Connect with us
Tuesday,28-October-2025
Breaking News

Business

Petrol, diesel price hike continues unabated

Published

on

 The prices of petrol and diesel prices rose again on Monday completing one full week of increases that has taken in retail rate to record high levels across the country.

In the national capital, petrol price rose 30 paise per litre and diesel was hiked by 35 paise per litre. The prices of petrol and diesel have crossed the Rs 100 per litre mark in many states, pinching the common man’s pocket.

In Delhi, petrol is now retailing at Rs 104.44 per litre and diesel is available at Rs 93.17 per litre after the latest price revision. On the other hand, in India’s financial capital, Mumbai, petrol became costlier by 29 paise per litre and its rate stands at Rs 110.41 the highest across all the four metro cities. Diesel costs Rs 101.03 for one litre in Mumbai, a hike of 37 paise.

There has been a constant rise in the prices of petrol and diesel for the past six days and the rates are soaring at an all-time high. The prices of petrol and diesel remained steady on October 4, 2021 but saw a hike after that.

Diesel prices have now increased on 15 out of the last 18 days taking up its retail price by Rs 4.55 per litre in Delhi. The prices of diesel has increased between 20-30 paisa per litre so far but since Wednesday it has been increasing by 35 paisa per litre.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 12 of the previous 14 days taking up its pump price by Rs 3.25 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Across the country as well petrol and diesel increased between 30-40 paisa per litre but their retail rates varied depending on the level of local taxes in the state.

Crude price has been on a surge rising over three year high level of over $83.5 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m.

The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel.

Business

India’s services-led growth becoming more balanced, inclusive: NITI Aayog report

Published

on

New Delhi, Oct 28: The services-led growth in India’s economy is becoming more regionally balanced as states with lower initial shares in services are catching up with more advanced ones, according to a NITI Aayog report released on Tuesday.

“There is clear evidence that structurally lagging States are beginning to catch up with advanced ones. This emerging pattern of convergence suggests that India’s services-led transformation is gradually becoming more broad-based and spatially inclusive,” the report states.

The services sector has become the cornerstone of India’s economic growth, contributing nearly 55 per cent of national GVA (Gross Value Added) in 2024-25.

To guide policy, the report introduces a quadrant-based framework that classifies 15 major service sub-sectors into four categories-Engines of Growth, Emerging Stars, Mature Giants, and Struggling Segments-to support differentiated strategies across States.

The report recommends prioritising digital infrastructure, logistics, innovation, finance, and skilling to accelerate diversification and competitiveness at the sectoral level.

It also recommends that at the state level there is a need for developing tailored service strategies based on local strengths, improving institutional capacity, integrating services with industrial ecosystems, and scaling up urban and regional service clusters.

Together, these findings offer a forward-looking policy road map for positioning the services sector as a key growth engine across India, reinforcing its central role in the Viksit Bharat @2047 vision.

A companion report titled India’s Services Sector: Insights from Employment Trends and State-Level Dynamics, focusses on employment within the services sector, drawing on data from the NSS (2011-12) and PLFS (2017-18 to 2023-24).

It offers a long-run and multi-dimensional view of India’s services workforce across sub-sectors, gender, regions, education, and occupations. The report goes beyond aggregate trends to reveal the sector’s dual character: modern, high-productivity segments that are globally competitive yet limited in employment intensity, and traditional segments that absorb large numbers of workers but remain predominantly informal and low-paying.

By linking historical and contemporary data, it situates these patterns within a broader framework of structural transformation, offering an integrated understanding of the opportunities and divides that shape India’s services-led employment transition.

Findings show that while services remain the mainstay of India’s employment growth and post-pandemic recovery, challenges persist. Employment generation is uneven across sub-sectors, informality remains widespread, and job quality continues to lag behind output growth. Gender gaps, rural-urban divides, and regional disparities underline the need for an employment strategy that integrates formalisation, inclusion, and productivity enhancement at its core.

To bridge these gaps, the report outlines a four-part policy road map focussing on formalisation and social protection for gig, self-employed, and MSME workers; targeted skilling and digital access to expand opportunities for women and rural youth; investment in emerging and green economy skills; and balanced regional development through service hubs in Tier-2 and Tier-3 cities.

