Soaring output has left the world awash with cheap crude as supply exceeds demand by 1 million to 2 million barrels per day
Oil and Natural Gas Corp, India's largest oil producer, plans to set up new refineries at Rajasthan and Kakinada in Andhra Pradesh, Petroleum Minister Mani Shankar Aiyar said on Thursday.\n\n
India continues to apply import quotas on marble.
Industry officials say the crunch has not only affected manufacturing of edibles but even of items like nozzle pumps and other goods used in packaging.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
In the Financial year 2013-14 there were encouraging signs on the foreign trade front as India's trade deficit recorded a sharp fall.
Trump's visit symbolised heightened partisanship and a return to chemistry between leaders defining bilateral ties, notes Kashish Parpiani.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.
The CAD was brought under control in 2013-14 after government imposed restrictions on import of gold. Following, this in 2014, certain restrictions were withdrawn.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
India's net oil import bill has jumped by 51 per cent to Rs 27,135 crore (Rs 271.35 billion) in the first quarter of current fiscal on the back of sharp spike in international oil prices.
The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
Government considering proposal to allow conversion of used cooking oil into biodiesel, say Shine Jacob and Shreya Jai.
The battered rupee gained 225 paise to 66.55 against the dollar today, the most in at least 15 years, after the Reserve Bank of India eased pressure in the currency market by starting a facility for state-run oil refiners to buy foreign exchange.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Optimism about a stable govt at the Centre, a demand revival and falling oil prices buoyed the markets.
The 80-odd projects completed till now are already valued at Rs 14,000 crore.
One of the major advantages of buying Iran crude is the additional credit period of 90 days that the country gives to India, compared to 30 days by other countries.
Re-instatement of 5% custom duty on crude imports will help.
The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis.
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
With the objective of making India a manufacturing hub for domestic and foreign companies, Prime Minister Narendra Modi on Thursday launched the 'Make in India' initiative.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
India is the second largest buyer of Iranian crude, after China.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
During his visit, first by an Indian prime minister in 34 years, Modi will seek to enhance cooperation in energy and trade and reach out to investors to hardsell India as an attractive business destination.
Weakness in the greenback overseas against the backdrop of sluggish US macro data outcome helped the home currency move higher
Amidst a storm over proposal to shut petrol pumps during night to taper fuel demand, Oil Minister M Veerappa Moily on Monday said the government had not made any such proposal and the idea had come from public.
'We began foolishly bragging about Saudi-Emirati investment plans as indicative of the sheikhs 'distancing' from Pakistan, including on Kashmir,' notes Ambassador M K Bhadrakumar.
There is much work to be done to design a good GST.
'Nationalism built on divisiveness cannot strengthen the country, or help the economy improve its performance,' points out T N Ninan.
'No matter how severe sanctions the UN security council imposes on North Korea, the impact of the sanctions would depend on how faithfully they are enforced by China,' says Dr Rajaram Panda.
'All but one of the previous oil shocks brought either a change of government or a political crisis.' 'Is the government braced for stormy weather?' asks T N Ninan.
The non-oil, non-finance sector of the economy is under severe stress.
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