Weekly Media Update_22_05_2023.pdf

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S&P Global affirms India’s BBB rating
with stable outlook
S&P Global Ratings affirmed India's long-term
'BBB-' and A-3 short-term sovereign rating with a
stable outlook, citing sound economic
fundamentals that will underpin growth over the
next 2-3 years. The agency said India’s sovereign
credit ratings were anchored by its dynamic, fast-
growing economy, strong external balance sheet,
and democratic institutions supporting policy
predictability and compromise. “The stable rating
outlook reflects our expectation that India’s sound
economic fundamentals will be sufficient to offset
the government’s weak fiscal performance,
helping to sustain elevated government funding
needs and a high-interest burden over the next 24
months,” S&P Global said in a statement on
Thursday. Last week Fitch Ratings also affirmed
India's sovereign rating at ‘BBB-’ with a stable
outlook. S&P Global expects the Indian economy
to grow at 6% in the current fiscal and accelerate
to 6. 9% over the next two years.
The Economic Times - 19.05.2023
https://epaper.timesgroup.com/article-
share?article=19_05_2023_005_010_etkc_ET
India remains a bright spot, economy
expected to grow 6.7% in 2024: UN
India’s economy is expected to grow by 6.7 per
cent in the calendar year 2024, supported by
resilient domestic demand, according to a UN
report which said higher interest rates and
weaker external demand will continue to weigh
on investment and exports this year for the
country. The World Economic Situation and
Prospects as of mid-2023 released on Tuesday
said India’s economy, the largest in the South
Asian region, is expected to expand by 5.8 per
cent in 2023 and 6.7 per cent in 2024 (calendar
year basis), supported by resilient domestic
demand. However, higher interest rates and
weaker external demand will continue to weigh
on investment and exports in 2023, it said.
Inflation in India is expected to decelerate to
5.5 per cent in 2023 as global commodity prices
moderate and slower currency depreciation
reduces imported inflation. The estimates for
India’s economic growth in the mid-year
assessment remained unchanged from the
projections made in the World Economic
Situation and Prospects 2023 report launched in
January this year.
The Indian Express - 18.05.2023
https://indianexpress.com/article/business/eco
nomy/india-bright-spot-economy-growth-
2024-united-nations-8613641/
Wholesale inflation negative after 3 yrs
Wholesale price-based inflation declined for the
first time in nearly three years in April due to a
high base and moderating prices of commodities.
The development prompted economists to say
that the RBI is likely to continue with its pause on
interest rates. Data released by the commerce and
industry ministry on Monday showed inflation, as
measured by the Wholesale Price Index (WPI), fell
0.9% in April, below the 1.3% rise posted in
March. Decline in the rate of inflation in April 2023
is primarily accounted for by a fall in prices of basic
metals, food products, mineral oils, textiles, non-
food articles, chemical & chemical products,
rubber & plastic products and paper & paper
products. This is the 11th consecutive month when
WPI inflation has eased. “The WPI expectedly
At $15bn, India’s trade deficit shrinks
to 20-mth low in April
India’s trade deficit narrowed to a 20-month low
of $15. 2 billion in April as goods imports and
exports shrank in the wake of lower commodity
prices amid weak demand in Europe and the US.
Latest data released by the commerce
department pegged goods exports at $34.7
billion, which was 12.6% lower than a year ago
and the steepest fall since August 2020 when it
crashed 12.7%. It was also the third straight
monthly decline. Similarly, imports contracted
14. 1% to $49. 9 billion — the sharpest fall since
the 33% decline last October — and marked the
first time since August 2021 when the monthly
value of shipments coming into the country was
under $50 billion, according to data available
WEEKLY MEDIA UPDATE
Issue 603
22 May 2023
Monday

slipped into a year-on-year (YoY) deflation of 0.
9% in April 2023(+1.3% in March 2023), after a
gap of 32 months, amidst a deflation or
moderation in inflation for several categories apart
from minerals and crude petroleum.
The Times of India - 16.05.2023
share?article=16_05_2023_013_005_toikc_TOI
with the government and the RBI. Director
general for foreign trade Santosh Sarangi
pointed to sectoral data, such as petroleum, to
argue that commodity prices were a key driver
for a decline in both exports and imports, while
the demand for gems & jewellery and
readymade garments had fallen in Europe and
the US as consumers cut down on discretionary
spending during a tough economic
environment.
