Weekly Media Update_13_02_2023.pdf

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WEEKLY MEDIA UPDATE
Issue 589
13 February 2023
Monday
The Indian Express –
10.02.2023
Aajkaal –
09.02.2023
The Telegraph –
12.02.2023

• https://www.marketscreener.com/quote/stock/BALMER-LAWRIE-CO-LTD-
6498520/news/Balmer-Lawrie-celebrates-157th-Foundation-Day-42915751/
RBI projects eco growth at 6.4%, pegs
inflation at 5.3% in 2023-24
The Reserve Bank of India (RBI) has forecast the
economy to grow by 6. 4% in 2023-24, saying that
economic activity in India remains resilient. It said
the government’s commitment to fiscal
consolidation in the Budget augured well for the
inflation outlook. The growth forecast by the
central bank is nearly similar to the projection in
the Economic Survey for 2022-23 of 6-6.8% with
a baseline scenario of 6.5% expansion for the next
fiscal year. “The expected higher rabi output has
improved the prospects of agriculture and rural
demand. The sustained rebound in contact-
intensive sectors should support urban
consumption. Broad-based credit growth,
improving capacity utilisation, government’s
thrust on capital spending and infrastructure
should bolster investment activity,” RBI governor
Shaktikanta Das said in his monetary policy. He
said the central bank’s surveys had shown that
manufacturing, services and infrastructure sector
firms are optimistic about the business outlook.
But the protracted geopolitical tensions, tightening
global financial conditions and slowing external
demand may continue as downside risks to
domestic output, the governor said.
The Times of India - 09.02.2023
https://epaper.timesgroup.com/article-
share?article=09_02_2023_017_018_toikc_TOI
S&P bullish on India, pegs growth at
6% for FY24
India has the strongest growth prospects
among the emerging market economies and the
FY24 budget will support productivity and
higher growth which will be the bulwark for the
economy amid the global downturn, according
to the international rating agency S&P. Amid a
global slowdown, the agency expects India to
grow at 6% on a real basis in FY24. “In the
emerging market economies universe, India has
the strongest growth prospects and that’s true
in the current fiscal year and we believe that is
going to be true in the next year and 3-4 years
too,” S&P’s sovereign analyst Andrew Wood told
ET in an interview. He said the virtuous cycle of
investment will support consumption and the
country will orient itself to developments such
as supply chain diversification and become an
important destination for FDI as well. On the
fiscal side, Wood said from the agency’s
perspective is that the country’s fiscal buffers
were limited. The Centre is working on a fiscal
deficit of 5. 9% of GDP in upcoming year and at
the general government level something above
9% of GDP while the government’s debt stock
is hovering around 85% of GDP on a net basis.
The Economic Times - 07.02.2023
share?article=07_02_2023_011_020_etkc_ET
Factory output growth slows to 4.3% in
Dec
Industrial output growth slowed in December from
the previous month but remained robust as
manufacturing, mining and electricity sectors
continued to be resilient. But a possible global
slowdown could hurt expansion in the months
ahead. Data released by the National Statistical
Office (NSO) on Friday showed the Index of
Industrial Production (IIP) rose an annual 4.3% in
December, slower than the upwardly revised 7.
3% in November but above the 1% in December
2021-22. The manufacturing sector, which
accounts for the bulk of the index, rose 2.6% in
December, higher than the 0.6% recorded last
year but experts said some signs of weakness
were visible. The electricity sector grew by 10.4%
during the month compared to 2.8% expansion in
the same month year earlier. The mining sector
rose by 9.8% compared with 2.6% in December
2021-22. The capital goods sector, a key gauge of
industrial activity, rose 7.6% in December
compared to a contraction of 3% in December
2021-22.
Stiff target: new foreign trade policy
aims for exports of $1 trillion by FY26
India will aim to more than double its annual
goods and services exports to over $1 trillion by
FY26 under the new foreign trade policy (FTP),
as it seeks to tailor its policies suitably to cash
in on an expected rebound in global economic
growth, sources told FE. This will warrant a
substantial, and sustained, scaling up of exports
— to a compounded annual growth rate of 15%
until FY26 from about 5% in the five years
through FY20 (before the pandemic). The
country had targeted annual exports
(merchandise and services) of $900 billion
under the extant FTP but managed to realise a
maximum of $538 billion (in FY19), as goods
shipments mostly faltered. However,
government officials feel that given the
potential revival in external demand, elevated
international commodity prices and acceleration
in domestic manufacturing due to production-
linked incentive schemes, the ambitious export
target could be met this time.
