by admin | May 25, 2021 | World

K.P. Sharma Oli
Kathmandu : Launching a fleet of battery-operated buses Nepal Prime Minister K.P. Sharma Oli has said that his country will reduce dependence on imported petroleum products by 50 per cent or even more by the year 2050.
Developed by Chinese company BYD the public fleet was inaugurated at a special function in Lalitpur on Tuesday by Oli who promised to move towards a cleaner environment and greener economy.
“Our overall national goal is to reduce dependence on imported petroleum products by 50 per cent or even more by the year 2050,” he said.
The conversion of public transport to domestically-produced electricity would displace the expensive imported gasoline and diesel, Xinhua news agency quoted Oli as saying.
He said Nepal was going to be self-reliant in hydropower within the next few years and the government aimed to ensure that at least 20 per cent of the overall vehicles would run on electric power by 2020.
In the initial phase, five electric buses would ply on capital’s streets here. Then the fleet would extend to Lumbini, the birth place of Lord Buddha, after the construction of the international airport is completed in the region within the next 10 months.
—IANS
by admin | May 25, 2021 | Economy, News, Politics

P. Chidambaram
New Delhi : Congress leader and former Finance Minister P. Chidambaram on Tuesday slammed the BJP government for the “crushing tax burden” due to the prices of petroleum products, saying it has become a “people vs government” issue.
Chidambaram in a series of tweets said that people were seeking relief from the tax burden of the prices of petroleum products.
“Every rupee cut in tax on petrol/diesel will result in LOSS of Rs 13,000 crore says government. Every rupee tax on petrol/diesel will result in BURDEN of Rs 13,000 crore say the people,” he said.
“Whose interest should prevail? The interest of the government or the welfare of the people? Crushing tax burden on petrol and diesel has made this into a People vs Government issue,” he added.
The Congress has been accusing the Narendra Modi government of failing to curb the rise in the prices of petroleum products.
Last week the petrol price in Delhi was the highest in nearly five years and diesel prices also touched fresh record levels.
—IANS
by admin | May 25, 2021 | Business, Commodities, Commodities News, Large Enterprise, SMEs
New Delhi : Healthy off-take of India’s engineering and petroleum products pushed exports higher to $26.19 billion in November from $23 billion in October and $20.06 billion during the corresponding month of last year, official data showed on Friday.
According to the Ministry of Commerce and Industry, exports during last month exhibited a growth of 30.55 per cent on a year-on-year (Y-o-Y) basis.
“Exports during November 2017 have exhibited high positive growth of 30.55 per cent in dollar terms vis-à-vis November 2016,” the ministry said in a statement.
“This is on the pattern of positive growth in exports in last thirteen months with a dip of 1.12 per cent in October 2017 vis-à-vis same period last year.”
The data pointed out healthy growth in exports of “Engineering Goods (43.76 per cent), Petroleum Products (47.68), Gems and Jewellery (32.69), Organic and Inorganic Chemicals (54.28), and Drugs and Pharmaceuticals (13.39)”.
“Non-petroleum and non gems and jewellery exports in November 2017 were valued at $19,247.56 million as against $15,104.42 million in November 2016, an increase of 27.43 per cent,” the statement said.
However, the country’s imports during the month under review also increased by 19.61 per cent to $40.02 billion from $33.46 billion in the corresponding period last year.
Segment-wise, the data showed that India’s oil imports during November shot up by 39.14 per cent to $9.55 billion, from $6.86 billion in the same month last year.
Non-oil imports during last month stood at $30.47 billion with a growth of 14.57 per cent over non-oil imports of $26.59 billion in November last year.
Consequently, India’s trade deficit widened to $13.82 billion during last month, as against $13.39 billion in November last year.
—IANS
by admin | May 25, 2021 | News, Politics

Sushil Modi
New Delhi : Even if petroleum products are brought under Goods and Service Tax regime, central and state governments will be free to levy taxes over and above the GST slabs, Bihar’s Deputy Chief Minister Sushil Modi said on Thursday.
“… I want to clarify one thing — in whichever country the petroleum products are part of the GST, they are in the highest tax slab, and the states and Centre are free to levy taxes over and above the GST rates. It is the case everywhere in the world,” said Modi, who is the Bihar Finance Minister and a member of the GST Council.
“People feel if petroleum products come under the GST, the highest tax will be 28 per cent. But since 40 per cent of the state and central revenues come from petroleum products, they will have the liberty to levy taxes over and above the GST rate,” Modi said at FICCI Annual General Meeting here.
He said the GST Council was discussing the issue of bringing electricity, real estate, and petroleum under the GST ambit in coming days.
The Bihar Deputy Chief Minister said that whenever the GST Council decided, petroleum products would become a part of the GST without any need for a constitutional amendment.
He said that revenue from petroleum products would not get reduced under the GST but “it would be around the same amount of taxation”.
“Yet, if they come under the GST, it will benefit the industry and the people,” Modi said.
—IANS