The Times of India - 16.05.2023
share?article=16_05_2023_013_016_toikc_TO
I
India Inc pays less for imported inputs,
machinery imports keep pace
Indian businesses are paying less for imported
energy and other inputs like chemicals while
buying more machinery from overseas sources,
according to official data. This indicates that the
loss of pace of merchandise imports in recent
months, and the contraction since February, is
mainly due to fall in prices of bulk commodities like
crude oil, coal, LNG and fertilisers, rather than
sluggish investment demand in the economy. This
assumption is also supported by the fact that the
momentum of non-crude, non-oil imports is
relatively intact. The fall in input prices may also
help prop up Corporate India’s margins in the
current quarter and the next. After November
2022, year-on-year growth in imports had started
to slow down, the shipments were flat in January,
and by February, the contraction began. In April
2023, imports contracted by a sharp 14.06% on
year as oil imports went down to $15.1 billion from
$17.6 billion in the same month last year.
The Financial Express - 22.05.2023
https://www.financialexpress.com/economy/india
-inc-pays-less-for-imported-inputs-machinery-
imports-keep-pace/3096346/
Ease of doing business improved; still
long way to go in many areas: CII
The ease of doing business in the country has
improved in the last 5 to 10 years but there is a
long way to go in many areas, the
Confederation of Indian industry (CII) said on
Friday. Addressing the media after a meeting of
its members from the four western states of
Maharashtra, Gujarat, Madhya Pradesh and
Goa, CII Western Region Chairman and Tata
Power MD and CEO Praveer Sinha said the
industry feels there is a lot of growth happening
and there is a lot of opportunity in the country.
In a poll of CEOs conducted by it, 76 per cent of
the respondents were of the view that the
Indian economy is expected to remain resilient
in the backdrop of global geo-political
headwinds. "The ease of doing business has
improved but if you ask me if it is 100 per cent,
it is not 100 per cent. It is still some 55-60 per
cent. That means there are opportunities of
improvement," Sinha said. He said that though
the ease of doing business is better than it was
5 or 10 years back, "it is still a long way to go
in so many areas".
Business Standard - 20.05.2023
https://www.business-
standard.com/industry/news/ease-of-doing-
business-improved-still-long-way-to-go-in-
many-areas-cii-123051901144_1.html
Formal job creation under EPFO jumps
over 13% in FY23
Formal sector workers under the Employees’
Provident Fund Organisation (EPFO) surged 13.
2% to 13. 9 million in the financial year 2022-23
(FY23) compared to 12. 2 million in 2021-22,
showed the provisional payroll data released by
the retirement fund body on Saturday. However,
year-on-year comparison for March showed a
decline of 12. 5%, with 1. 34 million formal
workers added under the EPFO during the month,
compared to 1. 53 million added in March 2022.
Investment opportunity of $30 bn in
petrochemical sector: Hardeep Puri
India offers investment opportunity of USD 30
billion in the petrochemical sector over the next
decade as the world's third largest energy
consumer looks to meet growing demand, Oil
Minister Hardeep Singh Puri said on Friday.
Addressing Asia Petrochemical Industry
Conference 2023 here, the minister highlighted
that the size of the Indian chemical and
petrochemical sector is around USD 190 billion,
and it is poised for transformational growth. He

Of the 1. 34 million workers added in March,
around 0. 75 million new members came under
the ambit of EPFO for the first time, with highest
enrolment of 0. 23 million in the age-group of 18-
21 years, followed by 0. 19 million in the 22-25
years age group. Total net new additions in the
18-25 years age group stood at 56. 6% in March,
indicating that the majority of the members
joining the organised sector workforce of the
country were first-time job seekers, the ministry
labour and employment said.
ruled that the per capita consumption is still low
as compared to developed economies. Puri
noted that the petrochemical sector has made a
significant progress in recent years, becoming
one of the largest producers of petrochemical
products in the world. "The market size of the
Indian chemical and petrochemical sector I'm
told is about USD 190 billion. The per capita
consumption of various chemical products and
segments is significantly lower compared to the
developed economies. And this gap offers
substantial space for demand growth and
investment opportunities," he said.
standard.com/industry/news/investment-
opportunity-of-30-bn-in-petrochemical-sector-
hardeep-puri-123051901085_1.html
Manufacturing, rise in air travel to take
India oil demand to 5.4 mb/d
An increase in manufacturing and construction
activity combined with a growth in air travel is
expected to bolster oil demand in India, a Hindu
Businessline (HBL) report said. A likely increase is
expected in the consumption of diesel, petrol, and
aviation turbine fuel (ATF). The demand is
expected to reach 5.55 million barrels per day for
the April-June quarter of 2023, the report said.
