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Nabin Ballodia, Partner-tax, KPMG Energy is one of the most important indicators of the growth trajectory and sustainable development of an economy. With enhanced focus on climate change and clean energy, the quality of energy has attained significant importance. Hence, this sector was the most keenly watched in Budget...
Hemant Kanoria, CMD, Srei Infrastructure Finance The Finance minister has presented a Budget aimed at sprucing up the country’s infrastructure and readying it for higher growth. Besides enhancing sectoral allocations, the doubling of the amount of tax free bonds to be raised for infrastructure in FY13 will go a...
Kameshwara Rao, Leader – Energy, Utilities & Mining, PwCIndia The budget proposals for the power sector offer a very intriguing mix of initiatives, reflecting a fair appreciation of the challenges facing the industry, and some quick-fix attempts to resuscitate it, while falling short of the fundamental changes necessary to...
KOLKATA: Nuclear Power Corporation of India Limited ( NPCIL ) has formed a new company in joint venture with National Aluminium Company Limited ( NALCO). The new JV company , namely N PCIL-NALCO Power Company Limited was incorporated on March 2, 2012. The first meeting of the board of...
CHENNAI: Save for a few sops, the sunrise renewable energy sector had little to cheer from Finance Minister Pranab Mukherjee’s Budget. One of those sops was an exemption from special countervailing duty that was made available for plant and equipment used in solar thermal projects The budget also proposed...
Finance minister today announced during the presentation of union budget 2012 that concessions and exemptions will be provided for energy saving devices, plant and equipments needed for solar-thermal project during their setting up. This hasn’t gone too well with the domestic manufacturers who were expecting the same for solar...
NEW DELHI: The budget proposal to scrap customs duty on imported coal would bring down electricity generation costs by about 12 paise per unit, experts said. Faced with acute domestic coal shortage, many power producers are banking on imported fuel to meet their needs. The scarcity is estimated to...
NEW DELHI: Government scrapped taxes on coal imported by power companies on Friday and although the move makes overseas thermal coal more attractive it won’t be enough to boost purchases much beyond the 70-80 million tonnes already forecast by analysts for 2012/13. Finance Minister Pranab Mukherjee announced in his...
KOLKATA: Coal India officials are unhappy with the Budget announcements for the coal sector as the proposed exemptions on mining will help the state-run miner save only about Rs 60-80 crore. The company imports equipment worth Rs 600-900 crore every year. However, Coal India has readied another expression of...
NEW DELHI: The government has hiked the cash subsidy it will pay to state-owned oil firms for selling fuel below cost in current fiscal to Rs 65,000 crore but has also hiked the cess upstream firms like ONGC pay on crude oil production to Rs 4,500 per tonne. “Crude...
While enhancing the provision for petroleum subsidy for the current year, Finance Minister Pranab Mukherjee has provided some relief for government-owned oil and gas companies. The last supplementary to the current year’s Budget is now expected to provide Rs 15,000-crore more towards petroleum subsidy. At a revised estimate of...
MUMBAI: The market’s expectations from this year’s Budget were rather low. After the state election results, the market was hoping that the finance minister would maintain a status quo on populist spending, if nothing else. The other thing it was hoping for was a degree of realism as far...
MUMBAI: Despite a rollback of customs duty on imported gas or LNG and an extension of viability gap funding for various oil and gas installations, pipelines and LNG storage terminals, industry insiders see the Union Budget 2012 as lacklustre. say they had expected complete deregulation of diesel, more freedom...
RS Sharma, Ex-chairman, ONGC The revenue of ONGC, the largest oil producer in the county, will get negatively impacted by R5,400 crore on account of the Oil Industry Development (OID) cess and the increase in service tax. This Budget has belied the hopes of the oil and gas industry....
MUMBAI: Investors booked profits in oil and gas majors— RIL, Cairn India and ONGC— after Finance Minister Pranab Mukherjee today announced cess on crude petroleum oil products. Cairn India was the worst hit and plunged 6.02% to close the day at Rs 345.55, while ONGC dipped 4.66% to close...
From a very specific petroleum industry’s stand point, I think the reference to natural gas as an infrastructure entity and the fact that custom duties might be reduced on the natural gas import is the highlight of the Budget. Natural gas as an industry help us in incentivising the...
NEW DELHI: Benefits of Budget proposal to abolish five per cent import duty on liquefied natural gas (LNG) seem to be only for the power generation companies such as NTPC and Reliance Power. The Budget proposes that natural gas/LNG imported for power generation by a power generation company is...
After falling short of the disinvestment mop-up targets this financial year as well as in the previous one, the government aims to mobilise 25 per cent less through selling stakes in state-owned companies in the next financial year. “The government will raise about Rs 14,000 crore from disinvestment in...