporation Limited), and Tatipaka Refinery (Oil and Natural Gas Corporation). They vary in their capacity to refine, and some of them are not as capable as the ones in the western coast.

In the eastern coast, India is developing the LNG terminals one at Kakinada, Andhra Pradesh, Dhamra, Odisha, to receive LNG as there is a growing domestic demand for this as India is taking the leading role in reducing carbon emission. The existing LNG import terminal at Ennore, Chennai, is going to play a pivotal role in LNG-related import and distribution. The wide demand for natural gas across the globe in the event of growing concerns over the deteriorating standard of ecology owing to unabated carbon emission is going to position Russia as one of the leading exporters alongside Qatar. India's effort in this regard to augment its capacity to receive LNG to distribute inside the country and to export to the BIMSTEC countries and southeast Asian countries. The refinery capacities of India and its other related infrastructures, primarily in the eastern coast, are going to give India a leadership role in the Indo-Pacific.

Above all, observing the prospects India is going to have if it accepts Russia's proposal and works on the resolutions made in the India-Russia bilateral summit in 2019, the first thing that India must do is to enhance the related infrastructure. Infrastructural bottlenecks, primarily in the eastern coast, are seemingly the only hindrance. If this area is adequately taken care of, nothing can stop India from becoming a leading power in the years to come. Moreover, from the geopolitical perspective, China is apparently trying to express its hegemony in the Indo-Pacific. The proposed Russia-India economic ties, if clicked, will make India a significant competitor in the region. Its friendly relation with South Korea and Japan and the ASEAN and its democratic credentials and cultural ties through Buddhism and the historical connection it has with many nations in the region are going to come to its aid.

Objection from China is less likely to be seen as Chennai-Vladivostok corridor involves Russian interest. The alleged monopoly of China in the Indo-Pacific trade space will find a fitting competitor in the form of India. This will lead to the balance of power and act as a significant deterrent to Beijing's belligerence in the region. China may recoil at the face of determined and effective competition posed by India. From the geostrategic point of view, India's active and engaging presence in the Indo-Pacific in the context of trade provides it the necessary strategic footing to tackle the whimsicalities and bullying propensities of Beijing.

Dr Jajati K Pattnaik is an Associate Professor at the School of International Studies, Jawaharlal Nehru University, New Delhi. Dr Chandan K Panda is an Assistant Professor at Rajiv Gandhi University, Itanagar. Views expressed are personal.

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PM Modi to lay foundation of over Rs 20,000 cr projects in J&K today

Prime Minister Narendra Modi will inaugurate and lay the foundation of multiple development initiatives worth around Rs 20,000 crore in Jammu and Kashmir on Sunday.

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Centre issues advisory against broadcasting offensive, misleading content

In view of the Jahangirpuri violence and the Ukraine war related coverage, the Centre on Saturday issued a strong advisory warning news organisations to refrain from publishing any offensive content

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Gold price today: 10 grams of 24-carat priced at Rs 53,780; silver at Rs 67,100 per kilo

The market value of 10 grams of 24-carat gold today, 23 April stands at Rs 53,780 in India with no change in its rate from yesterday’s purchasing value. One kilo of silver is being sold at Rs 67,100 after a fall of Rs 300 from yesterday's procuring price of Rs 67,400.

Due to factors like making charges, state taxes, and excise duty, the rate of the yellow metal differs daily. Here are the gold rates from a few cities across the country today:

According to the Good Returns website, 10 grams of 22-carat gold is being obtained at Rs 49,300 in Mumbai, New Delhi and Kolkata. Whereas in Chennai, 10 grams of the precious yellow metal is being traded at Rs 49,650.

If we look into the 24-carat gold rates, 10 grams of it is being sold at Rs 53,780 in Mumbai, New Delhi, and Kolkata. The same amount of 24-carat purity is being traded for Rs 54,160 in Chennai.

In Madurai and Patna, 10 grams of 22-carat gold is being vended at Rs 49,650 and Rs 49,360 respectively. The same quantity of 24-carat purity is sold at Rs 54,160 in Madurai and Rs 53,840 in Patna.

Looking into regions like Bengaluru, Hyderabad and Kerala, 10 grams of 22-carat gold is being procured at Rs 49,300. Even in cities including Mysore, Mangalore and Vijayawada, the same quantity of 22-carat purity is also being sold at Rs 49,300. However, 10 grams of 24-carat gold in all the above areas is priced at Rs 53,780, today.

In Jaipur and Nagpur, 10 grams of 22-carat gold is being purchased at Rs 49,450 and Rs 49,360 respectively. The same quantity of 24-carat purity is priced at Rs 53,930 in Jaipur and Rs 53,840 in Nagpur.

In other cities including Pune and Chandigarh, 10 grams of 22-carat gold is being sold at Rs 49,360 and Rs 49,450 respectively. The same quantity of 24-carat purity is being retailed at Rs 53,840 in Pune and Rs 53,930 in Chandigarh.

Updated list from the Multi Commodity Exchange (MCX) reveals that gold futures, which are set to mature on 3 June this year, fell by 0.28 percent to Rs 52,264.00. Silver futures also saw a drop by 0.80 percent and have currently settled at Rs 66,588.

