Weekly Media Update - December 26, 2023 - Balmer Lawrie

1. (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.)
Icra revises upwards FY24 GDP growth
forecast to 6.5%
Domestic rating agency Icra on Monday revised its
FY24 GDP growth forecast to 6.5 per cent from 6.2
per cent earlier. However, the revised forecast is
still much lower than the Reserve Bank of India's
(RBI's) 7 per cent real Gross Domestic Product
(GDP) growth estimate for the ongoing fiscal.
Earlier this month, the RBI had revised upwards
its GDP estimate to 7 per cent from 6.5 per cent,
calling the revised number a "conservative" one.
The rating agency did not specify reasons for the
lower growth estimate made in its business
activity monitor. The revision is being done
because Icra feels the deflation in commodity
prices will be sustained and there are expectation
of better growth in the October-December period
than previous estimates, it said. "The festive-led
uptick in volume growth in high frequency non-
agri indicators as evinced by ICRA Business
Activity Monitor in October-November 2023 (11.3
per cent versus the 9.5 per cent in Q2FY24) leads
us to believe that the GDP growth is likely to fare
better in Q3 FY2024 than what we had penciled
in," it said.
The Economic Times - 19.12.2023
https://economictimes.indiatimes.com/news/eco
nomy/indicators/icra-revises-upwards-fy24-gdp-
growth-forecast-to-6-
5/articleshow/106098480.cms
India's economy projected to grow at
6.3% in current fiscal year, says IMF
India's economy is projected to grow at 6.3 per
cent in the current fiscal year and the next, the
International Monetary Fund (IMF) said late
Monday, supported by macroeconomic and
financial stability. The country's digital public
infrastructure and a strong government
infrastructure program will continue to sustain
growth, the IMF said in its Article IV consultation
report, which reviews a country's current and
medium-term economic outlook. "India has
potential for even higher growth, with greater
contributions from labour and human capital, if
comprehensive reforms are implemented," the
IMF said. The IMF's growth projection for the
current financial year, ending March 31, 2024,
is lower than the 7 per cent forecast by the
Reserve Bank of India (RBI). "Headline inflation
is expected to gradually decline to the target
although it remains volatile due to food price
shocks," the IMF said. Volatile food prices
pushed up retail inflation to 5.55 per cent in
November from 4.87 per cent the previous
month.
Business Standard - 20.12.2023
https://www.business-
standard.com/economy/news/india-s-
economy-projected-to-grow-at-6-3-in-current-
fiscal-year-says-imf-123121900086_1.html
Economic Growth to Boost Demand of
Corporate India, Says Fitch Ratings
Leading credit rating firm Fitch Ratings expects
that India's resilient economic growth will boost
demand of the corporates. In its latest research
report on 'India Corporates: Sector Trends 2024',
Fitch said that this is a sequel to the robust
performance of the corporates in 2023 and will
offset weakness from slowing growth in the key
overseas markets. Rising demand and easing
input cost pressure should boost margins of the
corporates in the next financial year, Fitch said.
Fitch said that with strong domestic demand
growth, it is expected that India will be among the
world's fastest-growing countries, with resilient
GDP growth of 6.5 per cent du-ring the fiscal
2024-25.
IMF report: Govt allays fear over debt
The finance ministry on Friday said that any
interpretation that the IMF report implies that
general government debt would exceed 100%
of GDP in the medium term is misconstrued.
“Among the various favourable and
unfavourable scenarios given by the IMF, under
one extreme possibility, like once-in-a-century
Covid-19, it has been stated that the general
government’s debt could be “100% of debt to
GDP ratio” under adverse shocks by FY2028. It
talks only of a worst-case scenario and is not
fait accompli,” the ministry said in response to
reports expressing concern over the country’s
debt levels based on the observations of the IMF
in its Article IV report. Under Article IV of the
IMF’s articles of agreement, the IMF holds
WEEKLY MEDIA UPDATE
Issue 633
26 December 2023
Tuesday

2. This is despite a challenging global backdrop and
the cumulative impact of the recent monetary
tightening, it said. Sectors like cement, electricity
and petroleum products are expected to witness a
strong demand with high-frequency data in 2023
sustained well above pre-COVID pandemic levels.