The Financial Express - 13.02.2023

https://www.financialexpress.com/economy/sti
ff-target-new-foreign-trade-policy-aims-for-
exports-of-1-trillion-by-fy26/2301970/
CPSEs to increase capex by a quarter
during next fiscal
The central public sector enterprises (CPSEs), key
contributors to public capital expenditure, have
drawn up plans to increase investments from their
own resources by 24% on year to Rs 3.23 trillion
in the next financial year, surpassing the pre-
Covid year’s achievement of Rs 3.1 trillion in FY20.
The CPSEs’ investment increase next year would
be led by the petroleum sector, which would invest
Rs 1.06 trillion from its internal and extra-
budgetary resources (IEBR) in FY24, compared
with Rs 84,000 crore in FY23. Indian Oil
Corporation would invest Rs 25,741 crore in FY24,
up 83% on year. Oil and Natural Gas Corporation
would continue its robust investment in
exploration assets with capex of Rs 30,125 crore
in FY24 compared with Rs 29,950 crore in FY23.
As per the plan, power sector CPSEs would invest
Rs 60,805 crore in FY24 compared with Rs 52,878
crore in FY23. While NTPC would projected to
invest Rs 22,454 crore in FY24 (similar to FY23),
National Hydro Electric Power Corporation and
Satluj Jal Vidyut Nigam would step up the gas on
capex net year.
The Financial Express - 10.02.2023
https://www.financialexpress.com/economy/cpse
s-to-increase-capex-by-a-quarter-during-next-
fiscal/2977077/
PM bats for green investment
PM Narendra Modi on Monday made a sweeping
pitch for investing in India and sought
participation of investors in the country’s green
growth, especially hydrogen — called the ‘fuel
of the future’. “India is one of the strongest
voices in the world for energy transition and for
developing new resources of energy.
Unprecedented possibilities are emerging in
India that is moving with a resolution of a Viksit
Bharat (developed India),” Modi said
inaugurating the India Energy Week2023
conference here. Giving an idea on the scale of
required investments, the PM said India’s share
in the global oil demand is 5% which is expected
to rise to 11%; whereas gas is expected to
increase up to 500%. He underlined that new
opportunities for investment and collaboration
are being created by India’s expanding energy
sector. “India continues to be the global bright
spot in a world stricken with pandemic and
war.” Modi said referring to the recent IMF
(International Monetary Fund) projections.
“Decisive government, sustained reforms,
socioeconomic empowerment at the grassroots
are at the base of India’s economic resilience,”
the PM said, inviting the global energy industry
to utilise the immense opportunities thrown up
by India’s green growth path and the start-up
ecosystem.
share?article=07_02_2023_007_021_toikc_TO
I
Energy transition has to ensure surviving
present: Puri
India, the world's third largest oil consumer, on
Tuesday said it is committed to energy transition
but surviving the present and cushioning the
vulnerable from price volatilities is essential before
moving to clean and green energy. India has
committed to net zero carbon emission by 2070
and has repeatedly emphasised that 'dirty' fuels
like oil and coal, on which the economy is two-
thirds dependent, will have to continue to be in
use in the foreseeable future. An immediate shift
from low-priced coal and oil to expensive fuels of
the future such as hydrogen will entail huge costs
in a nation with low per capita income. "Unless we
survive the present, we will not be able to go into
the world of clean and green energy," Oil Minister
Hardeep Singh Puri said at India Energy Week
here. "While affordable traditional energy
India's fuel demand slips in January
from nine-month peak
India's fuel demand slipped in January after
hitting a nine-month peak in December, hit by
lower mobility due to cold weather in parts of
the country and a slowdown in industrial
activity. Consumption of fuel, a proxy for oil
demand, was about 4.6 per cent lower than the
previous month at 18.7 million tonnes in
January, data from Indian oil ministry's
Petroleum Planning and Analysis Cell (PPAC)
showed on Wednesday. Sales of diesel fell 7.6
per cent in January from a month ago to 7.18
million tonnes, while sales of gasoline, or petrol,
fell 5.3 per cent to 2.82 million tonnes, the PPAC
data showed. "Festive season is over, and cold
temperatures might have played a role," said
Refinitiv analyst Ehsan Ul Haq. India's
manufacturing industry started the year on a

resources are essential for meeting the base load
requirements, new sources of energy which are
cleaner, sustainable, and innovative, are critical
for combating the menace of climate change."
