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Cabinet approves near doubling of Rajasthan oil refinery cost to Rs 79,459 cr

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Cabinet approves near doubling of Rajasthan oil refinery cost to Rs 79,459 cr

New Delhi, Apr 08: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a sharp increase in the cost of the Rajasthan oil refinery project to Rs 79,459 crore, alongside additional equity support from Hindustan Petroleum Corporation Ltd (HPCL), as the government pushes to expand domestic refining and petrochemical capacity.

The revised project cost of HPCL Rajasthan Refinery Ltd (HRRL) marks a significant jump from the earlier estimate of Rs 43,129 crore, according to an official statement.

HPCL will invest an additional Rs 8,962 crore, taking its total equity contribution to about Rs 19,600 crore in the project.

“The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved the revision of HRRL project cost,” it said.

The refinery-cum-petrochemical complex, located in Rajasthan’s Balotra district, is designed as a 9 million tonnes per annum facility with a strong petrochemical focus, reflecting India’s strategy to boost value-added output and reduce import dependence.

Prime Minister Modi will inaugurate the refinery on April 21. The project is scheduled to begin commercial operations from July 1, 2026.

Once operational, the complex will produce fuels, including petrol and diesel, along with petrochemicals such as polypropylene, polyethylene variants and key industrial chemicals like benzene and butadiene.

These products are widely used across sectors ranging from transportation and packaging to pharmaceuticals and construction.

The project is expected to play a key role in improving India’s energy security by processing domestically produced crude, including supplies from the Mangala fields in Rajasthan, while helping cut reliance on imported petrochemicals.

It also aligns with New Delhi’s broader push to position the country as a regional refining and manufacturing hub.

HRRL is a joint venture between HPCL, which holds a 74 per cent stake, and the Government of Rajasthan with the remaining 26 per cent.

The development has already generated significant employment during construction, with about 25,000 workers engaged across various project activities.

The cost escalation reflects rising input prices and the addition of complex petrochemical units, underscoring the capital-intensive nature of next-generation refining projects as India seeks to meet growing energy and materials demand.

Greater Kashmir

Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter

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Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter

New Delhi, Apr 08: Silver prices surged Rs 11,000 to Rs 2.51 lakh per kilogram in the national capital on Wednesday, while gold advanced to Rs 1.56 lakh per 10 grams amid strong global cues after the US and Iran agreed to a two-week ceasefire.

According to the All India Sarafa Association, the white metal zoomed by Rs 11,000, or nearly 5 per cent, to Rs 2,51,000 per kg (inclusive of all taxes) from Tuesday’s closing level of Rs 2,40,000 per kg.

Gold of 99.9 per cent purity also appreciated by Rs 3,200, or 2.09 per cent, to Rs 1,56,400 per 10 grams (inclusive of all taxes). It settled at Rs 1,53,200 per 10 grams in the previous market session.

Analysts said bullion prices strengthened as geopolitical tensions in West Asia eased, triggering a broader relief rally across global financial markets.

Gold maintained strong gains and approached a three-week high on Wednesday as improved global risk sentiment, along with a pullback in US dollar and crude oil prices, boosted demand for precious metals, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

The positive momentum came after an agreement reached just before a self-imposed deadline by US President Donald Trump, who confirmed a pause in military action, conditional on the reopening of the Strait of Hormuz.

Iran also signalled that safe passage through the Strait would be possible during the ceasefire period, further easing supply concerns.

In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.

“Spot gold in the international markets surged on Wednesday after the announcement of a temporary ceasefire in the Iran war,” Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.

He added that commodities, bonds and equities rallied after crude oil prices crashed nearly 20 per cent on the ceasefire announcement, as a decline in energy rates will reduce interest rate hike chances by global central banks, including the US Federal Reserve.

Echoing similar sentiments, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said precious metal prices rose up to 7 per cent as the dollar slipped below 99 on US-Iran ceasefire relief, temporarily easing fears of prolonged energy supply shocks and the associated inflationary fallout.

The rally in bullion ran alongside a broader relief rally in global markets. Throughout the conflict, gold’s traditional safe-haven appeal has been tempered by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, she added.

