(This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
Finmin pegs FY23 growth at 7%
Indian economy is expected to grow at 7% in FY23
despite global headwinds while retail inflation
would moderate in line with wholesale inflation
which fell to a 25-month low in January, the
Finance Ministry said on Monday. Supported by
the gains from high services exports, the
moderation in oil prices, and the recent fall in
import-intensive consumption demand, India's
current account deficit is estimated to fall in FY23
and FY24, providing a buffer to the rupee in
uncertain times, Monthly Economic Review by the
ministry said. This will provide a much-needed
cushion to India's external sector at a time when
the Fed is likely to raise rates further and ensure
that India's external finances are not a major
cause of concern, it said. The jump in net service
exports over the previous year is a critical
development as India increases its market share
in both IT and non-IT services, whose demand has
been triggered by the pandemic, it said, adding,
imports are also less costly now with the easing of
global commodity prices.
The Economic Times - 21.03.2023
https://epaper.timesgroup.com/article-
share?article=21_03_2023_004_030_etkc_ET
RBI optimistic on growth, sees no big
hit from global turmoil
The Indian economy emerged from the
pandemic stronger than expected and has
gained momentum since the second quarter of
the current fiscal, and regardless of the odds
will likely maintain its growth trajectory, the
central bank said in its monthly state-of-the-
economy report. “Unlike the global economy,
India would not slow down – it would maintain
the pace of expansion achieved in 2022-23. We
remain optimistic about India, whatever the
odds,” the report said. The Reserve Bank of
India's (RBI) economic research wing, headed
by deputy governor Michael Debabrata Patra,
argued that the sequential slowing down in
successive quarters of 2022-23 is due to base
effect. As for the data, India’s gross domestic
product (GDP) for the October-December
quarter moderated to a three-quarter low of
4.4%, according to data released by the
ministry of statistics earlier in the month. Citing
February-end data from the National Statistical
Office, RBI researchers however said that the
recovery from the pandemic was stronger than
earlier believed, led by private consumption and
supported by a rebound in government
consumption during 2021-22.
The Economic Times - 22.03.2023
https://epaper.timesgroup.com/article-
share?article=22_03_2023_005_008_etkc_ET
India to spend 1.7% of GDP on transport
upgrade to set stage for $5 tn economy
India will spend a whopping 1.7 per cent of its GDP
on transport infrastructure this year -- around
twice the level in America and most European
countries -- a feat that has been noticed even by
The Economist which called it 'eye-watering'
upgrade that will set stage to achieve a $5 trillion
economy. Prime Minister Narendra Modi's
government has hiked capital outlay on
infrastructure to $122 billion for the fiscal year
starting April as it looks to provide a strong
impetus to job creation and boost economic
activity amid a global slowdown. According to
official data, the Modi government has allocated
Rs 2.4 lakh crore for railways capital expenditure,
Bidding for 6-7 MMLPs, 14-15 critical
infra gap projects on target for FY24
India is planning to bid out 6-7 multi-modal
logistics parks or MMLPs in the next financial
year (2023-24), eyeing a significant upgrade of
its logistics infrastructure. Another 14-15
critical infrastructure gap connectivity projects
for road-based port connectivity are slated for
development in the coming year. According to
senior road, transport and highways ministry
officials, 6-7 MMLPs will be bid out next fiscal
with each entailing private investment upwards
of ₹700-1,000 crore. “Roughly 200 km of critical
infrastructure gap projects for port connectivity
via road are going to be executed in the fiscal
2023-24,” a senior government official told ET,
WEEKLY MEDIA UPDATE
Issue 595
27 March 2023
Monday

nine times higher than the amount in the financial
year 2013-14. The funds will mostly be spent on
building tracks, new coaches, electrification, and
developing facilities at stations. Allocation for
roads has jumped 36 per cent to Rs 2.7 lakh crore
for 2023-24. There is also the focus on reviving 50
additional airports, heliports, water aerodromes
and advance landing grounds for improving
regional air connectivity.
Millennium Post - 22.03.2023
https://www.millenniumpost.in/business/india-
to-spend-17-of-gdp-on-transport-upgrade-to-set-
stage-for-5-tn-economy-512457
adding that these are being implemented under
the larger vision of lowering India’s logistic
costs. According to the National Logistics Policy
launched in September 2022, India aims to
reduce the logistics from 13-14% of the
country’s gross domestic product (GDP) to a
single-digit. This is being done through
improved road and rail connectivity as well as
setting up of multi-modal hubs to enable
seamless movement of goods and commuters
across modes of transport.
