The Pioneer : 2019-02-11

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& ' ( +!7, 8 9 - 5 & 0 12"345 # " , " )'* &' '+ ', - ,* . ) .' . /' '+ 0 , ' * ernment expects 28,000 crore from the RBI as interim dividend during the current fiscal. The RBI, which follows July-June financial year, has already transferred 40,000 crore in the current fiscal. If the central board of the RBI approves transfer of 28,000 crore requested by the Government as interim dividend for the current fiscal, the total surplus transfer by the central bank would be 68,000 crore in 2018-19. According to sources, the Government expects 69,000 crore dividend in the next financial year. The Government has projected to mobilise 82,911.56 crore as dividend or surplus from the RBI, nationalised banks and financial institutions during 2019-20. After making provision for bad and doubtful debts, depreciation in assets, contribution to staff and superannuation fund and for all matters for which the provision is to be made by or under the Act or which are usually provided by bankers, the balance of the profits shall be paid to the central Government, as per the RBI Act. icy reforms including marketing and pricing freedom for natural gas produced from deep and ultra-deep waters and high pressure high temperature areas, coal bed methane, incentive for enhanced recovery for augmenting production of oil and gas from matured fields and exploration and exploitation of unconventional hydrocarbon from all fields. “We have set up a state-ofthe-art National Data Repository to facilitate potential investors to take informed decisions based on the geo-scientific data of hydrocarbon resources in the country. “With the introduction of National Data Repository, India has joined the league of countries like UK and Norway which have a national data repository for the upstream sector,” he said. ? In downstream sector too India has been able to attract global investments, he said, adding that leading players like Saudi Aramco, ADNOC, Total and Shell are expanding their footprints in the country’s energy space and looking to invest more in the Indian oil and gas market. to 8 crore households under PMUY,” he said. LPG is supposed to replace traditional cooking fuels in rural kitchens such as firewood and cow dung which not only contribute to environmental degradation but also have serious health implications on users. Pradhan said the oil and gas sector is a key contributor to India’s economy and accounted for almost 55 per cent of its energy mix in 2017. India is the third largest consumer of crude oil and petroleum products in the world, accounting for 4.5 per cent of global oil consumption, behind US and China. ? “We have taken several measures to overhaul the hydrocarbon policy framework to ensure energy security for the country while pursuing the green path to progress,” he said. Listing reforms to revitalise the exploration and production ecosystem, he said a new revenue sharing model, uniform licence for all hydrocarbons and marketing freedom for oil and gas have been introduced. Also, the government has introduced various others pol- % E ' After catapulting LPG coverage by about 40 per cent in just 55 months, the government will soon make available clean cooking fuel to all households, Oil Minister Dharmendra Pradhan said on Sunday. Speaking at the Petrotech 2019 conference here on the outskirts of Delhi, he said coverage of LPG in the country has reached close to 90 per cent, rising from about 55 per cent in 2014. “Very soon, India will be connecting all households with clean cooking fuel. The source of fuel will be LPG as well as gas from bio-mass and alternate sources,” he said. The increase in coverage has been credited to the Pradhan Mantri Ujjwala Yojana (PMUY), which provides free cooking gas (LPG) connection to the poor. Under PMUY, about 6.4 crore connections have been provided since the launch of the scheme on May 1, 2016, he said. “Before March 31, 2020, we will provide LPG connections ( an increase of 29,935 jobs). In indirect tax departments, the Government said there were 53,394 employees in March 2017. This went up to 92,842 in March 2018. It also gave the same figure (92,842) as the estimated strength of indirect tax establishment as on 1 March 2019. The Ministry of Civil Aviation will have 2,363 more personnel by 1 March this year against its actual strength of 1,174 in March 2017, the document shows. Similarly, for the Department of Posts, it said there will be 4,21,068 personnel on 1 March 2019 as against its actual strength of 41,88,18 in March 2017. In the Ministry of External Affairs, 11,877 people are estimated to be working by next month as against its actual strength of 10,044 in March 2017, which was estimated to have reached 11,870 in 2018. D ' / As debate intensifies over rising unemployment in the country, the Modi Government claims to have generated over 3.79 lakh jobs between 2017 and 2019 in its various establishments, according to the interim budget for 2019-20. The Government said it has generated 2,51,279 jobs in central Government establishments between 2017 and 2018. This is estimated to go up by 3,79,544 to reach 36,15,770 on 1 March 2019, shows an analysis of documents of the interim budget, presented by Finance Minister Piyush Goyal on 1 February. The data assumes significance as the Congress and other opposition parties have been targeting Prime Minister Narendra Modi over rising unemployment. The Government has