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Jio-BP, the fuel joint venture of Reliance Industries Ltd and BP Plc, does not plan to raise fuel prices immediately despite a spike in international oil prices, its chief executive Akshay Wadhwa said on Friday. The country's second-largest private fuel retailer has kept retail petrol and diesel rates steady, just like public sector firms, which have not passed on the surge in raw material (crude oil) cost to consumers for fear of spiking inflation. "We are in this with the country," Wadhwa said on the sidelines of an industry event here. The war in West Asia has driven international oil prices above USD 100 per barrel, but domestic consumers have been insulated by the oil companies and the government, which cut excise duty on petrol and diesel to obviate the need for raising prices to some extent. Nayara Energy, in which Russian oil giant Rosneft hold the largest shareholding, has increased petrol price by Rs 5 a litre and diesel by Rs 3. Nayara is the country's largest private fu
The CAG's estimate that the government has suffered revenue loss due to non-implementation of an agreement with Reliance Jio was based on a misinterpretation of a clause, and the error has been rectified now, Minister of State for Telecom Pemmasani Chandra Sekhar said on Thursday. The Comptroller and Auditor General of India (CAG), in a report last year, had said that the state-run firm BSNL failed to enforce the master service agreement (MSA) with Reliance Jio Infocomm Ltd (RJIL) and did not bill for the additional technology used on BSNL's shared passive infrastructure, resulting in loss of Rs 1,757.76 crore and penal interest thereon, between May 2014 to March 2024 to the government exchequer. The minister, in a written reply to the Rajya Sabha, said BSNL has an MSA with RJIL for leasing of BSNL's tower infrastructure to install their equipment. "There is no revenue loss to BSNL and the government. The estimate of CAG was based on the misinterpretation of the clause of add-on ...
The convergence of connectivity and compute will reshape how citizens, enterprises and governments interact in India, with artificial intelligence poised to amplify the country's already robust digital public infrastructure, a top executive at Reliance Jio said on Tuesday. Speaking at the AI Impact Summit, Shyam Prabhakar Mardikar - CTO, Mobility, at Reliance Jio, said India stands nearly a decade ahead of many developed economies in building population-scale digital platforms from digital payments and online banking to Aadhaar-based identity systems and paperless air travel through Digi Yatra. "India's digital infrastructure is already a humongous success story," Mardikar said at the five-day summit, which began on Monday. "Now imagine putting intelligence on top of it, making it aware, inclusive and accessible to the last citizen in the last village," he added. He said putting AI into existing nationwide digital rails could expand the government's reach and improve decision-makin