Some BPCL contractors challenged guidelines issued by Centre on 18 August 1994. Policy mandates reservation to SC/ST bidders in transport contracts by oil marketing companies.
Fuel prices were first kept static to protect consumers from rise in oil prices, and then for OMCs to recover losses. With OMCs in profit now, daily pricing mechanism can be restored.
Government has already met one-third of its Rs 65,000-cr disinvestment target for this year. But legal and procedural delays with high-value companies are now posing hurdles.
While govt was successful in selling Air India to Tatas, BPCL got pushed to the new financial year. The hope was it would be among the first big-ticket deals early in 2022-23.
Modi govt was expected to bring legal changes in banking laws to facilitate privatisation of PSU banks, but couldn’t after a nationwide protest by bank employees' unions.
The BPCL privatisation, which could be the country’s biggest, is crucial for India. The govt needs to raise capital to make up the fall in tax revenues as the pandemic hit the economy.
Modi govt is of the view that 2nd Covid wave won't cause major economic disruption like it saw last year. Officials confident of Air India & BPCL sale 'in next few months'.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, says the government's exit from many sectors will help it to neutrally administer its policy-making role.
On bilateral ties, Admiral Paparo said India-US ties have an exponential effect on deterrence, because it demonstrates a unity of purpose among us to maintain the peace.
This is the game every nation is now learning to play. Some are finding new allies or seeing value among nations where they’d seen marginal interest. The starkest example is India & Europe.
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