By positioning the services sector as a purposeful driver of productive, high-quality, and inclusive jobs, the report underscores its centrality to India’s employment transition and its pivotal role in realising the vision of ‘Viksit Bharat @2047’.

The reports emphasise the need to deepen digital infrastructure, expand skilled human capital, foster innovation ecosystems, and integrate services across value chains, positioning India as a trusted global leader in digital, professional, and knowledge-based services.

Continue Reading

Business

US lawmakers unite to defend bilateral ties with India through letters and resolutions

Published

on

Washington, Oct 28: Both Republican and Democratic lawmakers have joined hands to support the India-US relationship, months after the Trump administration announced a series of policies targeting Indian interests.

At least six bipartisan letters and resolutions have been drafted over the past 10 days defending the interests of the Indian American community, reaffirming support for the India–US partnership, and pressing the administration for accountability over its recent actions targeting New Delhi.

Last week, a group of House members expressed concern that an event at Rutgers University on Monday could “fuel further prejudice” against Hindus at a time when Hindu temples have been targets of violence.

The co-signers of the letter were Democrats Sanford Bishop from Georgia, Shri Thanedar from Illinois, and Suhas Subramanyam from Virginia, and Republican Rich McCormick, also from Georgia.

Two days earlier, another bipartisan group of six House Representatives wrote to US President Donald Trump and Commerce Secretary Howard Lutnick, expressing concerns over the H-1B proclamation.

“We are concerned that the recent proclamation related to H-1B visa petitions will create significant challenges for US employers and overall weaken our competitiveness,” the letter stated.

The group again included Democrat Suhas Subramanyam along with Republican Congressmen Jay Obernolte and Don Bacon, among others.

On October 17, four US lawmakers wrote to President Donald Trump, urging him to attend the Quad Leaders’ Summit in India and other meetings in Asia.

The same day, a bipartisan resolution was introduced in the House of Representatives to recognise the “contributions made to the United States by the Indian American diaspora” and condemn recent acts of racism against Indian Americans.

The resolution also termed the India-US relationship as “one of the most important democratic partnerships in the world”.

It was a sharp departure from just days earlier, when 19 House members, all Democrats with no Republican support, wrote to President Donald Trump on October 8, urging him to “reset and repair” the India-US “critical partnership”.

Leaders from both Democratic and Republican parties have faced criticism for mostly remaining silent as senior officials of the Trump administration, like Trade Advisor Peter Navarro and Commerce Secretary Howard Lutnick, repeatedly targeted India over its purchase of Russian oil and trade imbalance.

In August, the Trump administration imposed 50 per cent tariffs on New Delhi, which included a 25 per cent levy for importing Russian oil.

Then, in September, President Donald Trump signed a proclamation on H-1B visas, imposing a $100,000 application fee to restrict the programme. Over 70 per cent of the approved H-1B applications in 2024 went to Indian nationals.

While a handful of Democrats opposed the administration’s stance publicly, Republican lawmakers, until recently, decided to keep quiet.

In early October, Democratic Representative Ami Bera, a leading advocate of the US-India relationship, told Media that some Republican lawmakers have remained silent out of fear of the president.

“I think they’re certainly afraid to take on President Trump directly,” he said.

In recent weeks, ties have stabilised, and negotiators have resumed talks to finalise the first phase of a trade agreement.

Last week, President Donald Trump held a special Diwali event at the White House where he termed Prime Minister Narendra Modi “a great person” and said he loves “the people of India.”

Bera added that more members should come out to support the relationship.

“Instead of making this about President Trump, let’s make it about the US-India relationship. Let’s make it about what we think as members of Congress – Democrats and Republicans. I don’t want the India-US relationship to be a Democratic thing or a Republican thing. It should be an American thing,” he told Media.

Continue Reading

Business

Maharashtra Signs ₹56,000 Crore MoUs To Boost Maritime Trade & Industry

Published

on

Mumbai: Chief Minister Devendra Fadnavis expressed confidence that Maharashtra will lead the country in the fields of maritime trade and industry through the Memorandums of Understanding (MoUs) signed today. A total of 15 MoUs were signed in the presence of the Chief Minister during India Maritime Week 2025, held at NESCO, Goregaon.