The Hindu - 07.02.2023
https://www.thehindu.com/business/energy-
transition-has-to-ensure-surviving-present-
puri/article66481896.ece
weaker note, expanding at its slowest pace in
three months in January as output and sales
growth slackened, a private survey showed. On
a yearly basis, however, fuel consumption was
up 3.3 per cent. Sales of diesel rose 12.6 per
cent, while sales of petrol jumped 14.2 per cent.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/indias-fuel-demand-slips-in-
january-from-nine-month-peak/97754231
India’s share in global oil demand
expected to rise to 11%, gas to 500%:
PM
Prime Minister Narendra Modi on Monday said
that India’s share in the global oil demand is
expected to increase to 11 per cent, while the gas
demand is expected to rise up to 500 per cent. He
underlined that new opportunities for investment
and collaboration are being created by the
expanding energy sector of India. He said this in
his address while inaugurating the India Energy
Week. Quoting the International Energy
Association, the prime minister remarked that
India’s energy demands will be highest in the
present decade which presents an opportunity for
the investors and stakeholders of the energy
sector. Later in the day, he also launched E20 fuel
at 84 retail outlets of oil marketing companies in
11 states along the lines of the ethanol blending
roadmap. E20 indicates a 20 per cent ethanol and
80 per cent petrol blend. The number 20 in the
designation E20 refers to the proportion of ethanol
in the petrol blend.
Sarikaritel.com - 07.02.2023
https://www.sarkaritel.com/indias-share-in-
global-oil-demand-expected-to-rise-to-11-gas-to-
500-pm/
India predicts 500% increase in
domestic natural gas demand
Indian Prime Minister Narendra Modi on Monday
projected that the country’s gas demand would
rise 500% due to the rapid pace of
development, while its share of global oil
demand would more than double. While the
Indian prime minister did not offer a specific
time frame for this major boost in demand, he
said that the country’s energy demand would be
highest in the present decade. Modi’s
statement, delivered during the opening
ceremony of India Energy Week 2023, coincides
with a recent OPEC report that expects India to
be the largest contributor to incremental
demand, with the country expected to add some
6.3 million bpd until 2045. Overall, OPEC said it
saw demand increasing to 110 million bpd in
2045, up from 97 million bpd in 2021. Modi
predicts India’s share in global oil demand will
increase from 5% to 11%. The Indian prime
minister used the occasion to highlight the
country’s plans to boost exploration and
production, which he said would provide
opportunities for investors.
Mint - 07.02.2023
https://www.livemint.com/industry/energy/ind
ias-gas-demand-will-surge-500-share-of-oil-
demand-to-double-pm-11675697847553.html
Russia makes up 28% of India’s oil
imports in Jan
The share of Russian crude rose to a record 28%
of India’s oil imports in January, remaining the top
supplier for the fourth month in a row on heavy
bargain hunting by refiners, data from ship
tracking showed. Russian crude accounted for
0.s2% of India’s oil imports due to uneconomical
transport logistics before Moscow sent troops into
Ukraine on February 24 last year. As the West
responded with sanctions followed by a price cap
and a ban on importing Russian crude, Indian
refiners started lapping up the shunned barrels at
discounts. The share of Iraq, which was relegated
to the second spot in October 2022, stood at 20%,
while Saudi Arabia stood third with a 17% share.
Shipments from the US improved to 9% from 7%
Indian refiners may buy Russian fuel,
export own
Some Indian refiners are planning to import
Russian diesel and other refined products for
domestic consumption so they can free up
locally produced fuels for export to the West,
which has nearly stopped taking refined
products from Russia, according to people
familiar with the matter. The European Union
has banned the import of refined petroleum
products from Russia, including petrol, diesel
and jet fuel, from February 5. The European
Union, along with G-7 countries, has also placed
price caps on Russian refined products. Russia
has already become the top supplier of crude to
India, accounting for 28% of India’s crude
imports, up from less than 1% in 2021. India’s

in December. At the India Energy Week 2023 here,
oil ministry officials pointed to foreign minister S
Jaishankar and oil minister Hardeep Singh Puri
making India’s stand clear at various global
forums, broadly saying India will buy oil from
anywhere in the world, including Russia, to fuel
economic growth and lift millions out of poverty.
imports of Russian refined products have also
risen to record levels in recent months, though
mostly limited to fuel oil. They may soon expand
to petrol and diesel. “Our people are exploring
if we can source cheaper products from Russia,”
said a top executive at an Indian refiner.