rejected the charges. Most of the recruitment was done by the Ministry of D ' / The Finance Ministry has sought from the Reserve Bank of India (RBI) 27,380 crore that was withheld by the central bank towards risks and reserves in the previous years, said sources. The RBI had retained 13,190 crore towards risks and reserves during 2016-17. It increased to 14,190 crore in 2017-18. Together, retained amount is 27,380 crore. The Ministry has requested the RBI to provide an interim surplus for the current fiscal on the analogy of the previous financial year and transfer the amount withheld from the surplus of 2016-17 and 2017-18, sources said. Earlier this month, Economic Affairs Secretary Subhash Chandra Garg had said the gov- Railways, police forces and the direct and indirect tax departments. The budget documents give a sector wise break-up on how the jobs were added in central Government establishments. It said Indian Railways will generate the highest number of jobs — 98,999 by 1 March 2019 against its actual strength of 12,70,714 in March 2017. There will be 79,353 additional jobs in police departments by 1 March 2019, up from the actual strength of 10,52,351 as on 1 March 2017. Similarly, jobs in direct tax departments will touch an estimated 80,143 by next month as against 50,208 in March 2017 '& ) ! !+ % K ! ? ) , , *) " * 0 # % )', / / % % %# 89:; About 5 mmscmd of production can be added by making some investment in existing fields like Mumbai High South, Neelam and B- 127 Cluster in the Arabian Sea. Oil India Ltd (OIL) has an onland discovery in the Krishna Godavari basin in Andhra Pradesh with over 3 billion cubic meters of recoverable reserves, but needs a higher price to bring it to production. The officials said all these fields can be expeditiously developed and monetised in case pricing and marketing freedom is granted by the Government. ONGC and OIL want a price of over $6 per MMBtu to help them produce the gas without suffering any losses. not been able to develop the discoveries or bring them to production as the current gas price of $ 3.36 per million British thermal unit (MMBtu) is way lower than the cost of production. Officials said ONGC has about 35 billion cubic meters of recoverable reserves in discoveries in the shallow sea off Andhra Pradesh on the east and off Gujarat and Mumbai on the west coast blocks. The three blocks in Krishna Godavari basin, Gulf of Kutch and Mumbai offshore can produce about 10 mmscmd of gas and an equivalent amount can be produced from its onshore discoveries in blocks like Bantumili, Mandapeta and Bhuvanagiri, they said. have a dozen discoveries, which are unviable at current government mandated gas price. These finds, they said, need a higher price and the government plans for special incentives for them would help bring them to production quickly. Oil Minister Dharmendra pradhan had last month stated “special incentive besides the incentive already provided” will be given to difficult fields of ONGC. “We dont know what that incentive will be, but we presume it will be a higher and remunerative price,” an official said State- owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) have % E ' The Government plan to offer PSUs special incentives for natural gas discoveries in difficult and unviable areas will help raise India’s natural gas production as it will unlock output in a dozen fields of state-owned ONGC and OIL, officials said on Sunday. India currently produces about 90 million standard cubic meters per day (mmscmd) of natural gas and has ambitious plans to double output by 2022 to reduce its reliance on imports and replace some of the polluting liquid fuels to cut emissions. Speaking on sidelines of the Petrotech conference here on the outskirts of Delhi, officials said ONGC and OIL have huge outreach programme and try to get big orders in the area of minting of coins, printing of currency notes and postal stamp etc, he said, adding it should dream big and think of achieving profit of 6,000 crore. The company should also focus on modernisation of its nine production units across the country so that it can get export order, Goyal added. SPMCIL, which earned a profit of 630 crore last fiscal, is engaged in the production of currency and bank notes, Security Paper, postal stamps, security inks, and commemorative coins. D ' / D ' / Up girl Shreya Singh on Saturday declared winner of Skindrella 2019 beauty pageant organised by Skinella with a special focus to break rigid stereotype of beauty standards. It was a beauty pageant like never before that glorifies the real beauty in every girl. In the second year running, Skinderella has found the most #SuperNaturally girl of 2019, and gave a cash prize of 1 lakh. Speaking on the pageant, Dolly Kumar, founder and Director at Skinella said, “I believe that every girl is most flawless and beautiful when she is her natural self.” Finance Minister Piyush Goyal on Sunday asked state- owned Security Printing & Minting Corporation of India ( SPMCIL) to tap its full potential and expand export footprint so that profit can grow exponentially. “I am told that the company has already initiated talks with some countries for minting of coins and you have potential to export to African countries and European. nations,” he said at the 13th foundation day event of SPMCIL here. The company should '/ 6 Bangladeshi traders have received export orders worth 2 billion Taka ( 169.79 crore) at the recently concluded 24th Dhaka International