India has further strengthened its position of being a net importer of oil during the five years of the Modi government, floundering on an ambitious plan that entailed reducing country’s import dependency of oil by 10 per cent by 2022.
The oil prices continue to struggle, call it an over production by Saudi Arabia or OPEC’s recent prediction or Trump’s weird administrative policies (sanction to Iran for increasing oil prices) or economic slowdown or Russia’s intervention in Saudi Arabia
Modi Government Plans New Mechanism To Revive Stressed Power Assets, To Generate At Least Rs 15,000 Crore
In a bid to relieve power sector stress, the central government plans to auction power supply contracts with attached coal suppliers, permitting coal usage for short-term power contracts and tweaking the payment mechanism to help power projects
Steel Secretary Aruna Sharma stated that government’s National Steel Policy has saved foreign exchange of Rs 5,000 crores since last year and has added around 24 million tonnes of crude steel capacity during the last four years.
Former Prime Minister Manmohan Singh on Monday accused the central government of punishing common man by not passing on the benefits of low petroleum prices internationally to the people here.
India has announced specific solar energy projects in parts of Africa in consultation with local governments and is seeking to ensure effective implementation of its Line of Credit of $1billion offered at a time when China is striving to emerge as a partner for much of the developing world.
Oil prices are closely aligned with the Narendra Modi government’s fiscal fortunes. When PM Modi was sworn in late May 2014, the price of the Indian basket of crude oilBSE 0.52 % was around $108 per barrel.
It could be two ratings upgrades in two weeks for India. According to sources in the government, the global ratings agency Standard & Poor’s (S&P) will revise India’s sovereign ratings on Friday.
The spike in crude oil prices may have changed the fiscal equation for the Modi government and causing some headache to the Reserve Bank of India (RBI).
The last three years under the Modi government have seen the transformation of the environment from being a field of relative stability and inactivity, to functioning as an active instrument of capital accumulation.