West Asian carriers are up against Air India and IndiGo in the battle for seats on lucrative international routes.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
'The local support from our MP is nil. He never comes to see our farms.'
Defence Minister Rajnath Singh on Sunday claimed that Prime Minister Narendra Modi has been receiving invitations for functions scheduled much after the Lok Sabha polls, which showed the 'entire world believes his return to power is inevitable'.
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
Most of India's oil supplies are expected to stay safe because of the country's good relations with both Russia and Iran. That would take care of over a third of India's supplies.
The Delhi high court on Tuesday permitted the mother of a Kerala woman, who is on death row in Yemen for killing a Yemeni national, to travel to the West Asian country to negotiate about blood money with the victim's family and save her daughter from the gallows.
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said. They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this. "While discussions are underway, the UAE has offered discounts on crude, which will be more than that of the current level of Russian discounts.
The 30-day visa-free entry is also currently enjoyed by eight ASEAN countries for the purpose of social visits, tourism and business.
He said it has already been 14 months since the former Naval officers were incarcerated in the West Asian country, and demanded to know how long it would take to repatriate them.
The Indian men's football team on Thursday achieved sub-100 FIFA ranking for the first time since 2018 as it moved up one spot to 99th after its SAFF Championship triumph.
Brokerage firms on Wednesday appeared divided in their calls on Larsen & Toubro (L&T) after the company's 2023-24 (FY24) October-December quarter (third quarter, or Q3) performance and guidance for the quarters ahead. While few stayed optimistic about the stock over future order inflow prospects, others saw increasing exposure to West Asia and fixed price contracts as a concern. In Wednesday's trade, L&T's share price closed at Rs 3,480 per piece, 4.22 per cent down from its previous day's close.
The Indian Navy, which regards itself as the 'net security provider' in the Indian Ocean Region, has also stepped up to the plate, with a warship stationed at all times off the Gulf of Aden for counter-piracy tasks. 91 Indian warships have been deployed in the region since 2008, patrolling high risk areas where piracy was rampant.
Indian imports of Russian crude oil may stabilise or even decline in 2024 from record 2023 levels amid shrinking discounts, lower output, and a rebound in West Asian supplies, according to the ship-tracking data and industry executives. This may impact the billions of dollars in annual savings that India made last year. Imports of Russian oil jumped by a record 140 per cent in calendar 2023 to 1.79 million barrels a day (b/d) from 740,400 b/d in 2022, when Russia marched into Ukraine in February, and from just 102,000 b/d in 2021, according to the data from Paris-based market intelligence agency Kpler.
India need nothing more than a win against a tricky Syria to keep alive their faint hopes of making the knockout stage.
A Qatari court has accepted the appeal document on the sentencing of eight former Indian naval personnel to death, sources familiar with the matter said.
Information technology company Hinduja TMT has bagged an IT services contract of a large automobile assembling and manufacturing company in West Asia.
India squander chances to lose 0-1 to Lebanon
Inaugurating the solidarity rally, Venugopal, a Rajya Sabha MP, strongly condemned the war unleashed by Israel in Gaza and their attacks against hospitals and refugee camps there.
Al-Nassr are one of 40 clubs from 20 leagues across the confederation drawn in 10 groups to face one another from Monday, with only the winners guaranteed to advance to the knockout rounds in the quest for the top prize of US$4 million.
India's trade ties with Israel have only strengthened in the years after 2019. The total value of trade rose to $10.5 billion on a rolling four-quarter basis in June 2023 from $5.5 billion in the same month in 2019, shows a Business Standard analysis of data from the Centre for Monitoring Indian Economy (CMIE). A rolling four-quarter number provides a comparable figure across different time periods.
While Modi has spent fewer days abroad than his predecessor (270 days versus Dr Singh's 306), he has travelled more extensively and actively than any other Indian PM.
'Within five years, we should be achieving more on the international front than what it took most airlines 15 to 20 years back.'
India will soon meet Iraq and the United Arab Emirates (UAE) to seek a definitive rate of discount on crude oil similar to what Russia has provided so far, sources said. Multiple officials and industry executives said Iraq, which is India's biggest oil supplier, wants to discuss the level of discounts expected by Indian refiners. India's focus on snapping up ever-increasing volumes of Russian crude oil has led to a corresponding decline in imports from the Middle East. Flows from Iraq, Saudi Arabia, and the UAE have suffered as a result.
Israel needs to come terms with the new reality that they are no longer invincible or the dominant power in the West Asian region, observes Ambassador M K Bhadrakumar.
Inspirational Indian football team captain Sunil Chhetri on Thursday attributed the country's SAFF Championships triumph to the fighting spirit of the team
'People coming from the slightly upper section of Palestinian society want to fight and I see vengeance in their eyes.'
Chhetri has been India's primary weapon in this tournament, as he has so far netted five goals from three matches
Exports to India's key markets - the US, the United Arab Emirates, China, Singapore, Bangladesh and Germany - witnessed a sharp decline, resulting in a 12.69 per cent contraction in outbound shipments during the first month of the current financial year, commerce department data showed. India's biggest export market - the US - with 17 per cent share witnessed 17.16 per cent contraction at $5.9 billion in April. This was followed by the United Arab Emirates (UAE) that saw 22.09 per cent decline at $2.23 billion exports.
The rumblings of discontent from Righteous Europe over Qatar's admittedly appalling human rights record can only be viewed as deeply disingenuous and phoney, argues Kanika Datta.
Russia dominated Saudi Arabia in oil supplies as the world's fastest-growing major economy for fossil fuels in October, relegating the Kingdom to third place. Iraq was India's top oil supplier, according to the data from Vortexa. Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi. Saudi Crown Prince Mohammed bin Salman Al Saud is visiting India this month to meet Prime Minister Narendra Modi.
India is one of the few countries in the region that enjoys good relations with both Israel and Saudi Arabia, and IMEC would allow it to recreate the old Spice Route to Europe. All this is in jeopardy now, notes Rajeev Srinivasan.
Thomson Reuters Proprietary Research study pointed to a strong momentum for gold over the medium term, identifying strong global liquidity and low interest rates as support for a continued rally.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
The money sent home by Indians from West Asian countries took a beating in 2020-21 due to the pandemic. On the other hand, overseas Indians in advanced nations - the United States, United Kingdom and Singapore - emerged as important sources of remittance, according to a Reserve Bank of India (RBI) survey. Indians working in informal sectors in West Asia seem to have been impacted the most due to the lockdowns and subdued crude oil prices as well as slower pace of migration in recent years.
India has already sent relief materials to Turkiye in four military transport aircraft.
A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, "We can negotiate on anything, but I am the last man standing for you. "Nobody can offer the range of crudes we do with certainty," an official who was part of the negotiating team recalls. Perhaps that explains why Saudi Arabia is less concerned about losing its place as India's premier oil supplier to an upstart like Russia, which emerged from nowhere to become India's biggest crude oil supplier in September and October.
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