NEW DELHI: Excise duty cuts combined with VAT (value-added tax) reduction by states kept fuel inflation in check amid flaring oil prices, the Economic Survey said on Tuesday but did not raise hopes of immediate reduction in pump prices.
Inflation in the ‘fuel and power’ grouping in the WPI (wholesale price index) was mostly driven by high oil prices, prompting the government to respond by calibrating the excise duty on petrol and diesel, the government’s report card on the economy said.
In the first round, excise duty was cut on petrol by Rs 5 per litre and diesel by Rs 10 from November 4, 2021. In the second round, duty on petrol was slashed by Rs 8 per litre and diesel by Rs 6 from May 22, 2022.
Since then, petrol and diesel prices have not been raised by state-run fuel retailers who supply 90% of the market. This has led to heavy losses for the three main retailers in spite of the Centre giving a grant of Rs 22,000 crore to bridge losses from domestic LPG.
The moderation in pump prices helped keep input costs in check for farmers, transporters as well as industry, which ultimately prevented the cost of living from surging in tune with runaway global energy prices as it happened in the US, UK and Europe.
The two duty reductions also erased the duty hikes affected in 2020 when oil prices crashed below $20 as demand wilted after the Covid-19 pandemic shut down the world.
The ‘Indian Basket’ — or the mix of crude bought by Indian refiners — stayed in the range of $20-65 per barrel in 2020-21. “Thereafter, prices started surging on account of unprecedented cuts in crude oil supply by Opec and other oil-producing countries,” the Survey said.
The upward trend continued in FY22 and FY23 as demand picked up with the easing of Covid-19 restrictions in most regions of the world. The Indian Basket peaked at $116 per barrel owing to supply disruption amid rising tensions in eastern Europe and the Middle East in June 2022. Subsequently, the price declined to $78 per barrel in December 2022 and is currently hovering around $86.

NEW DELHI: The Ekana Stadium pitch controversy which erupted after India skipper Hardik Pandya termed the surface a ‘shocker’, it led to the sacking of the curator. But the vice-captain Suryakumar Yadav on Tuesday downplayed the saga saying that the team is fine with any type of surface they get.
On the eve of the series deciding third and final T20I against New Zealand in Ahmedabad, Surya said that things like the wicket aren’t in the hands of the players and they have got to accept, adapt and move on with the situation at hand.
In the second T20I, India had a tense 100-run chase, which was achieved in the penultimate delivery of the match.
“We (Hardik and I) had a chat later on, and it was like, whatever we got in future we will go with it. It’s completely fine,” Surya said ahead of the decider at Motera.

“It doesn’t matter what soil you play on. These are the things which aren’t in your control. We did what we had in our control, we had to adapt, apply on that ground and move on with the situation. But it was an exciting game.
“Any game, ODI or T20I, low or high scoring, if there’s competition in the game, wickets, I don’t think, matter a lot. You go out there, have a challenge, accept it and move on,” Surya added.
In tricky conditions, New Zealand had reduced India to 83/7 and the hosts needed 17 runs from the last two overs, with Surya and Hardik in the middle.
The duo brought down the equation to six runs from the last over.
“Actually, we have been batting together for a very long time now. We had some good partnerships in the past.
“At that time, it was very important for us to have good communication and have a nice atmosphere as we knew that it was a little tense in the last over.
“We were just having a laugh, backing each other and telling each other whoever got an opportunity let’s try and finish the game,” he said about their strategy.
The Mumbaikar attributed his exploits in domestic cricket to his composure while batting in tense situations.
“I’ve played a lot of domestic cricket before making my international debut, that has helped me a lot.
“You have to apply yourself a lot and the grind you have there, playing on different challenging tracks, I just carried it from there. Rest I’ve learnt seeing so many senior players in the team, talking to them. Every game, I try to put my best foot forward.”
Surya is in line for a Test debut in the much-anticipated series against Australia beginning in Nagpur on February 9.
“Obviously, everyone wants to play Test cricket. You start your cricket at domestic level, playing with red ball only, and I played for Mumbai.
“We all know how exciting the series would be, but at the same time, it’s about staying in the present and the focus is on how to give your best for tomorrow’s game, then we have full time to think about Tests.”
The world’s No. 1 T20I batter has come a long way since making his debut against England at the same venue on March 14, 2021.
Turning a touch emotional, he said: “I told my manager also ‘I’m back where it all began’. Even I took the steps slowly thinking of 2021 and how I came here.
“I’ve very good memories, but it will be completely different now. I’m very excited. Beautiful stadium, amazing crowd, looking forward to an exciting game tomorrow,” he signed off.
(With inputs from PTI)

