The rate of increase in US external debt holidngs seems to be acceleration.
US total external debt has crossed its GDP figures in November 2011. It took hardly another year for it to add another trillion to cross $16 trillion in September 2012. Now in just 2 months, debt seems to have galloped by another 340 million.
At this rate by the end March or early April, it will cross the 17 trillion mark, making it 110 % of US GDP.
What is to be noted is that at teh current bond yields, it will easily consume almost 2 % of US GDP growth to pay off the interest of US's external borrowings.
Hence for US economy to growth by 1 % , it in fact has to effectively grow by 3 %.
Tuesday, December 4, 2012
OMCs Incurring Daily Under-Recoveries of Rs 420 Crore
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The
Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and
Natural Gas has reviewed international prices of crude
oil and petroleum products during the 2nd Fortnight of November 2012. Accordingly,
the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of December
effective 01.12.2012 has increased to Rs 10.03/Litre. This was Rs 9.06
per litre effective 16.11.2012 for 2nd fortnight
of November 2012. In case of Domestic
LPG the under-recovery for December 2012 has risen sharply to Rs 520.50/cylinder
against Rs 478.50/ Cylinder for November 2012. The Under-recovery on PDS
Kerosene too has remained at high level of Rs 30.93 per litre
for December 2012, though slightly lower than Rs 31.30 per litre
for November 2012
Product-wise Under-recoveries of
Public Sector Oil Marketing Companies (OMCs);
*Additionally, a
subsidy of Rs
0.82/Litre on PDS Kerosene and Rs 22.58/Cylinder on Domestic LPG is provided by the
Government. The under-recoveries on these products are computed on monthly
basis.
OMCs are currently (effective 01 December
2012) incurring daily under-recovery of about Rs 420 crore on the sale of
Diesel, PDS Kerosene and Domestic LPG. This was Rs 412 crore
per day for the previous fortnight effective 16.11.2012.
Further, the OMC’s have reported the
following under-recoveries during April-September 2012:
3.
Details of average International FOB price and Exchange rates are:
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