World needs $12 trillion investment in
Oil Exploration & Production by 2045:
OPEC Secy General
The Secretary General of the Organization of the
Petroleum Exporting Countries (OPEC), Haitham
Al Ghais, has said the global Oil Exploration &
Production (E&P) sector requires about 12 trillion-
dollar investment by 2045. "At OPEC, we strongly
believe that this investment is required to ensure
energy security for all," he said, speaking at the
session "Prices & Supply volatility addressing
global energy security need" as part of the India
Energy Week event in Bengaluru, India. Al Ghais
also said the sector has suffered "chronic under-
investment" in the last few years and its
production has fallen by about 6 percent,
forgetting about growth to meet increasing global
demand. He said the OPEC is in favour of transition
and cleaner energy switching but said the issue
here is not about the source, but it is about
emission. “We all need to work together to reduce
the emission so that there is energy security for
all,” he said.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/world-needs-12-trillion-
investment-in-oil-exploration-production-by-
2045-opec-secy-general/97662134
India to lead demand for oil till 2045,
says OPEC report
After China driving the initial demand growth, it
is going to be India which will take the leading
role in crude requirement, along with other
Asian and African countries, as per an OPEC
report. According to the OPEC's "World Oil
Outlook 2045" report, released during the
ongoing India Energy Week here on Tuesday,
besides India, fairly robust growth during this
period is also projected for African and other
Asian countries where economic progress,
urbanisation, industrialisation, and vehicle fleet
expansion will be fastest among all regions.
This, the report said, "will result in respective
demand increases of around 1.4 mb/d, 0.8
mb/d and 0.7 mb/d, for India, Africa and Other
Asia respectively during the 2040-2045 period".
Even by 2045, oil demand will still grow at a rate
of more than 2 per cent per annum in India and
Africa and 1 per cent per annum in Other Asia
region, the report, which charts a roadmap for
oil sector from 2022 till 2045, said.
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/india-to-lead-demand-for-
oil-till-2045-says-opec-report/97714014
Port asset monetisation target set at Rs
6,700 crore
The Centre has set a target of ₹6,700 crore from
asset monetisation in the port and shipping sector
for FY24. Key projects on the block include ₹2,000
crore berth at the Deendayal Port (Kandla,
Gujarat), ₹980 crore container terminal at Haldia
Dock Complex of Shyama Prasad Mookerjee Port
(Kolkata, West Bengal), and a ₹360 crore dry dock
in Vadinar (Gujarat). “Next financial year’s
monetisation plan would include around 20
assets,” a senior government official told ET. He
said the list could also include some spill over
projects from FY23. The government has managed
to raise around ₹5000 crore so far from asset
monetisation in the current fiscal. India has
prepared a national monetisation pipeline with
assets worth ₹6 lakh crore to be monetised
No ‘major headway’ achieved on
monetisation of assets: Parl panel
A parliamentary panel has said that “no
significant headway” has been made so far on
monetisation of assets of state-owned Bharat
Sanchar Nigam Ltd (BSNL) and Mahanagar
Telephone Nigam Ltd (MTNL). The Standing
Committee on Communications and IT, in its
report, has emphasised its earlier
recommendation that the matter of
reservation/designation of land be taken up at
the highest level of government for policy
intervention so as to address the issue at the
earliest and expedite the monetisation of assets
of the telecom PSUs. “The department may
keep the committee apprise of the progress
made in this regard,” said the panel in its report
presented to Lok Sabha on Thursday. The report

between FY22 and FY25. As per the National
Monetisation Pipeline (NMP), there are 31 projects
in nine major ports that would be offered for
private sector participation.
“Operations of berths and terminals will be
extended to the private sector so that ports have
an assured revenue stream while minimising the
burden of managing day-to-day functions,” the
official said.
is on action taken by the government on the
observations/ recommendations of the panel
contained in an earlier report on ‘Demands for
Grants (2022-23)’ of the Ministry of
Communications (Department of Telecom or
DoT).
Millennium Post - 09.02.2023
https://www.millenniumpost.in/business/no-
major-headway-achieved-on-monetisation-of-
assets-parl-panel-508157
Paresh R Ranpara set to be next Director
(HR) of Grid-India
Paresh R Ranpara is set to be the next Director
(Human Resources) of Grid Controller of India
Limited (Grid-India), previously known as
POSOCO. He has been recommended for the post
by the Public Enterprises Selection Board (PESB)
panel on February 9. Currently, he is serving as
General Manager (Human Resources) of Gujarat
Urja Vikas Nigam Limited (GUVNL). Ranpara has
been recommended for the post of Director (HR)
of Grid-India, from a list of five candidates, who
were interviewed by the PESB selection panel in
its selection meeting held on February 9. Out of
five candidates, two candidates were from Grid-
India and one each from Mazagon Dock
Shipbuilders Limited (MDSL), MECON Limited and
Gujarat Urja Vikas Nigam Limited (GUVNL). As
Director (Human Resources) of Grid-India,
Ranpara will be a member of the board of directors
and will report to the Chairman and Managing
Director (CMD).
