The government on Friday raised windfall tax on petroleum crude to Rs 4,900 a tonne from Rs 4,600. The new rates will be affective from Saturday, according to a government notification released on Friday. The tax is levied in the form of a Special Additional Excise Duty (SAED). The SAED on the export of diesel, […]
Day: March 16, 2024
India opens doors for global EV makers; scheme to help USA’s Tesla
The Ministry of Heavy Industries (MHI) on Friday announced a new policy to boost electric vehicle (EV) manufacturing in the country by global players, such as Tesla, VinFast, BYD, Kia, Škoda, BMW, and Mercedes-Benz. The new policy entails lower import taxes on certain electric vehicles for companies committing to at least $500 million (Rs 4,150 […]
Initial cost of e2W may rise 10% due to reduced subsidy, says ICRA
The Indian government’s new Electric Mobility Promotion Scheme 2024 will provide a temporary bridge to maintain electric vehicle (EV) adoption momentum after the FAME-II subsidy program concludes at the end of March. However, the new scheme offers lower subsidies compared to FAME-II. Credit rating agency ICRA expects the initial cost of an electric two-wheeler (e-2W) […]
Gulf airlines have cheap oil but Air India has software talent: CDTO
Middle Eastern airlines have the unique advantage of cheap oil, but Air India boasts a unique advantage of having abundant and high-quality software talent available at scale, said Satya Ramaswamy, Chief Digital and Technology Officer of Air India, on Friday. “We fully intend to exercise this unique competitive advantage by working hard to become the […]
DGCA refuses to extend June 1 deadline to implement new FDTL rules
The Directorate General of Civil Aviation (DGCA) has refused to extend the June 1 deadline for airlines to implement the new flight duty time limitation (FDTL) norms for pilots. Last month, the Federation of Indian Airlines — which includes IndiGo, Air India, Vistara, and SpiceJet — wrote to the regulator requesting a deferral of the […]
Nitin Gadkari announces 4 projects across India worth Rs 1,885 crore
Union Minister for Road Transport and Highways Nitin Gadkari on Friday announced four road and transportation projects, for which the ministry has sanctioned a total of Rs 1885.51 crore. Gadkari made the announcement in a series of separate posts on social media platform X (formerly Twitter). These projects are located in Karnataka, Madhya Pradesh, Gujarat […]
PM Modi lays foundation stone of two corridors under Delhi Metro’s Phase 4
Prime Minister Narendra Modi laid the foundation stone of two additional corridors of Delhi Metro’s Phase 4 during a programme at Jawaharlal Nehru Stadium here on Thursday. The Union Cabinet under the leadership of PM Modi has greenlit the expansion of the Delhi Metro with the approval of two new corridors under Phase-IV of the […]
Petrol, diesel prices cut by Rs 2 across India, says oil minister
In a relief to people ahead of the Lok Sabha polls expected to be held in April-May, the government has decided to cut the price of petrol and diesel by Rs 2 per litre. The Ministry of Petroleum and Natural Gas said in a post on X that Oil Marketing Companies (OMCs) have informed that […]
L&T wins Rs 5,000 crore major onshore gas pipeline project in West Asia
Larsen & Toubro (L&T) on Thursday said its hydrocarbon business has won an order for a major onshore gas pipeline project from a client in West Asia. The company categorised the order as ‘major’, implying a value of between Rs 5,000 crore and Rs 10,000 crore. L&T does not disclose the exact value of its […]
Rajasthan reduces VAT on petrol, diesel; hikes DA of employees by 4%
The Rajasthan government on Thursday announced a 2 per cent reduction in VAT on petrol and diesel and a 4 per cent hike in dearness allowance of employees and pensioners ahead of the general elections. The decisions will become effective from Friday morning. The government announced a 4 percentage point hike in dearness allowance of […]
Oil marketing companies cut petrol, diesel prices after 22 months
Oil marketing companies (OMC) have reduced pump prices of petrol and diesel after a record 22 months, both of which will be cheaper by Rs 2 in the national capital beginning Friday, the government announced on Thursday. Taking Delhi as an example, petrol and diesel prices last saw a revision back on April 6, 2022, […]
BPCL to set up two compressed biogas plants in Raipur and Bhilai
State-run Bharat Petroleum Corporation Limited (BPCL) on Wednesday signed a tripartite Memorandum of Understanding (MoU) with Chhattisgarh Biofuel Development Authority (CBDA) and the state municipal corporations of Raipur and Bhilai for the production of compressed biogas (CBG). BPCL will set up CBG plants in the state capital Raipur and the industrial town of Bhilai. About […]