Economic Times - 24.12.2023
https://economictimes.indiatimes.com/news/eco
nomy/indicators/indias-economic-growth-to-
boost-demand-of-corporates-fitch-
ratings/articleshow/106246660.cms
bilateral discussions with members, usually
every year and they serve as a health check for
the economies and policies being pursued by
respective governments.
The Times of India - 23.12.2023
https://timesofindia.indiatimes.com/business/i
ndia-business/imf-report-govt-allays-fear-
over-
debt/articleshow/106221328.cms?from=mdr
RBI cuts GDP growth forecast for FY25 to
6%
India’s gross domestic product (GDP) will likely
grow 6% in real terms in FY25, according to the
“state of economy” report released by the Reserve
Bank of India on Wednesday. The latest projection
is lower than 6.5% forecast in the October
Monetary Policy Committee report and comes after
the upward revision of the likely growth rate for
FY24 from 6.5% to 7%. After the latest review,
GDP growth in FY24 is seen at 7.1%. Further,
Consumer Price Index inflation could average at
5.3% in FY24, and moderate to 4.8% in FY25, the
report said, adding that both favourable demand
side drivers and easing of supply side constraints
are at work. GDP is expected to sustain
momentum alongside moderation in inflation,
despite global headwinds. The GDP growth
forecast was arrived under the assumption that
global GDP growth could be 2.6% in FY24 and
2.1% in FY25. Also, global consumer price index
(CPI) inflation is now seen at 5.5% in FY24 and
4% in FY25. The forecasts also assume unchanged
RBI policy repo rate, and US Fed funds rate at
6.5% in FY24 and 5.5% in next financial year.
The Financial Express - 21.12.2023
https://www.financialexpress.com/policy/econom
y-rbi-cuts-gdp-growth-forecast-for-fy25-to-6-
3343761/
Parliament approves additional
spending of Rs.58,378 crore in this
fiscal
Parliament on Tuesday gave its approval for a
net additional spending of Rs 58,378 crore in
the current fiscal ending March 2024, with a
large chunk allocated to MGNREGA and fertiliser
subsidies. The gross additional spending would
be more than Rs 1.29 lakh crore, out of which
Rs 70,968 crore would be matched by savings
and receipts. On Tuesday, Rajya Sabha
returned the two appropriation bills to Lok
Sabha after a brief discussion. Most of the
members who participated in the discussion
were from the Treasury benches as a large
number of Opposition members are suspended
from the House. Opposition members who were
present did not participate in the discussion.
Last week, Lok Sabha passed the
supplementary demands for grants after a short
discussion. Replying to the discussion on
Supplementary Demands for Grants in Rajya
Sabha, Minister of State for Finance Pankaj
Chaudhary on Tuesday highlighted the key
aspects of the first batch of demands for grants.
Millennium Post - 20.12.2023
https://www.millenniumpost.in/business/parlia
ment-approves-additional-spending-of-58378-
crore-in-this-fiscal-544885
Resilient Economy Seen Expanding 6.7%
in FY24
The Indian economy is likely to grow 6.7% in
FY24, according to a median forecast of 11
economists, staying resilient despite external
headwinds as domestic demand and improving
investments provide support. Prospects have
improved from a month ago, when an ETpoll
pegged FY24 expansion at 6.3%. However, the
median is still short of the recent Reserve Bank of
India (RBI) estimate. Earlier this month, the
central bank raised its forecast for the year to 7%,
from 6.5% estimated earlier, following a better-
than-expected 7.6% rise in gross domestic
product (GDP) in the September quarter.
