Indian steel production may reach 113 million tonnes by 2016-17

“The working group on the steel industry for the 12th Five Year Plan has estimated that India’s steel demand is likely to grow 10.3% per annum, and will reach a level of 113 MT by the terminal year (2016-17) of the 12th Plan,” PK Mishra, secretary, ministry of steel said

Hyderabad: The Indian steel industry is expected to reach a production level of 113 million tonnes (MT) by the end of the 12th Five Year Plan, but it needs some policy corrections to ramp it up further, reports PTI quoting PK Mishra, secretary, ministry of steel.

These expectations were based on the likely annual growth of 9% in gross domestic product (GDP), he said.

“The working group on the steel industry for the 12th Five Year Plan has estimated that India’s steel demand is likely to grow 10.3% per annum, and will reach a level of 113 MT by the terminal year (2016-17) of the 12th Plan,” Mr Mishra said during an event to mark National Metallurgists’ Day.

The proposed investment of around $1 trillion in infrastructure in the 12th Plan and the efforts to increase the share of manufacturing sector from 15% to 25% of GDP by 2020, would lead to high demand of steel, he said.

There was an urgent need to make some policy corrections and adjustments to increase the crude steel production.

The steel ministry is of the view that steel companies must take up R&D as an important agenda, and for this, ministry had brought out a roadmap on R&D and technology, he said.

“The Indian steel industry is facing challenging times.... we are firm that India has a future in steel and has miles to go before it can match the infrastructure, lifestyles and per capita consumption of steel in the developed world and the newly industrialised economies of Asia,” Mr Mishra said.

He said it was a matter of satisfaction that a large number of investors, both domestic and foreign, were keen to invest in the Indian steel sector, but a pro-active role of government too will be required.

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Bharti AXA Life launches two new unit linked plans

Bharti AXA Life Future Invest & Bharti AXA Life Power Kid Plan

Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, the world’s largest insurance company, today announced the launch of two new plans–‘Bharti AXA Life Future Invest, a limited pay plan focused on wealth creation and Bharti AXA Life Power Kid Insurance Plan, a unit linked, comprehensive child plan’.

Announcing the launch, Sandeep Ghosh, CEO-Bharti AXA Life Insurance, said, “Taking into account all the expenses involved towards a child’s education and the need to secure his future; Bharti AXA Life Power Kid Insurance Plan focuses on young parents encouraging them to start planning for their children’s future lifestage needs”

He further added, “While Bharti AXA Life Power Kid Insurance plan is a comprehensive financial solution to secure your child’s future, Bharti AXA Life Future Invest provides long term wealth creation through a limited premium payment term. A stand out feature of this product is the zero allocation charge ensuring higher investable inflows in to the fund.”

Bharti AXA Life Power Kid Insurance Plan has multiple benefits. It’s been specially designed to ensure that a child’s key lifestage needs are met, while also protecting his/ her future against any unforeseen events. Some of its unique features are-Career development allowance, emergency allowance and education allowance. In case something unfortunate were to happen to you as the policyholder, all the future premiums will be paid by Bharti AXA Life into the investment fund and the Policy will remain in force.

Bharti AXA Life Future Invest promises long term gains over a short-term premium payment term. It is a unit-linked plan that lets you accrue the benefits for the policy term of 10 years while you pay premiums only for 5 years. Unlike the other options available in the market in the same category, Zero allocation charges in Bharti AXA Life Future Invest ensures that all your hard earned money is put where it should be–in investments.

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Petrol prices may be slashed by Rs2 per litre from Wednesday

“Gasoline averaged $115.8 per barrel in November against the $121 per barrel price at the time of the Rs1.80 per litre hike in petrol price. Also, the rupee has averaged Rs49.20 per US dollar, which is less than the October average,” a senior official in one of the three state-run oil marketing companies said

New Delhi: Petrol prices in India may be cut by Rs2 a litre from Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar, reports PTI.

The cut in prices would negate the Rs1.80 per litre petrol price hike effected earlier this month.

“Gasoline (petrol) averaged $115.8 per barrel in November against the $121 per barrel price taken at the time of the Rs1.80 per litre hike in petrol price. Also, the rupee has averaged Rs49.20 per US dollar, which is less than the October average,” a senior official in one of the three state-run oil marketing companies said.

“The reduction in oil price warrants a cut of Rs1.86 per litre in the petrol price, excluding all taxes,” he said, adding that retail prices may go down by about Rs2 per litre.

State-owned oil firms had on 3rd November hiked petrol prices by Rs1.80 per litre, the fourth increase this year, as the rupee fell from 46.29 a dollar to Rs 49.40 a dollar.

At the time of the price hike, they had stated that petrol prices would be reduced if the rupee does not depreciate further and international oil prices fall.

“Gasoline price are today lower than even crude oil price. But today, the rupee has touched a 32-month low of Rs50.45 to a dollar. At the end of today, we will take an average for the fortnight and revise petrol rates,” the official said.

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