PSU Watch - 10.02.2023
https://psuwatch.com/paresh-r-ranpara-set-to-
be-next-director-hr-of-grid-india/
Centre appoints K Satyanarayana Raju
as new MD & CEO of Canara Bank
State-owned Canara Bank on Tuesday said the
Union Government has appointed K
Satyanarayana Raju as its Managing Director
and CEO, with immediate effect. He will be
replacing L V Prabhakar who demitted office on
December 31, 2022. Raju, who is a Physics
Graduate, Postgraduate in Business
Administration (Banking and Finance) and
CAIIB (Certified Associate of Indian Institute of
Bankers), had earlier served Canara Bank as
Executive Director since March 10, 2021. He has
a very rich and vast experience in all segments
of banking including Branch Banking, Corporate
Credit, Retail Credit, Agri Financing, Credit
Monitoring, Credit Recovery, Compliance etc.
Also his rich experience and exposure led to
digital transformation of banking products and
services, the bank said in a release.
Business Standard - 07.02.2023
https://www.business-
standard.com/article/companies/k-
satyanarayana-raju-appointed-as-new-md-
ceo-of-canara-bank-123020700705_1.html
Rajiv Kumar appointed as Director
(Finance) of BSNL
The Central Government on Thursday approved
the appointment of Rajiv Kumar for the post of
Director (Finance) of BSNL Limited, a PSU under
the Department of Telecommunications. The
Appointments Committee of the Cabinet (ACC)
has approved the appointment of Kumar on
Thursday. He has been appointed to the post for a
period of five years with effect from the date of his
assumption of charge of the post, or till the date
of his superannuation, or until further orders,
whichever is the earliest. Presently, he is serving
as General Manager (GM) in the same
organisation. Rajiv was recommended for the post
of Director (Finance) of BSNL Limited by the PESB
panel on September 27, 2022. He was
recommended for the post from a list of three
candidates who were interviewed for the post.
Ananga Charan Nayak appointed as
Director (Finance) in SDCL
The Appointments Committee of the Cabinet
(ACC) has approved the appointment of Ananga
Charan Nayak for the post of Director (Finance)
of Sagarmala Development Company Limited
(SDCL) on Friday. According to an order issued
from the Department of Personnel & Training
(DoPT), Nayak has been appointed to the post
for a period of five years with effect from the
date of his assumption of charge of the post, or
until further orders, whichever is earlier.
Presently, he is posted as Additional General
Manager (Finance) in Maharashtra Metro Rail
Corporation Ltd. (Maha — Metro). SDCL has
been incorporated on August 31, 2016, under
the administrative control of the Ministry of
Shipping & Waterways. The vision of Sagarmala
is to reduce logistics costs for both domestic and

PSU Watch - 10.02.2023
https://psuwatch.com/rajiv-kumar-appointed-as-
director-finance-of-bsnl/
EXIM cargo with optimized infrastructure
investment.
PSU Watch - 10.02.2023
https://psuwatch.com/ananga-charan-nayak-
appointed-as-director-finance-in-sdcl/
Dr Lokiah Ravikumar appointed as Director (Catering Services) of IRCTC
Dr Lokiah Ravikumar has been appointed as Director (Catering Services) of the Indian Railway Catering
and Tourism Corporation (IRCTC), a PSU under the Ministry of Railways. IRCTC provides ticketing,
catering, and tourism services for the Indian Railways. According to an order issued from the
Department of Personnel & Training (DoPT), the Appointments Committee of the Cabinet (ACC) has
approved the proposal of the Ministry of Railways for the appointment of Dr Ravikumar for a period
with effect from the date of his assumption of charge of the post till the date of his superannuation i.e.
July 31, 2025, or until further orders, whichever is earlier. Presently, he is serving as General Manager
in the same organisation. Dr Ravikumar was recommended for the post of Director (Catering Services)
by the PESB panel on September 22, 2022. He was selected for the post from a list of six candidates,
who were interviewed by the PESB panel.
PSU Watch - 10.02.2023
https://psuwatch.com/dr-lokiah-ravikumar-appointed-as-director-catering-services-of-irctc/

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