The Economic Times - 26.12.2023
Target for current financial year is
likely to be missed again
With general elections on the horizon, the
government’s privatisation bandwagon has
almost but stalled as a government wary of
being accused of selling family silver opts for
minority stake sales on stock exchanges over
outright privatisation. The result — the
disinvestment target for current fiscal year is
again likely to be missed. Big ticket privatisation
plans such as that of Bharat Petroleum
Corporation Ltd (BPCL), Shipping Corporation of
India (SCI) and CONCOR are already on the
backburner and analysts feel meaningful
privatisation can happen only after April/May
general elections. In the current fiscal, out of

3. https://economictimes.indiatimes.com/news/eco
nomy/indicators/indias-resilient-economy-seen-
expanding-6-7-in-
fy24/articleshow/106276843.cms
the budgeted amount of Rs 51,000 crore, about
20 per cent or Rs 10,049 crore has been
collected through minority stake sales via IPO
(Initial Public Offering) and OFS (Offer For
Sale).
Millennium Post - 26.12.2023
https://www.millenniumpost.in/business/targe
t-for-current-financial-year-is-likely-to-be-
missed-again-545612
Govt set to miss target for divestment in
2023-24 too
The Centre is once again set to miss its target for
privatisation of state-run companies in the current
financial year as the process has nearly stalled,
and with general elections on the horizon, the
appetite for progress on this crucial policy issue
would be limited. In the past nearly a year, the
process has faced several roadblocks, including
bureaucratic sloth, hurting several big-ticket
public sector enterprises, including privatisation of
IDBI Bank. The Department of Investment and
Public Asset Management (DIPAM) had termed
2023-24 as a year of consolidation and had
asserted that it would try and complete some of
the bigticket sales, such as, IDBI Bank, logistics
firm Concor, BEML, Shipping Corporation of India
(SCI). There has been no movement on the
proposed stake sales in two state-run banks and
one insurance company, although government
think tank NITI Aayog submitted its report almost
two years ago, recommending Central Bank of
India and Indian Overseas Bank for privatisation.
The Times of India - 22.12.2023
https://timesofindia.indiatimes.com/business/indi
a-business/govt-set-to-miss-target-for-
divestment-in-2023-24-
too/articleshow/106192281.cms
At ₹3.79 lakh cr, public sector
enterprises' capex hits 52% of budget
target by September end
Capital expenditure by central public sector
enterprises touched about 52% of the Budget
target at ₹3.79 lakh crore in the first half of
current fiscal, the Finance Ministry said on
Wednesday. This is higher than the capex by
CPSEs in the April-September period of last
fiscal. In the first half of previous fiscal, the
figure stood at ₹2.85 lakh crore or 43% of
Budget estimates for 2022-23 fiscal. "Capital
Expenditure CAPEX targets by Central Public
Sector Enterprises CPSEs on track with 51.71%
of target achieved till September 2023," the
finance ministry said in a post on X. Against
estimated expenditure of ₹7.33 lakh crore for
full 2023-24, ₹3.79 lakh crore (approx.)
achieved i.e. about 51.71% as on 30th
September, 2023, it said. The full year capex by
CPSEs was estimated at ₹6.62 lakh crore in
2022-23 fiscal.
The Hindu - 21.12.2023
https://www.thehindu.com/business/Economy/
at-379-lakh-cr-public-sector-enterprises-
capex-hits-52-of-budget-target-by-september-
end/article67657783.ece
Rating firms unfair to India, other EMEs:
FinMin economists
Questioning the three big global rating agencies
for keeping India’s rating static at the lowest
investment grade for the last 15 years despite it
moving up the ladder from 12th largest to become
fifth largest economy, Finance Ministry economists
said the rating agencies’ methodologies are biased
against emerging market developing economies.