The Economic Times - 27.03.2023
https://epaper.timesgroup.com/article-
share?article=27_03_2023_004_007_etkc_ET
EPFO sees 2.6% decline in Jan employee
additions
The Employees’ Provident Fund Organisation
(EPFO) witnessed a marginal dip of 2. 6% in year-
on-year addition of net employees in January at
1.48 million against 1.52 million added in January
last year. Month-on-month comparison of the
addition of formal workforce, however, shows an
increase of 15.6% with December net employee
addition at 1.28 million. According to the
provisional payroll data released by the labour
ministry on Monday, out of 1.48 million
subscribers added to EPFO during the month,
around 0.77 million new members have come
under the ambit of EPFO for the first time. Further,
only 0.34 million members exited from the
retirement fund body coverage in January, which
is the lowest exit in the last four months while
approximately 1.06 million members re-joined
EPFO membership. “These members switched
their jobs and re-joined the establishments
covered under EPFO and opted to transfer their
accumulations instead of applying for final
settlement thus extending their social security
protection,” it said.
The Economic Times - 21.03.2023
https://epaper.timesgroup.com/article-
share?article=21_03_2023_004_027_etkc_ET
EPFO stops pension payouts to section
of pensioners
Even as the Employees’ Provident Fund
Organisation is implementing a higher pension
option for its members, it has stopped making
monthly pension payments to a section of its
existing pensioners and served them with show
cause notices that includes a demand to recover
past “excess pension payments”. These
pensioners say the EPFO has stopped their
pension from January 2023 without any notice
and many are now looking at legal options to
reinstate their pensions. Pensioners’ rights
activist Parveen Kohli said he had exercised the
joint option under Para 26(6) of the EPF
Scheme, 1952 for higher pension during his
service, which was also approved by the
retirement fund manager and he had also
deposited the differential amount at the rate of
8.33% on his actual salary from November 16,
1995 till his retirement for the higher pension.
The Financial Express - 27.03.2023
https://www.financialexpress.com/money/epfo
-stops-pension-payouts-to-section-of-
pensioners/3022692/
Finance secretary-led panel to review
new pension scheme, says Nirmala
Sitharaman
Finance minister Nirmala Sitharaman on Friday
announced the establishment of a committee to
review the New Pension System amid demands
from a section of employees and the decision by
some opposition-governed states to revert to the
old pension scheme, which offers 50% of the last
pay drawn by government employees as pension.
The panel, headed by finance secretary TV
Somanathan, will “evolve an approach which
addresses needs of employees while maintaining
fiscal prudence to protect common citizens,” the
Cabinet hikes dearness allowance (DA)
by 4% for central government
employees, pensioners
The Union Cabinet on Friday decided to increase
the Dearness Allowance by four per cent to 42
per cent for central government employees and
pensioners, said I&B minister Anurag Thakur in
a press conference. "The Union Cabinet chaired
by the Prime Minister, Shri Narendra Modi,
today has given its approval to release an
additional instalment of Dearness Allowance to
Central Governments employees and Dearness
Relief to Pensioners with effect from
01.01.2023. He additional instalment will

minister told the Lok Sabha as she moved 64
amendments to the Finance Bill. In less than 45
minutes, the tax amendments, including those
related to debt funds and Securities Transaction
Tax, were cleared without any discussion by the
Lower House, amid protests by opposition parties.
Faced with a rising pension liability, the Centre
had, from January 2004, opted to move to NPS for
all new recruits, with the government employees
contributing 10% of their salary towards pension
and the government making a matching
contribution.
The Times of India - 25.03.2023
http://timesofindia.indiatimes.com/articleshow/9
8979269.cms?from=mdr&utm_source=contentofi
nterest&utm_medium=text&utm_campaign=cpps
t
represent an increase of 4% over the existing
rate of 38% of the Basic Pay/Pension, to
compensate against price rise," said a
government press release. This will benefit
about 47.58 lakh Central Governments
employees and 69.76 lakh pensioners. This
increase is in accordance with the accepted
formular which is based on the
recommendations of the 7th Central Pay
Commission. To fight against rising inflation,
the central government increases the Dearness
Allowance periodically. It is usually revised
twice every year — in January and July. The
announcement of the hike in DA and the payout
is usually done in March.
