Page 14 - Bs Reads

India caps refinery margins after windfall export tax to curb losses

After imposing a windfall tax on fuel exports, India has moved to cap refinery margins in a bid to offset losses on domestic fuel sales, sources said. The war in West Asia has had two prolonged impacts - spike in international oil prices that has led to record losses on petrol and diesel sales as retail rates have not changed in tandem. Secondly, it has given bumper margins to refineries, who irrespective of retail price freeze, price their products at imported cost. The government last month imposed a Special Additional Excise Duty (SAED) on exports of diesel and aviation turbine fuel (ATF), as part of efforts to curb windfall gains by refiners and boost domestic fuel availability amid tight global markets. Alongside, refining margins have been capped at USD 15 per barrel, with any earnings above that threshold treated as a discount on fuel sold to state-run marketing companies, effectively transferring excess gains to offset retail losses, sources said. The oil marketing companie

US to host Indian delegation in April to discuss trade deal: Sergio Gor

The US on Thursday said it looked forward to hosting the Indian delegation here later this month to discuss the bilateral trade deal agreed to in February. US Ambassador to India Sergei Gor made the announcement of the Indian delegation's upcoming visit to Washington after a meeting with America's Trade Representative Jamieson Greer here. Gor, who is currently on a visit to the US, also met Treasury Secretary Scott Bessent and several other US officials. "Highly Productive meeting with @USTradeRep Ambassador Greer to discuss advancing @POTUS trade priorities in South and Central Asia," Gor said in a post on X. "The United States and India have previously agreed to a trade deal, and we look forward to welcoming an Indian delegation to Washington later this month," he said. The meeting comes a day after Foreign Secretary Vikram Misri launched the India-US Trade Facilitation Portal here as the two countries eye the USD 500 billion bilateral trade target. India and the US announced a

Early signs of stress from West Asia crisis visible across sectors: FICCI

Early signs of stress are visible across sectors, warranting proactive measures to mitigate immediate risks as well as to build long-term resilience, industry lobby FICCI said in a report on the implications of the West Asia conflict released on Thursday. The report emphasises that this crisis, while being challenging, also presents an opportunity for India to accelerate structural reforms aimed at strengthening economic resilience and reducing external vulnerabilities. The government may consider the provision of emergency financing for MSMEs and issuance of advisories to address force majeure-related risks in public procurement contracts, ensuring that businesses are not penalised for delays caused by factors beyond their control, says the report. The report also suggests that the government may initiate consultations within the GST Council to explore a roadmap for the inclusion of petroleum products under GST. This would help reduce cost burdens, improve supply chain efficiency a

PM Modi attacks TMC over lawlessness, alleges infiltration in Bengal

Prime Minister Narendra Modi on Thursday attacked the ruling TMC over alleged lawlessness and accused the ruling party of encouraging infiltration and unleashing 'maha jungleraj'. Addressing an election rally here in Birbhum district, he alleged the Trinamool Congress' slogan of 'Maa-Mati-Manush' (mother, land, people) has become nothing more than rhetoric. "Cottage industry has been declining in West Bengal, while the TMC has turned making crude bombs into a cottage industry," Modi said. The Bogtui carnage of 2022, in which around 10 women and children were burnt alive in the district, bears testimony to the TMC's 'maha jungle raj', the Prime Minister asserted. "Land grabbing by infiltrators under the TMC regime has reached dangerous proportions. Infiltrators are usurping the jobs of locals by accepting contract work for less money. They will be deported and their facilitators jailed after the BJP comes to power in Bengal," he said. Modi charged the TMC with insulting adivasis,

China denies reports of support to Iran's military during war with US

China's Defence Ministry on Thursday denied reports that Chinese firms provided satellite imagery and semiconductor chip manufacturing equipment to the Iranian military in the midst of the US-Israeli war against Iran. China firmly opposes the dissemination of speculative and insinuating disinformation targeting China by relevant parties, Defence Ministry spokesperson Zhang Xiaogang said. He was responding to questions on reports stating that Semiconductor Manufacturing International Corporation (SMIC) had provided chip manufacturing equipment to the Iranian military, and a Chinese commercial satellite company had released images of US military bases in the Middle East. Zhang said China firmly rejected remarks by US officials who claimed they were aware of actions taken by China and Russia to help Iran and would respond if necessary. "China's position on the Iran issue is above-board and straightforward. We have always upheld an objective and impartial stance," Zhang said, noting th

What are the available rates and tenures for Personal Loans?