“Our review of the credit rating methodologies
reveals that there is considerable reliance on
qualitative variables to capture ‘willingness to
pay’. The enormous degree of opaqueness in the
methodology makes it challenging to quantify the
impact of qualitative factors on credit ratings,” the
economists said. The economists reviewed the
rating methodologies deployed by S&P, Moody’s
and Fitch. Moody’s has rated India Baa3 while
Govt may scale down capital infusion
in OMCs
Capital infusion in state-run oil marketing
companies (OMCs) may turn out to be much
less than the budget estimate (BE) of Rs 35,000
crore in the current financial year. This is
because robust profits in the first half on the
back of subdued crude oil prices enabled these
firms to partly offset the losses incurred in the
previous quarters, sources told FE. “There is no
clarity as of now on how much capital will be
infused in the OMCs, but it will be only a part
(of the budget estimate),” an official said. A
final decision, however, might also factor in the
likely cut in retail petrol and diesel prices by
OMCs ahead of general elections in April-May,
sources said. The state-run fuel retailers are
widely expected resume daily revision of petrol
and diesel prices over the next weeks.

4. Fitch and S&P have rated it ‘BBB‘, the lowest
investment grade.
The Financial Express - 22.12.2023
https://www.financialexpress.com/policy/econom
y-rating-firms-unfair-to-india-other-emes-finmin-
economists-3344651/
Calibrated price cuts might begin once volatility
in global oil prices reduces, and Indian basket
of crude settles in the range of $80-85/barrel,
analysts feel.
The Financial Express - 20.12.2023
https://www.financialexpress.com/market/gov
t-may-scale-down-capital-infusion-in-omcs-
3341788/
In a 1st, India pays in Re for UAE oil
India’s first-ever payment in rupees for crude oil
purchased from the UAE is helping the world’s
third largest energy consumer push for taking the
local currency global, as it looks for similar deals
with other suppliers, officials said, adding
internationalisation is a process and there are no
targets. With the nation more than 85%
dependent on imports for meeting its oil needs,
India has been pursuing a three-pronged strategy
of buying from the cheapest available source,
diversifying sources of supply and not breaching
any international obligation like the price cap in
case of Russian oil. While the strategy helped save
billions of dollars, when it ramped up imports of
Russian oil that was shunned by some in West post
Ukraine war, it is looking to settle trade in rupees
instead of dollars in a bid to cut transaction costs
by eliminating dollar conversions. India in July
signed an agreement with the UAE for rupee
settlement and soon after Indian Oil Corporation
(IOC) made payments for purchase of a million
barrels of crude oil from Abu Dhabi National Oil
Company (Adnoc) in Indian rupees. Some of the
Russian oil imports too have been settled in rupee.
More such deals may happen in future, the officials
said.
The Times of India - 26.12.2023
https://timesofindia.indiatimes.com/city/delhi/no
-takers-for-rupee-payment-for-oil-imports-press-
trust-of-india/articleshow/106277865.cms
IOC, BPCL, HPCL in Discussion to Raise
₹5,500crore by Securitising Licence
Fee
Indian Oil, Bharat Petroleum and Hindustan
Petroleum are discussing plans to raise Rs 5,500
crore by securitising the licence fee they get
from their petrol pump dealers as part of the
government's push for asset monetisation by
state companies, according to multiple people
familiar with the matter. Top company
executives at three state-run refiners have
discussed the monetisation plan with officials at
Niti Aayog and the petroleum and finance
ministries for months, they said. Indian Oil is
targeting to raise ₹ 2,500 crore while BPCL and
HPCL are aiming for ₹1,500 crore each by
securitising the licence fee for three years and
selling the securities to banks or other buyers,
according to the companies’ plans. The licence
fee is linked to the volume of petrol and diesel
sold at a pump and is settled between a dealer
and the company each fortnight or month. The
licence fee for diesel and petrol varies from
₹128 per kilolitre to ₹369 per kilolitre based on
the location of the petrol pump. A goods and
services tax (GST) of 18-28% also applies to the
licence fee.
