Weekly Media Update on Indian Economy and Business

(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Balmer Lawrie in News
India’s growth momentum may continue
in FY24: RBI
India’s standout growth momentum should
sustain through this year of poor global economic
expansion on moderating inflation, the central
bank said in its annual report, attributing
durability of the country’s world-beating growth
credentials to recent structural reforms
undertaken by the Centre. Inflation is already
moderating and the external account is sound, the
Reserve Bank of India (RBI) said, although the El
Niño and its anticipated adverse impact on rainfall
remain potential threats to macroeconomic
stability and food prices. Furthermore, moderating
global growth, protracted geopolitical tensions and
a possible upsurge in financial market volatility,
evident in the implosion of several regional US
banks, pose downside risks. “It is important,
therefore, to sustain structural reforms to improve
India’s medium-term growth potential,” the RBI
said. While the growth outlook appears to be more
uncertain for several emerging markets as they
face food and energy shortages and unsustainable
debt overhangs, the RBI credited India’s stellar
performance to sound domestic macro
fundamentals, fiscal policy thrust on capital
expenditure, healthy corporate and financial-
sector balance sheets, and structural reforms
announced and implemented over the recent
years by the government.
The Economic Times - 31.05.2023
https://epaper.timesgroup.com/article-
share?article=31_05_2023_001_001_etkc_ET
Indian economy poised to grow at 6.5-
6.7% in FY24
The Indian economy is poised to grow at 6.5-
6.7% in the current year, newly appointed CII
president R Dinesh said Thursday. He said the
government's structural reform agenda has
enabled the country to become the highest
growing economy in the current scenario, and
that it could be sustained going forward. “The
tailwinds for growth will offset the headwinds,”
Dinesh said, addressing his first conference as
CII president. Dinesh’s statement came a day
after the GDP data release, which showed that
the economy had outperformed, growing 6.1%
in the fourth quarter of FY23. The FY23 numbers
were subsequently revised to 7.2%. Healthy
corporate balance sheets, continued capex
thrust from the government, and a robust
financial system are adding to the resilience of
the Indian economy, Dinesh pointed out. Dinesh
said that the private sector capex thrust might
follow. “Our CEO survey shows that many
sectors have exceeded 75% capacity
utilisation,” he noted.
WEEKLY MEDIA UPDATE
Issue 605
05 June 2023
Monday
Aajkaal (Kol) –
27.05.2023

Q4 nos spring a surprise, lift FY23
growth to 7.2%
A stronger-than-expected fourth quarter lifted
India’s growth to 7.2% in FY23, exceeding the 7%
cited in the second advance estimates released in
February, underscoring the country’s economic
resilience in the face of multiple challenges. The
gross domestic product (GDP) rose 6.1% in the
March quarter from a year earlier, accelerating
sequentially as well from the upwardly revised
4.5% in the preceding quarter, data released on
Wednesday showed. An ET poll of 20 economists
last week estimated 5.1% median growth in the
fourth quarter. “The numbers are a big surprise.
Most of us expected a 5% growth. Nobody was
expecting much growth in manufacturing,” said
former chief statistician Pronab Sen. Prime
Minister Narendra Modi tweeted: “The 2022-23
GDP growth figures underscore the resilience of
the Indian economy amidst global challenges. This
robust performance along with overall optimism
and compelling macro-economic indicators,
exemplify the promising trajectory of our economy
and the tenacity of our people.”
Govt meets 6.4% fiscal deficit target
for FY23
The Centre’s fiscal deficit for 2022-23 was in
line with the government’s revised budget
estimate of 6.4% of gross domestic product
(GDP), helped by robust revenue receipts and
expenditure management. Data released by the
Controller General of Accounts (CGA) on
Wednesday showed the deficit in absolute terms
was at Rs 17.3 lakh crores compared with 17.5
lakh crore in the previous year. Total receipts
rose to Rs 24.6 lakh crore in FY23 compared
with government’s revised estimates Rs 24. 3
lakh crores, an increase of 11.2% over FY22.
Fiscal deficit is a difference between revenue
and expenditure of the government. The
recovery in the economy after the Covid-19
pandemic has led to a sharp increase in
revenues, with receipts from GST posting
robust gains every month. “The Centre’s fiscal
position in FY23 came in line with the
government’s revised projections for FY23.
Better than expected growth in nominal GDP
(16.1% as per provisional estimate for FY23
versus 15.4% as per 1st advance estimate for
FY23), pick up in revenue collections, helped
the government achieve this target.
