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MONTHLY LIMIT OF ONE SUBSIDIZED CYLINDER PER HOUSEHOLD MAY GO

New Delhi: The National Democratic Alliance (NDA) government plans to do away with the limit of one subsidized cooking gas cylinder per household.

The move comes before assembly elections in Maharashtra, Haryana, Jammu and Kashmir, Delhi and Jharkhand slated to happen later this year.

The issue is expected to be taken up soon by the Cabinet Committee on Political Affairs (CCPA).

To reduce its subsidy bill and cut the fiscal deficit, the previous United Progressive Alliance (UPA) government had restricted the number of subsidized domestic cylinders per household to six every year in September 2012, revising it to nine the following January. The cap was revised in January 2014 to 12 cylinders pe

DEFT PLANNING FRUCTIFIED DEFENCE PROJECTS

BANGALORE: Indigenous military projects such as missiles have shown consistently shorter development cycles over the years thanks to deft planning and handling of the projects, the former DRDO Director-General V.K. Saraswat said on Thursday.

Citing the bouquet of missiles that came out of the Integrated Guided Missile Development Programme through 2008, Dr. Saraswat said the later Agni III and V missiles had taken three to five years to develop compared to the earlier ones such as Prithvi that needed around a decade.

The former top military scientist was addressing members of the defence and aerospace industry at a conference organised by the SAE India and Project Management Institute.

RBI RAISES FII SUB-LIMIT IN GOVT BONDS BY $5 BN

Mumbai: The Reserve Bank of India (RBI) has raised the foreign institutional investors’ (FIIs’) sub-limit in government bonds by $5 billion, after the existing $20-billion limit was almost exhausted. The move is expected to stabilise yields, volatile in the recent past. The overall limit for FII investment in government bonds has been kept unchanged at $30 bn. As a result on the rise in the sub-limit, that for long-term investors like insurance and pension funds will be reduced to $5 bn. RBI said the incremental investment limit of $5 bn shall be required to be invested in government bonds with a minimum residual maturity of three years. Besides, all future investment against the limit vacated, when the current investment by these foreign inve

SUBSIDY DEPENDENCE FOR DISCOMS OF 16 STATES MAY RISE SHARPLY, SAYS ICRA

NEW DELHI: The subsidy burden for distribution utilities of 16 states is estimated at Rs 72,000 crore, 17% higher than the previous financial year, due to higher costs and cheaper tariff for the farm sector, said ICRA in a recent note. The note states that state electricity regulators in 16 out of the 29 states have issued tariff orders for the current fiscal so far, attributing the delay partly to the recently-held Lok Sabha elections.

The rating agency noted that subsidy dependence for utilities in Maharashtra is likely to increase sharply by about 55% on a year-on-year basis in FY15 as a result of tariff subsidy of 20% announced by the state government, and also for Jammu & Kashmir where the subsidy burden is projected to rise

INDIAN OIL, BPCL, HPCL TO REVIVE PREMIUM PETROL BRANDS ON EXCISE CUT

MUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

SEARCHING FOR THE IDEAL FDI IN DEFENCE PRODUCTION

When Finance Minister Arun Jaitley kept the FDI cap in defence at 49 per cent, he said: “Our assessment of the market is that the 49 per cent FDI limit in the sector would be a significant step in establishing domestic defence market. The public opinion and Parliament’s opinion in India is ready to accept the proposal that I have made.”

Mr. Jaitley was also in consonance with the policy sentiment that has evolved within the government over many years. As far back as in 2004, key economists argued before the Planning Commission that 100 per cent FDI in high technology would enable India to reduce or limit its technology imports; in 2008, the National Manufacturing Competitiveness Council constituted by former Prime Minister Ma

FUEL SUBSIDY SYSTEM REVAMP LIKELY, ONGC GETS REASON TO CHEER

NEW DELHI: The government plans to tweak the system of calculating fuel subsidies to make ONGC’s public offer more attractive for investors. It plans to make subsidy sharing more predictable and transparent so that analysts can properly assess the ONGC’s earnings outlook.

