However, India is desperately short of domestic oilfields. Just 2.6 billion metric tonnes of its estimated 359 billion tonnes of carbon storage capacity is in petroleum reservoirs

The Lok Sabha on Wednesday passed the Finance Bill, 2024, thus completing the exercise for passage of the interim budget 2024-25. The Finance Bill, 2024, does not propose any change in the tax structure as the final budget will be tabled in July after the new government assumes office post the general elections in April-May. Minister of State for Finance Pankaj Chaudhary said the Finance Bill, 2024, does not propose any change in tax structure. "We have focused on development despite presenting an interim budget ahead of elections, Chaudhary said replying to a discussion on the bill. Earlier in the day the Lok Sabha approved the Rs 47.66-lakh crore interim Budget 2024-25 of the Union Government and second batch of supplementary demands for grants. The House also approved the Appropriation Bill authorising government to meet expenses for four months in the next financial year. The lower house also approved the Rs 1.8 lakh crore budget of the Union Territory of Jammu and Kashmir.

The row over depriving southern states of their share picks up steam with Karnataka Congress leaders' protest

Communist Party of India (M) leader and Kerala CM Pinarayi Vijayan, along with his Cabinet colleagues, will protest at Jantar Mantar against the Centre's alleged negligence towards southern states

The move aims to enhance its equity exposure and earn higher returns for nearly 65 million subscribers

DPS may look at a person's finances such as timely payments and periodic bill payments

The FM also said that retail inflation had declined from an average of 6.8 per cent in April-December 2022 to 5.5 per cent in the corresponding period of April-December 2023

If finalized, it would mark the first time an investment commitment of this nature is secured by India as part of a free trade agreement

In the future, he noted that the central bank aims to include both banks and non-banks gradually into the platform for their loan journey

India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to the same period a year ago. It can be noted that the merchandise exports declined for the first two quarters of the ongoing 2023-24. In its quarterly study on the overall exports, the policy bank said the non-oil exports will grow 4.55 per cent to USD 95 billion in the January-March 2024 quarter. "Positive growth in India's exports could be as a result of India's strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand," the bank said in the report. The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical sh

Brent crude futures rose 56 cents to $79.15 a barrel as of 1159 GMT, while U.S. West Texas Intermediate crude climbed 59 cents to $73.90

India's coal export to neighbouring countries was 0.78 Million Tonnes (MT) in the April-November period of the ongoing fiscal, Parliament was informed on Thursday. Among the neighbouring countries, India exports coal to Nepal, Bangladesh, and Bhutan. Replying to a question in Lok Sabha, Coal Minister Pralhad Joshi said, "Coal export by the country during the last three years... is 2.945 MT in 2020-21, 1.316 MT in 2021-22, 1.166 MT in 2022-23 and 0.78 MT in 2023-24 (up to November)." Most of the coal produced in the country is consumed domestically. The major coal consuming sectors in the country are power, steel, cement, sponge-iron, and fertiliser. As the primary source of commercial energy in India, coal accounts for half of our energy consumption and remains the dominant fuel for power generation due to its reliability compared to other renewable energy sources.

Says renewables won't produce petrochemicals, need focus on oil demand reduction

The overall market sentiment has remained positive after the government said it aims to reduce the fiscal deficit and lower its gross borrowing by a wide margin next financial year

In terms of percentage, revenue deficit amounted to 2.19 percent of the GSDP while the fiscal deficit was 4.18 percent

The 13th Ministerial Conference (MC) will be held from February 26-29 at Abu Dhabi, United Arab Emirates (UAE)

India will overtake China as the biggest driver of global oil demand in 2027 as transportation and industry consumption in the world's fastest-growing major economy will drive growth despite a big push for clean energy and electrification, the International Energy Agency said on Wednesday. The Paris-based agency in a special Indian Oil Market Outlook to 2030 report released at the India Energy Week here, said the country's oil demand will rise from 5.48 million barrels per day in 2023 to 6.64 million bpd in 2030. China currently is the biggest driver of oil demand and India ranks No.2 in growth. The numbers given by IEA in the report seem to talk of crude oil processed into fuel for domestic as well as for exports. The domestic consumption as per the oil ministry data is around 5 million barrels per day (bpd). "India's oil demand will grow at a rapid pace by 2030 despite accelerated green energy moves," IEA director of energy markets and security Keisuke Sadamori said. "Growth in .

The government has set up a task force under the Department of Commerce to identify, categorise and develop tailored strategies for the resolution of non-tariff barriers, Parliament was informed on Wednesday. Such barriers include prior registration requirements in the exporting country, cumbersome testing and certification requirements and unreasonable domestic standards/rules. Different countries enforce various regulatory measures to ensure the safety and quality of the products placed in their territory. These measures apply equally to domestic manufacturers and importers. However, such measures may sometimes act as trade barriers due to various reasons like gaps in the regulatory frameworks and quality compliance requirements of the trade partners, lack of transparency, arbitrariness or differing interpretation of the rules, and improper implementation. "Taking cognizance of the challenges involved in mapping the trade barriers, and to give increased focus, a task force has

Trade between India and the UAE totalled $85 billion for the financial year ending March 2023, according to Indian government data

The country is already second largest net importer of the fuel, say agency in report on energy security