The Times of India - 01.06.2023
share?article=01_06_2023_017_008_toikc_TO
I
Core sector growth eased to six-month
low of 3.5% in April
The growth in eight core infrastructure industries
further moderated to 3.5 per cent in April on an
annual basis after hitting a five-month low of 3.6
per cent in March. It also sharply eased from 9.5%
growth a year earlier. The production of fertilisers,
steel, cement and coal increased in April 2023 over
the corresponding month of last year, data from
the Ministry of Commerce & Industry showed. The
core sector growth was 9.5 per cent in April 2022
while in March 2023 the key infra sectors recorded
a growth rate of 3.6 per cent. The growth rate in
April 2023 is the lowest since October 2022 when
the sectors expanded by 0.7 per cent. Coal
production growth declined to 9 per cent in April
this year, according to the official data released on
Wednesday. Fertiliser production soared by 23.5
per cent, steel by 12.1 per cent and cement output
by 11.6 per cent in April, the data showed.
https://economictimes.indiatimes.com/news/eco
nomy/indicators/infra-output-slows-to-3-5-in-
april/articleshow/100650499.cms
Why India’s manufacturing PMI hit a
31-month high in May
Rising from 57.2 in April to 58.7 in May, the
seasonally adjusted S&P Global India
Manufacturing Purchasing Managers’ Index
(PMI) rose to a 31-month high. The expansion
in the manufacturing sector was driven by
higher demand for Indian products both locally
as well as internationally. Even the operating
conditions witnessed a substantial improvement
during the month. The May PMI comes a day
after data showed that India’s gross domestic
product (GDP) expanded at 6.1 per cent
January-March 2023 quarter, in turn pushing up
the growth estimate for the full year 2022-23 to
7.2 per cent. The manufacturing sector
registered a year-on-year growth of 4.5 per
cent in Q4 FY2023. The seasonally adjusted S&P
Global India Manufacturing Purchasing
Managers’ Index (PMI) rose from 57.2 in April
to 58.7 in May, indicating the strongest
improvement in the health of the sector since
October 2020.
The Indian Express - 02.06.2023

https://indianexpress.com/article/explained/ex
plained-economics/why-indias-manufacturing-
pmi-hit-31-month-high-may-8642059/
Retail inflation for industrial workers
eases to 5.09% in April
The All-India CPI-IW (consumer price index for
industrial workers) for April 2023 increased by 0.9
points and stood at 134.2 points. It was 133.3
points in March 2023. The maximum upward
pressure in the current index came from Food &
Beverages group contributing 0.39 percentage
points to the total change. At the item level, Rice,
Arhar Dal, Apple, Banana, Orange, Cauliflower,
Brinjal, Cabbage, Ginger, Peas, Dairy Milk, French
bean, Lemon, Cumin seed/Jira, Chillies dry,
Cooked Meal, Poultry Chicken, Ladies Suiting, etc.
are responsible for the rise in the index. However,
this increase was largely checked by Wheat Atta,
Tomato, Onion, Drumstick, Lady’s Finger, Mango,
Soyabean Oil, Sunflower Oil, Mustard Oil, Egg-
Hen, Electricity Domestic, Firewood and Chips,
etc. putting downward pressure on the index. At
the centre level, Howrah recorded a maximum
increase of 4.1 points. Among others, four centres
recorded an increase between 2 to 2.9 points, 30
centres between 1 to 1.9 points and 37 centres
between 0.1 to 0.9 points.
The Indian Express - 01.06.2023
https://indianexpress.com/article/business/econo
my/retail-inflation-industrial-workers-eases-to-5-
09-8639251/
India different from 2013: Report
India has transformed in a decade — it is
different from what it was in 2013 — and has
gained positions in the world order, with
significant positive consequences for macro and
market outlook, says a report by Morgan
Stanley. “We run into significant scepticism
about India, particularly with overseas
investors, who say that India has not delivered
its potential (despite its being the second-
fastest-growing economy and among the top-
performing stock markets over the past 25
years) and that equity valuations are too rich.
However, such a view ignores the significant
changes that have taken place in India,
especially since 2014,” said the report. The
report highlighted the 10 big changes, mostly
because of India’s policy choices, and their
implications for its economy and market. These
include supply-side policy reforms,
formalisation of the economy, real estate
(regulation and development) act, digitalising
social transfers, insolvency and bankruptcy
code, flexible inflation targeting, focus on FDI,
India’s 401(k) moment, government support for
corporate profits and MNC sentiment at multi-
year high.