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How technology has created new avenues for digital financial inclusion

Financial inclusion is one of the key drivers of economic growth. Now make it digital and it becomes a game-changer. Financial inclusion is easy to adopt and scale when it is digital. The world had gradually been moving towards digitisation, but the pandemic forced the shifting of gears to immensely accelerate the journey. The impact of digitisation has been very prominent in India because of the coincidence of demonetisation and the resulting call for a ‘cashless society’. India, with all its glorious dichotomies, has been a keen rider on the technology train. With an exponential increase in mobile and internet usage and a relatively faster rate of technology adoption, India is poised to deliver Financial Inclusion at scale with the amalgamation of cutting-edge technology and the intent to include our population in the financial mainstream.

Financial growth is a true reflection of economic performance. And accessibility to avenues of financial growth is inclusion. This inclusion harnesses the true potential of a population, making them fiscally aware and empowered. When people have access to their savings, they tend to live life more assuredly, and when they have access to credit, they tend to be more productive, ambitious, and competitive. But there are still large swathes of society which are isolated from the benefits of digitisation and innovation in finance and are merely an audience to standardised financial institutions. And not to forget, there are those millions who remain unbanked and completely excluded from the financial mainstream.

Equitable mobilisation of capital and resources can provide viable options for poverty alleviation as well as economic emancipation, thus freeing up a large part of our population from the daily struggles of mere survival to allow them to spread their wings and fly towards a more prosperous future. Digital Financial Inclusion will ensure that the marginalised and underserved are acknowledged and are given opportunities to access, move, and grow their funds.

Powered by mobile phones and access to the internet and bolstered with a gamut of new-age technologies such as Artificial Intelligence, Machine Learning and Big Data, there is immense scope to reach out to the unbanked and underbanked. Digital Financial Inclusion will amplify opportunities and transform lives and it is the FinTech sector which holds the key to nurturing and propagating this ecosystem.

Digitalization

The number of active internet users in India is expected to increase by 45 per cent in the next five years and touch 900 million by 2025 from around 622 million in 2020. The numbers seem to indicate that companies will have more of a digital presence compared to a physical one in the near future, and many of them have already started providing services digitally, helping them to reduce cost and improve efficiency while amplifying reach. The same is true with banks and financial institutions.

“Digital rupee will be introduced in India during the 2022-23 financial year,” the Finance Minister of India said while presenting the Union Budget. The RBI echoed the same and said that it will soon begin working towards the "phased implementation" of its own digital currency. Banks no longer need to rely absolutely on a physical presence; they can provide all their services online with the help of Fintech companies or by developing their own in-house platforms. Digitalization helps customers by enabling direct transactions, access to credit, utility payments, etc. without the need for third-party intervention or going to a physical branch or outlet.

Artificial Intelligence

AI algorithms are maturing day by day and investments in this technology are increasing. It is transforming the consumer financial services market as well as consumers’ interaction with the financial services ecosystem. Although AI is not yet prevalent, many companies have started implementing it. The accumulation of data will be rapid as companies go digital. AI helps the companies to use this raw data, analyse it and provide recommended solutions which help them to make informed decisions and stay ahead of the competition. Further, Machine Learning algorithms can calculate credit scores which will improve the financial institutions’ ability to lend to customers with light credit history. AI can also predict frauds by observing behavioural patterns which will increase confidence among lenders while dealing with this thin file customer segment.

Blockchain

The term blockchain refers to distributed digital ledgers. These ledgers employ consensus protocols to create a single version of the truth. Recorded entries cannot be altered due to encryption protocols, rendering the digital ledger immutable. These characteristics make blockchain an attractive technology for providing transactions for parties with different interests such as lenders or borrowers. Increasing mobile banking among rural populations enables companies to deliver financial services through blockchain technology.

It further provides the credit history of the borrower to the lender, helping the lender monitor creditworthiness of the customers. In the post-presentation of the Budget 2022, Prime Minister Narendra Modi said that India's new blockchain-based digital currency will just be a virtual form of the standard Indian Rupee (INR), the official currency of the country that now exists in a physical form. Just as the issuance of this currency is controlled by the Reserve Bank of India (RBI), the digital currency, too, will be regulated by the central bank, said the prime minister.

Robotic process automation

RPA also helps financial institutions to reduce cost and further the cause of financial inclusion in many ways. RPA enables banks to generate compliance reports automatically and track or identify fraudulent transactions. It is also used in customer onboarding by capturing data from KYC documents using Optical Character Recognition (OCR) technology. RPA is also being used for account opening, making the process far more efficient compared to the manual one, because it eliminates data transcript errors between the system and the customer. It also allows companies to automate the mortgage lending process which includes loan initiation, financial status analysis, documentation, automated customer service etc. All these benefits of RPA enable the bank to reduce cost of operations, which is a major challenge for financial inclusion.

The writer is CEO and MD, Sub-K IMPACT Solutions Limited. Views are personal.

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India and UK set Diwali deadline for concluding free trade pact

No pressure from UK over India's stand on Russia, says Shringla

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Govt tweaks coal norms for private producers to meet electricity demand

Larger visibility has been given to the power plants by extending the period of supply of coal from 1 to 3 years, the ministry said in a statement

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India, World Bank considering $2-billion bridge finance: Sri Lanka

India has extended the duration of the $400-million currency swap facility which had been concluded with the island nation in January.

