Daily News - Thursday, 11 July 2024
Indian refiners likely saved $10.5 bn by buying discounted Russian oil (The Indian Express)
The war in Ukraine has dramatically shifted the India-Russia oil trade, making Russia India's largest oil supplier and a top trade partner. Indian refiners saved around $10.5 billion from discounted Russian oil between April 2022 and May 2024, as Western buyers cut imports from Russia. This surge in oil trade has required India to balance diplomatic pressures, with the Indian government emphasising the importance of energy security and affordability amidst a global energy crisis.
UP’s fee waiver on hybrid may push green mobility (The Indian Express)
The Uttar Pradesh government waived registration fees for strong hybrid and plug-in hybrid electric vehicles on July 5, joining Tamil Nadu and Chandigarh in promoting cleaner alternatives to petrol and diesel vehicles. This incentive aims to boost sales of hybrid vehicles, which offer better fuel economy and less dependence on charging infrastructure compared to full EVs, potentially accelerating India's transition to greener transportation. Major automakers like Maruti Suzuki, Toyota, and Honda are likely to benefit from this policy, with hybrids seen as a practical medium-term solution for India's decarbonisation efforts, given their lower carbon emissions compared to both EVs and conventional vehicles.
$100-bn FDI pledge by EFTA to feature in Goyal Swiss visit (Financial Express)
Commerce and Industry Minister Piyush Goyal is visiting Switzerland to advance a $100-billion investment commitment from the European Free Trade Association (EFTA), secured under a bilateral free trade agreement. This FDI, pledged by Switzerland, Norway, Iceland, and Liechtenstein, is expected to create 1 million direct jobs in India over the next 15 years, with $50 billion coming in the first 10 years and the remaining $50 billion in the following five years. Additionally, bilateral trade between India and EFTA reached $23.9 billion last year, with significant imports from Switzerland, while Goyal is also optimistic about progress on the India-UK FTA.
India plans JV between SCI and OMC to make oil tankers (mint)
The Union Ministry of Shipping has proposed a joint venture between the state-run Shipping Corporation of India (SCI) and Indian Oil Corporation Ltd (IOCL) to manufacture large oil tankers in India, aligning with the 'Atmanirbhar Bharat' agenda. This initiative aims to boost India's shipbuilding industry, which currently holds less than 1% of the global market, and enhance energy security by reducing reliance on foreign ships and mitigating risks from international sanctions and conflicts. Although still in the early stages, the proposal underscores the need for significant infrastructure development and comes amidst increasing volatility in the energy market and recent Western sanctions on ships carrying Russian oil.
Disinvestment, monetization receipts likely to be unchanged (mint)
The Indian government is expected to maintain its revenue target from disinvestment and asset monetization at around ₹50,000 crore in the upcoming Union Budget, consistent with the interim Budget. This strategic shift involves not setting separate targets for disinvestment and considering receipts from dividends holistically, given the significant rise in dividend receipts in FY24 due to a rally in listed public enterprises. In FY24, the government earned ₹32,507 crore from disinvestment and asset monetization, surpassing the budget estimate of ₹30,000 crore, and PSU dividends reached ₹63,749.29 crore, exceeding revised and budget estimates by 26%.
