Tag: hike

BRS stages protests across Telangana over LPG price hike

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Hyderabad: Telangana’s ruling Bharat Rashtra Samithi (BRS) on Thursday staged protests across the state against the hike in price of cooking gas.
Ministers, MPs and state legislators led the protest at various places in the state. Large number of women along with empty gas cylinders participated in the protests.
The protestors were carrying posters and raising slogans slamming the BJP-led government at the Centre for further burdening the common man with another hike in LPG price.
On a call given by BRS working president K. T. Rama Rao, protests were organised in headquarters of all Assembly constituencies.
Rama Rao also took to Twitter to taunt the Modi government over the price rise. “Congratulations to the “Double Engine” NPA Government on successfully Tripling the LPG Cylinder prices,” wrote the BRS leader who calls National Democratic Alliance (NDA) as Non Performing Alliance (NPA).
Finance minister T. Harish Rao led a big protest at Medchal near Hyderabad. He alleged that the Modi government continued to burden the common man by hiking the gas price.
“When gas price was Rs 400, the same BJP used to raise a hue and cry but it has tripled the price,” he said.
Harish Rao alleged that the BJP has almost lifted the subsidy on cooking gas. He pointed out that during the UPA regime, the subsidy was Rs 2.14 lakh crore but after BJP came to power it reduced the subsidy every year and it has now come down to Rs 37,209 crore.

The minister recalled that the price of domestic cooking gas cylinder in 2014 was Rs 410.50 but with the latest hike, it has gone up to Rs 1,155. “In nine years, the price of a cylinder has increased by Rs 744.50. Thus there has been an increase of 178 per cent in this period,” he said.
The BRS leader said that the BJP government was increasing the price by Rs 100 after every election. He pointed out that this time too the price has been increased soon after voting was over in Meghalaya, Tripura and Nagaland. He predicted the price will go up further after the Karnataka elections.
He urged people to question the BJP leaders about the price rise when they come to their areas for street corner meetings.
Minister for animal husbandry led the protest at Gandhi statue in Secunderabad in the state capital. As a mark of protest, BRS workers cooked the food on firewood.
The ruling party also organised a huge protest on Tank Bund. MLA D. Nagender led the protest.
Large number of women participated in the protest through cooking in Karimnagar. Participants in the protest led by civil supplies minister Gangula Kamalar raised the slogan aBJP hatao desh bachao’. Excise minister Srinivas Goud led the dharna in Mahabubnagar.
In Warangal, Government Chief Whip Vinay Bhaskar led the protest. Bhaskar termed the hike in gas price as a gift to women on the eve of international women’s day. “At a time when women are preparing for the celebrations, the central government has betrayed them by increasing the price,” he said.
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#BRS #stages #protests #Telangana #LPG #price #hike
( With inputs from www.siasat.com )

March 2, 2023
After hike, LPG cylinder price in Hyderabad highest among metros

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Hyderabad: The domestic LPG cylinder price in Hyderabad is the highest among metros in India. After the recent hike in gas rates, it jumped by Rs 50 per cylinder.
On Wednesday, the prices of domestic cooking gas and commercial cylinders have been hiked by Rs 50 and Rs 350.5 per cylinder respectively.
With this hike, the retail price of a domestic LPG gas cylinder in Hyderabad now becomes Rs 1155, while the price for a commercial cylinder is Rs 2325. The second highest is in Kolkata i.e., Rs 1129 per cylinder.
The domestic LPG cylinder prices in metro cities are as follow:
Cities LPG cylinder price (In rupees)
Hyderabad 1155
Kolkata 1129
Chennai 1118.5
Bengaluru 1105.5
Delhi 1103
Why is LPG cylinder price in Hyderabad highest among metros?
The hike in gas prices declared by the central government is the same for entire India. However, the LPG cylinder prices varies based on the states and cities.
Due to local taxes, Hyderabad residents have to pay the highest LPG cylinder price among all metros in India.
In Telangana, the highest rate of gas is in the Nirmal district. The price of a domestic LPG cylinder in the district is Rs 1180 whereas, in Nizamabad, its rate is Rs 1178.50.
UPA gave over Rs 2 lakh cr subsidy in 10 years: Congress
Criticizing the move to hike LPG cylinder price in Hyderabad and other parts of the country, Congress on Tuesday said that the UPA gave Rs 2,14,474 crore subsidy in 10 years to keep the prices of domestic gas under check.

