IMF drives down global growth forecast; India to grow at 9.5% this year and 8.5% in 2022

India’s economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund (IMF). India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous […]

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International Energy Association invites India to become full-time member: Oil Minister Puri

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member, India’s oil Minister Hardeep Singh Puri said after online discussions with IEA Executive Director Fatih Birol. If India accepts the invitation, New Delhi will be required to raise its strategic oil reserves to 90 days stock. India’s current […]

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Global oil and gas investment to be 30% below pre-Covid level: ONGC chairman

Global investment in the upstream oil and gas sector will be around 30 per cent below pre-pandemic levels according to Oil and Natural Gas Corporation (ONGC) Chairman, Subhash Kumar. Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at $350 billion, as […]

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India’s power consumption dips by 2% to 72 million units; crisis not yet over

Power consumption dipped by nearly 2 per cent or by 72 million units (MU) to 3,828 MU on Saturday compared to 3,900 MU on Friday, showing slight improvement in supply situation across the country amid coal shortage crisis, according to the power ministry data. According to the data, the power consumption of 3,900 MU on Friday or October 8 was […]

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CNG outlets and EV charging stations to get preference over petrol and diesel sale in the new licensing norm

India’s new liberalised petrol pump licensing norms allow setting up of EV charging stations and CNG outlets even before the start of petrol and diesel sales, the government has stated. The Ministry of Petroleum and Natural Gas in a clarification to its November 8, 2019 order that eased norms for setting up of petrol pumps by new […]

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Stock limits on edible oils imposed again to soften prices in market

The Department of Food and Public Distribution has again imposed stock limits on edible Oils and oilseeds to soften the prices of edible oils in the domestic market for a period up to March 31, 2022, informed the Ministry of Consumer Affairs, Food, and Public Distribution on Sunday. According to a statement issued by the ministry today, the removal of licensing […]

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Reliance buys Norway’s REC Solar Holdings from China’s Bluestar for $771 million; also picks up controlling stake in Sterling & Wilson for Rs 2850 crore

Mukesh Ambani-controlled Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries (RIL), has acquired REC Solar Holdings (REC Group) from China National Bluestar (Group) Co. An RIL statement said the transaction is for an enterprise value of $771 million. This is the first major renewable energy deal, where an equipment manufacturing facility has been acquired. Hours after picking up […]

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Soyabean output may rise 14% to 11.9 million tonnes this year: SOPA

Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA. In its estimate released on Sunday, Indore-based Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh […]

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