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State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

Indian Paralympic <keyword id="19929069" type="General" weightage="20" keywordseo="Athletes" source="keywords">athletes</keyword> received a grand welcome at <keyword id="19900881" type="General" weightage="20" keywordseo="Delhi" source="keywords">Delhi</keyword>'s Indira Gandhi International Airport on their return home from Paris, after putting up a record-breaking show at the Paris <keyword id="20396851" type="General" weightage="20" keywordseo="Paralympics" source="keywords">Paralympics</keyword>. On Saturday morning, half of the Indian contingent made their return home after taking part in the Paris Paralympics. AvLekhara, Mona Agarwal, Pranav Soorma, Rakesh Kumar, and Manish Narwal are among others who touched down in Delhi. Fans outside the Delhi gathered in huge numbers and greeted the para-athletes by showering flower petals on them. Other athletes of the Indian contingent will return back after the conclusion of the para multi-sport event. Star <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> parashooter Avani Lekhara said that it was a great journey at the Paris Paralympics. "It has been a good journey, and we have won many good medals this time," Avani told ANI. Indian para shooter Mona Agarwal said that her Paralympic journey was very good. "I am feeling very good as I am receiving so much love...My Paralympic journey was very good, as it was my first Paralympic," Mona told ANI. Reigning Paralympic champion, Avani Lekhara maintained her streak and struck gold in the women's 10m air rifle final at the Paris Paralympics on Friday. She also became the first Indian woman to win two gold medals in the Games' history. Shooter Mona Agarwal bagged the bronze medal at the same event. Meanwhile, para-archer Rakesh Kumar gave all the credit for the victory to his coaches. "I am feeling very good...The credit for my victory goes to my coaches...We will work hard and perform better at the next Paralympics," Rakesh told ANI. The Indian archery pair of Rakesh Kumar and Sheetal Devi clinched the bronze medal in the Mixed Team Compound event with a win over Eleonora Sarti and Matteo Bonnacina of Italy at the ongoing Paris Paralympics. They defeated the Italian pair with a scoreline of 156-155 in the bronze medal match of the ongoing marquee event on Monday. With this win, they bagged a bronze medal for their country. The ongoing Paris Paralympics started on August 28 and will conclude on September 8. India's medal tally in the ongoing Paralympics has gone up to 27, with six gold medals, nine silver medals, and 12 bronze medals. This is the most gold India has ever won at a Paralympics Games event, outdoing the total of five golds in Tokyo 2020. Indian para-athletes in particular have made the country proud with three golds, six silvers, and six bronze medals, giving them a total of 15 medals. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/here-are-the-benefits-you-get-with-indias-most-expensive-credit-card-with-a-3-54-lakh-annual-fee/articleshow/113123752.cms">Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee</a> <a href="https://www.businessinsider.in/business/auto/news/fada-urges-banks-to-tighten-funding-to-dealers-as-rains-play-spoilsport-in-august/articleshow/113111945.cms">FADA urges banks to tighten funding to dealers as rains play spoilsport in August</a> <a href="https://www.businessinsider.in/stock-market/webstories/bajaj-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113131102.cms">Bajaj Housing Finance IPO – Price band to risk factors, all you need to know</a>