NEW DELHI: The Sports Ministry on Tuesday added former wrestler Babita Phogat‘s name in the Oversight Committee after several wrestlers expressed their displeasure that they were not consulted before the formation of the panel.
The Oversight Committee was formed by the ministry to undertake the day-to-day administration of the Wrestling Federation of India (WFI). The probe committee has to submit its report in a month’s time.

The Oversight Committee is also doing an enquiry into the allegations of sexual misconduct, harassment and/intimidation, financial irregularities and administrative lapses of the WFI, as leveled by prominent sportspersons.
“Babita Phogat now becomes the sixth member of the Oversight Committee, being headed by Khel Ratna Awardee MC Mary Kom, Chairperson, Athletes Commission, Khel Ratna Awardee Yogeshwar Dutt, executive council member, IOA , Dhyanchand awardee Trupti Murgunde, member Mission Olympic Cell, Radhica Sreeman, Ex-Executive Director, TEAMS, Sports Authority of India, and Crd (Retd) Rajesh Rajagopalan, Ex-CEO, Target Olympic Podium Scheme,” the sports ministry said in a statement.

Earlier, the government formed a five-member oversight committee to manage the WFI affairs till the probe is complete against WFI President Brij Bhushan Sharan Singh, who the wrestlers have accused of sexual misconduct and intimidation.
The wrestlers want a person of their choice in the committee, which has former wrestler Yogeshwar Dutt and Trupti Murgunde apart from two SAI officials as members.

Apparently, the wrestlers are not happy with Yogeshwar’s presence in the committee as they consider the London Olympics bronze medallist close to the Federation chief.
The protesting wrestlers decided to call off their three-day-old dharna at Jantar Mantar against WFI president following marathon talks with Union sports minister Anurag Thakur, with Singh being asked to step aside for four weeks.

NEW DELHI: The Army conducted a major joint combat exercise over the last 10 days with the Indian Air Force and central armed police forces (CAPFs) in north Bengal to practice battle preparedness in a networked and integrated environment, amid the heightened tensions in the eastern sector of the Line of Actual Control with China.
Swift mobilization and deployments, using the latest weapons and equipment, were carried out at different locations in north Bengal during the exercise “Trishakti Prahar”, which culminated with an integrated firepower exercise in the Teesta field firing ranges on Tuesday, sources said.
The Indian armed forces have taken a series of steps to “mitigate” the threat to the Siliguri Corridor or the “Chicken’s Neck”, which is a narrow strip of land that connects the northeast with the rest of India, as well as other vulnerable areas in the region
The integrated Army drills come ahead of the massive `Poorvi Akash’ air combat exercise by the IAF in the entire eastern sector from February 1to 5, which will include Rafales and Sukhoi-30MKI fighters flying from airbases like Hasimara, Chabua and Tezpur, as was first reported by TOI.
During the Trishakti Prahar exercise and firepower drills, witnessed by the Army’s Eastern Command chief Lt-General R P Kalita, the efforts of all agencies including the civil administration, civil defence organizations, police and CAPFs were coordinated to ensure efficient movement and quick mobilization.
“The firepower exercise was aimed at synergizing the firepower assets of the armed forces and CAPFs to orchestrate an integrated battle. There was joint application of various ground and aerial assets to include latest generation fighters, helicopters, tanks, infantry combat vehicles, artillery guns and other weapons,” a source said.
Army chief General Manoj Pande had also reviewed the operational military preparedness along the LAC in Arunachal Pradesh on January 22-23, the first such visit to the border state after Indian and Chinese troops clashed at Yangtse in the crucial Tawang sector on December 9.
There has been an escalation in tensions along the 1,346-km stretch of the LAC in Sikkim and Arunachal Pradesh in the last three-four months, with the People’s Liberation Army having also increased the number of its troops in the eastern sector. This includes two additional `combined arms brigades’, each having around 4,500 soldiers with tanks, artillery and other weapons.
On the western sector of the LAC in eastern Ladakh, both India and China continue to keep over 50,000 troops forward deployed for the third consecutive winter. While there has been troop disengagement at Galwan Valley, Gogra and Pangong Tso-Kailash region, China has so far refused to discuss the much more crucial face-offs at Depsang Plains and Demchok.