“With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals,” Chainwala said.

Greater Kashmir

Special trains to chug between Banihal and Katra amid disruptions on NH-44

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Special trains to chug between Banihal and Katra amid disruptions on NH-44

Banihal, April 08: In view of inclement weather and the closure of the Jammu–Srinagar National Highway (NH-44), the Jammu Railway Division has announced special train services between Banihal and Katra to assist stranded passengers.

Northern railway officials told Greater Kashmir that a special train will depart from Banihal at 2:00 PM, while another will run from Katra to Banihal at 10:10 AM on April 9 and 10 to manage the heavy passenger rush caused by the road blockade.

They said the trains will have limited stoppages at Reasi and Sangaldan stations only.

Passengers have been advised to book tickets online in advance. The train numbers are 04689 (Katra to Banihal) and 04690 (Banihal to Katra).

Authorities have urged commuters to prefer rail travel and avoid unnecessary movement on the highway in view of the prevailing situation.

Greater Kashmir

Israel strikes central Beirut without warning after saying Iran ceasefire doesn’t apply there

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Israel strikes central Beirut without warning after saying Iran ceasefire doesn’t apply there

Beirut, Apr 08: Israeli strikes hit several dense commercial and residential areas in central Beirut Wednesday afternoon without warning, hours after a ceasefire was announced in the US-Israeli war with Iran.

Israel has said the agreement does not extend to its war with the Iran-backed militant group Hezbollah in Lebanon, although mediator Pakistan said it does.

Israel’s military called it the largest coordinated strike in the current war, striking more than 100 Hezbollah targets within 10 minutes in Beirut, southern Lebanon and the eastern Bekaa valley.

Black smoke towered over several parts of the seaside capital. Booms interrupted the honking of traffic on what had been a blue-sky afternoon. Ambulances raced toward open flames. At least one apartment building was struck. Emergency responders searched charred vehicles.

It was not immediately clear how many people were killed or wounded, but several strikes were in busy commercial locations, causing panic in the streets.

Israel’s military said it had targeted missile launchers, command centres and intelligence infrastructure and accused Hezbollah of using civilians as human shields.

“The State of Lebanon and its civilians must refuse Hezbollah’s entrenchment in civilian areas and its weapons build-up capabilities,” the military said in a statement.

Israel has rarely struck central Beirut since the outbreak of the latest Israel-Hezbollah war on March 2 but has regularly struck southern and eastern Lebanon and Beirut’s southern suburbs.

Before the wave of new strikes, a Hezbollah official told The Associated Press that the group was giving a chance for mediators to secure a ceasefire in Lebanon, but “we have not announced our adherence to the ceasefire since the Israelis are not adhering to it.” He spoke on condition of anonymity because he was not authorised to comment publicly.

The Hezbollah official said the group will not accept a return to the pre-March 2 status quo, when Israel carried out near-daily strikes in Lebanon despite a ceasefire being nominally in place since the last full-blown Israel-Hezbollah war ended in November 2024.

“We will not accept for the Israelis to continue behaving as they did before this war with regards to attacks,” he said. “We do not want this phase to continue.”

Hezbollah had fired missiles across the border days after the US and Israel attacked Iran, sparking a regional war. Israel responded with widespread bombardment of Lebanon and a ground invasion.

Israeli airstrikes have killed more than 1,530 people in Lebanon, including more than 100 women and 130 children. The Israeli military has said it has killed hundreds of Hezbollah fighters. More than one million people have been displaced in Lebanon.

Early Wednesday, after the ceasefire in Iran was announced, many displaced people sleeping in tents on the streets of Beirut and the coastal city of Sidon began packing their belongings in preparation to return to their homes.

That was before Israeli Prime Minister Benjamin Netanyahu vowed the military would press on in Lebanon.

At a sprawling displacement camp on Beirut’s waterfront, families whiplashed by the conflicting statements expressed confusion and despair.

“We can’t take this anymore, sleeping in a tent, not showering, the uncertainty,” said Fadi Zaydan, 35. He and his parents had prepared to head back to the southern city of Nabatieh before Netanyahu’s comments stopped them in their tracks.

