The Comptroller and Auditor-General has slammed the Narendra Modi government for financial irregularities, particularly for mismanagement of public sector undertakings, resulting in losses of over Rs. 16,000 crore. It has come down heavily on the state-owned Gujarat State Petroleum Corporation (GSPC) for extending “undue benefits” to the Chief Minister's “favoured few,” mainly Adani Energy and Essar Steel companies, which coupled with its poor management and faulty agreements on exploration of oil...
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Oil firms’ losses on fuel sales may spike next fiscal-Utpal Bhaskar
Government-owned oil marketing companies (OMCs) may witness a 52% jump in losses on account of selling fuel below cost at state-mandated prices to Rs.2 trillion in the next financial year, said R.S. Butola, chairman, Indian Oil Corp. Ltd (IOC), the nation’s largest fuel retailer. Such an increase will impact the financials of government-owned OMCs such as IOC, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL), which currently register...
More »Safety is at the core of Kudankulam nuclear reactors by M Kasinath Balaji and SV Jinna
The Kudankulam Nuclear Power Plant (KKNPP) in Tamil Nadu has become part of the regular news in the recent past. Safety of the public has been given the utmost priority at all stages of the KKNPP construction, including from the selection of the site, designing the processes, and erection of the plant buildings and equipment. The Nuclear Power Corporation of India Limited, which has built the two Russian reactors at...
More »Dwindling Resources Trigger Global Land Rush by Stephen Leahy
A global scramble for land and mineral resources fuelled by billions of investment dollars is threatening the last remaining wilderness and critical ecosystems, destroying communities and contaminating huge volumes of fresh water, warned environmental groups in London Wednesday. No national park, delicate ecosystem or community is off limits in the voracious hunt for valuable metals, minerals and fossil fuels, said the Gaia Foundation’s report, "Opening Pandora's Box". The intensity of the...
More »UPA-2 ministers, plan panel say they have no discretionary powers by Vikas Dhoot
-The Economic Times "We have no power." That's the message from India's most powerful - ministers in the central government's Cabinet - when asked to list the discretionary authority each enjoyed. Only one ministry concedes that it has some discretionary powers, which it is eager to shed. Prodded by UPA Chairperson Sonia Gandhi, a group of ministers (GoM) has the job of finding the discretionary powers enjoyed by each ministry and prune...
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