Modi’s push to make kitchens safer makes India no. 2 LPG importer

Source: LiveMint.com, Apr 24, 2017

Mumbai/New Delhi: India toppled Japan as the world’s second-largest importer of liquefied petroleum gas (LPG) as Prime Minister Narendra Modi’s pledge to provide cooking gas cylinders to the poor and wean them off polluting fuels, drove up consumption.

Imports of LPG, mostly used as cooking fuel, soared 23% during the financial year that ended 31 March to 11 million tonnes, according to data from oil ministry’s Petroleum Planning & Analysis Cell. Japan’s imports slipped 3.2% during the same period to 10.6 million tonnes, according to its finance ministry. China remains the world’s top importer.

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ONGC plans $11 billion investment to boost gas production by 30%

images.pngSource: LiveMint.com, Apr 24, 2017

Mumbai: After more than a decade of nearly static output, state-run Oil and Natural Gas Corp. (ONGC) expects to increase gas production by nearly 30% over the next three-four years with an investment of around $11 billion, according to two senior company officials with knowledge of the matter.

The officials said ONGC will put its blocks in the Krishna Godavari basin (KG-DWN-98/2) and Ratna and R-Series oilfields in Mumbai offshore into production by 2019. The coal bed methane (CBM) blocks in Jharkhand will begin production by 2020, while the Daman offshore fields, which have been pressed into production this month, will be ramped up next year.

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Metro companies will have to buy 75% coaches, 25% equipment made in India

Source: Business Standard, Apr 23, 2017

It is now mandatory for the metro rail companies to procure minimum 75 per cent of train cars and 25 per cent of critical equipment from within the country, a norm made compulsory under the ‘Make in India’ campaign.

The Urban Development Ministry has incorporated these mandatory conditions in the metro companies’ tender documents which have been circulated to them, making the new norms effective immediately.

At present, it is not mandatory for the companies to procure metro train cars manufactured in India.Minimum 75 per cent of the tendered quantity of metro cars should be manufactured indigenously for which the suppliers may either establish independent manufacturing facility in India or partner with Indian manufacturers, provided the procurement is more than 100 cars, as per the new tender document.

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Govt’s generic push will dent Rs 90,000-cr branded pharma market

Source: Business Standard, Apr 24, 2017

New Delhi / Mumbai: Pharma companies may soon start wooing chemists as the Narendra Modi government plans to make it mandatory for doctors to prescribe pure-generic drugs, instead of branded generics as they do now.

Though the plan was first announced in this year’s Budget, the prime minister spoke about it for the first time at a public event on Monday. The health ministry has now started working on amending the Drugs and Cosmetics Act to this effect.“Indian patients may face quality issues without price benefit as intense competition among marketers will lead to incentivising a chemist,” says D G Shah, secretary-general of the Indian Pharmaceutical Alliance.

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Modi govt plans to auction 4 gigawatts of wind energy in FY 2017-18

Source: LiveMint.com, Apr 21, 2017

New Delhi: Prime Minister Narendra Modi’s government is seeking to step up the pace of auctioning power-purchase contracts for wind-energy plants, building on a contest that reaped record-low prices for solar farms earlier this month.

The government plans to offer deals covering almost 4 gigawatts of wind capacity in the current fiscal year ending March 2018 in addition to 750 megawatts of solar capacity it will tender next month, Ashvini Kumar, managing director at Solar Energy Corp. of India, the country’s implementing agency for renewable targets, told reporters in New Delhi. Read the rest of this entry »

India records impressive growth in recent years: IMF

Source: Financial Express, Apr 20, 2017

Wahington: India’s growth has been “impressive” in the recent years which makes room for tax broadening efforts by the government, according to a top IMF official. “India has recorded quite an impressive growth performance in recent years. Our view is that the elimination of fuel subsidies and the targeting of social benefits has delivered in terms of allowing the union budget target to be achieved at 3.5 per cent of GDP,” Vitor Gasper, Director of the IMF Fiscal Affairs Department told reporters at a news conference here yesterday.

“We have been collaborating with the Indian authorities in terms of looking at fiscal structural measures, including expenditure rationalisation while protecting infrastructure investment, tax broadening efforts,” he said. Read the rest of this entry »

Patanjali eyes 20% share in country’s processed food market

Source: Business Standard, Apr 20, 2017

New Delhi: Home-grown FMCG major Patanjali Ayurved is looking to double its share in the country’s food processing market to 20 per cent in the current fiscal.

The yoga guru Ramdev-led firm, which has plans to invest Rs 5,000 crore on expansion of its various verticals, would be putting aside a substantial portion of funds towards opening of new units and ramping up capacity of the existing units. Read the rest of this entry »