I
At $3.3tn, India’s m-cap now 5th biggest
in world
As the Indian market rallied on the back of the
resolution of the US government debt default crisis
and its market cap went up to $3. 3 trillion (Rs
286. 6 lakh crore), the country regained its spot
as the fifth biggest stock market in the world. At
the current level, India’s market cap is at almost
a five-month high. The rally in the Indian market
over the last two months, helped mainly by strong
foreign fund buying on the back of stable
macroeconomic fundamentals and weakness in
China, put it ahead of France — which on Friday
had a market cap of $3.2 trillion, data from
Bloomberg showed. The top four spots in the
market cap league table are taken by the US at
$44. 5trillion, China $10. 3 trillion, Japan $5. 7
trillion and Hong Kong $5. 1 trillion. On Monday,
the feel-good rally also took the sensex above the
63,000-mark after nearly six months. The sensex
opened at 62,802 points, up about 300 points,
rallied to an intra-day high of 63,026 points, but
GST kitty swells, factory activity hits
31-mth high
Data released Thursday indicated India’s
sustained economic momentum at the start of
the new fiscal year, with goods and services tax
(GST) collection growing at a rapid clip in May
as manufacturing activity hit a 31-month high
in the month. Vehicle and fuel sales backed up
the trend. Numbers released a day earlier on
Wednesday showed the economy grew by a
better-than expected 6.1% in the March
quarter, lifting FY23 growth to 7.2%, exceeding
estimates. The GST collection rose 12% from a
year earlier to Rs 1.57 lakh crore in May while
the Manufacturing Purchasing Managers’ Index
(PMI) climbed to 58. 7in May from 57.2 in the
preceding month. “May PMI and GST data show
that underlying momentum in the economy
remains resilient, largely based on domestic
factors,” said Rahul Bajoria of Barclays. Diesel
demand increased 9.3% to 7.46 million tonnes
in May, accelerating from April’s 6.7% increase.

closed a tad lower from its near-six-month-high
figure at 62,846 points, up 345 points, or 0. 6%.
share?article=30_05_2023_001_024_toikc_TOI
Petrol demand was even higher in May at 10.
4% compared with last year.
Pvt consumption growth marginally up in
Mar qtr
The latest full year number of 7.2% GDP growth
for 2022-23 is higher than the previous estimates
of the RBI, the IMF, the World Bank, ratings
agencies and investment banks and helped India
retain the fastest-growing major economy tag. In
2021-22, GDP growth was at 9. 1% largely helped
by a low base after the record contraction in the
previous year due to the pandemic. The growth
was propelled by a robust farm sector, which grew
5.5% in the March quarter compared to 4.7% in
the previous three-month period while the
services sector rose 6.9% in January-March,
compared to a 6.1% expansion earlier. The
construction sector grew by 10.4% in the fourth
quarter compared to an 8.3% expansion in the
previous three-month period. The manufacturing
sector also rebounded from the contraction of 1.
4% in the third quarter, growing by 4.5%. Hotels,
transport, communication, and services related to
broadcasting remained robust, rising by 9.1% in
January-March, after the 9.6% increase in the
previous quarter.
India likely to be key driver of Asia’s
growth within a decade
India will emerge as a key driver of Asia’s
growth within the next decade, Morgan Stanley
said in its latest report. Highlighting the supply-
side reforms that have taken place in the
country since 2014, the American financial
services company said it expects a new cycle of
manufacturing and capital expenditure to push
the share in GDP by five percentage points by
2031. Moreover, India’s share in global exports
could increase to 4.5% and the share of profits
in GDP may double during this period, it said.
“Triggered by supply-side reforms by the
government, we expect a major rise in
investments, a moderation in the CAD (current
account deficit) and an increase in credit to GDP
to support the coming profit growth,” the report
said. Barclays has forecast a decline in the
current account deficit to 1.1% in 2023-24 from
a likely 1.9% in 2022-23. India’s current
account balance is expected to show a surplus
in the January-March period after a gap of six
quarters. The trend is likely to continue in the
current quarter.
Exports may hit $773 b by 2030:
Standard Chartered
India’s exports of goods could reach $773 billion
by 2030, registering an annual growth rate of
7.5%, with Turkiye, Vietnam and Indonesia
expected to be among the highest-growing export
destinations, Standard Chartered said in a report
on Wednesday. It estimates imports from China at
$212 billion in 2030, growing 8% CAGR, and
exports at $49 billion. Exports to the US, mainland
China and the UAE will be the highest by volume,
according to the report. The value of exports of
goods was $401 billion in 2021. It estimates the
share of metals and minerals in India’s exports in
2030 at 31% and of textile and apparel at 15%.
“India will be a key driver of this global trade
growth, with its exports of goods projected to
grow at an average annual rate of 7.5%
(outpacing the global average of 5%) to reach
$773 billion by 2030 from $401 billion in 2021,”
Standard Chartered said in the report titled ‘Future
of trade: new opportunities in high-growth
corridors.
Valuation comfort makes PSUs
attractive
The Nifty PSE index comprising shares of India’s
leading state-owned companies made a multi-
year breakout this week, indicating the
benchmark could extend recent gains. With the
index expected to give another 10-15% returns
in the near term, investors are combing through
the market for potential PSU winners. Analysts
said despite their outperformance in the past
two years, many shares in this space are still
trading below their book value — an indicator of
cheaper valuations. When the price-to-book
value of a company is below 1, it means the
market is under-pricing the company's shares.