India's history-making Paralympians touch down in Delhi to rousing welcome

Retail sales of overall vehicles in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> grew by 15.28 per cent to 2,11,20,441 units in 2022 led by record sales of passenger vehicles and tractors, <keyword id="1692051" type="General" weightage="50" keywordseo="federation-of-automobile-dealers-associations" source="Orion">Federation of Automobile Dealers Associations</keyword> (<keyword id="354719" type="General" weightage="100" keywordseo="fada" source="Orion">FADA</keyword>) said on Thursday. In 2021, total retail sales of vehicles in India were at 1,83,21,760 units, FADA said in a statement. Two-wheelers retail sales stood at 1,53,88,062 units last year, a growth of 13.37 per cent from 2021 when sales stood at 1,35,73,682 units. Passenger vehicles (PV) retail sales were at 34,31,497 units in 2022, as against 29,49,182 units in 2021, up 16.35 per cent, it added. FADA President Manish Raj <keyword id="1114" type="General" weightage="80" keywordseo="singhania" source="Orion">Singhania</keyword> said, "For CY2022, while total vehicle retails grew by 15 per cent year-on-year and 17 per cent compared to CY20 it failed to surpass CY19 retails, (a pre-Covid year) and registered a fall of 10 per cent." He further said, "The PV category during this period continued to gain new grounds by clocking 34.31 lakh retails during the full year. This is by far, the highest retails which PV has done till date." Singhania, however, lamented that the two-wheeler segment once again failed to impress as retail sales during December 2022 continued to fall after two good months. "Reasons like rise in inflation, increased cost of ownership, rural market yet to pick up fully and increased EV sales, the ICE (internal combustion engine) two-wheeler segment is yet to see any green shoots," he added. In 2022, commercial vehicles retail sales stood at 8,65,344 units, as against 6,55,696 units in 2021, a growth of 31.97 per cent. "The CV segment has continued to grow during entire CY2022 and is now almost at par with CY2019 retails. With an uptick in demand in LCV (light commercial vehicles), HCV (heavy commercial vehicles), buses and construction equipment, the government's continued push for infrastructure development has kept this segment going," Singhania said. He also said the three-wheeler segment which was completely down during <keyword id="8764262" type="General" weightage="50" keywordseo="covid" source="Orion">Covid</keyword> has recovered well and has narrowed its gap when compared to CY2019. "Within the segment it's the electric rickshaw sub-segment which is showing triple-digit growth thus pushing the EV market share above 50 per cent mark," he added. Three-wheeler retail in 2022 stood at 6,40,559 units, as compared to 3,73,562 units in 2021, up 71.47 per cent. Singhania said the tractor segment was the only other segment apart from PV which has grown well above calendar years 2021,2020 and pre-Covid year of 2019. "It has also registered a new lifetime high sales of 7.94 lakh units. This feat was possible due to consistently good monsoon, improved cash flow with farmers, better MSP of crops and government's focus on better procurements," he added. Tractor retail sales in 2021 were at 7,69,638 units. Apart from this, timely sowing of rabi crops also helped to continue this momentum. Festive season sales which were normal after 3 years also played its part in this strong momentum, Singhania said. In December 2022, FADA said the total vehicle retail sales were down 5.4 per cent at 16,22,317 units as against 17,14,942 units in the year-ago month. Two-wheelers retail sales stood at 11,33,138 units last month, as against 12,75,894 units in December 2021, a decline of 11.19 per cent, FADA said. Passenger vehicle retail sales were at 2,80,016 units as compared to 2,58,921 units in December 2021, up 8.15 per cent, while commercial vehicles segment witnessed retail sales of 66,945 units as compared to 60,491 units in December 2021, a growth of 10.67 per cent. On the outlook, FADA said global geopolitical headwinds, tightening monetary policy and the lingering effect of the pandemic have combined to create a gloomy global outlook. "Auto OEMs have done routine price hikes in December and have announced the same at the beginning of this year. Apart from this, BS-VI phase II norms coming in, there will be further price hikes across all categories," it said, adding to counter this, Auto OEMs should announce special schemes so that retail sales momentum continues. Due to inflation pressure, upcoming change in vehicle norms resulting in price hikes, FADA said it remains cautious during the last quarter of FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hyderabadi-satya-nadella-insulted-by-his-own-software-as-it-calls-biryani-a-tiffin/articleshow/96756350.cms">Hyderabadi Satya Nadella 'insulted' by his own software as it calls Biryani a tiffin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/twitterati-misses-ashneer-grover-snapping-in-shark-tank-india-s2/slidelist/96754759.cms">Doglapan, bilkul bakwas: Twitterati misses Ashneer Grover snapping in Shark Tank India S2</a>

Total vehicle retail sales jump 15 pc to 2.11 crore units in 2022: FADA

New Delhi: <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">Auto industry</keyword> players are eyeing robust performance in the ongoing festive period to lift overall consumer sentiment and set the tone for the rest of the year amid slowing demand. The festive season usually commences with Onam and ends with Diwali every year. <keyword id="20034542" type="General" weightage="100" keywordseo="Kia-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Kia India" meta.hostid="153" meta.entityid="Kia India">Kia India</keyword> National Head of Sales and Marketing Hardeep Singh Brar told PTI that the last 3-4 months were not good for the industry as sales declined compared to the same period last year. "With pent-up demand of the last few months there and government investment starting to flow in, we feel things should start improving from here onwards," he noted. Brar said the booking momentum in September was good, which is a strong indication for October. "And this time, all festivals are in October..we expect about 5-10 per cent sales growth during the period as compared to last year," he added. Brar said that in the January-April period, the passenger vehicle industry witnessed a growth of 7 per cent, but in May-September, there was a dip of about 2-3 per cent, leading to the buildup of inventory. <keyword id="20505895" type="General" weightage="20" keywordseo="Nissan-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="Nissan Motor" meta.hostid="153" meta.entityid="Nissan Motor">Nissan Motor</keyword> India Managing Director Saurabh Vatsa said the entire industry is looking at the festive season to bring some cheer after witnessing tough three months. "I think it has been a challenging period. The festive period will define the quarter, and the third quarter will define what happens in the remaining part of the year," he said. Everybody is looking forward to the festive seasons, especially from the industry, he added. <keyword id="19967765" type="General" weightage="20" keywordseo="Toyota-Kirloskar-Motor" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota Kirloskar Motor" meta.hostid="153" meta.entityid="Toyota Kirloskar Motor">Toyota Kirloskar Motor</keyword> Vice President, Sales-Service-Used Car Business, Sabari Manohar said the company is witnessing enhanced footfalls and enquiries. "Key to meeting this rising demand has been our strategic operational improvements, such as the introduction of a third shift. This has significantly optimised our supply chain, particularly for high-demand models like the Urban Cruiser HyRyder, where waiting periods have been reduced," he said. Additionally, there is a clear shift in sentiment, with an increasing embrace of eco-friendly technologies, not only in urban areas but also in Tier II and Tier III markets, Manohar said. <keyword id="19909974" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="153" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword> India Senior Executive Officer (Marketing and Sales) Partho Banerjee said the company is trying to increase its sales by bringing in some limited edition models. He noted that during Ganesh Chaturthi and Janmashtami, the company witnessed good traction in sales and has been able to generate volumes as per the business requirements. <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="153" meta.entityid="Tata Motors">Tata Motors</keyword> Passenger Vehicles MD Shailesh Chandra said in its monthly sales statement that registrations have picked up pace towards the end of the month (September), which augurs well for the festive period ahead. "We remain focused on driving up consumer preference for our exciting range of vehicles while maintaining the health of our dealer network," he added.