Trade Fair, a media report said on Sunday. The orders received was nearly $4 million ( 28 crore) higher compared to the previous year, the bdnews24.Com reported. The trade fair this year had around 412 stalls, including 110 pavilions and 83 mini-pavilions. = ") ) ! + ) + GAA ) ) " ) ! %! )! The manufacturing facility, spread over 65 acres, will be one of the first cooling appliances unit in Andhra Pradesh. The choice of Andhra Pradesh as the destination for the new manufacturing unit was due to the state’s ease of doing business and growing focus on ‘Make in India’, it said. The chosen location provides dual benefits of superior market access and cost effective connectivity via road and port, it added. Voltas will cater to the south, west and east markets through this manufacturing facility. “We are delighted to have laid the ground for the Voltas manufacturing plant here in Tirupati. This facility helps us in expanding our manufacturing capabilities while increasing our reach in the Southern market,” said Pradeep Bakshi, managing director and CEO, Voltas Ltd. D ' / Tata group firm Voltas on Sunday said it will invest over 500 crore to set up a manufacturing facility in Tirupati, Andhra Pradesh. “This facility will initially manufacture and assemble air conditioners and related cooling products with a total capacity of more than 1 million units to start with,” the company said in a BSE filing. Voltas said it aims to create technologically advanced products which are expected to start rolling out from the second half of 2020. The company plans to invest over 500 crore while putting together an OEM (original equipment manufacturer) base for home appliances, and simultaneously creating local employment opportunities in the region. %& )! " " ! ! 1 ! !) : 1E< ! +! * )& , ) " ! ! )& ) " )& ) %& 1& ! 2 2 *! * '! ) ! )I) 2J2)I) ,!)& F & )& - ** !+ ) ) ? " ! ! )! ! )& ) ) ! " ! ! ) + % ' D % T should be on research and development. We are spending more than this amount and have set up a modern research centre. The Centre of Excellence is functioning under four broad categories—application of new products, process efficiency, fundamental research and wealth from waste. We are also setting up a Special Purpose Vehicle in collaboration with the Department of science and Technology (DST) and knowledge partners like IIT, NIT, ICTR and IIIT to develop incubation centres particularly for technology. Recently, we have had a breakthrough in combating fluoride contamination with the use of nanotechnology. bauxite mining. It was discussed that aluminium is an environment friendly metal since it does not corrode, is anti bacterial and light. In case of automobile sector, aluminium is a better metal and this can be understood from the fact that if one kg of metal is replaced with one kg of aluminium, there is a reduction of 23 kg of carbon dioxide. It is a direct impact on improving air quality. Electrical vehicles are manufactured from aluminium, which reduces two-thirds of consumption of fuel and thus indirectly reduces the consumption of fossil fuels. he Navratna public sector undertaking ( PSU), under Ministry of Mines, NALCO is the country’s leading manufacturer and exporter of alumina and aluminium. The company has declared its financial results for the third quarter ended December 2018 which is an indication of a good year in 2019. Edited excerpts from the interview: Despite the drop in prices of aluminium in the global market, NALCO has recorded good profits. What has brought about this success? ● What is the focus of the ongoing international tie-ups of the company? The aluminum prices have come down from the third quarter to the fourth quarter almost by $ 100. According to the results for the third quarter of the financial year 2018-19, we recorded a net profit of 302 crore and the net profit for the period from April 2018 to December 2018 grew to 1499 crore in camparison to 1,085 crore during the same period last year, which is a growth of 38 per cent. This is already more than the last year’s total profit of 1,342 crore. Our operating profit was 589 crore, registering 80 per cent growth over the same period of the last year. The net sales for the nine months of the fiscal are 8,644 crore which is a growth of 32 per cent over the same period of the last year. We have also achieved a record growth in production in all fronts. During the first nine months of the current fiscal, we achieved production of 55.39 lakh tonnes of bauxite, as compared to 54.40 lakh tonnes achieved during the comparable period of the previous fiscal. We produced 15.92 lakh tonnes of alumina hydrate, against 15.51lakh tonnes achieved in the corresponding period of the previous financial year. The metal production was 3.29 lakh tonnes, against 3.17 lakh tonnes during the comparable nine months of the previous fiscal and the net power generated during the period was 4,580million units. We have a corporate plan to increase the turnover from the existing level of 10,000 crore to 30,000 9 5 %( ● 6 + " & " !) ) [email protected] To ensure that we have access to strategic minerals like lithium and cobalt, along the lines of ONGC Videsh, a joint venture was set up between NALCO, Hindustan Copper and Mineral Exploration Corp Limited, to look for and acquire strategic mineral assets abroad, particularly in Argentina, Bolivia and Chile. A collaboration with Argentina is highly likely for lithium extraction to be done by India. The other tie-ups focus on