ONGC, Indian Oil, Power Finance Corporation
(PFC), REC, SAIL, General Insurance, Oil India,
and New India Assurance are among the PSUs
trading below their book value. ONGC, which
rallied 10% in the last six months, is trading at
a book value of 0. 71 times. According to the
Bloomberg Consensus estimates, the stock is
expected to yield 18% in a year. Shares of

Indian Oil Corporation traded at 0. 91 times its
book despite a 17% rally in six months. The
stock has an upside of about 20%.
Fuel sales gain speed after 2 mths on
travel, auto sales
Demand for transportation fuels surged in May
after remaining in the slow lane for two months,
propelled by manufacturing activity expanding at
the quickest pace in 31 months, thriving auto
sales, onset of summer travel and higher farm
sector consumption. Preliminary market data
shows petrol sales surging by more than 10% in
May from a year ago as families hit the road after
education institutions closed for summer holidays.
Booming passenger car and two-wheeler sales
further boosted consumption. Diesel sales,
considered a key barometer of economic activities,
grew by more than 9% during the month, in line
with higher movement of people, raw materials
and finished goods, including grains in the farm
sector. Sales of both fuels had displayed signs of
fatigue in March and April. Petrol consumption had
risen by a mere 2.5% in April and 5% in March in
sharp contrast to consistently rising in double
digits for months. The growth in jet fuel sales
during May slowed to 8.7% against year-on-year
gain of 15.4% posted in April and 25.7% in March.
Industry watchers said holidaymakers were
shifting to road and rail mode due to surging air
fares after Go First airline went belly up, which
also reduced the number of daily flights.
India plans smaller refineries to
achieve 450 mmtpa refining capacity:
Hardeep Singh Puri
India is looking to set up smaller petroleum
refineries to achieve 450 million metric tonne
per annum refining capacity in the country, Oil
Minister Hardeep Singh Puri said on Tuesday.
Addressing an energy summit organised by
Indo-American Chamber of Commerce and
Industry here, Puri said smaller refineries pose
lesser hurdles like land acquisition and others.
His statement comes against the backdrop of
stuck plans of IndianOil, Bharat Petroleum and
Hindustan Petroleum to set up a 60 million
metric tonne per annum (mmtpa) capacity
refinery at Ratanagiri in Maharashtra. At
present, India has a refining capacity of 252
mmtpa. "(Setting up new large) refineries are
high cost (proposition). We are looking for a
large number of up to 20 million metric tonne
per annum capacity refineries which are smaller
ones. If we make it too big then land acquisition
and other issue come up," Puri said. The
minister said India can plan to have 300 mmtpa
capacity. "We need to take few more policy
decisions for taking it up to 450 mmtpa
(target)," he added.
The Hindu Business Line - 31.05.2023
https://www.thehindubusinessline.com/econo
my/policy/india-plans-smaller-refineries-to-
achieve-450-mmtpa-refining-capacity-
hardeep-singh-puri/article66911399.ece
Russian crude oil imports rise 15% in
May
Russian oil accounted for 42% of India’s total
crude imports in May, up 15% month-on-month,
defying analysts’ expectations of a slowdown due
to the Chinese competition. India imported a
record 1. 96 million barrels per day (mbd) from
Russia in May, according to the energy cargo
tracker Vortexa. This was more than the combined
imports of 1.74 mbd from the next four largest
suppliers – Iraq, Saudi Arabia, the UAE and the
US. Supplies from Iraq, the UAE and the US
increased marginally in May but Saudi exports to
India fell nearly a fifth month-on-month. India’s
overall crude imports expanded 1.5% in May.
“India has wrestled more Russian crude supplies
from its strongest contender, China, in May and
could possibly set new records again in June/July
Asia's crude imports jump in May as
China, India suck up Russian oil
Asia's imports of crude oil are on track for a
strong rebound in May as the region's two
biggest buyers, China and India, suck up
Russian cargoes. A total of 27.73 million barrels
per day (bpd) of crude is expected to be
offloaded at ports in the top-consuming region
in May, according to data compiled by Refinitiv
Oil Research. This is up 8.6 per cent from the
26.39 million bpd in April and will be the
strongest outcome so far in 2023. The strength
was China, the world's biggest crude importer,
which is expected to land 11.96 million bpd in
May, up from April's relatively soft 10.96 million
and just below the 34-month high of 12.37
million bpd in March. The robust imports by
China come as the traditional refinery

with refiners' voracious appetite for the discounted
barrels,” said Serena Huang, an analyst at
Vortexa. Chinese imports of seaborne Russian oil
increased 6.5% month-on-month to 1.4 mbd in
May while European imports rose 72% to 355,000
barrels per day (bpd). China also imports a
substantial volume from Russia using pipelines.
