Wholesale price inflation (WPI) declined to (-) 0.13 per cent in June as prices of food articles and fuel saw deflation, along with easing in manufactured product costs, government data showed on Monday. WPI-based inflation was 0.39 per cent in May. It was 3.43 per cent in June last year.
'Just as we cannot surrender the interests of our farmers and dairy industry, Trump is also looking for markets for the produce of the farmers in the Midwest, which are his support base.'
Indian billionaire Gautam Adani-led group's Haifa port in Israel was unharmed by the Iranian ballistic missile attack, with cargo operations progressing unhampered, sources said. Late on Saturday night, Iran targeted Israel's Haifa port and a nearby oil refinery in response to Tel Avi's attack on Iranian nuclear and other targets earlier this week.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
China and Russia on Sunday strongly condemned the United States air strikes on Iranian nuclear facilities, with China calling it a serious violation of the United Nations Charter that heightens tensions in West Asia, and Russia terming the strikes 'irresponsible' and asserting that they grossly violate international law, the UN Charter, and UN Security Council resolutions.
Merchandise exports to the US jumped 23.5 per cent year-on-year (Y-o-Y) to $8.3 billion in June, even as India's overall outbound shipments witnessed contraction during the month, according to the data released by the commerce department on Tuesday. The increase in outbound shipments to the US was largely driven by the rush among exporters to utilise America's pause on its plans to impose country-specific reciprocal tariffs.
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
Prime Minister Narendra Modi is likely to address the UN General Assembly in September. The session will address global conflicts and trade negotiations between the US and India.
Prime Minister Narendra Modi will travel to China to attend the Shanghai Cooperation Organisation (SCO) summit, marking his first visit in over seven years. The visit signals a potential improvement in India-China relations after recent tensions.
Fijian Prime Minister Sitiveni Rabuka discussed US tariffs on Indian goods with Prime Minister Narendra Modi, noting that "somebody is not very happy with you." The discussion occurred during Rabuka's visit to India to strengthen ties.
From the Sensex pack, Bharti Airtel, Asian Paints, Infosys, Bharat Electronics, Tech Mahindra and Eternal were major laggards. However, Maruti, Tata Steel, Bajaj Finance, Bajaj Finserv, Trent and Tata Consultancy Services were among the gainers.
The commerce ministry on Friday held consultations with key stakeholders, including shipping lines, exporters, container firms, and other departments, to assess the impact of the Iran-Israel conflict on India's overseas trade, an official said. The meeting was chaired by Commerce Secretary Sunil Barthwal.
Wholesale price inflation (WPI) declined to a 14-month low of 0.39 per cent in May on easing prices of food articles and fuel, and experts said geopolitical tensions could push up prices.
Benchmark stock indices Sensex and Nifty declined on Monday, extending the losing run to the fourth day amid selling in IT shares and foreign fund outflows. The 30-share BSE Sensex dropped by 247.01 points or 0.30 per cent to settle at 82,253.46. During the day, it fell 490.09 points or 0.59 per cent to 82,010.38 but recovered some of the losses towards the close.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
Weeks before the Pahalgam attack, Munir said Pakistan will not forget the issue of Kashmir, asserting, "It was our jugular vein." His comments were trashed by India.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
BP Plc has won a bid to operate ONGC's giant Mumbai High oil and gas field by offering up to 60 per cent increase in output over baseline, the state-owned firm said on Wednesday. State-owned Oil and Natural Gas Corporation (ONGC) had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.
India's exports rose 9.03 per cent to $38.49 billion in April, the highest in six months, driven by healthy growth in sectors such as electronics and engineering goods, while the trade deficit widened to a five-month high of $26.42 billion. According to the commerce ministry data released on Thursday, imports increased by 19.12 per cent year-on-year to $64.91 billion in April due to a rise in shipments of crude oil and fertiliser.
Titan, HCL Tech and State Bank of India were also among the laggards. However, Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank and ITC were the gainers.
The Indian government has assured citizens that the country has ample food stocks to meet domestic demand, despite escalating tensions with Pakistan. The government has also warned traders against hoarding essential food items and creating artificial shortages, emphasizing that there is no need for panic buying. The food ministry detailed the country's current stock levels, showcasing a surplus over required buffer norms for rice, wheat, and pulses. Additionally, India holds substantial edible oil and sugar stocks, ensuring a strong food security position.
It further said that the owners, master and crew of the vessel handled the ship in a negligent manner despite being aware of the dangerous cargo it was carrying.
India on Wednesday asserted that its energy purchases from Russia remain 'minuscule' in comparison to its total consumption and that legitimate energy transactions cannot be politicised as energy export from Russia are yet to be sanctioned. The world's third-biggest oil-consuming and importing nation has in recent weeks snapped few cargoes available from Russia at deep discounts as part of its plans to diversify its import basket. These purchases have been commented upon.
India and the US have collaborated through the past one month on launching a powerful satellite; are commencing joint production of GE Aerospace's F414 jet engines in India; India is participating in a massive three week-long military exercise in the Western Pacific, observes Ambassador M K Bhadrakumar.
The Comptroller and Auditor General of India had called an Entry Conference with RIL and the Oil Ministry on Wednesday to begin its second round of audit that is to cover RIL's spending on KG-D6 gas fields during 2008-09 to 2011-12.
Wholesale price inflation dropped to 0.85 per cent in April as prices of food articles, manufactured products, and fuel eased, government data showed on Wednesday. WPI-based inflation was 2.05 per cent in March. It was 1.19 per cent in April last year.
The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
Trump couldn't care less anymore about the Israeli demand for Iran's 'de-nuclearisation' and 'de-militarisation.' Trump pins hopes on a grand bargain with Iran as a partner in America First, argues Ambassador M K Bhadrakumar.
India has cautioned against 'double standards' regarding its energy procurement from Russia, asserting that it is based on national interests and market dynamics, following a threat of secondary sanctions from NATO Secretary General Mark Rutte.
"My understanding is that the rules are weighted in favour of big cars, even though smaller cars emit fewer emissions per passenger, use less material, and consume less fuel," Bhargava said in an interview with Business Standard.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
Increasing cooperation in critical minerals will top Prime Minister Modi's agenda during his discussions with leaders of Ghana, Argentinia, Brazil and Namibia.
'New Delhi is not naive about its foreign policy choices.'
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