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Johnson says FTA hopefully by yr-end; to hold talks with PM Modi today

UK Prime Minister Boris Johnson Says ready to offer more visas to India

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Awareness holds key to success of AYUSH mark, says industry

PM Modi had said that India would soon introduce the AYUSH mark, which will give authenticity to quality AYUSH products of the country.

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EVs, green hydrogen critical to achieve carbon neutrality by 2070: Official

Leading experts discussed the need for research and development to promote electric vehicles (EV) and deliberated on a road map for EV technologies

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Early EV adoption, lowering prices and enhancing safety on govt's agenda

NITI rolls out draft battery-swapping policy

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Hike import duty gap between crude and refined palm oil: Industry

India's 60 per cent of the edible oil requirement is met through imports

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Norwegian FM in India next week; discussions on climate, energy likely

Norwegian FM Anniken Huitfeldt will visit India from April 25-27 during which she would take part in the Raisina Dialogue and hold talks with the Indian leadership to strengthen bilateral ties

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'Conscious decision': Indian multinational Tata Steel to stop doing business with Russia amid Ukraine war

Indian multinational Tata Steel on Wednesday said it will stop doing business with Russia amid the ongoing conflict with Ukraine.

In a statement, a company spokesperson said: "Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia".

To ensure business continuity, all the company's steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, the company said.

The Mumbai-headquartered company imports coal from Russia for its steelmaking operations across the world.

While major Western companies have halted business with Russia, Indian firms have mostly refrained from doing so.

Last week, India's leading IT services firm Infosys announced it would move business out of Russia.

India has taken a neutral stand on the Russia-Ukraine conflict. It has abstained from voting against Moscow at the United Nations and has instead called for a diplomatic resolution.

With inputs from agencies

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Gold price today: 10 grams of 24-carat priced at Rs 54,380; silver at Rs 70,000 per kilo

Ten grams of 24-carat gold stands at Rs 54,380 in India today, 20 April. One kilo of silver is being sold at Rs 70,000 after an increase of Rs 100 from yesterday's selling price of Rs 69,900.

Owing to factors like excise duty, making charges and state taxes, the rate of the yellow metal fluctuates daily. Here are the gold rates from different cities across the country on Wednesday:

As per the Good Returns website, 10 grams of 22-carat gold in New Delhi, Kolkata and Mumbai are being procured at Rs 49,850. The same amount of the precious yellow metal is being sold at Rs 50,290 in Chennai.

If we look into the 24-carat gold rates, 10 grams of it in Kolkata, New Delhi and Mumbai is being obtained at Rs 54,380. The same amount of 24-carat purity in Chennai is being sold for Rs 54,870.

In Madurai and Patna, 10 grams of 22-carat gold is being vended at Rs 50,290 and Rs 49,880 respectively. The same quantity of 24-carat purity is being purchased at Rs 54,870 in Madurai and Rs 54,460 in Patna.

Coming to regions like Hyderabad, Kerala and Bengaluru, 10 grams of 22-carat gold is being obtained at a price of Rs 49,850. Likewise, in Visakhapatnam, Bhubaneswar and Vijayawada, the same quantity of 22-carat purity is also being traded at Rs 49,850. However, 10 grams of 24-carat gold is being sold at Rs 54,380 in all the above areas.

In Surat and Nashik, 10 grams of 22-carat gold is being procured at Rs 49,900 and Rs 49,880 respectively. The same quantity of 24-carat purity is priced at Rs 54,430 in Surat and Rs 54,460 in Nashik.

In other cities including Ahmedabad and Chandigarh, 10 grams of 22-carat gold is being traded at Rs 49,900 and Rs 49,950 respectively. The same quantity of 24-carat purity is being retailed at Rs 54,430 in Ahmedabad and Rs 54,480 in Chandigarh.

An updated list from the Multi Commodity Exchange (MCX) reveals that gold futures, which are set to mature on 3 June this year, decreased by 0.96 percent to Rs 52,760.00. Silver futures also witnessed a fall of 1.68 percent and currently stand at Rs 68,800.00.

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Prescribed rollout obligations in sync with global 5G norms: Trai official

Trai has said the rollout obligations prescribed by it as part of the recent spectrum recommendations are easy, fair and rational, and fully in line with global 5G norms

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Petrol, diesel prices today: Fuel rates constant on 20 April; remains unchanged for two weeks

New Delhi: Petrol and diesel prices remained steady for two weeks in a row with no change in rates on Wednesday. Earlier both petrol and diesel rates were hiked by 80 paise a litre each, taking the total increase in rates in two weeks to Rs 10 per litre.

Petrol in Delhi now costs Rs 105.41 per litre, while diesel rate is Rs 95.87 per litre to Rs 96.67, according to a price notification of state fuel retailers. In Mumbai, petrol and diesel prices per litre stand at Rs 120.51 and Rs 104.77 respectively.

Rates across the country and vary from state to state, depending upon the incidence of local taxation.

In the last hike, the country saw the 14th increase in fuel prices since the ending of a four-and-half-month long hiatus in rate revision on 22 March.