NEW DELHI: An Adani Group-led joint venture (JV) on Tuesday took over Israel’s Haifa Port. Last July Adani, in partnership with Israel’s Gadot Group, had secured rights to buy 100% shares of Haifa Port Company Ltd for a concession period up to 2054 with its winning $1.8 billion bid.
Located in northern Israel, Haifa is one of the country’s two biggest commercial ports that handles nearly half of Israel’s container cargo and is also a principal port for passenger traffic and cruise ships.
Tweeting a picture of a meeting with Israel Prime Minister Benjamin Netanyahu on Tuesday, Adani Group chairman Gautam Adani said: “Privileged to meet with the Israeli PM on this momentous day as the Port of Haifa is handed over to the Adani Group. The Abraham Accord will be a game changer for the Mediterranean sea logistics. Adani Gadot set to transform Haifa Port into a landmark for all to admire.”
Adani Ports and Special Economic Zone Ltd (APSEZ) and Gadot Group hold 70% and 30% shares, respectively, in the consortium that bagged the Port of Haifa. With the acquisition of the Port of Haifa, APSEZ will expand its footprint into the European port sector, which includes the lucrative Mediterranean region.
Speaking at the handing over ceremony, Gautam Adani said: “…In terms of history, (India-Israel) friendship extends well before we became independent in 1947 and 1948. The most memorable day that binds our friendship together was September 23, 1918. It was on this day that our soldiers from the Indian cities of Mysore, Hyderabad and Jodhpur battled here, at this very city for the freedom of Haifa … Israel has always motivated me.”
“Let me now talk about our presence in Israel. Today’s occasion is the outcome of a lot of hard work that has been put in over the past six years. Over these years we have struck many critical partnerships that include Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority. We have initiated several dozen technology relationships wherein we have offered the entire Adani Portfolio of companies to be a giant sandbox for us to learn together. We are also in the process of setting up an Artificial Intelligence (AI) lab in Tel Aviv, which will work in close collaboration with our new AI labs in India and the United States. We also anticipate establishing collaborative relationships with local colleges like the University of Haifa to be able to capitalise on the deep technology expertise available in this city,” Adani said.
“And now we have the most momentous partnership of all – the Haifa Port along with our valued partner Gadot … this privatisation initiative was actioned at a time when you were the prime minister, and it is only fitting that today it is you who is handing the port over to us at this memorable ceremony. Talking about Haifa port, I am very confident that with the support from the Government of Israel, the local authorities and our partner Gadot, we will transform the entire port landscape. We realise that there will be competition from others, but our confidence comes from our belief in the people of Israel and therefore our belief in the country’s growth story. Our intention is to make the right set of investments that will not just make the Adani-Gadot partnership proud but will make the whole of Israel proud.”
“The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come, we will transform the skyline we see around us. The Haifa of tomorrow – will look very different from the Haifa that you see today. With your support – we will deliver on this commitment and do our part to transform this city,” Gautam Adani said.
The Adani Group anticipates Israel becoming a connection both for Europe and the Middle East, and therefore it stands to be benefit from the new possible trade lanes that will get created. The Port of Haifa is located towards the north of Israel, about 90 km from Tel Aviv. It is close to the city of Haifa, the third largest city in Israel. It is also one of the major industrial areas of Israel. Haifa Port is operated by the Haifa Port Company Ltd, which also has real estate available for the development of office spaces, hotels and spaces for tourism and other recreational activities. The existing infrastructure at Haifa Port includes two container terminals and two multi-cargo terminals. The total developed quay length measures more than 2,900 metres. The maximum draft available ranges from 11 metres to 16.5 metres. Haifa Port has a Roll-on Roll-off (RORO), a cruise terminal with various passenger facilities and a waterfront length of 2 km for development. During 2021, HPC handled 1.46 million TEUs of containers, 2.56 million tonnes of general and bulk cargo.

