World Bank Approves $426M for Bengaluru Water Security and Flood Control Project
The project will fix 183 lakes. Lakes stop flooding by holding rainwater.
It will help warn people about bad weather. The Disaster Centre will be stronger.
The project will help the water board earn more. It will get USD 5 million from private money.
The money will fix old pipes. It will add smart water meters.
The plan will give sewer connections to 100,000 homes. It will build nine new sewage plants.
Clean water will be used again for factories and to fill underground water.
The loan is from the International Bank for Reconstruction and Development. It will be paid back in 20 years. The first five years have no payments.
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The Print
an hour ago
- The Print
Indian refiners can do without Russian oil, but with trade-offs
US President Donald Trump last week announced an additional 25 per cent tariff on US imports from India — raising the overall duty to 50 per cent — as a penalty for the country's continued imports of Russian oil. Russian crude supports high distillate yields – the share of crude converted into fuels like petrol, diesel, and jet fuel through distillation. Replacing Russian crude, which accounts for up to 38 per cent of India's refinery intake, with alternatives will shift yields, resulting in lower middle distillates (diesel and jet fuel) and higher residue outputs, according to global real-time data and analytics provider Kpler. New Delhi, Aug 10 (PTI) Indian refiners, the world's biggest user of Russian oil, can operate without supplies from Moscow from a technical standpoint, but the shift would involve major economic and strategic trade-offs, analysts said. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from Russia. 'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs,' Kpler said in a report, 'US Tariffs on Indian Imports: Implications for Energy Markets & Trade Flows'. India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February 2022. Consequently, from a mere 1.7 per cent share in total oil imports in 2019-20 (FY20), Russia's share increased to 35.1 per cent in FY25, and it is now the biggest oil supplier to India. In terms of volume, India imported 88 million tonnes from Russia in FY25, out of the total shipment of 245 million tonnes. In July, India received 1.6 million barrels per day of crude from Russia, ahead of China's nearly 1 million bpd and Turkey's around 5,00,000 bpd. Kpler said deep discounts and strong compatibility with India's refining systems led to a surge in imports of Russian Ural crude oil. 'Russian crude supports high distillate yields (diesel and jet fuel) and is ideally suited to India's advanced refining infrastructure. It has enabled both state-owned and private refiners to operate above nameplate capacity while maintaining strong margins. 'A reversal of this will result in a mild yield shift (lower middle distillate yields, higher residue yields) and probably a small reduction in primary throughput rates, as margins will no longer command a sizeable premium against regional benchmarks, considering existing discounts on Russian oil,' Kpler said. The Indian government has issued diplomatic but firm responses to the US tariffs, emphasising the importance of maintaining energy security. 'Should Russian oil become inaccessible, India could face an additional USD 3-5 billion in annual import costs (based on a USD 5 per barrel premium on 1.8 million bpd). If global prices rise further (a scenario in which Russian crude exports are being curtailed, in the absence of sufficient buying interest from India), the financial burden could increase significantly,' the report said. This may prompt the government to cap retail fuel prices, which could strain fiscal balances. A spike in the import bill could even lead to a reduction in overall crude purchases. India's limited storage capacity further constrains its ability to manage such disruptions. While Russian flows to India continue under a 'business-as-usual' stance, the escalating US rhetoric has reopened conversations about supply diversification, with some Indian refiners reportedly booking increased volumes of Middle Eastern crude. According to Kpler, replacing 1.8 million barrels per day (bpd) of Russian crude would require a multi-regional approach. The Middle East remains the most viable option operationally, grades such as WTI Midland from the US could contribute 2,00,000-4,00,000 bpd. These (US crude) are lighter and yield less diesel, a disadvantage for India's distillate-heavy demand. Long-haul freight and cost considerations will also restrict scalability, it said. West Africa and Latin America (LatAm) crudes offer moderate potential. 'A balanced replacement strategy may involve 60-70 per cent of substitute volumes from the Middle East, with US and African/LatAm crudes serving as tactical fillers. Nevertheless, none match Russian barrels in cost, quality, or reliability (some of the Russia-to-India barrels have already been contracted under term agreements),' it noted. According to Kpler, Indian refiners can technically adapt to the loss of Russian barrels, but with significant economic consequences. 'Replacing 1.7-2.0 million bpd of discounted, medium-sour crude would erode refining margins and misalign product yields. Lighter substitutes like WTI or West African grades produce more gasoline and naphtha, reducing diesel output and hurting both domestic and export economics.' Even Middle Eastern grades, while closer in quality, are priced tightly to official selling prices (OSP), leaving limited arbitrage opportunities. 'In addition to higher feedstock costs, Indian refiners would face elevated freight and credit charges,' it said. 'The transition is commercially painful, even if technically feasible.' PTI ANZ BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India.com
2 hours ago
- India.com
Bad news for Gautam Adani, US requests assistance from India in alleged bribe case, says Indian authorities ‘have not yet…'
Gautam Adani (File) The US Securities and Exchange Commission (SEC) told a federal court in New York that it has requested assistance from India's Ministry of Law and Justice to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last year. The status update filed on August 11 is the same as the last hearing on June 27. What SEC Informed US Court In Adani Case? In the latest update submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention. The defendants, who are based in India, are yet to be officially served with the summons. The US SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts through proper diplomatic channels, as it has no jurisdiction to summon a foreign national directly. What SEC Said About Indian Authorities? SEC said the Indian authorities 'have not yet effected service' to its request for serving the summons. 'The SEC intends to continue communicating with the India MoLJ and pursue service of the defendants via the Hague-Service Convention, and will the court apprised of its efforts,' the filing said. No dates for the next hearing were mentioned. The Adani group has already denied all charges. (With Inputs From PTI)
Economic Times
2 hours ago
- Economic Times
SEC informs US court of progress in serving legal documents in Adani case
The US SEC is seeking assistance from India's Ministry of Law and Justice to serve legal documents to Gautam Adani and his nephew Sagar Adani, regarding a civil securities case. This action is under the Hague Service Convention, as the defendants are based in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The US Securities and Exchange Commission (SEC), in a filing before a federal court in New York, said it has sought assistance from India's Ministry of Law and Justice to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last status update filed on August 11 is the same as the last hearing on June the latest update submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service Convention The defendants, who are based in India, are yet to be officially served with the US SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts through proper diplomatic channels, as it has no jurisdiction to summon a foreign national Adani group has denied all said the Indian authorities "have not yet effected service" to its request for serving the summons."The SEC intends to continue communicating with the India MoLJ and pursue service of the defendants via the Hague-Service Convention, and will the court apprised of its efforts," the filing dates for the next hearing were mentioned.