Citing data from Opec's monthly oil market report,
HBL reported that India was consuming 5.40
million barrels of oil every day in the first quarter
of the current calendar year. The growth in
demand was supported by a rise in manufacturing
and services activity. Future prospects for the air
travel industry are optimistic and a healthy trend
is expected to drive higher oil demand in the
country, the Opec report said. The report added,
"In Q2 2023, oil demand is projected to rise by 0.3
mb/d year-on-year (YoY). The government’s
proposed increase in capital spending is expected
to support consumer’s purchasing power and
boost the momentum of economic activity as
construction and manufacturing activity
accelerates."
standard.com/economy/news/manufacturing-
rise-in-air-travel-to-take-india-oil-demand-to-5-
4-mb-d-123051600504_1.html
India's Russian oil buying hits record
high, slashes Mideast, Africa share
India's oil imports from Russia rose to a fresh
record high in April, further reducing the share
of Middle Eastern and African grades to their
lowest level in at least 22 years, data obtained
from trade sources showed. Refiners in India,
the world's third-biggest oil importer and
consumer, are on a Russian oil-buying binge
after some countries shunned purchases from
Moscow over its invasion of Ukraine in February
last year. Asia's third-largest economy imported
about 1.9 million barrels per day (bpd) of
Russian oil in April, about 4.4% higher than the
previous month, the data showed. That
accounts for about two-fifths of the nation's
overall purchases. Higher imports from Russian
raised the share of oil from the C.I.S. countries
- Azerbaijan, Kazakhstan and Russia - to 43.6%
of an overall 4.81 million bpd imported by India
last month. That narrowed the share of the
Middle Eastern grades, which traditionally have
accounted for the bulk of total oil imports, to
about 44% and African oil to 3.4% last month,
the data showed.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/indias-russian-oil-buying-
hits-record-high-slashes-mideast-africa-
share/articleshow/100307473.cms
India eyes refill of strategic oil stockpiles
as US replenishes
India is considering refilling its strategic hoard of
crude oil, joining the US as the world’s top guzzler
begins to rebuild its depleted stockpiles after a
period of drawdown. The South Asian nation plans
to import about 1.25 million tons (9.2 million
India eyes nationwide use of 1%
sustainable aviation fuel by 2025, says
Oil Minister
India plans to mandate the use of 1% of
sustainable aviation fuel (SAF) for domestic
airlines by 2025, oil minister Hardeep Singh Puri
said on Friday, in a bid to cut emissions from

barrels) of oil to fill empty reserves, said people
with knowledge of the matter, who asked not to
be identified as the information isn’t public. The
grades and timing are still under discussion, one
of the people said. It’s unclear if India, which has
emerged as a major buyer of Russian crude since
the Ukraine invasion, will choose to buy cargoes
from the OPEC+ producer, or its traditional
suppliers in the Middle East. The US and India are
making plans to beef up reserves — the back-up
for emergencies such as acute global outages or
price spikes — as benchmark prices trade near the
lowest in more than a year. Brent is around 45%
lower from its 2022 high as demand concerns
hang over the market.
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/india-eyes-refill-of-strategic-oil-
stockpiles-as-us-replenishes/100324986
the sector. Unlike the United States and the
European Union, India does not have policies
governing sustainable aviation fuel yet. The
European Commission SAF mandate is expected
to start in 2025 with a minimum volume of SAF
at 2%. Puri said for jet fuel mixed with 1% SAF,
about 140 million litres of biofuels are needed.
The mandate for SAF could rise to 4-5% if more
volumes of biofuels are available, he added. An
Indian panel had suggested for the rollout of 1%
SAF in the country by 2025. The final mandate
would require approval by the cabinet, Puri said
at an event to receive the country's first local
flight powered by biojet. Private company Praj
Industries provided the biofuel, which was
mixed with jet fuel by Indian Oil Corp, the
country's top refiner.
https://economictimes.indiatimes.com/industr
y/energy/oil-gas/india-eyes-nationwide-use-of-
1-sustainable-aviation-fuel-by-2025-says-oil-
minister/articleshow/100348778.cms
Rosneft sends JV feelers to PSU refiners
for India unit
Russia’s Rosneft has expressed interest in building
a greenfield refinery in India in a joint venture with
domestic state-owned refiners, according to
people familiar with the matter. India’s public
sector refiners are separately seeking foreign
partners in their pursuit of a scaled-down
alternative to the proposed $44 billion west coast
refinery that hasn’t taken off for years, they said.
The Russian firm is understood to have held
preliminary discussions with Indian government
officials and executives at state-run refiners
regarding a new project in India, the people said.
This will be separate from the Gujarat refinery that
Rosneft-backed Nayara Energy operates. The oil
ministry didn’t respond to ET’s queries.
Govt asks airlines to exercise
moderation in tickets’ pricing
The government has asked airlines to exercise
moderation and ensure a balance in pricing of
air tickets amid a spike in airfares on certain
routes especially after suspension of flights by
crisis-hit Go First, according to a senior official.
While making it clear that there are no plans to
regulate airfares, the official said there should
not be a huge gap between the tickets sold in
the lower and upper fare buckets by the airlines.