On the first four occasions, prices were increased by 80 paise a litre - the steepest single-day rise since the daily price revision was introduced in June 2017. On the following days, petrol price went up by 50 paise and 30 paise a litre while diesel rose by 55 paise and 35 paise a litre. It was followed by a hike of 80 paise in a litre of petrol and by 70 paise for diesel.

Prices had been on a freeze since 4 November ahead of the Assembly elections in states like Uttar Pradesh and Punjab — a period during which the cost of raw material (crude oil) soared by about $30 per barrel.

The rate revision was expected soon after the counting of votes on 10 March but it was put off by a couple of weeks.

The increase in retail price warranted by crude oil prices rising during the 137-day hiatus from around $82 per barrel to $120 is huge but state-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are passing on the required increase in stages.

Moody's Investors Services last week stated that state retailers together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during the election period.

Oil companies "will need to raise diesel prices by Rs 13.1-24.9 per litre and Rs 10.6-22.3 a litre on gasoline (petrol) at an underlying crude price of $100-120 per barrel," according to Kotak Institutional Equities.

CRISIL Research said a Rs 9-12 per litre increase in retail price will be required for a full pass-through of an average $100 per barrel crude oil and Rs 15-20 a litre hike if the average crude oil price rises to $110-120.

India is 85 per cent dependent on imports for meeting its oil needs and so retail rates adjust accordingly to the global movement.

Jet fuel prices on Friday were hiked by 2 per cent - the seventh straight increase this year - to an all-time high, reflecting a surge in global energy prices.

Aviation turbine fuel (ATF) - the fuel that helps aeroplanes fly - was hiked by Rs 2,258.54 per kilolitre, or 2 per cent, to Rs 1,12,924.83 per kl in the national capital, according to a price notification by state-owned fuel retailers.

There was, however, no change in the price of petrol and diesel on Friday. Prior to the second pause in 11 days, auto fuel rates had gone up by Rs 6.40 per litre.

The increase in ATF price came on the back of the steepest ever hike 18.3 per cent (Rs 17,135.63 per kl) effected on 16 March.

Jet fuel prices are revised on the 1st and 16th of every month based on the average international price of benchmark fuel in the preceding fortnight.

Jet fuel, which makes up for almost 40 per cent of the running cost of an airline, has this year surged to new highs.

ATF prices have increased every fortnight since the start of 2022. In seven hikes beginning 1 January, ATF prices have been increased by Rs 38,902.92 kl or almost 50 per cent.

With inputs from agencies

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Foodgrain production up 25%, oilseeds 42% in last six years: Govt

Commodities such as wheat, rice, soya meal, raw cotton, fresh vegetable, and processed vegetables etc. have registered most positive growths, the presentation data showed

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OMCs might require to further raise fuel prices: Fitch Ratings

Fitch cited that robust core refining margins as well as windfall inventory gains should allow OMCs to mitigate potential marketing losses in the near term

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Fitch Ratings trims India's gas consumption growth to 5% on high prices

Fitch Ratings cut its India gas consumption outlook for the current fiscal to a growth of 5 per cent as the recent spike in domestic gas prices and high LNG rates would slow the shift

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CIL raises coal supply to power units; in talks with govt to build stocks

The country's largest coal producer and supplier CIL on Tuesday said it has upped its supplies by 14.2 per cent to coal-based electricity generating plants in the first half of the current month

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India's policy challenges will hinder net-zero progress, says Moody's

Many of the country's large private companies have announced net-zero targets that are well ahead of Indian authorities' goals

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Gold price today: 10 grams of 24-carat sold at Rs 54,380; silver at Rs 69,900 per kilo

The selling price of 10 grams of 24-carat gold today, 19 April is Rs 54,380 in India. The gold rate saw a rise of Rs 320 from yesterday’s purchasing value of Rs 54,060. One kilo of silver is being sold at Rs 69,900 after an increase of Rs 800 from yesterday's price of Rs 69,100.

The rate of the yellow metal varies daily due to significant factors such as making charges, state taxes, and excise duty. Here are the gold rates in different cities across the country today:

In Mumbai, New Delhi and Kolkata, 10 grams of 22-carat gold is being procured at Rs 49,850, as per the Good Returns website. Whereas in Chennai, 10 grams of the much-in-demand metal is being sold at Rs 50,470.

If we look into the 24-carat gold rates, 10 grams of the valuable metal in Mumbai, New Delhi, and Kolkata is being obtained at Rs 54,380. The same amount of 24-carat purity in Chennai is being sold for Rs 55,060.

In Surat and Nashik, 10 grams of 22-carat gold is being traded at Rs 49,900 and Rs 49,880 respectively. The same quantity of 24-carat purity is sold at Rs 54,430 in Surat and Rs 54,460 in Nashik.

Coming to regions like Kerala, Hyderabad and Bengaluru, 10 grams of 22-carat gold is being procured at a price of Rs 49,850. Similarly, in Vijayawada, Mangalore and Mysore, the same quantity of 22-carat purity is also being traded at Rs 49,850. However, 10 grams of 24-carat gold in all the above areas is being sold at Rs 54,380.

In Jaipur and Coimbatore, 10 grams of 22-carat gold is being obtained at Rs 49,950 and Rs 50,470 respectively. The same quantity of 24-carat purity is priced at Rs 54,480 in Jaipur and Rs 55,060 in Coimbatore.