maintenance period ends and refiners ramp up
throughput to build stockpiles ahead of the peak
summer demand season. It's also worth noting
that cargoes are arranged months ahead of
physical delivery, so May's outcome is more a
reflection of what refiners anticipated demand
would be.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/opinion-asias-crude-imports-
jump-in-may-as-china-india-suck-up-russian-
oil/100584808
Sustainability agenda: BPCL develops
ethanol-diesel blend to lower emission
Aiming to reduce emissions, public sector oil
marketing company BPCL has developed an
ethanol-diesel blend, reports Live Mint. The
company has issued a statement stating that the
R&D wing of the company is working on blending
ethanol with diesel to reduce emissions which aims
to achieve a net zero target by 2040. G.
Krishnakumar, Chairman & Managing Director,
BPCL, said, “Our vibrant R&D team has
successfully developed a multitude of cutting-edge
technologies, innovative products and processes
that have not only increased our profitability but
also significantly reduced our environmental
footprint”.
Chini Mandi - 30.05.2023
https://www.chinimandi.com/sustainability-
agenda-bpcl-develops-ethanol-diesel-blend-to-
lower-emission/
Large countries are ready to join
Global Biofuels Alliance: Oil minister
Hardeep Singh Puri
Hardeep Singh Puri, Minister for Petroleum and
Natural Gas and Housing and Urban Affairs,
today said many large countries are ready to
join the Global Biofuel Alliance, one of the
priority areas under India's G20 Presidency.
Brazil, India, and the US are currently working
together towards the development of the
alliance along with other interested countries. It
is aimed at facilitating cooperation and
intensifying the use of sustainable biofuels,
including in the transportation sector. "If you
look at what has happened in biofuels, India is
a success story. We are using our Presidency of
G20 in order to be able to open up the Global
Biofuels Alliance, and a lot of large countries are
ready to join," Puri said speaking at an industry
event organised by the Indo-American Chamber
of Commerce (IACC). He said the government
had earlier decided to have 10 per cent ethanol
blending by Nov 2022 and 20 per cent by 2030.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/large-countries-are-ready-
to-join-global-biofuels-alliance-oil-minister-
hardeep-singh-puri/100616618
Oil settled higher on US debt bill
approval after week-long volatility; all
eyes on OPEC+
Oil prices rose over two per cent on Friday after
the US Congress passed a debt ceiling deal that
averted a government default in the world's
biggest oil consumer and the employment data
fueled hopes for a possible pause in Federal
Reserve interest rate hikes. The focus has now
shifted to the policy outcome of Organization of
the Petroleum Exporting Countries and its allies,
or OPEC+ on June 4, which will impact oil prices
and set the course for price fluctuations in the
near-term. OPEC+ is considering the deepening of
oil production cuts, possibly by as much as 1
Led by Saudi, Opec+ to cut oil
production
Saudi Arabia will make deep production cuts in
July as part of a broader output limiting Opec+
deal as the group faces flagging oil prices and a
looming supply glut. Saudi energy minister
Prince Abdulaziz said the cut of 1 million barrels
per day (bpd) by Riyadh could be extended
beyond July if needed. Opec+, which groups the
Organization of the Petroleum Exporting
Countries and allies led by Russia, reached a
deal on output policy after seven hours of talks
and decided to reduce overall production
targets from 2024 by a further total of 1.4
million barrels per day. However, many of these
reductions will not be real as the group lowered

million barrels per day (bpd) in tomorrow's
meeting, according to news agency Reuters.
Mint - 03.06.2023
https://www.livemint.com/market/commodities/o
il-settled-higher-on-us-debt-ceiling-bill-approval-
after-week-long-variability-all-eyes-on-opec-
11685809156216.html
the targets for Russia, Nigeria and Angola to
bring them into line with their actual current
production levels. By contrast, the UAE was
allowed to raise output. Opec+ pumps around
40% of the world’s crude, meaning its policy
decisions can have a major impact on oil prices.
Opec+ already has in place a cut of 2 million
bpd agreed last year and amounting to 2% of
global demand.
The Times of India – 05.06.2023
I
OPEC+ Holds ‘Difficult’ Talks on
Production Quotas, New Cut
OPEC and its allies were meeting on Sunday to
clinch a new deal possibly adjusting countries'
output quotas for this year and next and a further
cut in production, sources told Reuters, as the
group faces flagging oil prices and a looming
supply glut. Sources described the talks as
difficult, as OPEC's most influential members and
biggest producers from the Gulf were trying to
persuade under-producing African nations such as
Nigeria and Angola to have more realistic output
targets. "Talks with African producers are proving
to be difficult," one OPEC+ source said. O PEC+,
which groups the Organization of the Petroleum
Exporting Countries and allies led by Russia,
pumps around 40% of the world's crude, meaning
its policy decisions can have a major impact on oil
prices. Four sources familiar with OPEC+
discussions have told Reuters that additional
production cuts were being discussed among
options for Sunday's session. "We are discussing
the full package (of changes to the deal)," one of
the four sources said. Three out of four sources
said cuts could amount to 1 million bpd on top of
existing cuts of 2 million bpd and voluntary cuts of
1. 6 million bpd, announced in a surprise move in
April and which took effect in May.
