As elections near, govt slashes cost of cooking gas by Rs 200

News Network

August 29, 2023

New Delhi, Aug 29: Amidst growing public anger over price rise, ahead of imminent elections in a five states and next year’s general elections, the central government has slashed the price of a 14 kg LPG cylinder by Rs 200 under the Ujjwala Scheme.

Union Minister Anurag Thakur in a Cabinet briefing announced the price cut of LPG cylinders under Ujjwala Scheme by Rs 200 per cylinder.

“All domestic consumers of LPG cylinders to get Rs 200 subsidy per cylinder. Further, users under PM Ujwala scheme will get this subsidy on top of existing subsidy," Thakur said.

Addressing the cabinet briefing, Thakur said that on the occasion of Rakhi and Onam, 75 lakh women will get free gas connection under Ujjwala scheme.

Further, Cabinet approved 7.5 million new gas connections under Ujjwala Scheme.

Total expense to the government for the reduction on gas prices will be approximately Rs 7500 crore, sources said.

The oil companies increased the price of domestic LPG cylinders by Rs 50 in July. Earlier, the prices were increased twice in May.

The move will be taken ahead of Assembly polls in five states — Rajasthan, Chhattisgarh, Madhya Pradesh, Telangana and Mizoram — scheduled for later this year.

Pradhan Mantri Ujjwala Yojana (PMUY) was launched by Prime Minister Narendra Modi on May 1 2016 to distribute 50 million LPG connections to women of Below Poverty Line (BPL) families.

Earlier this month, oil marketing companies executed a price revision for commercial LPG while keeping domestic cooking gas rates unchanged on August 1. This adjustment notably included a significant decrease of Rs 99.75 in the price of 19 kg commercial LPG gas cylinders, implemented from the beginning of August. As a result, the retail selling price of a 19 kg commercial LPG cylinder in Delhi now stands at Rs 1,680.

Comments

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

Comments