India's imports from Russia rose 64 per cent to $36.27 billion during the April-October period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first seven months of this fiscal. The imports were $22.13 billion during April-October 2022.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Trinamool Congress is the second highest recipient of political donations through electoral bonds.
Confident of securing a massive majority in the upcoming Lok Sabha elections, Prime Minister Narendra Modi on Wednesday outlined his vision for his next five-year term saying the Modi 3.0 government will put all its might to strengthen the foundation of 'Viksit Bharat' or a developed nation.
Karnataka Minister for Sugar and Agriculture Marketing Shivanand Patil's statement that farmers wish for repeated droughts in the state so that their loans get waived has caused a stir, with the opposition on Monday terming it as an 'affront' to the farming community and seeking his removal from the Ministry.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
The list mostly contains PSUs which were up for sale in the last fiscal.
India's imports from Russia rose by about 67 per cent to $30.42 billion during the April-September period this fiscal on higher shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first half of this fiscal. The imports were $18.24 billion during April-September 2022.
The external affairs minister said the SAARC is in trouble as one of its members has been supporting terrorism.
'The policy focus of the government should have been on creating more good quality jobs but that was not their focus.'
Modi launched a scathing attack on the Congress alleging that the opposition party has become outdated and has always been against any kind of reservation.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
The government has realised about Rs 3336 crore (Rs 33.36 billion) on account of divestment of public sector units as against a target of Rs 12,000 crore (Rs 120 billion) till this November, Lok Sabha was informed on Tuesday.
The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore this fiscal and fall further by 27 per cent to nearly Rs 3.18 lakh crore in 2022-23. In its revised Budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual Budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to decline to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21, while petroleum subsidy is estimated to fall to Rs 6,517 crore from Rs 38,455 crore in the said period.
The 193-member General Assembly adopted the draft resolution, put forward by Ukraine and its supporters, titled 'Principles of the Charter of the United Nations underlying a comprehensive, just and lasting peace in Ukraine'.
A statement issued by the Prime Minister's Office on Monday said that Mahinda Rajapaksa intends to propose a new Constitutional Amendment to the cabinet in order to fulfil the people's aspirations.
Dr Shreekant Sambrani pays tribute to M S Swaminathan, renowned agricultural scientist and a lifelong crusader against hunger who passed away in Chennai recently.
As India's stock rises, the resolution of the border row may become even more difficult, warn Harsh V Pant and Kalpit Mankikar.
In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
Varinderpal Singh was joint winner of Fertiliser Association of India Golden Jubilee Award for Excellence for the best work done in the field of plant nutrition.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertiliser and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods and services.
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia. While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re's share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for reinsurance of cargoes that originate from Russia.
The state's revenue receipts might not afford various freebies announced by the parties, unless revenue deficit and hence fiscal deficit is widened.
In her defence, the teacher, Tripti Tyagi, has said that the video has been tampered with in order to stoke tensions.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
China has signalled that it will prevent India from assuming leadership of the Global South, observes Ambassador T P Sreenivasan.
In his opening remarks at the G20 Leaders' Summit at the Bharat Mandapam in New Delhi, Modi said the 21st century is a time of giving new direction to the world.
The location of the bust of Gandhi has been chosen as a mark of solidarity for peace and non-violence.
Prime Minister Narendra Modi arrived in the Japanese city of Hiroshima on Friday to attend the annual summit of the G7 grouping and the third in-person Quad leaders' meeting during which he will exchange views with world leaders on global challenges and discuss ways to collectively address them.
The 193-member general assembly voted overwhelmingly on Wednesday to condemn Russia's "illegal so-called referendums in regions within the internationally recognised borders of Ukraine and the attempted illegal annexation of the Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine, following the organisation of the above-mentioned referendums".
Chinese Foreign Minister Wang Yi on Sunday met Sri Lanka's top leadership and discussed a host of issues, including the debt crisis faced by the island nation, investments, promoting tourism and the fight against the COVID-19 pandemic as the two countries marked the 65th anniversary of diplomatic ties.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
A day ahead of a crucial G20 meeting, External Affairs Minister S Jaishankar on Wednesday evening hosted a welcome dinner for the foreign ministers attending the deliberations but the reception was missed by his counterparts from the US, China, Germany and France.
Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment. "Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