In other cities like Nagpur and Chandigarh, 10 grams of 22-carat gold is being purchased at Rs 49,880 and Rs 49,950 respectively. The same quantity of 24-carat purity is being sold at Rs 54,460 in Nagpur and Rs 54,480 in Chandigarh.

The revised list from the Multi Commodity Exchange (MCX) indicates that gold futures, which are set to mature on 3 June this year, increased by 0.43 percent to Rs 53,220.00. Silver futures also rose by 1.29 percent and have settled at Rs 69,920.

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Inflationary surge is a global phenomenon today, but Modi’s India has done much better than others

Today’s inflationary surge is global in nature and is being felt by most advanced economies (AEs), emerging markets and developing economies (EMDEs). During the last two years, most Central banks followed easy money policies, and most governments announced massive stimulus packages to repair the ravages unleashed by a debilitating pandemic in the form of Covid-19. In 15 of the 34 countries classified as AEs by the International Monetary Fund’s World Economic Outlook, 12-month inflation through December 2021 was running above 5 per cent.

The year 2022 has only seen the inflationary tide rising further, globally. While other countries have been reeling from pandemic-induced inflation, India has been keeping inflation largely under control. To put things in perspective, one must note that wheat prices hit a high of $13 per bushel from $5 a bushel in the last two years, a massive 160 per cent jump. Corn prices globally rose by a steep 45 per cent year on year (YoY) in 2021 and have risen by another 37 per cent in the first four months of 2022. Soyabean prices rose from $9 to over $17 per unit in the last 18 months, a whopping 89 per cent jump.

Inflation in the US continued to surge to a massive 8.5 per cent in March 2022, after an equally steep rise of 7.9 per cent and 7.5 per cent in February and January 2022 respectively. That is the biggest year-on-year leap since 1982. Fuel inflation in the US rose by a whopping 32 per cent year on year (YoY) in March 2022, while food inflation went up by 8.8 per cent YoY, in March. The price of beef rose 16 per cent, flour by 14.2 per cent, citrus fruits by 19.5 per cent, and milk by 13.3 per cent in March 2022 in the US.

Annual inflation rate in Europe rose to a record high of 5.8 per cent in February, up from 5.1 per cent in January. The UK’s annual inflation rate rose in March 2022 to a steep 7 per cent, up from 5.4 per cent in January 2022, the highest level since March 1992. The Netherlands with inflation of 9.7 per cent and Spain with inflation at 9.8 per cent have seen the highest inflation print in over 45 years. In Canada, property prices have hit their highest in decades, rising by over 50 per cent in the last two years, due to which the Canadian government has banned outsiders from purchasing property. Inflation as measured by the producer price index (PPI) increased 8.3 per cent year-on-year in March 2022, after an equally steep rise of 8.8 per cent in February 2022, in China.

At least 78 out of 109 EMDEs are today confronting annual inflation rates well above 5 per cent.

In India, in contrast, the Modi government has fared much better and has indeed done a very commendable job in containing inflation. While retail inflation was 5.66 per cent, 6.01 per cent, 6.07 per cent and 6.95 per cent in December 2021, January 2022, February 2022 and March 2022 respectively, one should not forget that for the better part of 2021, inflation was below 5 per cent. For example, in September, October and November 2021, retail inflation in India as measured by the consumer price index (CPI) was reined in at 4.35 per cent, 4.48 per cent and 4.91 per cent. More importantly, food inflation in these months was minuscule at 0.68 per cent, 0.85 per cent and 1.87 per cent. One must not forget that food inflation as measured by the FAO food price index (FFPI), hit its highest level globally in 2021, the highest ever since 1970. But India has reined in food inflation pretty well, relatively speaking.

Why has global food inflation hit multi-decade highs? Droughts, floods, inclement weather in large parts of the world's food bowls and in Central America, Latin America and some major oilseed producing countries are the reason for soaring food prices. For example, Ukraine, Argentina, China and Russia, the largest sunflower oil-producing nations, faced inclement weather in the last two years. Ditto was the case with Kazakhstan, Mexico and Canada, among the big safflower oil-producing nations. As for palm oil, over 84 per cent is produced by Indonesia and Malaysia combined and besides bad weather which hampered production, both these countries imposed many export restrictions during Covid, further distorting the demand-supply dynamics for palm oil-importing countries like India.

Things in Indonesia are so bad that police have been deployed for 24-hour surveillance of cooking oil production and distribution as rising food prices become a key political issue in the country. The Indonesian police task force, intelligence agents and government employees are making sure companies are producing bulk cooking oil as targeted and selling it for below the 14,000 rupiah (98 cents) a litre price cap. The less said about Sri Lanka's traumatising economic crisis, the better. Fuel stations have run dry and even posh neighbourhoods have no electricity for almost 18 hours a day, with rural hinterland suffering from 24-hour power cuts. There is no diesel to run diesel gensets either.

A few months back, the United Kingdom faced a situation where its gas stations ran almost dry. Whichever way one looks at it, India under Prime Minister Narendra Modi has managed the economy very well, sidestepping geopolitical upheavals and violent price gyrations in the fuel and food economy that many other countries have been grappling with unsuccessfully.