India's Russian oil buy is now more
than Saudi, UAE, Iraq and US combined
India's import of cheap Russian oil is now more
than the combined amount bought from Saudi
Arabia, Iraq, UAE and the US, industry data
showed. India took 1.96 million barrels a day
from Russia in May, 15% more than the
previous high in April, according to data from
energy cargo tracker Vortexa. The imports from
Russia are now more than the combined
purchases from Iraq and Saudi Arabia -- India's
biggest suppliers in the last decade -- as well as
UAE and the US. Iraq supplied 0.83 million
barrels per day (bpd) oil in May, while UAE
shipped 203,000 bpd. As much as 138,000 bpd
was sourced from the US, the data showed.
Russia now makes up for nearly 42% of all
crude oil India imported in May. This is the
highest share for an individual country in recent
years. The rise in Russian share came at the
cost of traditional suppliers in the Middle East.
Shipments from Saudi Arabia slipped to
560,000 tonnes - the lowest since February
2021, according to figures from the shipping
analytics company. Oil producer’s cartel OPEC's
share in India's oil imports fell to an all-time low
of 39% in May.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/indias-import-of-russian-oil-
scales-new-high-in-
may/articleshow/100739640.cms
Change in law may offer relief for
expropriation of oil assets
The government is considering reforming the law
governing the petroleum sector to protect
investors against the expropriation of their assets,
a measure that would directly address a key
concern raised by energy giant ExxonMobil. The oil
ministry has drawn up a proposal, which would
entitle investors to reasonable compensation if the
government expropriated their assets, according
to people familiar with the matter. The oil ministry
Asset monetisation: Rs 1.4 trn raised,
up 44% on year
The monetisation of public-sector brownfield
assets unlocked capital worth Rs 1.4 trillion in
FY23, up 44% on year. The achievement was
against the target of Rs 1.62 trillion. Coal blocks
and other mineral assets, highway stretches,
and power transmission lines pushed the drive.
The total monetisation value had stood at Rs
97,000 crore in FY22, including accruals and
private investments, as against targeted Rs

has completed consultations with the law, finance
and other ministries on the matter, they said,
adding that the proposal may soon be presented
to the Cabinet. After the Cabinet’s approval, the
proposal may be introduced in Parliament. India
has introduced a slew of reforms in the past
decade but has struggled to attract foreign
investors to the exploration and production sector,
primarily because some of the key issues have
been left unaddressed creating uncertainties for oil
and gas investors who already face enormous
challenges due to climate change. ExxonMobil,
which has spent years studying India’s geological
data and expressed willingness to invest in the
country, wants policies to be made more investor
friendly. “India should offer globally competitive
fiscals, enable those to stay intact, provide
protection against expropriation, and neutral
arbitration,” Monte Dobson, lead country
manager-South Asia at ExxonMobil, told ET in
January. The company wants exploration
contracts to provide a legal shield against any
move by the government to expropriate assets.
“It’s really rooted in experience,” he said, citing
the company’s experience in Venezuela where it
faced expropriation after a change in government.
Expropriations are rare but companies still want
protection against those rare events, a person
aware of the oil ministry’s thinking said. The
ministry’s proposal is aimed at assuring investors
that they are not going to lose money in the event
of expropriation, he said.
88,000 crore. For the second consecutive year,
the monetisation of coal and other mining
assets has turned out to be much better than
expected. While the target for this segment was
enhanced to Rs37,500 crore from the initial goal
of Rs6,060 crore for FY23, the achievement
came in at around Rs 60,000 crore, an official
said. In FY22 also, the mining sector had yielded
upfront revenues and capital expenditure to the
tune of Rs 58,000 crore against the target of Rs
3,394 crore. As against the proposed
monetisation of road assets worth Rs 32,855
crore, the National Highways Authority of India
(NHAI) has achieved about Rs 18,000 crore,
reflecting a shortfall of about 45%. The FY24
budget proposal on taxation of Infrastructure
Investment Trust (InvITs) debt repayments
delayed the InvITs of NHAI, leading to the
shortfall. NHAI had plans to bring out InvITs
worth Rs 10,000 crore in March. Addressing the
investor concerns to some extent, the
government lowered the tax incidence in the
final version of the budget proposal that made
income tax at a slab rate on amortisation of
debt in the hands of InvITs unitholders only on
the excess sum received by investors over the
issue price. According to Sebi norms, 90% of
the distributable cash of InvITs flows to the unit
holders through interest, dividends and return
of capital.