The Economic Times - 26.12.2023
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/ioc-bpcl-hpcl-in-talks-to-
raise-5500cr-by-securitising-licence-
fee/articleshow/106274111.cms
Petrol & diesel prices decline in India,
rise in neighbouring & western countries
While petrol and diesel prices in India have come
down between November 2021 and November
2023, the prices of the two fuels went up in the
neighbouring as well as advanced western
countries, according to data released by the
central government on Wednesday. The graphs
show that the price of petrol in India declined by
11.82 per cent and that of diesel fell by 8.94 per
cent between November 2021 and November
2023.On the other hand, the price of petrol shot
up by 54.32 per cent in neighbouring Sri Lanka
and by 41.24 per cent in Pakistan. Prices of petrol
were also higher in the US, Canada and the UK by
9.32 per cent, 7.3 per cent and 11.36 per cent
India’s crude oil output down 0.4% to
2.4 MMT in November, imports
decrease 2.3% YoY: PPAC
India produced a total of 2.4 million metric
tonnes (MMT) of crude oil in November 2023 -
registering a de growth of 0.4 per cent
compared to the year-ago period, according to
Petroleum Planning & Analysis Cell (PPAC). Out
of 2.49 MMT, Oil and Natural Gas Corporation
(ONGC) produced 1.6 MMT of crude oil while Oil
India Limited (OIL) and and private sector
producers contributed 0.5 MMT and 0.60 MMT,
data released by the Oil Ministry showed.Crude
oil imports decreased by 2.3 per cent and
increased by 0.4 per cent during November
2023 and April-November 2023 respectively,

5. respectively. In the case of diesel, the price in Sri
Lanka soared 110.24 per cent while in Pakistan it
shot up by as much as 53.55 per cent. Diesel price
rose by 27.59 per cent in the US, 9.92 per cent in
the UK and by 11.36 per cent in Germany between
November 2021 - November 2023. Facing the
challenge of soaring crude oil prices, the Modi
government has taken proactive measures to
shield citizens from the economic impact.
Sarkaritel.com - 20.12.2023
https://www.sarkaritel.com/petrol-diesel-prices-
decline-in-india-rise-in-neighbouring-western-
countries/
compared to the corresponding period of the
previous year. The net import bill for oil and gas
was $11.1 billion in November 2023 compared
to $12.3 billion in November 2022, according to
PPAC. Out of this, crude oil imports constitute
$11.5 billion, liquified natural gas (LNG) imports
$1.8 billion and the exports were $4.3 billion
during November 2023, the data showed.
Mint - 22.12.2023
https://www.livemint.com/economy/indias-
crude-oil-output-down-0-4-to-2-4-mmt-in-
november-imports-decrease-2-3-yoy-ppac-
11703253266567.html
India's oil imports jump to $3.78 billion
from Russia in October, up 44% year-on-
year
India's crude oil imports from Russia saw a steep
rise in October, capturing nearly a third of India's
total oil imports, as per the data from the union
ministry of commerce and industry. The import
value from Russia escalated to $3.78 billion, a
44% increase from $2.62 billion recorded in the
corresponding month last year. This increase in
Russian oil imports also marked an upward trend
from September 2023, with a near 9% rise from
the $3.48 billion figure. According to the ministry,
the country's total oil import expenditure for the
month stood at $12.43 billion, up from $10.42
billion in the month prior.
The Economic Times - 22.12.2023
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/indias-oil-imports-jump-to-3-78-
billion-from-russia-in-october-up-44-year-on-
year/106206531
India exports 43 per cent more diesel
in November
India exported 43% more diesel in November
than a year ago as local demand slipped while
refineries ran above their capacity. Domestic
diesel demand fell 3% year-on-year in
November as commercial transport and factory
activity slowed after a festive surge. In the first
seven months of this financial year, the increase
in domestic diesel demand had been unusually
strong at 6.7%, higher than petrol's 6%. The
growth in diesel consumption was 5.4% for the
April-November period.
