Diesel prices are way below the price of petrol for a long time now, with the difference of about Rs. 24 in Delhi (petrol costs Rs. 66). The reason: the government controls the retail price of diesel. Even if the oil marketing companies (HPCL, BPCL and IOC) lose money on selling diesel, that's the rate they need to sell at.

But this has created many problems. For one, our oil "under-recovery bill" is out of control. With Brent crude at $125 per barrel and the rupee-dollar equation at Rs. 50, the input price of our fuel basket is above Rs. 6,000, among the highest ever. Prices of diesel haven't been revised up since Jun 2011, when the price of crude was $108, and the rupee was around Rs. 45 to a dollar. Since then, crude has gone up 15% while the rupee has fallen about 10%, which is a near 25% increase in cost.

This difference is currently sitting as a loss on the books of the Oil Marketing Companies (OMCs) who hope, fervently, that the government will reduce it, by first transferring

Have you been hassled by credit card bills even after you have had a "full and final settlement"? Did a bank give you a bill for a credit card you don't even have, and then deducted the amount due from your bank account before asking you? Have they changed your interest rate without informing you in advance, or giving you an opportunity to refinance elsewhere?

You can complain, without having to go to court. You must, of course, complain to the bank first, and only if the bank is unable to resolve your issue within 30 days — or take a decision that you think violates banking rules — you can go to a higher authority, the Banking Ombudsman.

The Banking Ombudsman (BO) web site allows you to directly lodge a complaint online. (Sadly only 13% were given online, and 14% by email last year — 73% of applications still came by the old method of letter or post-card) You will need to go through the documentation to find out exactly what section your complaint applies in, but the process is well

The International Air Transport Association (IATA) has suspended Kingfisher Airlines ticket sales due to non-payment of dues, TV reports suggest. This news has come in just after the tax department froze 19 more accounts of the beleaguered airline. Negotiations between IATA and Kingfisher, however, are still underway.

"This is because the airline did not settle their ICH (IATA Clearing House) account within the stipulated deadline. Kingfisher's participation in the ICH will be reinstated after the airline fulfills the ICH requirements," Albert Tjoeng said in an email to Reuters.

The airline has cancelled 32 out of the 240 flights that it operates each day. The Directorate General of Civil Aviation on Monday asked Kingfisher Airlines to explain why it has cancelled a large number of flights since Saturday, while the government again ruled out providing any aid to the loss-making carrier.

More than 50 pilots have resigned in the past week, according to media reports.

Kingfisher Airlines

Although commodity markets have come a long way in terms of volumes on the national level commodity bourses, further reforms are necessary to maintain the long-term sustainability. With respect to agriculture, the 2011-12 union budget mainly focused on the four aspects i.e. agricultural production, reduction in wastage of produce, credit support to farmers and a thrust to the food-processing sector. Although inflation has come under control, we expect the 2012-13 budget to focus on agriculture by retaining and even increasing the target of credit flow to the sector by banks and financial institutions so as to keep inflation under check. Some of the reforms expected from the Mr. Finance Minister in the coming budget from the commodity market perspective are as follows:

1.       Abolishment of excise duty on gold

Much ahead of the budget, the government had already increased import duty on gold and silver. The switch over to the new duty regime will be a major deterrent to growth in

"We would like the budget to give impetus to the infrastructure sector by bringing back focus on infra development. Roads, Power, Ports, airports and railways, all need reforms and policy support from the government to meet the needs of a rapidly growing economy. Urban infrastructure development is very critical for India to meet its growth aspirations and we hope to see new initiatives here.

Government also needs to take fiscal steps to reduce budgetary deficit. Reforms in fuel pricing mechanism are one of the most critical items government needs to address in the coming budget. Overall spend on subsidies is ballooning and we hope to see government taking concrete steps for reducing this.

Overall what we look forward to is a growth oriented budget where government takes decisions on at least some of the long pending reforms related to Retail, Insurance, Airlines etc."

The country is currently passing through a phase of macroeconomic uncertainty, with inflation moderating but still high, consolidated fiscal deficit going back to high single digits after the consolidation seen in early 2000s and substantial growth slowdown. The government does not seem to have many levers left in terms of extending tax breaks, as FY 2013 is likely to be a period of some fiscal consolidation before the elections in 2014. Hence the investors will watch for the quality and transparency of numbers, and meaningful signs of fiscal discipline. In this context, any move for better targeting of subsidies, eg. Using UIDAI, will be welcome.

1. Increase in export duty of Iron Ore/ Iron Ore Fines -- to give boost to local industries and to promote export of value added items.

2. Increase in government spending on Infrastructure development

3. Steps to be taken to increase foreign investment to flow in India.

4. FDI in retail (with some restriction) be allowed. --- This will increase permanent investment by foreign companies in creating malls & market and this will push demand of steel, cement and others.

5. Operation of Allotted Coal & Iron Ore Mines to Indian companies needs to be allowed and environment norms need to be softened.  --- This will increase availability of coal and iron ore and hence inflation could be controlled.

6. Interest Rate be reduced by minimum of 1%

7. Last but not the least --- Govt to keep its promises to Industries and Public at large.---- Example -- Coal Mines allotted to us but not allowed to start operation because its in no go area. Iron Ore Mines allotted but no support for operation as it's

With a slowing economy, high interest rates and need to speed up decision making towards infra projects, I expect a positive attempt in this budget to push private investment and accelerate infrastructure spending. Certain proactive measures in this regard can be:

• Exempting infrastructure companies and SEZ units from MAT provisions
• Relaxation of norms on long term funds (insurance and pension) to invest in the infrastructure sector
• Permitting banks to issue long term tax-free infrastructure bonds , thereby enhancing the participation of banks, financial institutions and large NBFCs

Marine Infrastructure:

The privatization of ports in the country has begun in the right earnest and it is now imperative that the Government works out a supportive mechanism particularly for:

• Dredging (which is highly capital intensive)
• Connectivity by road & rail

Even though private ports are creating additional capacities, it is critical for the above 2 issues to get adequate representation in the budget.