Currently they are unable to assess the amount and the timing of the huge subsidy payout. This diminishes the interest of top institutions in the stock.

The oil ministry may soon approach the Cabinet to overhaul the fuel pricing system to incorporate some of the observations of the Comptroller and Auditor General of India, which recently submitted a report on the matter.

The pricing system has a direct impact on O

Poroshenko sworn in amid east Ukraine clashes

Ukrainian President Petro Poroshenko said in a combative inaugural speech that Ukraine would not give up Crimea, the Black Sea peninsula that Russia annexed from it in March. “Crimea was, is, and will be Ukrainian,” Poroshenko said in an emotional address after his swearing-in on Saturday. He was greeted with a standing ovation. He stressed the unity of Ukraine, which is fighting a pro-Russian separatist uprising in the east, and said it […]

Hezbollah leader says war on Assad has failed

The head of the Lebanese movement Hezbollah has said opposition to Syrian President Bashar al-Assad has failed, after his victory in presidential elections on Tuesday. Sheikh Hassan Nasrallah, a staunch ally of Assad,  said Syrians had prevented US plans to “confiscate” their will, in a speech broadcast on Hezbollah-affiliated Al Manar TV on Friday. The leader of the armed group, which is heavily involved in Syria’s civil war, […]

David Cameron, Nick Clegg et al: sweeten us up and the votes are all yours

Vote winner: Thailand’s rulers attempt to ‘return happiness to the people’ in Bangkok Photo: AFP/Getty Images What to make of the Thai military junta offering free haircuts (in lieu of actual freedom) to the people? It’s an unconventional way to capture hearts and minds, but there’s a fine tradition in the corridors of power of generously providing bread and circuses and tax cuts and Qatari bank transfers to […]

We won’t follow Dubai, says Singapore FM

Singapore is willing to accept slower growth as a trade-off for social stability as it aims to keep down the number of foreigners working in the city-state, Finance Minister Tharman Shanmugaratnam told Reuters. Over the past decade, Singapore’s economy has expanded by a 6.4 percent annual average. Tharman said that he would be happy if Singapore grew 3 percent a year, as long as growth was driven […]

Egypt turns to Western advisors in reform bid

 Western advisers are drawing up plans for reshaping the Egyptian economy, sources said, with the apparent blessing of president-elect Abdel Fattah al-Sisi who so far has spoken only vaguely in public about reviving the state’s finances. The driving force behind the consulting project is the United Arab Emirates, which along with Saudi Arabia and Kuwait has showered Egypt with billions of dollars in aid since Sisi removed […]

Egyptian Election Law Helps to Block Opposition

CAIRO — The military-appointed interim president of Egypt on Friday issued an election law that experts say all but eliminates the chance of parliamentary opposition to his successor, Abdel Fattah el-Sisi, the former general who installed the interim government. “The members of Parliament are almost all definitely going to be loyal to the president in one way or another,” said Zaid al-Ali, who tracks the Egyptian transition […]

Russia and Ukraine discuss ceasefire

Russian President Vladimir Putin and Ukraine’s president-elect Petro Poroshenko have discussed a ceasefire and other possible steps to de-escalate the crisis between their countries in a brief meeting in France, French officials said. The meeting hosted by French President Francois Hollande, before D-Day celebrations on Friday, took place as clashes continued in eastern Ukraine near a border crossing with Russia, killing at least 15 pro-Russian separatists overnight.   Putin and […]

As Iran Gains Influence, Saudi Arabia Revisits Ties Built on Distrust

BEIRUT, Lebanon — The fevered struggle between Saudi Arabia and Iran for regional dominance has for years aggravated nearly every conflict across the Middle East as the two nations armed, funded and encouraged each other’s adversaries. So it has come as a surprise to many here that even with the region still in tumult, there have been signs that both powers are looking to temper their destructive […]