Addressing a press conference here, Congress spokesperson Gaurav Vallabh said, “This was the reason that domestic LPG cylinder price did not cross Rs 500. You will be surprised to know that the same subsidy in the last nine years of the Modi government stood at Rs 36,598 crore.”
The party said that the government is not giving any subsidy, but imposing GST instead. For domestic LPG cylinder, the government has imposed 5 percent GST, while for commercial cylinder, the GST rate is 18 percent.
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#hike #LPG #cylinder #price #Hyderabad #highest #among #metros
( With inputs from www.siasat.com )

March 2, 2023
DA/DR Hike: Central employees will get gift before Holi? 4% hike

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7th Pay Commission Update: In September 2021, the central government had increased the dearness allowance of central employees from 34 percent to 38 percent by 4 percent. Now once again it is expected to increase by four percent.
The festival of Holi is about to come and on this festival of colors, the central employees can have a bat. In fact, it is expected that the central government can give a big gift to the employees and pensioners by increasing the dearness allowance. Employees organizations are expecting 4% DA/DR Hike. If this happens, then their dearness allowance will increase from 38 percent to 42 percent and there will be a bumper increase in the salary of central employees.

Lakhs of employees-pensioners will be benefited
If the government decides to increase the dearness allowance before Holi, then it will benefit about 48 lakh central employees and 63 lakh pensioners.
However, no announcement has been made by the government regarding DA Hike yet. But according to media reports, the Center can give gifts to its employees and pensioners before Holi.
Please tell here that there has been a rule to increase DA / DR by the Central Government from the beginning of January to the end of July every year. However, there has been a delay in the last few years.
This will be the calculation after the DA increase

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. Now once again it is expected to increase by four percent. If we look at the salary, then if the basic pay of a central employee is Rs 1,8000, then at the rate of 38 per cent, dearness allowance of Rs 6,840 is made.
On the other hand, if this DA becomes 42 percent, then the DA of the employee will increase to Rs 7,560.
If we look at the maximum basic pay, then the dearness allowance on the basis of Rs 56,000 becomes Rs 21,280. Now if it is seen according to the increase of four percent, then it will jump to Rs.23,520.
According to this, employees with minimum basic salary will get a benefit of Rs 720 every month and Rs 8,640 annually. On the other hand, the salary of employees with maximum basic salary will see an increase of Rs 2,240 every month, which will be Rs 26,880 annually.
That’s why the expectation increased among the employees
according to media reports, the CPI-IW for December 2022 released to the employee organizations in the month of January was 132.3. According to this, an increase of more than four per cent is expected in the dearness allowance.
Such expectation of increase in DA/DR has also intensified because the Narendra Modi government at the center can announce gifts for the central employees before the Lok Sabha elections to be held in the year 2024.
Although, this update is according to the news released in the media, but the final decision on this has to be taken by the government.
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#DADR #Hike #Central #employees #gift #Holi #hike
( With inputs from : kashmirpublication.in )

February 11, 2023
Sensex rebounds 377 pts, Nifty closes above 17,850 as RBI slows down rate hike

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Mumbai: Benchmark Sensex rebounded 377 points while Nifty closed above the 17,850 level on buying in IT, financial and oil stocks after the RBI slowed down the pace of interest rate hikes on Wednesday.
Ending its two-day slide, the 30-share BSE Sensex rose by 377.75 points or 0.63 per cent to close at 60,663.79 with 24 of its constituents posting gains.
The broader Nifty of the NSE spurted by 150.20 points or 0.85 per cent to settle at 17,871.70, riding on a rally in Adani Enterprises, Adani Ports and HDFC Life. The index opened higher and gained further to test the crucial hurdle at 17,900 in the day. Buying in index majors Reliance Industries, Infosys and TCS played a key role in the rebound.
Vinod Nair, Head of Research at Geojit Financial Services said, “Bulls took charge of the markets as the RBI’s MPC meeting delivered a smaller rate hike in line with market expectations. The RBI has taken a more optimistic view on domestic growth by increasing the GDP forecast while cautiously keeping CPI inflation at 5.3 per cent for FY24”.
US Federal Reserve chair Jerome Powell signalling that a strong jobs report would not by itself sway its stance on interest rate hikes also eased concerns over a sharp increase in interest rates.
Among Sensex stocks, Bajaj Finance rose the most by 3.14 per cent. Ultratech Cement, Reliance Industries, Infosys, Wipro, HCL Tech, TCS, Bajaj Finserve, Tata Motors, Tech Mahindra, Titan and Maruti were among the major gainers.
L&T declined the most by 1.62 per cent, followed by Bharti Airtel, Axis Bank, Kotak Bank and Hindustan Unilever.
Shares of most of Adani group companies, hit by allegations of stock manipulation and accounting fraud by a US short seller, rallied after rating agencies allayed fears over debt taken by the group entities.