Carmakers expect festive period to bring in robust sales, improve overall buyer sentiment

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

<ul class="summary-list"><li>Despite pressure from Western allies, India has refused to isolate Russia over the Ukraine war.</li><li>India's Narendra Modi this week spoke with both Ukraine's and Russia's leaders.</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi</a> visited Ukraine over the weekend, he greeted its president Volodymyr Zelenskyy with an exuberant bear hug.He did the same <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">to Vladimir Putin</a> only weeks ago when he traveled to Moscow to meet the Russian president, much to the anger of Zelenskyy."It is a huge disappointment and a devastating blow to peace efforts to see the leader of the world's largest democracy hug the world's most bloody criminal in Moscow on such a day," Zelenskyy wrote on X at the time.Modi's visits to both Ukraine and Russia characterize his relentless ambiguity on the Ukraine war. He has not condemned nor supported the invasion and is now acting as a peacemaker.The diplomatic highwire act highlights the dilemma Modi faces as he seeks to balance pressure from the US to show more support for Ukraine against <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">maintaining good ties with Russia.</a><h2 id="5631f287-50fa-42fc-9492-15da89d39bf8">A quick end to the war</h2>In the wake of the Ukraine trip, Modi called Putin. In a post on X, Modi said he reiterated "India's firm commitment to support an early, abiding and peaceful resolution of the conflict."Dinakar Peri, a fellow at the Council for Strategic and Defense Research, told Business Insider that Modi's Ukraine visit was high on symbolism."Although the image of India being a peacemaker is largely rhetoric, the fact of the matter is that India is definitely uniquely positioned in comparison to many other countries due to the kind of bandwidth they have with Russia," said Peri.Rahul Bhatia, an analyst with the Eurasia Group, told BI that while India is reluctant to come down on one side in the Ukraine war, it sees grave dangers in a prolonged conflict in Ukraine."India has sought to take a balanced approach to the war in Ukraine. New Delhi wants to maintain its relationship with Russia regardless of its diplomatic isolation," said Bhatia.<h2 id="bb68f21a-9c73-4a16-a530-190e801237c5">India's ties with the Kremlin are tested</h2>Modi's insistence on not taking a side in <a target="_blank" class="" href="https://www.businessinsider.com/russian-murder-convict-ivan-rossomakhin-kills-again-joins-army-wagner-2024-8">Ukraine</a> is likely to baffle and frustrate many Western observers, but analysts say there are vital economic and strategic goals behind India's position.India has long had <a target="_blank" class="" href="https://www.businessinsider.com/putin-bid-undermine-global-ukraine-support-working-zelenskyy-peace-2024-6">close diplomatic ties with Russia</a>. During the Cold War, it relied on the Kremlin for military support while the US-backed regional rival Pakistan.It now depends on Russia for oil supplies, surpassing <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">China</a> this week to become Russia's top oil importer."Most of the oil India imports from Russia is actually going to Europe," said Peri. "India is just a conduit — the oil is refined here, and the refined petroleum products are going to Europe as we speak.""In that way, India has played the middle role of stabilizing the larger global economy, which would otherwise have gone for a toss."Peri also pointed out India's dependence on Russia for military equipment, as well as upgrades and spare parts."Around 60% of Indian military equipment is of Russian origin," said Peri. "We have received a lot from other countries in the last few decades, like France, Israel, and increasingly so from the US, but we're still heavily Russian-oriented."But the Ukraine war has shaken up India's relations with the Kremlin.The US is pressuring India to help isolate Putin as punishment for the Ukraine invasion, and India is worried about the Kremlin's increasingly close relationship with China, which has backed Russia amid the Ukraine invasion."India-US ties are not just about Russia or the war in Ukraine," said Peri. "They're also about trade and strategic cooperation, which in some cases is also underpinned by concerns over China or the larger developments in the Indo-Pacific."<h2 id="4c3050d8-adb0-46af-b14f-2689f19f7caa">India sees Russia as a buffer against China's aggression</h2>India has long been concerned about China's increasing aggressiveness in Asia, with a Himalayan border dispute erupting into clashes that left 24 people dead in 2020.Indian and Chinese militaries have been engaged in a standoff on the disputed region of Ladakh since 2020. Although the countries have disengaged on several points, the standoff has continued.Peri said that is India dependent on good ties with the Kremlin to help mitigate that threat: "The standoff created new dynamics for India, and those are all factors which will be in Indian calculations on the stand it takes."Bhatia agreed that India has an eye on China when it engages with Russia. "While New Delhi accepts that Russia and China will gradually grow closer, it believes that maintaining a good relationship with Moscow will ensure that Russia remains neutral when India-China border tensions flare up," he said.It also relies on close ties with the US to help counter China's aggression, reviving the "Quad" dialogue with the US, Australia, and Japan in 2017 to counter China's threat.In the meantime, Modi will likely continue India's tightrope act, maintaining its alliance with the US while seeking not to alienate the Kremlin as it warily watches China's growing might.