Financial Express - 05.06.2023
https://www.financialexpress.com/economy/as
set-monetisation-rs-1-4-trn-raised-up-44-on-
year/3113345/
Amarendu Prakash takes over as new
SAIL chairman
Amarendu Prakash has taken charge as the new
Chairman and Managing Director of Steel
Authority of India Ltd (SAIL) from May 31. He was
previously the Director (In-charge) of SAIL’s
Bokaro steel plan. Prakash was previously
involved in driving business transformation and
financial turnaround of SAIL, which resulted in
bringing back the company from a three-year
streak of losses, from FY16 toFY18, to being back
in the black in FYI9. He has been leading the
Bokaro Steel Plant as Director In-charge since
September 2020 and briefly took on additional
charge as Director In-Charge of the Rourkela Steel
Plant, IISCO and Durgapur Steel Plant. Under his
able leadership, the Bokaro Steel Plant has seen
remarkable results, with the plant continuing to
break production records, year after year in FY22
and FY23.
The Hindu Business Line - 31.05.2023
https://www.thehindubusinessline.com/companie
s/amarendu-prakash-takes-over-as-new-sail-
chairman/article66916206.ece
Mr Vikraman N takes charge as
Director (HR) of BEL
Mr Vikraman N took charge as the Director
(HR) of Navratna Defence PSU Bharat
Electronics Limited (BEL) on 01 June 2023. He
was serving as Executive Director (Radar) and
Unit Head of BEL’s Ghaziabad Unit prior to his
elevation to the Board. Mr Vikraman has 35
years of vast, rich experience in handling
various facets of HR and diverse functions such
as Testing, Marketing and Customer Support in
the field of Radars and Missile Systems. He
holds a degree in Bachelor of Engineering
(Honours) in Electronics & Communication and
Post Graduate Diploma in Human Resource
Management. He is a recipient of the prestigious
Raksha Mantri’s Award for ‘Innovation’. He is
also a certified Project Management
Professional from Project Management
Institute, USA.
PSU Connect - 01.06.2023
https://www.psuconnect.in/news/vikraman-n-
takes-charge-as-director-hr-of-bel/37902

Sh. Paresh Ranpara takes charge as
Director (Human Resources) of Grid
India Limited
Sh. Paresh Ranpara has assumed charge as
Director (Human Resources) of Grid Controller of
India Limited (formerly POSOCO) w.e.f
31.05.2023. Previously, he was serving as General
Manager (Human Resources) of Gujarat Urja Vikas
Nigam Limited (GUVNL). In his new role as
Director (HR) of GRID-INDIA, Sh. Paresh Ranpara
will be overall in charge of coordinating and
implementing human resource policies, talent
management, human resource development and
other strategic HR functions within the
organization.
https://www.psuconnect.in/news/paresh-
ranpara-takes-charge-as-director-human-
resources-of-grid-india/37887
Salim G. Purushothaman assumed
additional charge of CMD, BCL
Shri Salim G. Purushothaman has taken over
the additional charge of the Chairman &
Managing Director of the Government of India
Undertaking under the Ministry of Railways,
Braithwaite & Co. Ltd. w.e.f. 28.05.2023. Shri
Purushothaman has been this esteemed
organization's Director (Production) since
31.10.2018. He had also held the additional
charge of Director (Finance) for one year period
during his tenure. Shri Purushothaman had
started his career as Management Trainee
(Technical) of SAIL, Bokaro steel, in 1988, and
had later served as DGM in Rashtriya Ispat
Nigam Limited (RINL) / Vishakhapatnam Steel
Plant. A graduate in Mechanical Engineering
from University of Kerala and M. Tech
(Manufacturing) from BITS, Pilani, he also
possesses MBA.
https://www.psuconnect.in/news/salim-g-
purushothaman-assumed-additional-charge-of-
cmd-bcl/37856
Govt appoints Ashwani Kumar as UCO
Bank MD & CEO
The Appointments Committee of the Cabinet
(ACC) has approved the appointment of Ashwani
Kumar, Executive Director, Indian Bank as
Managing Director and CEO of UCO Bank. Kumar
will replace Soma Sankara Prasad, who is due to
superannuate on May 31. It may be recalled that
Centre had in December 2021 appointed Prasad as
MD & CEO of UCO Bank. Ashwani Kumar will lead
the public sector bank for period of three years
from June 1. Kumar will also be eligible for
extension of the term of office, after a review of
his performance, by two years or until further
orders, whichever is earlier, according to an order
issued by the Department of Personnel and
Training.