Adani Enterprises rallied for a second day, closing sharply higher by 19.76 per cent after hitting the upper circuit limit.
Adani Ports & SEZ also rose for the second day gaining 8.34 per cent. Adani Transmission rebounded by 5 per cent, Adani Wilmar by 4.99 per cent, and Adani Power by 4.99 per cent. However, Adani Green and Adani Total Gas closed lower by over 4 per cent.
Meanwhile, the Reserve Bank of India slowed the pace of interest-rate increases for the second straight time when it on Wednesday expectedly increased borrowing costs by 25 basis points.
The RBI also projected retail inflation to ease to 5.3 per cent in the next fiscal from 6.5 per cent this year on assumptions of lower imported inflation. It also upped its GDP growth estimate to 7 per cent from 6.8 per cent for FY23 and pegged the growth at 6.4 per cent for the next fiscal.
Industry experts said that the 25 basis points hike in key policy rate was in line with expectations, and hopefully is the last in the current cycle of the rate increase, which started in May 2022 in view of rising inflation.
Madan Sabnavis, Chief Economist, Bank of Baroda, said the major takeaway is that there will be a prolonged pause for sure before any further action is taken by the RBI and will be data-driven.
Ajit Mishra, VP – Technical Research, Religare Broking Ltd said, “Markets resumed recovery after two days of subdued move and gained nearly a per cent, supported by upbeat global cues”.
In the broader market, BSE Midcap spurted by 245 points or 1 per cent while the Smallcap advanced 0.76 per cent or 212.88 points.
Among sectoral indices, BSE Commodities rose by 2.28 per cent, BSE IT by 1.51 per cent, BSE Healthcare by 1.2 per cent, BSE Metal by 1.04 per cent, and BSE Teck by 1.09 per cent. Among losers, Telecom declined by 0.43 per cent and Capital Goods by 0.33 per cent.
Shares were mixed in Asia on Wednesday after US stocks rallied following comments by the Federal Reserve chair.
Hong Kong, Sydney and Seoul rose while Tokyo and Shanghai declined. US futures edged lower while oil prices were little changed.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,559.96 crore, according to exchange data.
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#Sensex #rebounds #pts #Nifty #closes #RBI #slows #rate #hike
( With inputs from www.siasat.com )

February 8, 2023
No proposal to hike OBC non-creamy layer income ceiling: Centre

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New Delhi: The existing annual income ceiling of Rs 8 lakh is “sufficient” to determine the OBC non-creamy layer status of community members, the Centre told Lok Sabha on Tuesday, clarifying that there is no proposal to increase the cap.
The annual income limit to determine the non-creamy layer status for Other Backward Classes (OBC) has so far been revised four times, Union Minister for Social Justice and Empowerment Virendra Kumar said in a written reply in the Lower House.
Congress member Dean Kuriakose had sought to know if there was any proposal to increase the OBC non-creamy layer annual income limit from the current Rs 8 lakh to Rs 12 lakh before completion of the next financial year.
“There is no proposal for revision of the OBC non-creamy layer limit since the existing income limit is considered sufficient,” the minister said in his reply.
The Department of Social Justice and Empowerment has also not “officially” sought any recommendation from the National Commission for Backward Classes for revision of the existing OBC creamy layer criteria, the minister clarified.
“The income criteria for determining OBC non-creamy layer status of the candidates was fixed as Rs 1 lakh per annum at the time of introduction of the OBC reservation scheme on September 8, 1993,” he said.
This income limit has since been revised four times so far, he added.
The Centre revised the annual income limit for the OBC non-creamy layer from Rs 6 lakh to Rs 8 lakh in September 2017.

Over the past two years, various sections of the media reported that the Centre was mulling an increase in the annual income ceiling for the category from Rs 8 lakh to 12 lakh.
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#proposal #hike #OBC #noncreamy #layer #income #ceiling #Centre
( With inputs from www.siasat.com )

February 7, 2023
RBI to continue or hit the pause button on rate hike?

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Chennai: With the retail inflation down, if the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) pause on the policy rate hike or increase it by 25 basis points to 6.50 per cent will be known on February 8.
The RBI’s MPC will be meeting on February 6-8 to decide on the rates.
“Inflation has come down substantially over the last three months and showing further downward momentum. External conditions have also eased with slower rate hikes in the US. The RBI’s foreign exchange reserves have also increased over the last few months. All these developments should provide comfort to the RBI. We expect the RBI will pause the rate hiking cycle in the February meeting and will maintain the repo rate at 6.25 per cent for extended period. It might also change the policy stance to neutral,” said Pankaj Pathak, Fund Manager- Fixed Income, Quantum AMC.
According to Pathak, the bond market should react positively. “We expect bond yields to go down gradually though elevated bond supply will limit the downside of yields.”
Retail inflation for December 2022 fell to a year’s low of 5.72 per cent, mainly due to low food prices, especially those of fruits and vegetables.
This was the second consecutive month when it has remained within the RBI’s tolerance band of 2 per cent to 6 per cent.
However, economists are worried as the core inflation remains on the higher side.
The consumer price index (CPI) based inflation was at 5.88 per cent in November 2022, according to data released by the Ministry of Statistics and Programme Implementation on Thursday. In October 2022, it was at a higher band of 6.77 per cent.