India is one of the fastest growing civil aviation
markets in the world and domestic passenger
traffic has been rising after being significantly
impacted by the coronavirus pandemic. After
cash-strapped Go First stopped flying from May
3, there has been a significant rise in airfares on
certain routes that were operated by the budget
carrier. The routes include Delhi-Srinagar and
Delhi-Pune. Also, the reduction of capacity due
to the Go First crisis has come at a time when
peak domestic air travel period is round the
corner.
Millennium Post - 20.05.2023
https://www.millenniumpost.in/business/govt-
asks-airlines-to-exercise-moderation-in-
tickets-pricing-519261
PESB recommends no one for IOC top job
at blue chip oil companies
Government headhunter PESB made no proposal
for the next chairman of India's largest oil
company, Indian Oil Corporation (IOC), post
interviewing 10 applicants including Chennai
Petroleum Corporation Ltd (CPCL) MD Arvind
Govt appoints Ravneet Kaur as CCI
Chairperson
The government has appointed Ravneet Kaur as
the Chairperson of the Competition Commission
of India (CCI), according to an official order.
There has been no full-time Chairperson for the
competition regulator since Ashok Kumar Gupta

Kumar. Kumar and nine others showed up for an
interview prior to Public Enterprise Selection Board
(PESB) on Tuesday. This is the second time in the
latest months that PESB has not been able to find
a suitable candidate for a high-ranking position at
a blue-chip oil company. On June 3, 2021, it failed
to select a suitable candidate from nine
candidates, including two currently serving IAS
officers for ONGC. The ministry established a
search-cum-selection panel and appointed Arun
Kumar Singh, who had retired from Bharat
Petroleum Corporation Ltd. (BPCL) at the age of
60, as ONGC's head. Previously, Singh was
ineligible to apply, but the new rules made him
eligible.
standard.com/companies/news/pesb-
recommends-no-one-for-ioc-top-job-at-blue-
chip-oil-companies-123051800702_1.html
demitted office in October 2022. CCI Member
Sangeeta Verma has been acting as the
Chairperson since October last year. The
appointment of Ravneet Kaur, a 1988 Punjab
cadre IAS officer, will be for a period of five
years from the date of assuming charge or till
the date of attaining the age of 65 years or until
further orders, whichever is the earliest, as per
the order dated May 15. The Chairperson will
get a consolidated salary of Rs 4,50,000 per
month without house and car, it added.
The Indian Express - 17.05.2023
https://indianexpress.com/article/business/co
mpanies/govt-appoints-ravneet-kaur-as-cci-
chairperson-8611672/
Govt appoints A K Jain as PNGRB
Chairman
The government has appointed former Coal
Secretary A K Jain as the chairman of the
Petroleum and Natural Gas Regulatory Board
(PNGRB), a post that was lying vacant since
December 2020. “Appointments Committee of the
Cabinet has approved the appointment of Anil
Kumar Jain, retd. Secretary to the Government of
India as Chairperson PNGRB for a period of five
years from the date of assumption of charge of the
post, or till attaining the age of 65 years or until
further orders whichever is the earliest,” a
government order said. The last chairman of the
oil and gas sector regulator was former chairman
of the Oil and Natural Gas Corporation (ONGC) D
K Saraf, who retired as the PNGRB chief on
December 3, 2020. Former Oil Secretary Tarun
Kapoor was also recommended for the role of
PNGRB chief, but he was appointed as advisor to
the Prime Minister and is looking after energy.
Recently, the Energy Transition Advisory
Committee (ETAC), which was headed by Kapoor,
released a report on clean energy transition.
The Hindu Business Line - 16.05.2023
https://www.thehindubusinessline.com/news/gov
t-appoints-a-k-jain-as-pngrb-
chairman/article66857194.ece
Shri Vinay Kumar joins NMDC as
Director (Technical)
Shri Vinay Kumar assumed office of Director
(Technical) at NMDC on May 19, 2023. He has
been appointed as a Functional Director on the
board of NMDC, a Navratna company under the
Ministry of Steel. With three decades of
experience in Mining, Training, Safety &
Environment and Project Management, Shri
Vinay Kumar has been serving NMDC since
1992. Prior to his new assignment as Director
(Technical), he was Chief General Manager
(CGM) and immensely contributed as the
Project Head of BIOM Kirandul Complex,
Chhattisgarh. Under his leadership, NMDC’s
Kirandul Complex has witnessed remarkable
growth in production and dispatch, surpassing
all records in company history. Shri Vinay
Kumar was spearheading expansion and
execution of ambitious Projects such as Rapid
Wagon Loading System (RWLS), Screening
Plant- III and Doubling of KK Line.
PSU Connect - 20.05.2023
https://www.psuconnect.in/news/shri-vinay-
kumar-joins-nmdc-as-director-technical/37742

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