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SPIEF 2022 Energy panel session: New global energy order

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The severe sanctions against Russia for invading Ukraine are causing dramatic changes in the global economy and the oil market.

Against all odds, Russia, one of the major energy-producing countries, continues to play a crucial role in the global energy market, while such unprecedented turbulence and disruption in the global economy can lead, among other things, to a shortage of energy.

The tectonic shifts in the hydrocarbon markets were addressed at the Energy panel session as part of the XXV St Petersburg International Economic Forum. This year’s anniversary edition of the Forum was titled “New World – New Opportunities” and traditionally addressed economic, social and technological issues. The Energy panel session was attended by the CEO of Rosneft Oil Company, Igor Sechin,

Managing Director and CEO of ONGC Videsh Alok Kumar Gupta, Chairman of CNPC Dai Houliang, CEO of OPHIR Pedro Aquino Jr. and former Executive Director of IEA Nobuo Tanaka.

The constant change of priorities of the US energy companies, national regulations and political targeting, with the advancement of the green agenda, the pandemic and energy shortages make shareholders distrustful of the changing agenda and reluctant to invest long term. As a result, short-term investments gain priority, and companies focus on increasing dividends while minimizing investments in development.

To address the oil shortage alone, by 2030, the world will need additional investments of $400 billion. This is both politically and financially impossible, noted Igor Sechin, head of Russian oil major Rosneft, while delivering his keynote speech at the SPIEF Energy panel session.

The anti-Russian sanctions have effectively ended the so-called ‘green transition’ which was seen as a way to manipulate the market. Western countries argue for accelerating the green transition and reducing carbon footprints but do the opposite in practice, increasing carbon footprints and eroding other countries’ economies.

But economic policy goals cannot be confined to the economy alone. The restoration of essential production chains disrupted by sanctions sparked a move toward technological sovereignty. A revised configuration of the oil market is already taking shape in Russia, where two price contours have been formed: a fair market price for ‘friendly countries’ and an added premium, which will be added to the price for ‘unfriendly countries’ to compensate for the violation of rules and obligations by the former partners.

With its energy potential and portfolio of top-flight projects, Russia is well-positioned to meet long-term global energy needs with affordable energy resources.

Take Russia’s Vostok Oil – the world’s largest oil project and the only ongoing project of such a scale.

Vostok Oil’s confirmed resource base amounts to 6.2 billion tons, and the oil from its fields has a sulphur content of 0.01 per cent to 0.1 per cent and a low density of approximately 40 API.

Clearly, Vostok Oil has one of the highest efficiency and stability levels in the industry, which will be highly beneficial to its shareholders. Now, the most important aspect of this project is that it can stabilize hydrocarbon markets during a hurricane.

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Cooperative taxi service to improve drivers’ income, ensure better services: Centre

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New Delhi, March 29: The objective of a taxi service based on cooperative model is to ensure democratic management by active participation of all members, and to ensure that maximum profit earned by such cooperative taxi society is distributed equitably among the taxi drivers who will be members of that society, the government has said.

India is home to over 8 lakh cooperative societies, serving nearly 30 crore members across 30 different sectors.

While replying to the discussion on Tribhuvan Sahkari University Bill, 2025 in the Lok Sabha, Union Home Minister and Minister of Cooperation, Amit Shah, said this week that in near future, a cooperative taxi service will be started, in which registration of two wheelers, taxis, rickshaws and four wheelers will be possible and the profit will go directly to the driver.

Based on principles of “Sahakar se Samriddhi”, a taxi-service cooperative will be formed by willing taxi drivers and the management will rest with the members of such society.

“Such an initiative will lead to overall prosperity and improving the income, working conditions, and standard of living for such taxi drivers/members of the cooperative society while providing better services to the consumers,” according to the ministry.

‘Sahkar’ or cooperation is a concept where a group of people voluntarily come together and form a cooperative society or Sahkari society based on mutual benefit and common economic interest.

Sahkari models of economic cooperation have been found to be more fruitful for its members, being more equitable and resulting in inclusive growth for all, like in the case of Amul.

These cooperatives play a crucial role in promoting self-reliance, financial inclusion, and rural development, particularly in agriculture, dairy, fisheries, banking, housing, consumer services, labour, sugar etc.

These cooperatives compete in the market alongside other players including private enterprises. The cooperatives are registered under the cooperative laws of the respective state/UT and societies which work in multiple states/UTs and are registered under the Multi State Cooperative Societies Act.

