The reduction, which will be effective from midnight Wednesday, was lower than the anticipated cut of Re1 per litre because of drop in rupee and firming of international prices during the past 48 hours
New Delhi: With global crude rates coming down, petrol price in India has been cut by Rs0.78 per litre, the second reduction in two weeks, reports PTI.
The reduction, which will be effective from midnight Wednesday, was lower than the anticipated cut of Re1 per litre because of drop in rupee and firming of international prices during the past 48 hours.
Petrol in Delhi will now cost Rs65.64 per litre as against Rs66.42 a litre earlier.
The reduction comes on back of a 3.2% or Rs2.22 per litre cut in rates effected from 16th November. This was the first cut in retail prices in nearly three years and the first since prices were decontrolled in June 2010.
Before that, oil companies on 4th November raised petrol price by Rs1.80 a litre as fall in the rupee’s value against the dollar increased the cost of oil imports.
Indian Oil Corporation (IOC), the market leader which announced latest cut in price on behalf of the industry, said the reduction was made possible as the decline in international rates of the fuel outweighed the drop in the rupee.
“The combined impact of the two factors is an over-recovery of Rs0.65 per litre (excluding taxes),” it said in a statement.
The price of petrol averaged about $109 in the second fortnight of November, over 5% less than the $114.14 a barrel in the previous 15 days.
The rupee averaged 51.50 per dollar this fortnight, 4.4% weaker than the 49.32 in the preceding two weeks. A lower rupee increases the cost of oil imports for Indian refiners.
Petrol in Mumbai will cost Rs70.65 a litre, down by Rs0.82 per litre.
IOC, Bharat Petroleum Corporation and Hindustan Petroleum Corporation review petrol prices every two weeks based on the average of global benchmarks in the previous fortnight.
While petrol price was freed from government control in June last year, the government caps prices of other fuels—diesel, cooking gas and kerosene to rein in inflation.
IOC said under-recovery or revenue loss on diesel has gone up from Rs10.17 per litre to Rs12.03 a litre as international benchmark of the fuel has firmed up. Similarly, loss on kerosene has increased from Rs25.66 per lire to Rs28.56 a litre and that on domestic LPG from Rs260.50 per cylinder to Rs286.50 per cylinder.
“The increase in under-recovery on sensitive productions would increase the per day under-recovery of oil marketing companies from Rs348 crore per day during second fortnight of November to Rs452 crore per day with effect from 1st December,” it said adding for the full fiscal the revenue loss is now estimated at Rs135,000 crore.
The future of the world depends on a new change in schooling system, thus ushering in an era of sharing, caring and universal compassion—the true religion for the masses
"The highest education is that which does not merely give us information but makes our life in harmony with all existence.” -- Rabindranath Tagore
Life is defined by the Oxford English Dictionary as ceaseless change till death. “Anything that does not change does not come under the definition of science” wrote a federal judge in the US while delivering his judgment in a dispute between the Creationists and Scientists. Human life history is the story of the evolution of this Universe itself. If one wants to understand the nature of Nature one has just got to understand human nature which is a miniscule of this universe itself. We are obsessed with science today. The word science brings goose-pimples on many of us. Indian schools do not seem to have changed ever since the East India Company destroyed our ancient school system some time in the early 19th century. There have, of course, been some cosmetic changes in that schools today have become big corporate businesses and they have also got a bit of American flavor. However, the philosophy of feeding the young creative minds with useless dead information seems to be our goal. Rote learning for getting grades is the order of the day. Grades should make wealthy careers at the end of the day is the philosophy accepted by the greedy parents as also the powers that be in the educational system, and some of the powerful industrial honchos who see nothing wrong in education being a big business.
The vital part of education, which is to try and make healthy minds, is all but lost in this milieu. Our education, especially the primary one, which matters a lot, is, therefore, unscientific by definition, as it has not changed. The aforementioned federal judge would have declared our educational system as a religion, which I think it is slowly becoming by Karl Marx’s opinion that a religion is the “opium of the people”. The actual complete quote from 1843-44 Karl Marx’s book Critique of Hegel’s Philosophy of Right is more nuanced, though. Marx did not ridicule religion by this statement; rather he thought that religion is an extension of his own thinking. He goes on to say that: “To call on them to give up their illusions about their condition is to call on them to give up a condition that requires illusions”. That was in a way Marx’s own opium in one sentence since the “human essence has not acquired any true reality”. Yet instead of the crude opium reference there is that beautifully poetic conclusion “of that vale of tears of which religion is the halo”. To call upon our present school system bosses to change would be exactly like what Marx felt about asking for change in his times. Spirituality—sharing and caring—is not only the essence of all religions but also the ageless wisdom of man, which has very little to do with ritualistic religions.