Also present were Fisheries and Ports Minister Nitesh Rane, Additional Chief Secretary (Ports) Sanjay Sethi, CEO of Maharashtra Maritime Board P. Pradeep, and representatives of the companies involved in the agreements.

Chief Minister Fadnavis said that several MoUs have been signed with different companies to develop the maritime ecosystem, involving investments worth approximately ₹56,000 crore. These agreements will help position Maharashtra at the forefront of maritime trade and development. Facilities related to ports, transport, industry, and commerce will be upgraded to global standards.

“Water transport is very important for Mumbai. The Ro-Ro ferry service has received an excellent response from citizens. Now, a water taxi service between Gateway of India and Navi Mumbai Airport will be launched, which will significantly reduce travel time. Additionally, a fleet of electric vessels (EV vessels) will be introduced to ensure clean and eco-friendly water transport.”

The state is developing water sports centers, shipbuilding industries, and blue economy projects. A major port is being established at Vadhavan, which will make Maharashtra a leader in the country’s maritime sector. The Vadhavan Port will be connected by road to key cities across the state, ensuring its benefits reach all regions of Maharashtra, the Chief Minister said.

Maharashtra Set to Become the Center of India’s Maritime Growth

— Minister of Fisheries and Ports Nitesh Rane

Minister Nitesh Rane said that this is a proud moment for Maharashtra. Due to the visionary leadership of Chief Minister Devendra Fadnavis, vast opportunities for growth have been created in the maritime sector. Maharashtra is emerging as a frontrunner in shipbuilding policy, passenger water transport, and marine tourism.

He added that Maharashtra will soon become the epicenter of the nation’s maritime development, and the MoUs signed today will give Maharashtra’s maritime industry global strength. A new chapter of investment in port development, shipbuilding, ship repair, and maritime transport has begun, he said.

Adani Ports and Special Economic Zone Ltd. — Development of Dighi Port and related infrastructure as a mega port; Investment: ₹42,500 crore.

JSW Infrastructure Ltd. — Expansion of existing Jaigad and Dharamtar ports; Investment: ₹3,709 crore.

Chowgule & Company Pvt. Ltd. — Shipbuilding, ship repair, rig repair, offshore and energy project development; Investment: ₹5,000 crore.

Synergy Shipbuilders & Dock Works Ltd. — Shipbuilding, ship repair, and ship recycling yard; Investment: ₹1,000 crore.

Goa Shipyard Ltd. — Shipbuilding, ship repair, and ship recycling yard; Investment: ₹2,000 crore.

Indian Institute of Technology (IIT) Bombay — Establishment of a Centre of Excellence for research and development in ship design and construction.

IIT Bombay — Development of training facilities in marine engineering and infrastructure.

IIT Bombay — Capacity building and skill development programs for Maharashtra Maritime Board employees.

Knowledge Marine & Engineering Works Ltd. — Shipbuilding and repair yard project; Investment: ₹250 crore.

TSA Enterprises Pvt. Ltd. — Development of Container Freight Station (CFS), shipyard, and flotel project at Vadhavan Port; Investment: ₹500 crore.

Candela Technology AB (Sweden) — Establishment of a shipyard for the construction of passenger water transport vessels.

Abu Dhabi Ports Group (UAE) — Agreement to enhance maritime cooperation between Maharashtra and the UAE.

Atal Turnkey Projects (Netherlands) — Agreement for maritime cooperation between Maharashtra and the Netherlands; Investment: ₹1,000 crore.

Echandia Marine AB — Establishment of a marine battery energy storage system assembly and manufacturing facility for tugboats; Investment: ₹10 crore.

Mumbai Port Authority — MoU for mutual cooperation to strengthen passenger water transport within the Mumbai Metropolitan Region (MMR).

Total Expected Investment: ₹55,969 crore

These MoUs will bring large-scale investment into port development, shipbuilding, marine research, and technical training in Maharashtra. Major projects such as Dighi Port and Vadhavan Port will enhance the state’s maritime trade capacity, while collaboration with IIT Bombay will promote innovation and skill development.

This initiative will create thousands of employment opportunities, attract new industries, and accelerate progress toward the Developed India 2047 vision.

Both central and state governments emphasized that these MoUs mark a significant step forward in strengthening India’s maritime future through joint efforts.

Continue Reading

Trending