“But we’ll be targeted if we go home,” Zaydan said. His family decided to wait things out for now in Sidon, a bit closer to home.

Greater Kashmir

MoS Dr Jitendra Singh pushes for timely execution of development projects

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MoS Dr Jitendra Singh pushes for timely execution of development projects

Doda, Apr 08: The District Development Coordination and Monitoring Committee (DISHA) meeting of District Kishtwar was held today under the chairmanship of Dr. Jitendra Singh, Union Minister of State (Independent Charge) for the Ministry for Science & Technology and Minister of State in the Prime Minister’s Office.

The meeting involved a comprehensive review of all the ongoing projects and public welfare measures being implemented in the district.

The Union MoS emphasized improved inter-departmental coordination, strict monitoring and timely execution to ensure effective grassroots delivery. He had a detailed discussion on various vital issues including development of airstrip facilities to boost regional connectivity and tourism and road works. He directed the officials to ensure adherence to quality parameters and project completion timelines under schemes like PMGSY.

He also reviewed construction of cremation sheds, rehabilitation of Kandani inhabitants affected by power projects and promotion of local produce such as kala zeera and saffron through better market linkages and branding.

Dr. Jitendra Singh stressed the youth engagement through Sansad Khel initiatives so that their energy is channelized in a right direction.

He directed the Power Development Department to ensure transparent and consumer-friendly smart metering. He further called for wider awareness of government schemes and prompt grievance redress to achieve inclusive development.

The meeting was attended by Member of Parliament (Rajya Sabha) Sajad Ahmed Kitchloo, MLA Kishtwar Shagun Parihar, nominated members of the DISHA Committee besides other district officers, who deliberated on key points related to previous Action Taken Reports (ATRs) and other developmental issues.

Dr. Jitendra Singh issued prompt directions to the senior district officers and officials from concerned departments to ensure timely resolution of all matters raised during the meeting.

Earlier, Deputy Commissioner, Kishtwar, Pankaj Kumar Sharma, presented a detailed overview of the district’s developmental profile and social sector priorities. He highlighted the progress under various centrally sponsored and UT schemes, the status of key ongoing projects and sector-wise performance across health, education, rural development, agriculture and social welfare besides elaborating the actionable strategies to strengthen the service delivery and public outreach.

Greater Kashmir

CAG flags delay in finalisation of accounts of various PSUs, autonomous bodies in J&K

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CAG flags delay in finalisation of accounts of various PSUs, autonomous bodies in J&K

Jammu, Apr 08: The Comptroller and Auditor General (CAG) has flagged a massive backlog in the finalisation of accounts of Public Sector Undertakings (PSUs) and autonomous bodies in Jammu and Kashmir, with large number of accounts remaining in arrears as on March 31, 2024.

The CAG urged the UT government to ensure strict adherence to timelines for preparation and submission of accounts to strengthen financial discipline, transparency and governance.

The audit panel warned that the persistent backlog undermines transparency and legislative oversight, and recommended that the government ensure companies, corporations and autonomous bodies submit their annual accounts within a stipulated timeframe.

The CAG report on Union Territory (UT) finances for the year ended March 31, 2024, said, “Accounts in respect of only four companies were audited up to 2022-23. In respect of 35 companies and corporations, audit of 139 accounts was in arrears for periods ranging from one to twelve years.”

According to the report, eight autonomous bodies have together failed to submit 40 annual accounts, with delays ranging from three to 14 years.

The CAG stressed that delays in finalisation of accounts keep the results of government investments outside legislative scrutiny, hampering timely corrective measures and weakening accountability.

The report highlighted that several key entities have accumulated significant arrears.

Jammu and Kashmir Overseas Employment Corporation Ltd tops the list with 12 pending accounts since 2010-11, followed by Jammu and Kashmir Minerals Limited and two inactive companies — Jammu and Kashmir International Trade Centre Corporation Ltd and Jammu and Kashmir Road Development Corporation Ltd — each with nine years of arrears.

Jammu and Kashmir Cable Car Corporation Ltd has eight pending accounts since 2014-15, while Jammu and Kashmir Medical Supplies Corporation Ltd has seven accounts pending since 2015-16, it added.