In fact, India is even being the good Samaritan and has agreed to extend a $1 billion credit line to Sri Lanka, so that it can procure essential items, food and medicines. In February this year, India provided $500 million via a loan facility to Sri Lanka for procuring petroleum products and tackling its energy crisis. Sri Lanka has forex reserves of barely $2 billion whereas India with over $600 billion, has the 4th largest forex reserves globally, after China, Japan and Switzerland. Hence for ignoramuses to compare India with Sri Lanka is plain hogwash.

Coming back to inflation, it is pertinent to ask which two places in India have the highest fuel price? Well, it is Parbhani in Maharashtra, where in early April, petrol cost Rs 121.38 per litre and diesel, Rs 103.97 per litre. In Sriganganagar in Rajasthan, petrol shot up to Rs 120.73 and diesel Rs 103.30 per litre. In both the aforesaid states, the Congress is in power, either directly or via an alliance. In Congress-ruled states, the average petrol price is higher by Rs 18-21 per litre, compared to many BJP-governed states. The reason for this difference is nothing but pure greed on the part of Congress regimes, whereby they refuse to cut VAT on petrol and diesel. So while Rahul Gandhi and his sundry bunch of protesters are crying wolf over rising fuel prices in India, the harsh truth is that Congress-ruled states are milking their taxpayers dry by refusing to cut VAT in any meaningful measure. So much for Rahul Gandhi's hypocrisy!

Weather-related reasons apart, the pandemic-induced sharp bust-and-recovery patterns produced unpredictable and prolonged supply-side disruptions, leading to supply-side deficits, which in turn led to cost-push inflation. True, as the pandemic receded, demand saw a resurgence but more than “demand pull”, it was “cost push” inflation that wreaked havoc globally. That Central bankers kept buying bonds indiscriminately and governments kept pumping money into their economies to “pump prime” and resurrect them, only led to more speculative money finding its way into just about everything — gold, oil, bonds, commodities, Wheat Futures, Corn Futures, etc. Inflationary pressures globally, among other things, have been driven also by overheating in the aftermath of significant policy stimulus. Here again, the Modi government’s cautiously calibrated approach at infusing stimulus at the height of the Covid wave has been very effective. In sharp contrast, some of the AEs, the US included, unleashed gigantic fiscal stimulus packages, which were not focused and eventually ended up creating asset bubbles and soaring inflation, with very little attendant benefits.

Another major issue affecting advanced and developing economies alike is global supply chains, which continue to be severely affected by the events of the past two years. Transport costs have skyrocketed. And unlike the oil-based supply shock of the 1970s, the Covid-19 supply shocks are more diverse and opaque, and therefore more uncertain, as the World Bank’s most recent report suggests.

In EMDEs, currency depreciation (owing to lower inflows of foreign capital and downgrades of sovereign credit ratings) has contributed to inflation among imported goods. And because inflation expectations in EMDEs are less anchored and more attuned to currency movements than in AEs, the pass-through from exchange rates to prices, tends to be faster and more pronounced. But again on this count, the Modi government has done a stellar job. Brokerage firm ICICI Direct said that unlike 2013 when the rupee depreciated drastically after the US Fed announced monetary tightening, India currently holds the fourth largest forex reserves globally, at over $600 billion and also has a surplus BOP.

In the light of abundant foreign exchange reserves and the strong performance of rupee vis-à-vis its global peers, rupee’s depreciation beyond Rs 78 per US dollar in the calendar year 2022 is highly unlikely. The rupee in the first week of April 2022 has been pretty steady in a range of Rs 75-76 to the dollar. The rupee is likely to face resistance near 78 levels and strengthen back to 72 levels in the coming months, as India seems to be in a better position to withstand any major shock from monetary tightening. India’s forex reserves are equal to about 12-14 months of import cover. Given that the rupee has enough cushion to withstand external shocks and is unlikely to breach the 78 to a dollar level anytime soon, imported inflation on account of a depreciating rupee has been kept in check and here again, the Modi government deserves kudos for the excellent handling of India's external economy.

India’s current account balance recorded a deficit of $9.6 billion in the July-September 2021 quarter, as against a surplus of $6.6 billion in the April-June 2021 quarter, but the deficit was mainly due to the widening of the trade deficit, with economic recovery kicking in. A major achievement of the Modi government, undoubtedly, has been reining in the current account deficit (CAD). It is a well-known fact that a higher CAD leads to imported inflation, something the Modi government has assiduously avoided. In FY18, FY19 and FY20, India's CAD was 1.8 per cent, 2.1 per cent and 0.9 per cent of GDP respectively.

In FY21, India reported a current account surplus (CAS) for the first time in over 17 years. For a fast-paced economy like India, a CAD of 2.5-3 per cent of GDP is not a problem, ideally speaking. However, one needs to be reminded that in FY13, under the UPA government, India's CAD had snowballed into a dangerously precarious level of 6.8 per cent of GDP, completely destroying India's external economy and setting the stage for high inflation. Hence the Congress has no business lecturing the Modi government on handling inflation or related matters.