Food inflation stood at 4.19 per cent in December 2022, lesser than 4.67 per cent level of November 2022, as per the official data.
Apart from fruits and vegetables, prices of oils and fats as well as meat and fish also fell in December 2022 compared to November 2022.
On the inflation numbers Rajani Sinha, Chief Economist, CARE Ratings had told IANS: “Retail inflation has eased more than expected in December, bringing the headline print below the RBI’s upper tolerance for the second straight month.”
The softening is largely attributed to the decline in prices of vegetables, which helped offset the rise in costs of other products of the food basket such as cereals, milk and meat. However, the concern is that core CPI inflation remains sticky above 6 per cent, with evidence of high inflation in the services sector. “From the policy perspective, we believe that RBI’s move at the February MPC meeting will be a close call with core CPI inflation remaining sticky,” she had added.
At the MPC meeting held during December 5-7, 2022 Prof. Jayanth R. Varma, a member voted against the resolution to hike the repo rate by 35 basis points to 6.25 per cent.
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#RBI #continue #hit #pause #button #rate #hike
( With inputs from www.siasat.com )

February 6, 2023
7th Pay Commission: Huge Salary Hike! Centre To Increase DA For Over One Crore Govt Employees And Pensioners – Check Here – Kashmir News

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7th Pay Commission: Huge Salary Hike! Centre To Increase DA For Over One Crore Govt Employees And Pensioners – Check Here – Kashmir News
Budget 2023 Live Updates: FM Sitharaman Announces Hike On Cigarette Prices, Invoke Hilarious Memes On Social Media – Kashmir News

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Budget 2023 Live Updates: FM Sitharaman Announces Hike On Cigarette Prices, Invoke Hilarious Memes On Social Media – Kashmir News
India Inc bosses to get 9.1% pay hike, average CEO compensation now Rs 8.4 cr

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New Delhi: Amid widespread layoffs, top Indian CEOs and senior executives are set for an average 9.1 percent salary hike in 2023 and average CEO compensation has gone up 21 percent over the past four years to Rs 8.4 crore now, a study showed on Monday.
The study found that among the Bombay Stock Exchange’s (BSE) top 30 companies, long-term incentive (LTI) is provided at 176 percent of fixed pay for CEOs and at 103 percent for other c-level executives, including the chief operating officer, chief financial officer, sales leader and chief human resources officer.
The average LTI amount for CEOs for the same set of organizations is Rs 10 crore, according to the study by Aon, a leading global professional services firm that analysed data across 519 companies from more than 25 industries.
Within Pay at Risk — the sum of variable pay and long-term incentives (LTI) for total compensation — the component of LTI has increased to 40 percent of the total compensation as of now, up from 26 percent in 2015-16.
“In a rapidly evolving, volatile business environment, organizations seek to adopt executive pay programmes that drive the right behaviours, are cost effective and contribute to long-term business results,” said Nitin Sethi, CEO, Human Capital Solutions, India and South Asia at Aon.
For the Board and senior managerial positions, one in three organizations are focusing on improving diversity levels.
As part of an accelerated effort, boards are embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders, the study noted.
Compensation, and its related governance, continues to be an important issue for employers as they strive to build and maintain a resilient workforce.

“With rising shareholder activism, pay governance has become a key focus area for India Inc. As a result, organizations are updating their ‘Malus clauses’ that are additional checks before vesting of long-term executive incentives — particularly in cases of material financial restatement,” said Pritish Gandhi, director and practice leader of the Executive Compensation and Governance Practice in India at Aon.
Malus clauses allow a company to reduce or cancel a senior executive’s bonus or share award before it has been paid out.
“At the same time, clawback clauses which allow organisations to retrieve past pay-outs under exigent circumstances of fraud and misconduct are also being applied for a duration of three to five years, as organisations design their 2023 executive compensation programmes,” Gandhi elaborated.
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#India #bosses #pay #hike #average #CEO #compensation
( With inputs from www.siasat.com )

January 30, 2023