Jammu and Kashmir Police Housing Corporation Ltd has six years of arrears, and Jammu and Kashmir Asset Reconstruction Ltd also has six accounts pending since 2017-18.

Among other major defaulters, Jammu and Kashmir Power Development Corporation Ltd has five accounts pending since 2017-18, while the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has five pending accounts with no accounts submitted since 2018-19, it said.

Several infrastructure and transport-related entities also reported delays.

Jammu and Srinagar Mass Rapid Transit Corporations have four accounts pending each since 2019-20, while Jammu and Kashmir Power Transmission Corporation Ltd, Jammu and Kashmir Power Corporation Ltd and Srinagar Smart City Ltd have four pending accounts each.

Jammu Smart City Ltd has three accounts pending, while Jammu and Kashmir Forest Development Corporation Ltd has three pending accounts.

The report further noted that multiple corporations, including Jammu and Kashmir Projects Construction Corporation Ltd and Jammu and Kashmir Handicrafts (Sales and Export) Development Corporation Ltd, have four pending accounts each.

Among eight autonomous bodies, the CAG said that the Compensatory Afforestation Management and Planning Authority (CAMPA) accounts for the highest pendency with 14 accounts pending from 2009-10 to 2022-23.

Similarly, Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST), Srinagar and Jammu have three pending accounts each for the period 2020-21 to 2022-23. Jammu and Kashmir Employees Provident Fund Organisation (EPFO) has not submitted four accounts from 2015-16 to 2018-19, it added.

Other bodies with arrears include Jammu and Kashmir Housing Board (four accounts), Khadi and Village Industries Board (three), Building and Other Construction Workers Welfare Board (four), and State Legal Services Authority (five), it added.

Similarly, accounts of the Food, Civil Supplies and Consumer Affairs departments in Kashmir and Jammu have remained pending for decades, with some periods dating back to the 1970s, it said.

Greater Kashmir

Must convert Iran-US ceasefire into credible, structured peace process: J-K Congress

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Must convert Iran-US ceasefire into credible, structured peace process: J-K Congress

Srinagar, Apr 08: Jammu and Kashmir Congress on Wednesday welcomed the ceasefire between the United States and Iran, saying the pause must be converted into a credible and structured peace process.

“I welcome the ceasefire between Iran and the US as a prudent and timely step towards restoring stability in an increasingly fragile global environment,” Jammu and Kashmir Pradesh Congress Committee (JKPCC) president Tariq Hameed Karra said in a statement here.

He said the ceasefire reflects a growing global realisation that sustainable peace cannot emerge from prolonged escalation, but from balanced engagement that respects sovereignty, acknowledges legitimate concerns, and preserves dignity.

“I strongly emphasise that the international community must now convert this pause into a credible and structured peace process, where dialogue replaces distrust, and stability is pursued without compromising fundamental principles,” he said.

Karra said the 40-day course of this confrontation carries a striking historical parallel to the Battle of Khaybar, referring to the early war between Muslims of Medina and the Jews in 628 AD.

“The Battle of Khaybar also took 40 days, symbolising endurance, strategic patience, and clarity of purpose in the face of sustained pressure. Such moments remind us that lasting influence is shaped not merely by force, but by the ability to remain composed while firmly holding one’s ground. The message from these 40 days is unmistakable: restraint, backed by resolve, ultimately shapes the pathway to peace,” he said.

Greater Kashmir

Celebrations across Kashmir after US-Iran ceasefire announcement

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Celebrations across Kashmir after US-Iran ceasefire announcement

Srinagar, Apr 08: Celebrations erupted in various places across Kashmir after the US-Iran ceasefire announcement, with people calling it a “victory” for the Islamic Republic.

Hundreds of people, especially in the Shia-dominated areas of the valley, gathered on roads to celebrate the ceasefire.

The celebrations erupted in Saidakadal and Zadibal areas of the city here, as well as in Budgam, Baramulla, Ganderbal, Pulwama and Bandipora districts of the valley.

Waving Iranian flags, the people expressed joy over the ceasefire announcement and burst crackers to celebrate. They also distributed Kashmiri kehwa as part of the celebrations.