Hindu Business Line - 31.05.2023
https://www.thehindubusinessline.com/money-
and-banking/govt-appoints-ashwani-kumar-as-
uco-bank-md-ceo/article66914967.ece
Uttam Lal appointed as Director
(Personnel) of NHPC
Shri Uttam Lal has been appointed as the
Director (Personnel) of NHPC Limited, the
largest hydropower development organization
in India. He has been recommended for the post
by the Public Enterprises Selection Board
(PESB) panel on February 28. Earlier he was
serving as Chief General Manager in NTPC
Limited. Government of India has approved the
appointment of Shri Uttam Lal, Chief General
Manager, NTPC Limited to the post of Director
(Personnel), NHPC Limited.
https://www.psuconnect.in/news/uttam-lal-
appointed-as-director-personnel-of-
nhpc/37935
Sanjay Varma takes over as MD
(Additional Charge), MRPL
Sanjay Varma will take over as Managing Director
(Additional Charge) of MRPL from 1.6.2023 as per
the order of the Ministry of Petroleum and Natural
Gas, GOI. He will assume the mantle of leading
this CPSE miniratna organisation, a Government
of India enterprise and a wholly owned subsidiary
Allcargo Group announces key level
appointments; re-designates Shashi
Kiran Shetty as Executive Chairman
Logistics firm Allcargo Group on Friday
announced the re-designation of its founder and
chairman Shashi Kiran Shetty as Executive
Chairman along with some key level
appointments within the Group. As part of this

of ONGC. Sanjay Varma has had a rich exposure
to various domains of expertise in the Oil & Gas
industry. During his three and half decades of
service, he has headed the organisation in
Operations Management, Project Management,
Materials Management and Health, Safety and
Environment Management. He has been on the
board of MRPL as Director Refinery since June
2020. He has also had extensive exposure by
being on the Boards of MSTPL, ONGC Mangalore
Petrochemicals Ltd and Shell-MRPL Aviation. A
Graduate of Mechanical Engineering, Shri Sanjay
Varma joined MRPL in December 1993 and has
played a pivotal role in the execution and
operation of all three major phases of the Refinery
and its Aromatic Complex. Known for his excellent
track record across the functions, he has been
instrumental in leading a major revival of MRPL’s
fortunes, which has resulted in the best-ever
physical performance and financial position,
making it India’s largest operated single-site Oil
PSU in the entire nation for the financial year
2022-23. As the Managing Director of the Coastal
Karnataka-based Hydrocarbon refinery, Shri
Varma is poised to steer MRPL in its efforts
towards executing a major expansion, meeting
energy transformation targets and foraying into
ambitious marketing ventures.
Sarkaritel - 01.06.2023
https://www.sarkaritel.com/sanjay-varma-takes-
over-as-md-additional-charge-mrpl/
exercise, which comes after the demerger,
Adarsh Hegde, has now been promoted to the
position of Managing Director, Allcargo Logistics
said in a statement. Hegde will provide the
strategic leadership, functional management
and value creation opportunities together with
helping the group implement technology and
digital initiatives. Suresh Kumar, who has led
the group's CFS-ICD business as CEO will now
join the board of the newly demerged company,
Allcargo Terminals Limited and take on the role
of Managing Director, the company said. He will
be responsible for value creation by driving
growth in the CFS and ICD business and other
potential opportunities in port sector, terminals,
Multimodal Logistics Parks, Special Economic
Zones, and other related businesses, it said and
noted that he will continue to lead the group's
environmental, social and governance (ESG)
initiatives, among others. Pirojshaw Sarkari,
has been appointed as the Managing Director &
CEO of Gati-KWE as well as the Managing
Director of Allcargo Supply Chain. Sarkari has
joined the boards of both companies and will
spearhead the express distribution and contract
logistics business, it said. Allcargo Logistics also
announced Jatin Chokshi will join the board of
TransIndia Real Estate Limited as its Managing
Director. Chokshi has been associated with
Allcargo Group for over two decades and
worked in various capacities, most recently
leading the real estate business and earlier as
CFO and CEO of a business vertical. Along with
these, Kaiwan Kalyaniwalla will serve as the
Chairman of Allcargo Terminals Limited while
Mohinder Bansal, who is an entrepreneur and
has held senior corporate roles in large Indian
and multinational companies, has been
appointed as Chairman of TransIndia Real
Estate Limited. These appointments reflect
Allcargo Group's commitment to strengthening
its leadership team and driving excellence
across all business verticals, the company said.
The day-to-day operations of the company are
managed by the CEO and group of CXOs based
in different parts of the world, the company
said.
https://economictimes.indiatimes.com/industr
y/transportation/shipping-/-transport/allcargo-
group-announces-key-level-appointments-re-
designates-shashi-kiran-shetty-as-executive-
chairman/articleshow/100700982.cms?from=
mdr

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