high-end technology. We are also planning to set up high-end aluminium products plant by availing technology from foreign suppliers. The technology for high-end aluminium products plants is not available in India. So, we are in talks with potential suppliers in USA and Russia to avail their technologies. If we get the right technology, our proposed plant may come up within the aluminium park at Angul or somewhere closer to the site. We have floated an Expression of Interest (EoI) to select the technology supplier. We already have a memorandum of understanding (MoU) with the Defence Ministry PSU— Mishra Dhatu Nigam Limited (Midhani) for manufacture of highend aluminium alloys. What are the CSR initiatives of the company? ● We have introduced the idea of Employee Social Responsibiliy (ESR) along with Corporate Social Responsibility (CSR) which is an idea to engage the employees of the company for socio-economic upliftment. We introduced a scheme— ‘NALCO Ki Ladli’, where a poor and underprivileged girl child is adopted to provide education from kindergarten to post graduation. The employees can contribute 3,000 per annum, per girl child, choose a school from a list of defined government schools and then the school adopts the child to fulfil the educational requirements. The company also contributes an equal amout which is given to the principal. We started in 2016 with 277 girls and many of these children have done extremely well in their examinations. Taking the scheme further, NALCO is now supporting the girls until they are settled as a professional. As many as 300 employees have already shown support to the cause. We have also introduced an Integrated Health Management scheme to plug the gaps in the health care system. We are developing a structure where we can connect the people from the peripheral areas to the ongoing schemes of the government. D ' / % E ' Karvy Consultants, the arm of the Karvy Group that provides financial services to retail individuals, high networth clients, and corporates in India and internationally, launched the 11th edition of the Annual Commodity and Currency Report 2019. The report offers a comprehensive outlook on commodities and currencies for this year and aims to guide market participants in investment decisions. The last year was a catastrophic one for both the commodity and currency market, domestically and internationally. The stellar performance of base metals in 2017 failed to extend the same trend in 2018. For Indian Rupee, the problem of widening twin deficits-fiscal and current accountemerged as the biggest pain point. This year is foreseen as a mixed one for the commodities and currencies market. India’s & $ ) ) + ,)7 largest LNG supplier Qatar on Sunday urged the central government to include natural gas in GST to help create demand for the environment friendly fuel and raise its share in the country’s energy basket. Speaking at Petrotech conference here, Qatar Gas CEO Khalid Bin Khalifa Al-Thani said India is very important market for Qatar. “If there is change in demand worldwide we will see it in India especially in fossile fuel,” he said. Qatar supplies 8.5 million tonnes a year of liquefied natural gas to India. It is the country’s single largest source of imported gas, supplying about 40 per cent of all overseas shipments reaching India. He said the country needs to build infrastructure so that clean fuel can reach all corners. aluminium industry vis-à-vis other metals and contribute for green development. This event provided us a mega platform to exchange ideas on the latest technological advances, upstream and downstream integration and also became the platform to promote Odisha as the aluminium capital of the country. We also formulated the Aluminium Roadmap 2030 which focuses on reducing the cost of production through technology solutions. This reduced cost of production will make the metal more affordable to the masses and thus increase its salability, leading to scalability. Another attraction was the exhibition with over 100 exhibitors from across the globe for industries to showcase their technology, products and processes. It was deliberated that aluminium should be projected as the metal of choice for driving growth and development. The conference was also instrumental in dispelling some myths regarding the environmental impact of crore. This year itself, we are likely to register a gross turnover of more than 12,000 crore. We have managed to clock this growth by increasing the production capacity, reducing the cost of production and also reducing energy costs. Now, our plan is to open the Utkal-D coal block mines in the first half of 2019 which will help us bring two million tonnes of coal, which will be a game changer in NALCO’s profitability. What were the major insights during the recently held International Conference on Aluminium (INCAL 2019)? ● INCAL 2019 was a grand success which saw participation from more than 850 delegates, including 150 foreign delegates from 20 countries. This global summit saw aluminium producers, technologists, equipment suppliers, raw material suppliers from across the globe who came together to develop a roadmap for sustainable What initiatives have been taken to boost research and development? ● As per the government mandate, one percent of the company’s expenditure PRINTED AND DISTRIBUTED BY PRESSREADER PressReader.com +1 604 278 4604 ORIGINAL COPY . ORIGINAL COPY . 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