The Economic Times - 23.12.2023
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/india-exports-43-per-cent-
more-diesel-in-
november/articleshow/106221018.cms
Diesel sales recover after Diwali drop but
still lower than last year
India's diesel consumption in the first half of
December recovered from the steep fall seen last
month on transporters taking a Diwali break, but
sales were still lower than last year, preliminary
data of state-owned firms showed. Diesel
consumption at 3.15 million tonne during
December 1 to 15 was 0.7 per cent higher than
3.13 million tonne demand in the first half of
November. The demand was 8.1 per cent lower
than 3.43 million tonne consumption in December
1-15, 2022. Industry officials said the November
dip in sales was largely on account of some
truckers taking Diwali break to visit their homes.
Diesel is India's most consumed fuel, accounting
for almost 40 per cent of all petroleum product
consumption. The transport sector accounts for 70
per cent of all diesel sales in the country. Petrol
sales by three state-owned fuel retailers rose 0.7
per cent to 1.22 million tonne in the first fortnight
Commercial LPG price cut by up to
₹39.5 per cylinder
State-run oil marketing companies (OMCs)
have reduced the price of the 19-kg commercial
cooking gas by up to ₹39.50 per cylinder with
effect from Friday. In the national capital, a
commercial LPG cylinder now costs ₹1,757. In
Kolkata and Chennai, too, the prices were
lowered by ₹39.50 to ₹1,868 and ₹1,929 a
cylinder, respectively, according to data on the
Indian Oil Corporation’s website. In Mumbai,
the price declined by ₹39 to ₹1,929. The rates
were earlier revised on 1 December, when the
fuel retailers increased prices by ₹21 per
cylinder. The reduction in prices may comes as
a relief for hotels and restaurants, the major
consumers of commercial LPG cylinders. LPG
prices are usually revised on the first of every
month, and sometimes within the month.
Mint - 22.12.2023

6. of December on increased personal vehicle
movement.
The Economic Times - 19.12.2023
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/diesel-sales-recover-after-diwali-
drop-but-still-lower-than-last-year/106072791
https://www.livemint.com/economy/commerci
al-lpg-rate-cut-by-rs-39-50-per-19-kg-
cylinder-11703228354823.html
Domestic natural gas consumption up
6% in November
Domestic natural gas consumption rose 6% in
November over the same month last year, helped
by increased supply from domestic fields, the oil
ministry data showed. Imports of liquefied natural
gas (LNG) expanded 5% year-on-year in
November while the output from domestic gas
fields increased 7.6%. The overall domestic
production was boosted by the 26% increase in
output from fields operated by the private sector.
ONGC’s natural gas output dropped 3.6% in
November. ONGC produces about half of the
country’s gas output. For the April-November
period, India’s gas consumption is up 8.5% year-
on-year while LNG imports are up 12%. Domestic
gas production is up 5.5%. The fertilizer sector is
the largest consumer of natural gas in the country
with city gas distributors and power plants being
the second and third-largest consumers
respectively. Fertilizer makers are the biggest
consumers of imported gas while city gas
distributors are the largest users of domestic gas
whose prices are subject to government-set
ceilings.
The Economic Times - 19.12.2023
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/domestic-natural-gas-
consumption-up-6-in-
november/articleshow/106096171.cms
Indian Gas Exchange plans to soon
launch small-scale LNG trading, awaits
PNGRB nod
The Indian Gas Exchange (IGX) plans to soon
launch small-scale liquefied natural gas (LNG)
contracts on its trading platform and has sought
the approval of sector regulator Petroleum and
Natural Gas Regulatory Board (PNGRB) for the
same, the exchange’s chief executive officer
Rajesh Mediratta said. This will be the first
instance of exchange trading of natural gas in
its liquefied or super-cooled form. Currently, the
three-year-old IGX offers trading only in natural
gas–domestic as well as regasified LNG.
According to Mediratta, small-scale LNG
contracts will benefit buyers located in areas
that are not connected by natural gas pipelines.
