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<ul><li>Consumer price inflation or retail inflation could cool down by 50-60 basis points, predicts <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE ratings</keyword>. </li><li>Monetary tightening across the globe could lead to more foreign investor outflows and impact Indian exports due to global growth. </li><li>Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. </li></ul> The many <a href="https://www.businessinsider.in/india/news/five-things-the-indian-government-has-done-to-reduce-the-burden-of-inflation/slidelist/91788832.cms">interventions that the Indian government</a> has undertaken in the last two weeks could soften the consumer price inflation or retail inflation by 50-60 basis points, predicts CARE Ratings. But taking the pressure off Indian households will come at a cost to the government. Its subsidy bills – due to the additional fertilizer subsidy and <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder subsidy, coupled with lower revenue earnings due to duty cuts on petrol and diesel – will stress its finances, the agency said. 100 basis points make up 1%. Apart from direct actions like duty cuts and subsidy, the government also <a href="https://www.businessinsider.in/international/news/not-just-india-many-countries-are-protecting-their-wheat-to-keep-daily-bread-affordable/articleshow/91733019.cms">banned wheat exports</a>, <a href="https://www.businessinsider.in/stock-market/news/shree-renuka-balrampur-chini-dalmia-sugar-shares-plunge-on-export-curb-reports/articleshow/91766919.cms">curbed sugar exports</a>, waived import duty on raw materials for <a href="https://www.businessinsider.in/stock-market/news/heres-why-all-steel-stocks-like-tata-steel-sail-jindal-jsw-down-today/articleshow/91735433.cms">steel</a> — all to ensure that inflation cools down from its eight year high in April. “The budgeted target of fiscal deficit to GDP is likely to be met given the support from higher tax revenue collection and nominal GDP growth,” CARE said. As per <a href="https://www.businessinsider.in/policy/economy/news/heatwave-and-high-commodity-prices-drag-down-march-quarter-and-fy22-gdp-estimates/articleshow/91811628.cms">SBI Ecowrap estimates</a>, another ratings agency, the GDP for the January to March quarter could grow sluggishly at 2.7%. This is half of what it was in the quarter ending December. Moody’s too revised its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s annual GDP growth for 2022 to 8.8% from its former estimate of 9.1%. Heatwave and high commodity prices thanks to the Russia-Ukraine war played spoilsport to an economy that was slowly recovering from the after-effects of Covid-19. <cmsannotation type="cmsannotation" annotationid="More FII outflows in the offing" comment="subhead" text="More FII outflows in the offing">More <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows in the offing</cmsannotation> Monetary tightening across the globe could lead to <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">more FII outflows</a> and impact Indian exports due to global growth. “Rupee [is] under pressure in response to widening current account deficit and FII outflows. Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. We expect USD/INR to move in the range of 77-80 in the first half of FY23,” CARE said. <cmsannotation type="cmsannotation" annotationid="Consumer sentiments are likely to be further hit by rising inflation" comment="subhead" text="Consumer sentiments are likely to be further hit by rising inflation">Consumer sentiments are likely to be further hit by rising inflation</cmsannotation> Apart from clothing, fuel and light segments, food was the major driver in April contributing 47% to the <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">overall inflation</a>. Cooking oil, wheat and vegetable prices soared high in the month due to various factors ranging from war to heatwave. The <a href="https://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">vegetable prices have also started to harden</a> in anticipation of monsoons which have already started in states like Kerala and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The consumer demand for both durables and non-durables fell into the negative trajectory, due to rising prices. “Poor performance in IIP consumer goods signals weakness in consumption demand. Consumer sentiments are likely to be further hit by rising inflation. Uptick in rural inflation likely to dampen the fragile rural demand recovery,” CARE said. The rural inflation which has a higher basket of food prices in it, grew at 8.4% as compared to urban inflation which is at 7.1% for the month of April. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-britannia-and-itc-can-now-breathe-easy-say-analysts-from-inflation-and-even-stagflation-worries/articleshow/91805152.cms">HUL, Britannia and ITC can now breathe easy say analysts – from inflation and even stagflation worries</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Retail inflation could soften by 50-60 basis points on government interventions: CARE

Transparent LPG, or <a href="http://www.businessinsider.in/searchresult.cms?query=LPG+cylinders&amp;sortorder=effectivedate">cooking gas cylinders</a>, will soon make way to your home and the pilot projects have already begun in Pune and Ahmedabad. <o:p></o:p>
 These <keyword id="3098311" type="UNKNOWN" weightage="20" keywordseo="Transparent-LPG-cylinders">transparent LPG cylinders</keyword> will come as a huge relief to consumers, who are routinely frustrated over less quantity of gas in steel cylinders. Despite instructions from the gas companies to carry weighing scales for checking weight of <a href="http://www.businessinsider.in/searchresult.cms?query=cylinders&amp;sortorder=effectivedate">cylinders</a>, majority of the delivery vendors either get a rigged spring balance or no weighing scale at all.