India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

The Federation of Automobile Dealers Associations (<keyword id="354719" type="General" weightage="80" keywordseo="fada" source="Orion">FADA</keyword>), the leading body of automobile retail in India, on Thursday submitted a critical representation to the Goods and Services Tax (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) Council, urging an immediate reduction in the GST rate on two-wheelers from the current 28 per cent to 18 per cent. This timely and decisive intervention is aimed at making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years, according to a statement from FADA. FADA President Manish Raj Singhania affirmed, "The two-wheeler industry is at a critical juncture, grappling with unprecedented challenges such as rising inflation, stringent emission norms, and the post-COVID-19 effects in Bharat of India." He said this is the opportune moment for the GST Council to reduce the GST rate on two-wheelers, making them more accessible for the common man, thereby providing the much-needed boost to the industry, generating employment opportunities and fostering India's overall economic growth. FADA's compelling appeal has been forwarded to Finance Minister Nirmala Sitharaman, chair of the GST Council, all GST Council members; the Ministry of Heavy Industries, which supervises the automobile sector and the Ministry of Road Transport and Highways. This action underscores the urgency and significance of the issue, it added. FADA said over the past few years, the prices of various two-wheelers have risen significantly, impacting their affordability for consumers across India. This surge in prices can be attributed to multiple factors, including the rising cost of raw materials, stricter emission norms and higher taxes and levies, FADA said, adding that for instance, the price of the popular -- Honda Activa -- has escalated from Rs 52,000 in 2016 to Rs 88,000 in 2023. Similarly, the Bajaj Pulsar has witnessed a substantial increase from Rs 72,000 in 2016 to Rs 1,50,000 in 2023. The Hero Splendor and <keyword id="1871753" type="General" weightage="50" keywordseo="tvs-jupiter" source="Orion">TVS Jupiter</keyword> have also experienced considerable price hikes over the same period, with their prices soaring from Rs 46,000 to Rs 74,801 and Rs 49,000 to Rs 88,498, respectively. The continuous rise in two-wheeler prices has consequently led to a decline in sales, emphasising the pressing need for intervention and GST rate reduction to restore the industry's growth trajectory, according to the statement. In 2016, two-wheelers accounted for 78 per cent of the total automobile sales in India. However, due to continuous price increases since 2020, this contribution has fallen to 72 per cent in FY23, underlining the impact of the steep price hike. FADA believes that a reduction in the GST rate will address several critical issues facing the industry, including rural distress, the transition from BS-4 to BS-6 emission norms and the sharp increase in two-wheeler prices. Lowering the GST rate will enhance the competitiveness of two-wheelers compared to other transportation modes, thereby increasing sales and revenue for the industry. The association also said two-wheelers play a pivotal role in providing affordable mobility to a large segment of India's population, especially in rural areas where public transportation is sparse. FADA also asserted that two-wheelers, being essential for millions, should not be categorised as sin goods or luxury items for GST taxation purposes. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-app-store-prevented-over-2-billion-in-fraudulent-transactions-last-year-banned-282-million-user-accounts/articleshow/100322718.cms">Apple App Store prevented over $2 billion in fraudulent transactions last year, banned 282 million user accounts</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a>

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India's refusal to take a side in the Ukraine war is frustrating the West. But it has its reasons.

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