Science today tells us that the world began with the Big Bang. I wonder if there was a big bang or a small whimper! For 750 million long years, they say, that there was no life on earth. The first life came as a single cell which could do all that you and I can do today-breathe, eat, excrete, think, and work. That stage went on for more than a trillion and half years when these single cell individuals wisely thought that it is better to get together as a colony to work more efficiently with least expense. They had a fertile brain in their cell wall (membrane), called the memBrain by a famous cell biologist, Bruce Lipton. They could sense their environment through antennae in their cell walls, their brain, called Integral Membrane Proteins (IMPs). These could make the cells come alive to the environment (universal consciousness) to have own their individual consciousness. Figuratively life gets born then like your actors on the TV screen. When that antenna does not get the message (when you switch off your TV) life ebbs out just as the TV actor dies when the switch goes off. The consciousness gets into, may be another cell immediately after that- life again. So death is only a part of life and not its end! Thus the human body is a happy colony of 50 trillion individual cells.
Why did the single free-floating cells come together then? They, in their wisdom, realized that they are better off and stronger if they came together in larger groups as they could expand their individual consciousnesses many fold by increasing the IMPs exponentially! How wise of them? As time passed they realised that each one of them need not do all the work that needs to be done. They could share their responsibilities. Some cell groups inside the body became what we call today organs doing specific tasks more efficiently. But they did not lose sight of the fact that they were all functionally identical even when they morphologically different to fit that organ e.g. brain looking after overseeing the total function of locomotion, etc. In this new role they found that they could care for others better. Thus evolved the philosophy of spirituality—sharing and caring! Body cells therefore love one another. This could be seen under the electron-microscope in disease conditions. In a fresh fracture site the red blood cells in the clot could gradually change to pluri-potent stem cells to heal the fracture eventually! Same cells but different work. These endogenous stem cells are our best doctors in all disease states.
Education, therefore, should teach the young mind that it is in sharing and caring that the world can go on for good. Our grading system, on the contrary, puts negative thoughts of greed, hatred, jealousy, anger and pride into that innocent, creative, loving, and compassionate mind of a child. Scientific studies have shown that if students in a class with varied levels of intelligence could be taught the principles of collective compassionate sharing efforts they all get high grades in the final examination! This is conducive to good health as well since body cells enjoy working together, anyway. Health is defined today as “enthusiasm to work and enthusiasm to be compassionate.” Those who do not have either or both of those are really sick! In that definition society as a whole is becoming sick today with no compassion. Recent noise about “Wall Street” greed is but a sign of that universal sickness that is overtaking our present society; rather it is the corporate greed that would eventually destroy all God-given resources of nature. The root cause for this disease is the wrong type of primary education that turns a universally compassionate, creative, God-like child into a greedy, angry, proud man/woman who joins the rat race to acquire money, power and parking lots! The future of the world depends on a new change in schooling system, thus ushering in an era of sharing, caring and universal compassion—the true religion for the masses.
“Education is not the amount of information that is put into your brain and runs riot there, undigested all your life. We must have life-building, man-making and character-making assimilation of ideas.” -- Swami Vivekananda.
(Professor Dr BM Hegde was awarded a Padma Bhushan in 2010. Prof Dr Hegde has a string of degrees to his credit like MD, PhD, FRCP (Lond, Edin, Glasg, & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, Chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London. Prof Dr Hegde can be contacted at [email protected])
Barring electricity, cement and steel, all the remaining segments registered negative growth in October 2011, government data showed
New Delhi: Growth of eight infrastructure industries slowed down to 0.1% in October this year, from 7.2% expansion witnessed in the same month last year, reports PTI.
The eight industries—crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel—have a weight of 37.90% in the overall Index of Industrial Production (IIP).
Barring electricity, cement and steel, all the remaining segments registered negative growth in October 2011.
Electricity and steel output grew by 4.9% and 3.8% in October against 8.5% and 13.4% respectively in the same month last year, according to the provisional data released today.
No growth was recorded in cement production in October, while the same was 18.5% in the year-ago month.
Coal and crude oil production contracted by 9% and 0.9% respectively in the month under the review against 0.7% and 13.7% expansion in the comparable period last year.
Natural gas and petroleum refinery products coal output contracted by 7.4% and 2.8% in October 2011 respectively.
In the same month last year, the sectors had witnessed a growth of 6.5% and (-) 4.8%.
Fertiliser output declined by 2.1% in October. It was (-) 0.2% in the same period last year.
During April-October 2011-12, the growth of core industries slowed down to 4.3% from 5.9 per cent in the same quarter last year.