	2016 has been declared as the ‘Year of LPG Consumers’ and various measures are being initiated by <a href="http://www.businessinsider.in/searchresult.cms?query=dharmendra+pradhan&amp;sortorder=effectivedate">petroleum minister Dharmendra Pradhan</a> to provide clean fuel to the entire India.

	The idea behind transparent cylinders is to bring a sense of accountability and transparency into the system and provide value for money to the consumers.

	The minister had recently assured that the government is working on the modalities for launching composite transparent cylinder but assured it would be a reality in FY 2016-17. <o:p></o:p>

	“Efforts are being made to expedite launch of the pilot project, which is subject to successful supply of composite cylinders by the manufactures and getting statutory approvals,” Pradhan said.<o:p></o:p>

	However, these transparent cylinders will be double the cost of steel ones. <o:p></o:p>

	But, Indian consumers will be satisfied that they are getting full gas as it will be impossible for the distributors of LPG cylinders to deliver less quantity. <o:p></o:p>

	Sources said the composite transparent LPG cylinder will be made available in this fiscal only and the Public Sector Oil Marketing Companies (OMCs) will be procuring these cylinders through competitive bids by floating public tender.

	“We expect large number of bids from various cylinder manufacturers. This will help in price discovery through competitive bidding,” said a senior oil company official.<o:p></o:p>

	A feasibility study on marketing of LPG in Composite cylinders by Public Sector Oil Marketing Companies (OMCs) is underway and a public tender has been invited for procurement of composite cylinders by Hindustan Petroleum Corporation Ltd (HPCL).

	 “While the cost of procurement of composite transparent LPG cylinders is presently estimated at around Rs 2500-3000 (almost double the value of existing steel cylinders), the cost will go down subsequently as we move to bulk procurement of these cylinders…so for consumers it may initially mean slightly higher security deposit, which too may be shared by the oil companies. The details are being worked out in this respect,” the oil company official said.<o:p></o:p>

	“We conduct sudden surprise random checks at the godowns of distributors to prevent any pilferages…further all the distributors are under instructions to provide portable weighing scales to all their delivery boys for checking weight of the cylinder at the time of delivery. Whenever customers receive underweight cylinder, the distributors are under instructions to replace the same with correct weight cylinders,” said a senior oil company official. <o:p></o:p>

	Alongside, the distributors have also been instructed to ensure that the seals are verified &amp; shown to the customers at the time of delivery. Joint inspections/ raids are conducted along with State Civil Supplies Deptt to arrest the menace of pilferage of LPG and cases are filed by the District Administration against the culprits under various provisions of Essential Commodities Act and other relevant acts. <o:p></o:p>

	OMCs have also introduced Tamper Evident Seals on pan India basis from 01.04.2016 to prevent pilferage/supply of underweight cylinders. In all established cases of supply of underweight cylinders/ pilferage by distributors, action is initiated as per provisions of Marketing Discipline Guidelines/ Distributorship Agreement.

	(Anupama Airy is the Founder and Editor of EnergyInfraPost.com and DefenceAviationPost.com. She can be reached at <a href="mailto:anupama.airy@gmail.com" target="_blank">anupama.airy@gmail.com</a>​, Twitter handle: @anupamaairy)

	<o:p> (Image: Indiatimes)</o:p>

Bid goodbye to pilferages as transparent LPG cylinders are going to be a reality soon

New Delhi, Feb 5 () Engineering major Larsen &amp; Toubro (L&amp;T) on Monday announced the commissioning of a hot strip mill having capacity of three million tonnes per annum at SAIL's Rourkela steel plant in Odisha. In a regulatory filing, Larsen &amp; Toubro said that its Metallurgical &amp; Material Handling (MMH) business and Mitsubishi Corporation has commissioned the hot strip mill at SAIL Rourkela on January 31, built with the technology from Primetals Technologies and Hitachi Japan. The new hot strip mill-2 at SAIL's Rourkela steel plant rolled out its first HR coil, within two days of commencement of hot trials, the filing said. The mill will roll out carbon structural steel, high carbon steel, LPG cylinder steel, low alloy steel, auto-grade steel among others to cater to high-end market segments. "With this remarkable achievement, we have once again proved our mettle to execute large scale EPC projects across metallurgical units," L&amp;T CEO and Managing Director S N Subrahmanyan said. The HR coils produced from this mill will give a huge boost to the market share of the steel PSU, the filing said. SID DRR

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Retail inflation could soften by 50-60 basis points on government interventions: CARE

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Bid goodbye to pilferages as transparent LPG cylinders are going to be a reality soon

Anupama Airy

SAIL commissions hot strip mill at Rourkela steel plant

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