The balance of payment (BOP) has remained in surplus on strong FDI inflows and narrower current account balance in the last few quarters. In FY23, even if the trade deficit widens as the economy reopens, strong inflows will keep the current account deficit in check. A fact worth mentioning here is that in 2021, the rupee depreciated only 1.8 per cent against the dollar, outperforming its global peers such as Japan’s yen, South Korean won, South African rand and EU’s euro which depreciated by a far higher level of 11.5 per cent, 9.7 per cent, 8.5 percent and 7.9 per cent respectively. More the depreciation, more the chances of importing inflation. In fact, it is because the Modi government has managed the current account balance very effectively, that the rupee has not seen any untoward volatility, which in turn has helped India in reining in imported inflation, despite India being a net oil importer and a net commodities’ importer.

A rise in risk appetite in the global markets helped the rupee perform better than its peers. Inflation which largely remained under RBI’s comfort zone in the last year, helped the Central bank to maintain lower borrowing costs to support the economic recovery and this also contributed to rupee’s steady performance.

Food accounts for a much larger share of the average household consumption basket in EMDEs, which means that inflation in those economies is likely to prove persistent. Today’s higher energy prices will translate directly into higher food prices tomorrow (through higher costs for fertilizer, transport, and so forth). Food inflation is the most regressive form of taxation as it burdens the poorest the most. And it is here that the Modi government reached out to the last mile standing via the PM Garib Kalyan scheme.

In the absence of global policy options to resolve supply-chain disruptions, the task of addressing inflation is largely left to the major Central banks. While the US is poised to undergo a modest tightening (by historical standards) in 2022, this is unlikely to be sufficient to rein in inflation. The US Federal Reserve’s tendency to do too little, too late is well known. The US and other advanced economies failed to tackle inflation quickly during the 1970s and they ultimately needed far more draconian policies, which led to America’s second-deepest post-war recession, along with a debt crisis.

As the old saying goes, “A stitch in time saves nine.” So while the US and large parts of the developed world are likely to grapple with hyperinflation or stagflation, which could further deteriorate into a recession going forward, the timely moves by the Modi government to give over Rs 2 lakh crore worth of cash to farmers via PM-Kisan or say free food and free ration to the needy, collateral free loans to MSMEs via the ECLGS scheme and liquidity support to the contact sensitive sectors, have all worked wonders.

External geopolitical factors such as the Russia-Ukraine war and the resultant supply chain disruptions have led to an increase in the prices of several essential items such as energy, food and metals. There are those that argue that since India imports a fraction of its oil from Russia, the ongoing crisis there should not have an impact on Indian fuel prices. These people miss the fact that the effect is felt on the Indian basket of crude oil, which has a direct impact on the price at which India buys oil. The price of oil available for import by India increased from about $73.3 a barrel in December 2021 to over $110 a barrel in the first week of April 2022. In March 2022, the Indian energy basket recorded its highest price at $128.24 per barrel, while Brent Crude went ballistic, beyond $130 per barrel for the first time since 2008, the highest in 14 years.

India imports over 83 per cent of its oil requirement. In addition, since fuel prices are relatively unregulated in India, this means external events can have a significant impact on domestic fuel prices. However, despite this, prices of petrol and diesel have not changed since 2 December 2021, for 137 days in a row. LPG prices have not changed since 6 October 2021 or 167 days. The current hikes in petrol and diesel prices come against this background. The hikes in petrol and diesel in India by 5-10 per cent are minuscule compared to the massive rise of anywhere between 52-58 per cent in other countries in the last few months. In the US, petrol costs an average of $4.637 per gallon, which is nearly 20 per cent higher than the price just a month ago. In the UK, petrol prices have consistently been hitting all-time highs over the last month, with the latest price at 1.79 pounds a litre. This is over 20 per cent higher than it was a month ago. In Germany, the price of Petrol has increased by 15 per cent over the last one month alone.

Retail food inflation (CFPI), which affects the common man the most, has remained benign in India through most of the year and slightly increased recently to 5.85 per cent in February 2022 and 6.95 per cent in March 2022, due to external factors. Average inflation for the period April-March 2021-22 stood at 5.85 per cent as against 6.22 per cent in the corresponding period previous year, as in the pandemic year. In the monetary policy announced on 8 April 2022, the RBI raised its inflation projection for FY23 from 4.5 per cent to 5.7 per cent, primarily on account of the phenomenal rise in global crude oil prices. One needs to remember that 5.7 per cent is still lower than RBI’s upper band of 6 per cent.

RBI maintained an accommodative stance, keeping the Repo rate at 4 per cent for the 11th time in a row, in the monetary policy announced on 8 April 2022. While the US Fed raised interest rates by 25bps on 16 March 2022, RBI's decision to not raise Repo rate once again showcases how the Modi government is pro-middle class. Of course, with the 10-year benchmark yield hitting 7 per cent on 8 April, at some point this year RBI will have to raise the Repo rate to curtail inflationary expectations. But since calibration has been the essence of RBI’s policy, rather than lumpy hikes, any rate hike will also likely be a calibrated one, which is absolutely the right way to do it.

Since the Modi government took charge in 2014, inflation has remained under control. Retail inflation crossed the 6 per cent mark only eight times between May 2014 and March 2020, when the nation-wide lockdown was announced to protect the nation from COVID-19. Post-pandemic, the rate of CPI inflation crossed the 6 per cent mark only rarely and that too only in response to external, largely uncontrollable factors. To set some context, it is important to note that the country experienced the worst era of inflation from 2010 to 2014 under the Congress-led UPA.