The people called the ceasefire a “victory” of Iran over the US and Israel.

“This ceasefire is a victory for Iran. They brought the US and Israel to their knees. Today, we are celebrating this victory,” a member of the Shia community in Budgam said.

Earlier, large-scale fundraisers were held in Kashmir in solidarity with Iran. People of the valley donated money and other valuables to help the people of Iran.

Kashmir and Iran share deep-rooted cultural, linguistic, and religious ties, with Kashmir often called ‘Iran-e-Sagheer’ (little Iran).

Greater Kashmir

Arab economies set to lose 200 billion dollars due to Iran War

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Arab economies set to lose 200 billion dollars due to Iran War

New Delhi, Apr 08: The US and Israeli war against Iran could wipe out nearly $200 billion worth of economic growth across the Middle East, says a new United Nations study.

The Military escalation in the Middle East  is likely to cost economies of the region from 3.7 to 6 percent of their collective Gross Domestic Product(GDP),a staggering loss of 194 billion dollars.

This would be coupled with an estimated rise in unemployment  and a loss of over 3.6 million jobs. These reversals will push around four  million people into poverty, as per the study.

This is in addition to  600 million dollar per day losses incurred by various Arab airlines and tourism related businesses. Arab airlines lost millions  due to cancellations of flights, closed airspace and reduced visitors’ confidence. Major  hubs like Dubai, Riyadh and Doha  experienced  flight disruptions, with hotel occupancy impacted, leading to huge revenue loss.

The UN Agency agency studied a number of different scenarios to determine how the conflict, which began on Feb. 28, might affect countries in the region. The study indicated that the damage could be profound. “A short-lived military escalation in the Middle East could generate profound and widespread socio-economic impacts across the Arab States region.”

The overall loss could result in the regional unemployment rate rising by as much as four percentage points, costing some 3.6 million jobs and pushing as many as four million people into poverty, the study says.

“This crisis rings alarm bells for countries of the region,” Abdullah Al Dardari, the UN Assistant Secretary General of  the UNDP Arab said in a statement.

The hardest-hit regions would be concentrated in Gulf Cooperation Council countries and in the Levant, with each region set to lose more than 5.2% of their GDP. The likes of Qatar, Kuwait, Saudi Arabia and the United Arab Emirates are suffering from the effective closure of the Strait of Hormuz, which is preventing them from exporting much of their oil and natural gas.

Qatar and Kuwait could each see their GDP contract by 14% this year should the conflict continue through to the end of April, Goldman Sachs Group Inc. estimates.

That’d be the worst economic slump for those two countries since the early 1990s, when Iraq’s invasion of Kuwait triggered the Gulf War.

Saudi Arabia and the UAE would fare better given their ability to re-route some oil flows away from the Hormuz waterway. But they would still likely see GDP drop by about 3% and 5%, respectively, in what would be the biggest economic hit since the Covid-19 pandemic in 2020.

The conflict, now in its second month, has already sent global energy prices soaring, unnerving the global economy.  The closure of the Strait of Hormuz was raising food and fertilizer prices in a way that could hit poorer countries particularly hard.

Meanwhile, a separate analysis  from UNDP  found the war will trigger a sharp economic contraction in Iran, slashing GDP by as much as 10.4% and potentially pushing more than 3.5 million people into poverty. The report said airstrikes on Iran have “damaged homes, schools, health facilities, and essential services.”

Greater Kashmir

Two J-K govt employees terminated over alleged terror links

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Two J-K govt employees terminated over alleged terror links

Srinagar, Apr 08: Two government employees have been terminated over their alleged terror links, source said.

The two employees were identified as Farhat Ali Khanday and Muhammad Shafi Dar.
Officials said Farhat Ali Khanday, a Class-IV employee in the Education Department in Ramban, was found to be operating as a key facilitator for Hizb-ul-Mujahideen.

Mohammad Shafi Dar from Bandipora, employed in the Rural Development Department, was identified as an active terror associate of LeT, they added.

Officials said that terminations were ordered by the Lieutenant Governor, Jammu and Kashmir.

Greater Kashmir

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