A personal loan can be very useful in a sudden funds crunch, but may carry higher interest rates due to the higher risk it carries

Holiday homes turn income assets as rental villas gain traction

Second homes across India are increasingly seen as income assets, with buyers balancing lifestyle aspirations and rental yields amid rising demand for managed villas and short-term stays

Ather Energy doubles its experience centre network to 700 last fiscal

Electric two-wheeler manufacturer Ather Energy on Thursday said it almost doubled the number of its Experience Centres (ECs) to over 700 across India in the just-concluded financial year. This rapid expansion has played a key role in driving Ather's growth across markets, improving accessibility and enabling the company to scale across both existing and new markets, the company said. Ather said it has added over 350 new Experience Centres, effectively doubling its retail network from 351 centres in India as of March 31, 2025. Over the past year, the company said, its expanded retail footprint has helped the company reach a much wider set of customers, contributing to its national market share rising to 18.7 per cent in March 2026, according to Vahan data. "The last year has been about scaling our retail footprint as a key lever for growth. While we've increased our Experience Centre count across all geographies, the expansion in Middle India and to some degree in Rest of India has

Iran warns of 'strong response' if Israel continues strikes on Hezbollah

Iran's parliament speaker warned Thursday that continued Israeli attacks on Hezbollah in Lebanon would bring "explicit costs and STRONG responses." Mohammad Bagher Qalibaf issued the warning in a message on X. He insisted, like other Iranian officials, the two-week ceasefire extended to Lebanon, something denied by both Israel and the U.S. "Ceasefire violations carry explicit and STRONG responses," he wrote. "Extinguish the fire immediately." Qalibaf has been discussed as a possible negotiator who could meet U.S. Vice President JD Vance this weekend in Islamabad, the capital of Pakistan.

CBI set to take over ₹590 cr Haryana govt funds fraud at IDFC First Bank

The CBI is all set to take over the case of embezzlement of Rs 590 crore from the Haryana government's accounts maintained with IDFC First Bank in Chandigarh, official sources said Thursday. The Haryana government had decided last month to hand over the probe to the central agency, they said. "We are in the process of taking over," an official in the know of the development said, adding that an FIR will be registered soon on the basis of the case registered by the Haryana State Vigilance and Anti-Corruption Bureau (SV & ACB) FIR. According to the IDFC First Bank, the alleged Rs 590-crore fraud was committed by its employees and others in accounts held by the Haryana government with the private sector lender. The SV & ACB has arrested a number of people in the case, of which two are ex-IDFC First Bank employees and the rest are private persons who own a partnership firm. According to the police and ED allegations, Haryana government funds were supposed to be deposited by ...

Assam assembly polls record nearly 76% turnout till 3pm as voting continues

A voter turnout of nearly 76 per cent was recorded till 3 pm on Thursday in the assembly elections in Assam, where the BJP-led NDA is seeking a third consecutive term in power, while the Congress is looking to reclaim a state it lost a decade ago. Polling began at 7 am for the 126-member assembly, and 75.91 per cent of the state's 2.5 crore voters had exercised their right till 3 pm, defying overcast skies and rains in many parts of the state. The polling will continue till 5 pm. In the 2021 assembly elections, held in three phases, voter turnout of around 82 per cent was recorded. A total of 722 candidates are in the fray in this single-phase election, which is largely witnessing a direct contest between the BJP-led ruling coalition and the opposition bloc helmed by the Congress. Chamaria in Kamrup recorded the highest turnout of 84.43 per cent till 3 pm, while New Guwahati witnessed the lowest at 60.57 per cent, officials said. This is the first assembly poll in the state after