Under the UPA, retail inflation was more than 9 per cent in 22 of the 28 months from January 2012 to April 2014. During this time, inflation even crossed into double-digits, nine times. This was largely due to irresponsible fiscal policies, crony capitalism, and policy paralysis. Fuel inflation is a complex issue due to the linkages with global oil prices. However, the Modi government has been forthcoming and transparent in its pricing policies, accounting standards and also in how it is using its cess collections for the benefit of the nation as a whole. No one should forget that the Congress left unserviced oil bonds of over Rs 1.5 lakh crore, which are being serviced by the Modi government. The Congress earned political mileage by burdening future generations via these oil bonds.

On 3 November 2021, the Central government cut the excise duty on petrol and diesel by Rs 5 per litre and Rs 10 per litre, respectively. The entire cut in price was on cesses, so there was no impact on revenues of states. After the Centre slashed excise duty on petrol and diesel, all BJP-ruled states also cut value-added tax (VAT) on fuel by anywhere between 13 per cent and 21 per cent. However, so far six Opposition-ruled states have not reduced their taxes on fuel by even a single penny. These states are Andhra Pradesh, Kerala, Maharashtra, Tamil Nadu, Telangana, and West Bengal. Jharkhand reduced prices for certain segments, not for all. Chhattisgarh reduced VAT by a token 1 per cent and Rajasthan by a measly 4 per cent, while Delhi reduced VAT on petrol but not on diesel. It is nothing but rabid hypocrisy on the part of Opposition-ruled States to expect the Centre to keep cutting excise duties, while these Opposition leaders are themselves refusing to cut VAT in their own states by even a single penny!

Speaking of edible oils, to provide relief to consumers, the Modi government reduced customs duty on crude palm oil from 35.75 per cent to 8.25 per cent. On sunflower and soybean oil, the Customs duty was reduced from 38.5 per cent to 5.5 per cent. These duty reductions provide relief in excess of Rs 20,000 crore.

Customs duty on Masoor was reduced from 30 per cent to 10 per cent, giving a yearly relief of Rs 1,000 crore, while Customs duty on steel was rationalised significantly. Further, Customs duty was exempted on iron and steel scrap, while Customs duty was also rationalised on copper scrap. In addition, anti-dumping duties were revoked on various kinds of steel. This provided significant relief to the metal industry. In textiles, Customs duty on key raw materials like Caprolactam, Nylon Chips and Nylon Yarn were rationalised. Anti-dumping duty was revoked on key raw materials like viscose fibre, PTA, other fibres and Yarn, to make available these raw materials to the industry, at a reasonable cost. As Covid relief measures, significant exemptions from Customs and GST were provided to medicine and medical equipment like oxygen concentrators and ventilators.

Over the course of 2020 and 2021, approximately 38 lakh MT of free food grains were provided every month to 81 crore beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). This year as well, the government will be providing free food grains till September 2022. Under GST, the weighted average rate has come down to 11.6 per cent, according to the RBI, as compared to the revenue neutral rate (RNR), as recommended by the RNR Committee, of 15.3 per cent.

According to former finance minister P Chidambaram, the Modi government has earned Rs 26.5 lakh crore from fuel tax collections between 2014 and 2021. He adds that the total outgo on free food grain, cash allowances to women, PM-Kisan and other cash transfers is “no more than Rs 2.25 lakh crore — which is less than the annual fuel taxes collected by the Centre alone”. These numbers posed by the former finance minister are nothing but a vicious bunch of lies. The outlay on PMGKAY alone is Rs 3.4 lakh crore while under PM-Kisan, over Rs 2 lakh crore has already been given to over 10 crore farmers. One is not even counting the subsidised gas cylinders given under PM Ujjwala Yojana or close to Rs 1 lakh crore that is being spent on giving free Covid vaccines to those who can't afford it, or the huge amount of money being spent to give free health insurance under Ayushman Bharat to the marginalised sections of the society.

According to the RBI, the total developmental expenditure by the Central government during the period 2014-22 was a whopping Rs 90,89,233 crore. This included more than Rs 26 lakh crore in the form of capital expenditure to modernise infrastructure and create productive assets, Rs 25 lakh crore for food, fertilizer and fuel subsidies, and Rs 10 lakh crore on social services such as health, education, affordable housing, etc.

It is clear that the collections from the fuel tax have been put to good use as development expenditure by the Modi government. It is unfortunate that a former finance minister (Chidambaram) would miss out on these basic data points either due to sheer oversight or deliberate ignorance. Either way, it exposes the Congress and its falsehoods. The hard truth is, as compared to Rs 90.9 lakh crore spent on development expenditure by the Modi government in the last eight years, the previous Congress dispensation spent only Rs 49.2 lakh crore over a 10-year period between 2004 and 2014.

So to cut a long story short, while the erstwhile Congress regime behaved like the reckless, prodigal son and did not even bother to regret or repent for its recklessness, the BJP government has repaired and reinvigorated the Indian economy, with Prime Minister Modi taking the bold lead in combining the best of both — welfarism and unrelenting reforms.

The author is an economist, national spokesperson of the BJP, and the bestselling author of ‘The Modi Gambit’. Views expressed are personal.

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