The government has promoted and assisted startups and other enterprises in the past for equitable and inclusive growth of the nation.

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Travel From Uran To Gateway Of India In AC Boats Soon! E-ferries Set To Hit Waters In 2 Weeks; Travel Time To Reduce

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Mumbai: The travel time between Uran and the Gateway of India will be cut in half with the introduction of electric ferries in about two weeks. Speed trials are currently underway and the service is expected to begin soon, according to reports quoting an official from the Jawaharlal Nehru Port Authority (JNPA).

In December 2024, JNPA approved a Rs 37.8 crore lease for two electric ferries over a 10-year period. The boats were initially scheduled to begin operations in January, but technical delays pushed the launch back.

Currently, wooden passenger boats take over an hour to complete the journey, but the e-ferries will reduce travel time to just 30-40 minutes. This upgrade will majorly benefit local residents, JNPA personnel and officials from customs, the air force, CISF and ports who frequently use the route.

Each ferry will accommodate 20-24 passengers, and tickets will be available for purchase online, said JNPA chairman Unmesh Sharad Wagh. The frequency and schedule of the ferries will be determined based on demand.

Details On Routes Of New E-Ferries

The new service will operate between the Gateway of India and JNPA via the sea route, while during the foul weather season, it will run from Bhaucha Dhakka to JNPA. This initiative aims to make commuting more efficient and comfortable for passengers.

The journey from Mumbai to Jawaharlal Nehru Port (JNP) will be significantly shortened, saving passengers up to 20 minutes, with a total travel time of 30-40 minutes. The ferries will also enhance passenger comfort with air-conditioned seating, improving the overall travel experience.

These e-ferries are part of the Harit Sagar, or ‘Green Port,’ initiative, which focuses on sustainable port operations and minimizing environmental impact. Launched by the Ministry of Ports, Shipping, and Waterways (MoPS&W), the initiative aims to achieve net zero emissions by 2047 and increase renewable energy usage across major ports by 60 per cent. The introduction of pollution-free, environment-friendly ferries aligns with this vision, marking a step toward cleaner and more sustainable maritime transport.

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Special drive led to declaration of foreign assets, income of Rs 30,300 crore: FM Sitharaman

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New Delhi, March 26: Union Finance Minister Nirmala Sitharaman said that a special campaign carried out by the Income Tax Department has led to the declaration of foreign assets and income to the tune of Rs 30, 300 crore after over 30,000 taxpayers revised their income tax returns or filed belated returns for 2024-25.

The Finance Minister said in the Lok Sabha that SMS and e-mails were sent to around 19,501 taxpayers, asking them to review their income tax returns based on information collected by the Income Tax Department on foreign deposits.

She said the “nudge campaign” resulted in 11,162 taxpayers revising their tax returns and filing the Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crore and disclosing foreign income of Rs 154.42 crore. Another 883 taxpayers revised their ITRs and corrected their status from resident to non-resident in the revised return for 2024-25.

An additional 13,516 taxpayers declared foreign assets of Rs 7,564 crore and foreign income of approximately Rs 353 crore in their revised ITR for 2024-25.

The Income Tax Department launched a compliance-cum-awareness campaign, aimed at encouraging voluntary disclosures of offshore wealth and income. The drive focused on a data-driven and non-intrusive approach, which led to a 45.17 per cent year-on-year jump in voluntary disclosures in 2024-25 compared to 2023-24.

According to sources, tax authorities received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India by its citizens.

The number of taxpayers disclosing foreign assets and income voluntarily has shot up from 60,000 in 2021-22 to 2,31,452 taxpayers in 2024-25.

India is one of the early adopters of Common Reporting Standards (CRS) and has been receiving data since 2018.

More than 125 countries have agreed to share financial information of individuals linked to other jurisdictions on an automatic basis, including details of accounts held, account balances, dividends, interest received, and gross payments.

A similar exchange occurs with the US under the Inter-Governmental Agreement under the Foreign Accounts Tax Compliance Act (FATCA), 2010.

Using this data received under the automatic exchange of information, the Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign on November 17, 2024, urging taxpayers to declare their foreign assets and income in revised Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.

This campaign followed a system-driven and taxpayer-friendly approach, utilising the information received through CRS and FATCA.

The Income Tax Department also facilitated taxpayers by providing a step-by-step guide to filling out Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.

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