The Economic Times - 25.03.2023
https://economictimes.indiatimes.com/news/e
conomy/policy/cabinet-hikes-da-by-4-to-42-
for-central-government-
employees/articleshow/98976863.cms
New KRAs added to CPSE brass’
appraisal
Top management of central public sector
enterprises and their subsidiaries will be assessed
for the performance of their companies in the
areas of capital expenditure, asset and land
monetisation, and project implementation to
determine their salary increase from 2022-23,
officials said. Implementation of revised appraisal
guidelines means that chairman and managing
director as well as other top-level officials of a
CPSE could lose their performance-related pay
(PRP) in case they are unable to meet their target
in key result areas (KRAs) including rationalisation
of subsidiaries or joint ventures, market
capitalisation improvement goals, return on
capital employed, asset turnover ratio. “This will
be the first annual appraisal with revised criteria,
linking the performance-related paywith market
capitalisation (in case of a listed entity), return on
capital, asset-turnover ratio and capex and
implementation of central government policies, for
instance land monetisation,” a senior official at the
public enterprises department told ET.
The Economic Times - 22.03.2023
https://epaper.timesgroup.com/article-
share?article=22_03_2023_007_016_etkc_ET
PSUs asked to issue LoCs based on
their fin strength
The Finance Ministry has asked central public
sector undertakings (CPSUs) to issue letters of
comfort (LoCs) on the basis of their own
financial strength so that no liability devolves on
the Government of India. The Office
Memorandum dated March 20, 2023, has been
issued following a request from some CPSUs in
the oil and power sector seeking relaxation with
regard to the issuance of LoCs. "In view of
requirements, it has been decided that CPSUs
may issue LoCs on its own financial strength
and all such LoCs shall only be issued after
specifically inserting the following clause--under
no circumstances, the liability under this Letter
of Comfort shall devolve on the Government of
India," the memorandum said. Under the
provision of the fiscal responsibility law, the
budget requires to provide details of guarantees
given by the government. It further clarified
that ministries and departments will not issue
any letters of comfort as specified under the
Office Memorandum dated March 31, 2022 on
behalf of the Government of India.
Millennium Post - 20.03.2023
https://www.millenniumpost.in/business/psus-
asked-to-issue-locs-based-on-their-fin-
strength-512324
India set to surpass China in need for oil
as growth paths diverge
A change is on the horizon for oil demand, with
India set to eclipse China as the most important
driver of global growth — and potentially the last,
as the world shifts to a greener future. A swelling
population, which has likely already surpassed
India's February crude oil imports
jump to meet growing demand
India's imports of crude oil in February rose
about 8% from a year earlier, government data
showed on Wednesday, as fuel demand hit over
2-decade highs in the world's third-biggest oil
importer and consumer. Rising crude demand

that of China, will help to underpin that growth
along with consumption trends. India’s transition
from traditional gasoline and diesel-fuelled
transport is expected to lag other regions,
whereas China’s adoption of electric vehicles is
skyrocket. While India is unlikely to replicate the
mammoth scale of China’s expansive oil network
— the nation’s daily crude consumption is triple
that of its neighbour — traders and producers
looking to tap into diminishing global demand
growth will be betting on the South Asian nation
into the next decade. “India was always going to
exceed China in a matter of time in terms of being
the global demand growth driver, mainly due to
demographic factors like population growth,” said
Parsley Ong, the head of Asia energy and
chemicals research at JPMorgan Chase & Co. in
Hong Kong.
The Economic Times - 25.03.2023
https://economictimes.indiatimes.com/industry/e
nergy/oil-gas/india-set-to-surpass-china-in-need-
for-oil-as-growth-paths-
diverge/articleshow/98956658.cms
and a strong Indian economy bodes well for
higher refinery runs and imports, in addition to
cheaper Russian crude, said Refinitiv analyst
Ehsan Ul Haq, adding he expects refiners to
boost runs and imports as temperatures rise
and people travel more. Fuel demand in
February hit its highest level in at least 24
years, data from the website of the Petroleum
Planning and Analysis Cell (PPAC) showed this
month. With Indian demand likely to rise further
over coming months, crude imports should
recover, said UBS analyst Giovanni Staunovo.
On a monthly basis, imports were down 6% to
22.57 million tonnes, PPAC data showed. The
month-on-month drop in imports could also be
seasonal, as February imports were lower last
year as well, Haq said.
