Crude production slips 4.9% amid low demand, shutdowns
Lower demand due to Covid-19 and plant shutdowns planned to coincide with lower demand were key reasons for lower output, a government release said. December 23, 2020 3:42:39 am
LCB officials rural arrested Imran Yusuf, a native of Bhavnagar with 43 iron barrels and 70 plastic barrels containing 24,860 litres of crude oil worth Rs 4.97 lakh. (Representational)
The nation’s crude oil production fell 4.9 per cent in November to 2,486 thousand metric tonnes (TMT) from 2,680 TMT a year ago, while natural gas production fell 9.1 per cent from last November.
Lower demand due to Covid-19 and plant shutdowns planned to coincide with lower demand were key reasons for lower output, a government release said.
NCAER revises FY21 projection to -7.3% on ‘sharp recovery in Q2’
The gross domestic product (GDP) had contracted by 23.9 per cent in the first quarter of the current fiscal, in the aftermath of the coronavirus pandemic. The contraction narrowed to 7.5 per cent in the second quarter. December 22, 2020 3:00:38 am
The challenge now is to sustain and accelerate the pace of the recovery seen in Q2 over the medium to long term, it said.
The National Council of Applied Economic Research (NCAER) said Monday it expects the GDP to contract 7.3 per cent in 2020-21 from 12.6 contraction estimated earlier in September. Stating that the long-term effect of sharp contraction this year is likely to be long lasting, the think tank in its mid-year review, however, said it expects the GDP to record marginal growth of 0.1 per cent and 2 per cent in October-December and January-March, respectively.
Higher govt spending may boost economy, but challenges remain
Consumption will stay subdued due to slower hiring, the stunted increase in incomes and the fear of job losses; private consumption as in any way flagging even before the pandemic. December 21, 2020 5:53:32 am
Sluggish investments, at a time when capacity utilisation is relatively low, will also keep the job market tepid. (File)
The vaccine may boost consumer confidence and speed up business activity, but the next few years are going to be a difficult time for most Indians, in particular those earning a livelihood in the informal economy.
With the services sector lagging behind, and unlikely to recover quickly, there aren’t going to be too many new employment opportunities.
ONGC starts output at West Bengal’s Asokenagar-1 reserve
Production from the petroleum reserve, located 47 km from Kolkata, has started with the extracted oil being supplied to Indian Oil Corporation’s Haldia refinery, according to the minister. December 21, 2020 5:25:30 am
Petroleum Minister Dharmendra Pradhan inaugurating the Asokenagar-1 reserve. (Source: PTI)
Union minister for Petroleum and Natural Gas Dharmendra Pradhan on Sunday inaugurated production from state-owned ONGC’s Asokenagar-1 well in the Bengal basin in the 24 Paragana district in West Bengal. Production from the petroleum reserve, located 47 km from Kolkata, has started with the extracted oil being supplied to Indian Oil Corporation’s Haldia refinery, according to the minister.
Suspension of IBC … can be up to March 31: FM Nirmala Sitharaman
This would provide major relief to corporate borrowers hit by the pandemic, but impact the recovery process of lenders dealing with non performing assets. December 22, 2020 3:02:41 am
Finance Minister
Nirmala Sitharaman. (PTI)
Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months. This would provide major relief to corporate borrowers hit by the pandemic, but impact the recovery process of lenders dealing with non performing assets.
Speaking at a virtual event of the Bangalore Chamber of Industry and Commerce, she said the government has supported MSMEs to help them tide over the damaging impact of the Covid-19 through several measures, including the Rs 3 lakh crore guaranteed loan programme.