India well placed to handle energy shock, backed by strong buffers: WB

The World Bank on Thursday said India is well placed to weather the current global energy shock with ample buffers, including high foreign exchange reserves, fiscal space and low inflation, which will support growth despite global headwinds. Addressing a conference a day after raising India's GDP growth projections for the current fiscal to 6.6 per cent, the World Bank said India had dealt well the trade turbulence last fiscal and the Indian economy entered the current Middle East crisis, which has led to volatility in oil markets, "from a position of strength". World Bank Regional Practice Director, Prosperity, for South Asia, Sebastian Eckardt said, "India has strong policy buffers, high Forex reserves, fiscal space, to provide support as needed, as well as low inflation, and strong goals moment going into this current shock. And that strong growth momentum is supported by gross positive policies, including the EU FTA the new labour, all of these things, of course, reinforced and

Banks exit bulk of India rupee arbitrage positions ahead of RBI deadline

The measures were aimed specifically at curbing arbitrage trades between the onshore market and the non-deliverable forward (NDF) market, per bankers

India's new steel policy targets 25% emissions cut, 400 MT output by 2035

The new emissions reduction target has not been previously reported

Israeli military says it has killed nephew of Hezbollah chief Naim Qassem

Israel struck Beirut's southern suburbs just before midnight and at dawn, and hit towns across the south on Thursday morning, Lebanese state media said

Cabinet clears draft bill for amendments to Women Reservation Act

The Union Cabinet is learnt to have cleared on Wednesday the draft bill for amendments to the Women's Reservation Act that will ensure an increase in the number of Lok Sabha seats to 816 with 273 reserved for women, and its implementation in the 2029 general elections. Sources privy to the development said that a meeting of the Cabinet, chaired by Prime Minister Narendra Modi, approved the draft bill for the amendments to the law, Nari Shakti Vandan Adhiniyam, more commonly known as the Women's Reservation Act. The government has extended the budget session of Parliament and a special three-day sitting will be held from April 16 to 18, where the amendment bill is expected to be passed. The provision to provide 33 per cent reservation to women in the Lok Sabha and state assemblies was brought by amending the Constitution in 2023, but it would have come into effect after the completion of the delimitation exercise on the basis of the 2027 Census. Therefore, it was expected to come int

First phase of PM-KUSUM scheme failed to meet targets, says report

The first phase of the Pradhan Mantri Kisan Urja Suraksha & Utthaan Mahabhiyan (PM-KUSUM) scheme, which ended on March 31, fell short of meeting its targets, according to a new report. Launched in 2019, the PM-KUSUM scheme is India's flagship programme to promote solar energy in agriculture. The analysis, 'Scaling Solar Power for Irrigation in India: Lessons from PM-KUSUM', was published on Wednesday by the Council on Energy, Environment and Water (CEEW), the Center for Study of Science, Technology and Policy (CSTEP), and the International Institute for Sustainable Development (IISD). The analysis focused on the scheme's Component A (setting up small-scale grid-connected solar plants on farmers' land) and Component C-FLS (feeder-level solarisation of existing grid-connected agriculture pumps). The report revealed that deployment under Component A stood at just 8.4 per cent of the target, which was 10,000 MW. In case of Component C-FLS, only 38.2 per cent of the 35.6 lakh pumps ...

Iran closes Strait of Hormuz in response to Israeli attacks on Lebanon

Iran said it would offer safe passage in coordination with its armed forces, though its coastguards warned that any ship attempting to sail without permission would be "targeted and destroyed"

Chokepoints and sanctions: How finance has turned into a weapon of war

Neither Iran nor Russia has been deterred by US economic sanctions, and the US itself faces limits on escalation to avoid harming its own interests, argues Edward Fishman in Chokepoints

Iran's 10-point ceasefire plan not what Trump agreed to, says White House

Many of these demands are likely to conflict with a 15-point proposal US mediators laid out last month