The Economic Times - 24.03.2023
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/indias-february-crude-oil-
imports-jump-to-meet-growing-
demand/98929122
Natgas consumption up 6.7% in
February
Domestic natural gas consumption increased
6.7% year-on-year in February as falling
international prices helped boost imports. Both
gas consumption and imports went up for the
second straight month in February, a sign that
normalcy was returning to the Indian gas market
where industries had cut consumption and
switched to more affordable alternative fuels after
gas prices rose to record highs last year in the
international market. Import of liquefied natural
gas (LNG) jumped 11% year-on-year in February,
according to the petroleum and natural gas
ministry data. But in the April 2022-February 2023
period, imports were down n 12.8%, reflecting the
reduction in the first nine months of the financial
year. Imports comprised 45% of domestic
consumption during the period. Domestic
consumption was 5.4% lower than a year ago. As
gas prices skyrocketed last year, much of India’s
imports from the spot market disappeared. A
significant share of the long-term supplies was
also disrupted after Russia’s Gazprom did not send
cargoes following the Ukraine war.
The Economic Times - 24.03.2023
https://epaper.timesgroup.com/article-
share?article=24_03_2023_011_018_etkc_ET
Lower oil prices to aid OMCs’
marketing margin outlook
Softening crude oil prices after staying elevated
for more than a year since the start of the
Russia-Ukraine war in February 2022 bode well
for domestic refiners as well as for the broader
economy. Just as the fall in retail fuel prices is
positive for the Indian economy, lower crude
prices are also favourable for oil marketing
companies (OMCs) engaged in the refining and
marketing of petroleum products. These firms
had faced pressures on marketing margins
when crude prices rallied. Apart from boosting
their marketing margins, lower crude prices
would also lead to a drop in working capital
needs of the OMCs since they have to pay less
for oil imports. Some softening of crude prices
in the December quarter has already led to
improved performance, reducing losses on
marketing. The benchmark Brent averaged
about $88 a barrel in Q3 FY23, down 11%
sequentially, and all three oil marketing
companies —Indian Oil Corp. Ltd (IOCL),
Hindustan Petroleum Corp. Ltd (HPCL) and
Bharat Petroleum Corp. Ltd (BPCL)—saw their
marketing margins improve and earnings
rebound in Q3, compared to the first half of
FY23.
Mint - 24.03.2023
https://www.livemint.com/market/commoditie
s/lower-oil-prices-to-aid-omcs-marketing-
margin-outlook-11679514623409.html

Govt may extend diesel, gasoline export
curbs beyond March 31: Report
India plans to extend restrictions on the export of
diesel and gasoline after the current fiscal year
ends this month to ensure the availability of
refined fuels for the domestic market, two
government sources with direct knowledge of the
matter said. The extension of rules may
discourage some Indian refiners, mainly private
companies, from buying Russian fuels for re-
exports to countries including those in Europe that
have stopped purchases of refined products from
Russia due to its invasion of Ukraine. India, the
world's third-largest oil consumer, imposed a
windfall tax on refined fuel exports last year and
mandated that companies sell the equivalent of
50% of their gasoline exports and 30% of their
diesel exports domestically in the current fiscal
year to March 31. New Delhi issued the rare
restrictions after private refiners Reliance
Industries and Nayara Energy, key Indian buyers
of discounted Russian supplies, began reaping
major profits by aggressively boosting fuel exports
instead of domestic sales. That forced state
refiners to fill the void and meet demand at home
by selling fuels at government-capped lower
prices.
Business Standard - 20.03.2023
https://www.business-
standard.com/article/economy-policy/govt-may-
extend-diesel-gasoline-export-curbs-beyond-
march-31-report-123032000174_1.html
Oil prices hit lowest levels since 2021
on banking fears recession
Oil prices dropped to their lowest levels in 15
months on Monday before paring losses as the
market digests concerns that risks in the global
banking sector could spark a recession that
would sap fuel demand. In volatile trading,
Brent crude futures for May were down 14 cents
to $72.83 a barrel by 11:52 a.m. EDT (1552
GMT). The U.S. West Texas Intermediate crude
contract for April was down 28 cents at $66.46
before its expiry on Tuesday. The more actively
traded May futures were down 21 cents at
$66.72 a barrel. Brent and WTI earlier fell by
about $3, hitting lows last registered in
December 2021, with WTI sinking below $65 a
barrel before moving briefly back into positive
territory. Both benchmarks shed more than
10% of their value last week as the banking
crisis deepened. The slide in oil occurred despite
an historic deal in which UBS, Switzerland's
largest bank, agreed to buy Credit Suisse in an
attempt to rescue the country's second-biggest
bank. After the deal was announced, the U.S.
Federal Reserve, European Central Bank and
other major central banks pledged to enhance
market liquidity and support other banks.