Afghan presidential candidate survives blast

A suicide bomber and a roadside bomb have struck the convoy of Afghanistan’s presidential candidate Abdullah Abdullah as it left a campaign event in the capital Kabul, the Interior Ministry said. Friday’s explosions killed four civilians but left the candidate himself unharmed. In a televised statement shortly after the attack, Abdullah said that several of his security guards had been wounded in the attack. The interior ministry spokesman […]

Middle East: Syria: Assad Praises Election and Iran

A day after his re-election in a disputed vote, President Bashar al-Assad said on Thursday that the 73 percent turnout the government reported in the vote sent a message that Syrians were “determined to manage their own affairs,” brushing off criticism of the vote and calls for an internationally brokered political transition. Syria’s state news agency reported that Mr. Assad, who made the comments during a meeting […]

Reddit Recap: Egypt’s Elections and Abdel Fattah Al Sisi

A supporter of Abdel-Fattah el-Sisi during a celebration at Tahrir Square in Cairo Tuesday, June 3 (AP Photo/Amr Nabil) Associated Press Tamer El-Ghobashy, one of The Wall Street Journal’s Cairo-based reporters, hosted a Reddit AMA (Ask Me Anything) Wednesday. He answered questions on Egypt’s newly-declared president, former military chief Abdel Fattah Al Sisi; ousted Egyptian leader Mohammed Morsi; and about reporting from the country. The full AMA […]

Listening Post: Hamas Looms Over Latest Israel-U.S. Dispute

WASHINGTON — For allies who speak often of their unbreakable bonds and constant communication, this has been a season of static between Jerusalem and Washington. The latest eruption was over the announcement this week that the United States would work with a new Palestinian government that emerged from reconciliation talks with Hamas. Prime Minister Benjamin Netanyahu and other senior Israeli officials have condemned the Obama administration in […]

U.N. Official Urges Syria to Finish Chemical Arms Disposal

Acknowledging that Syria will miss the June 30 deadline for eliminating its chemical weapons, the top United Nations official overseeing the arsenal’s eradication said Wednesday it was “very, very critical” for Syria to export the final shipment, which is packed and ready to go but is trapped in an area contested by insurgents in the civil war. The official, Sigrid Kaag, said she would be traveling to […]

Former Ambassador to Syria Faults U.S. Stance Toward Rebels

BEIRUT, Lebanon — Robert S. Ford, who was United States ambassador to Syria when the country’s uprising began in 2011 and went on to carry out American policy from abroad on the ensuing civil war, has revealed that he gave up his post in February because he could “no longer defend the policy in public.” Mr. Ford made the remarks on Tuesday night on PBS NewsHour. A […]

Reddit AMA on Egypt and Sisi

Egyptians celebrate in Cairo’s Tahrir Square on June 3 after ex-army chief Abdel Fattah Al Sisi won 96.9% of votes in Egypt’s presidential election.  Getty Images Tamer El-Ghobashy for The Wall Street Journal Tamer El-Ghobashy, one of The Wall Street Journal’s Cairo-based correspondents, will host a Reddit AMA (Ask Me Anything) on Wednesday, June 4, at noon ET. Mr. El-Ghobashy will answer questions on everything from Egypt’s presidential elections, expectations […]

US Wants Accountability, Transparency from Sissi

The United States is calling on Egypt’s president-elect, Abdel Fattah el-Sissi, to carry out reforms to ensure the government is accountable and transparent while protecting “the universal rights of all Egyptians.” A White House statement Wednesday said President Barack Obama plans to speak with Sissi in the coming days, following the official announcement the former army chief won 97 percent of the vote in last week’s election. Egypt […]

Syrian election vote counting begins

Election officials began counting votes in Syria’s presidential election early on Wednesday as polls closed in government-held areas. State-run media reported that voting closed at midnight and that officials began the process of checking the number of votes against lists of registered voters to ensure the numbers matched. Syrians on Tuesday voted in their first election in nearly 50 years, which the incumbent Bashar al-Assad is widely […]