NEW DELHI: The death toll from the devastating suicide bomb blast at a mosque in Pakistan’s Peshawar climbed to 100 on Tuesday as rescuers pulled out more bodies from the debris a day after the tragedy.
Rescue officials on Tuesday also allegedly recovered the severed head of the suspected suicide bomber who they believe blew himself up inside the mosque packed with over 300 worshippers during the afternoon prayers in a high-security zone of Pakistan’s restive northwestern city.

The blast, which ripped through a Sunni mosque inside a major police facility, was one of the deadliest attacks on Pakistani security forces in recent years. It left as many as 225 wounded, some still in serious condition in hospital.

The explosion blew off part of the roof, and what was left soon caved in, injuring many more. Rescuers had to remove mounds of debris to reach worshippers still trapped under the rubble.
Most of the victims were policemen.
Security lapse
Counter-terrorism police are investigating how the bomber was able to reach the mosque, which is in a walled compound, inside a high security zone with other government buildings.

“Yes, it was a security lapse,” said Ghulam Ali, the provincial governor in the Khyber Pakhtunkhwa province, of which Peshawar is the capital.
Kashif Aftab Abbasi, a senior officer in Peshawar, echoed the thought: “There was a security lapse and the inspector-general of the police has set up an inquiry committee, which will look into all aspects of the bombing,” he said. “Action will be taken against those whose negligence” caused the attack.
Talat Masood, a retired army general and senior security analyst said Monday’s suicide bombing showed “negligence.”
“When we know that Tehreek-e-Taliban Pakistan (TTP) is active, and when we know that they have threatened to carry out attacks, there should have been more security at the police compound in Peshawar,” he told The Associated Press on Tuesday, referring to a militant group also known as the Pakistani Taliban or TTP.

Given the security concerns in Peshawar, the mosque was recently built to allow police to pray without leaving the area. Defence minister Khawaja Asif said the bomber was in the first row in the prayer hall when he struck.
Pakistan PM Shehbaz Sharif visited a hospital in Peshawar after the bombing and vowed “stern action” against those behind the attack. “The sheer scale of the human tragedy is unimaginable. This is no less than an attack on Pakistan,” he had tweeted.
Capital City Police Officer (Peshawar) Mohammad Aijaz Khan told local media that the attacker might already have been present in the Police Lines before the blast and that he may have used an official vehicle to enter the premises.
TTP denies responsibility
Authorities have not determined who was behind the bombing.
Shortly after the explosion, TTP commander Sarbakaf Mohmand claimed responsibility for the attack in a post on Twitter.
But hours later, TTP spokesperson Mohammad Khurasani distanced the group from the bombing, saying it was not its policy to target mosques, seminaries and religious places, adding that those taking part in such acts could face punitive action under TTP’s policy.

His statement did not address why a TTP commander had claimed responsibility for the bombing.
Pakistan, which is mostly Sunni Muslim, has seen a surge in militant attacks since November, when the Pakistani Taliban ended a cease-fire with government forces.
The Pakistani Taliban are the dominant militant group in Khyber Pakhtunkhwa province, and Peshawar has been the scene of frequent attacks.
But the Islamic State in Khorasan Province, a regional affiliation of the Islamic State group and a rival of the Taliban, has also been behind deadly attacks in Pakistan in recent years. Overall, violence has increased since the Afghan Taliban seized power in neighboring Afghanistan in August 2021, as US and NATO troops pulled out of the country after 20 years of war.
Pakistan is also contending with political and economic crises.
The bombing took place a day before an International Monetary Fund (IMF) mission arrived in Islamabad for talks on a stalled $7 billion bailout.