Business Standard - 20.03.2023
https://www.business-
standard.com/article/international/oil-prices-
hit-lowest-levels-since-2021-on-banking-fears-
recession-123032001248_1.html
India’s domestic air passenger traffic
grew to 1.20 cr in Feb 2023: DGCA
India’s domestic air passenger traffic grew 56.82
per cent to 1.20 crore in February over the same
month last year, as per the data released by the
Directorate General of Civil Aviation (DGCA) on
Monday. All domestic carriers together had flown
a total of 76.96 lakh passengers on local routes in
February 2022. The growth in traffic was led by
market leader IndiGo, which flew 67.42 lakh
passengers during the previous month, cornering
55.9 per cent of the total domestic passenger
traffic in February 2023. Air India, AirAsia India,
and Vistara, which in the process of merging with
Air India, together transported a total of 29.75
lakh domestic air passengers during the month
under review. The total market share of the three
entities together was 24.6 per cent during the
reporting month, as per DGCA data. Budget carrier
SpiceJet, which is facing multiple headwinds,
recorded the highest load factor at 91 per cent in
February 2023 while IndiGo delivered the top on-
time performance at 88.8 per cent on an average
from across four key airports — Delhi, Mumbai,
Hyderabad and Bengaluru, data show.
The Financial Express - 20.03.2023
Siddhartha Mohanty To Take Charge as
LIC Chairman
The Financial Services Institutions Bureau
(FSIB), the headhunter for directors of state-
owned banks and financial institutions, on
Thursday selected Siddhartha Mohanty to head
insurance behemoth LIC. As per the guidelines,
the chairman is selected from the four
managing directors of the company. After
interviewing four candidates based on their
overall experience and extant parameters on
March 23, 2023, FSIB recommended Siddhartha
Mohanty for the position of Chairperson in LIC
of India, the Bureau said in a statement.
Currently, Siddhartha Mohanty, managing
director of LIC, is the acting chairman of the
country's biggest life insurance firm after the
completion of the term of MR Kumar on March
13, 2023. The final decision on the FSIB
recommendation will be taken by the
Appointments Committee of the Cabinet headed
by Prime Minister Narendra Modi. Mohanty
would have retired on June 30, 2023 had he not
been selected by the FSIB. However, as a
chairman of LIC he would serve till the age of
62 years.

https://www.financialexpress.com/industry/india
s-domestic-air-passenger-traffic-grew-to-1-20-
cr-in-feb-2023-dgca/3016521/
Outlook India - 24.03.2023
https://www.outlookindia.com/business/siddha
rtha-mohanty-to-take-charge-as-lic-chairman-
news-272807?prev
Rajiv Kumar Porwal set to be next
Director (System Operation) of Grid
India
Rajiv Kumar Porwal is set to be next Director
(System Operation) of Grid Controller of India
Limited (Grid-India), formerly known as POSOCO.
Porwal has been recommended for the post by the
Public Enterprises Selection Board (PESB) panel on
Tuesday. Presently, he is serving as Executive
Director in the same organisation. Grid-India is a
PSU under the Ministry of Power. It is responsible
for operating the National Load Despatch Centre
(NLDC) and the five Regional Load Despatch
Centre (RLDCs). As Director (System Operation)
of Grid India, Porwal will be a member of the Board
of Directors and will report to the Chairman and
Managing Director (CMD).
PSU Watch - 22.03.2023
https://psuwatch.com/psu-appointments/rajiv-
kumar-porwal-set-to-be-next-director-system-
operation-of-grid-india
Pradip Kumar Banik assumes charge
as Director (Production) of BVFCL
Pradip Kumar Banik has assumed the role of
Director (Production) at Brahmaputra Valley
Fertilizer Corporation Limited (BVFCL) with
effect from March 22. Prior to this, he was
serving as Deputy General Manager in the same
organisation. According to an earlier order
issued from the Department of Personnel &
Training (DoPT), Banik has been appointed as
Director (Production) of BVFCL for a period with
effect from the date of his assumption of charge
of the post till the date of his superannuation
i.e. September 30, 2025, or until further orders.
Banik was recommended for the post of Director
(Production) of BVFCL by the Public Enterprises
Selection Board (PESB) panel on July 14, 2022.
He was selected for the post from a list of three
candidates, who were interviewed by the PESB
selection panel in its selection meeting. All the
candidates, who were on the list were from
BVFCL.
PSU Watch - 22.03.2023
https://psuwatch.com/psu-
appointments/pradip-kumar-banik-assumes-
charge-as-director-production-of-bvfcl