He added that the PNGRB’s nod to the proposal
is expected soon. Although there is no
prohibition on LNG trading in India, IGX is
required to seek the regulator’s approval before
launching any new contract.
The Indian Express - 21.12.2023
https://indianexpress.com/article/business/indi
an-gas-exchange-plans-to-soon-launch-small-
scale-lng-trading-awaits-pngrb-nod-9076750/
Global LNG markets seen 'finely
balanced' in 2024 as demand under
control
New liquefied natural gas (LNG) projects coming
online this year and high stocks in Europe and
North Asia in early 2024 capping demand are seen
curbing spot price growth for the next six months
as analysts forecast a "finely balanced market.
Asian spot prices averaged around $18 per million
British thermal units (mmBtu) this year, easing
from an all-time high of $70/mmBtu in 2022 when
Russia cut gas supplies to Europe as part of its war
in Ukraine. The price surge sparked a later rush by
buyers from China to Bangladesh to lock in new
term supplies from Qatar and the U.S. as nations
prioritised energy security, and spurred coal and
renewables use at the expense of gas. New
gasification terminals coming online by end-2023
will drive global LNG production to 418 million
India’s steel production shoots up by
11 per cent to 11.7 million tonnes in
November 2023
India has registered an increase of 11.4 per cent
in its crude steel production at 11.7 million
tonnes (mt) in November this year, according
to the World Steel Association (worldsteel).
During January-November, the country’s
production was 12.1 per cent higher year on
year (y-o-y) at 128.2mt, the global body said in
its latest report. The global steel production in
November was at 145.5mt, 3.3 per cent up over
the same month in 2022. The world output rose
marginally by 0.5 per cent to 1,715.1mt in
January-November 2023, worldsteel said. China
produced 76.1mt steel in November, up 0.4 per
cent over November 2022. It produced 952.1mt
in January-November, higher than 1.5 per cent
y-o-y. In November, Japan’s output fell 0.9 per
cent to 7.1mt, while the overall production was

7. metric tons in 2024, up from 405 million tons this
year, according to consultancy Rystad Energy.
The Economic Times – 20.12.2023
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/global-lng-markets-seen-finely-
balanced-in-2024-as-demand-under-
control/106125838
2.8 per cent lower at 80mt during January-
November 2023. The US produced 6.6mt steel
in the last month and 73.9mt in the eleven
months of 2023.
The Telegraph - 25.12.2023
https://www.telegraphindia.com/business/indi
as-steel-production-shoots-up-by-11-per-cent-
to-11-7-million-tonnes-in-november-
2023/cid/1989136
ACC approves appointment of Rashmi
Singh as Director (Commercial) of MOIL
The Appointments Committee of the Cabinet
(ACC) has approved the appointment of Rashmi
Singh as Director (Commercial) of MOIL Limited, a
PSU under the Ministry of Steel on Monday.
According to an order issued from the Department
of Personnel & Training (DoPT), She has been
appointed to the post with effect from the date of
her assumption of charge of the post till the date
of her superannuation i.e. May 31, 2027, or until
further orders, whichever is earlier.
PSU Watch - 19.12.2023
https://psuwatch.com/psu-appointments/acc-
approves-appointment-of-rashmi-singh-as-
director-commercial-of-moil
Uday A Kaole assumes charge as CMD
of MCL
Uday A Kaole has assumed the charge of the
Chairman-cum-Managing Director (CMD) of
Coal India arm Mahanadi Coalfields Limited
(MCL), the coal PSU said in an official statement
on Wednesday. Prior to joining MCL as its CMD,
Kaole was the Director (Technical) at Bharat
Coking Coal Ltd (BCCL). Kaole has over 36
years of rich technical and administrative
experience in the coal mining sector. He has a
long experience of working in challenging
underground coal mines operations, as well as
in the opencast mines, MCL said in a statement.
PSU Watch - 22.12.2023
https://psuwatch.com/psu-
appointments/uday-a-kaole-assumes-charge-
as-cmd-of-mcl