Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Fresh demand for the American unit from importers put pressure on the rupee.
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.
He also said "Chinese belligerence is evident in its continuing propensity to project power outside its region", in turn presenting a "threat to the rules-based international order".
Indian growth in the rest of this fiscal year and next will be propelled by robust domestic consumption as consumer confidence improves, and by investment, including large increases in government capital expenditure, according to the Asian Development Outlook September 2023. "As slowing exports could foment headwinds for the economy, and erratic rainfall patterns are likely to undermine agricultural output, the growth forecast for FY2023 is revised down marginally to 6.3 per cent," ADB said.
Increased demand for the US currency from importers put pressure on the rupee.
Exports jumped 28.1 per cent to $120.49 billion and imports shot up by 40 per cent to $100.29 billion, the customs figures showed. China said recently that the US economic slowdown and the rising value of its currency, Yuan, were likely to lead to shrinking trade surplus.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
"The two sides note that the relationship between Russia and China has progressed to a more advanced interstate cooperation compared to the military-political unions of the Cold War era as it is not bloc or confrontational in nature, nor does it target any third countries," Russia's new agency Tass quoted the document as saying.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
China is on the lookout for investment pastures where its money is welcome, safe and earns a decent return. India also needs vast investment - about $1 trillion over the next 10-15 years - in infrastructure, green energy, transportation and heavy industry, says Ravi Bhoothalingam.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Chinese manufacturers are re-routing their products through the markets of other countries that India has Free Trade Agreements with.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
Indian and Malaysian companies on Monday signed 12 MoUs in diverse fields, including building of an international airport at Hyderabad, even as Malaysian Prime Minister Abdullah Ahmad Badawi described the current volume of Indo-Malaysian trade as ina
The US is taking several measures, such as increasing the number of staffers, to further facilitate the issuance of business visas in India, a senior US government official said on Tuesday. "We have also made significant progress by issuing more H1B and L visas in 2022 than we did even in 2019 before the pandemic. "This is a significant improvement. We are in the process of raising our staff," Arun Venkataraman, US Assistant Secretary of Commerce for global markets, said.
The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
The strong demand for coal will continue, as India fails to produce as much fuel as it targets.
'I hope that the incoming Biden-Harris Administration works with India to address some of the most profound geopolitical transboundary challenges.'
Exports dropped 3.1 per cent in June from a year earlier, the first decline since January last year while imports went down 0.7 per cent, General Administration of Customs said on Wednesday.
By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
Sectors which attract maximum foreign inflows include services, computer software and hardware, telecommunications, automobile and trading.
The demand of imports coupled with rising international crude oil prices has widened the overall trade deficit in the first half of the current fiscal to $20.3 billion from $11.9 billion a year ago, Reserve Bank said on Tuesday.\n\n
India's economy could also suffer some ill-effects without necessarily triggering retaliation via higher tariff barriers against Indian goods, says Devangshu Datta.
Pompeo would leave for New Delhi on June 24.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Economic recovery is well under way in some advanced economies.
Levy in India one of the highest in the world; finance minister urges banks to tell customers not to invest in the metal.
External Affairs Minister S Jaishankar has raised India's long-standing concerns about pro-Khalistan extremism in the United Kingdom during his meetings with the country's leaders, stressing that they should be on guard against the misuse of freedom of expression and speech.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
The top 10 in terms of the number of MSMEs is dominated by the larger states with Uttar Pradesh at the top.
'When the gold price rises rapidly, India's physical gold market remains on standby.'
For trust in democracy to be retained, elections need to be not just free of intervention -- ruling out Pakistan and Russia -- but also demonstrate the capability to both deliver ruling mandates and hold the potential for large swings in favour of the opposition, points out Mihir S Sharma.And, after an election is done, they need to see a mandate in order to go back to their lives and let their representatives get on with the business of government, points out Mihir S Sharma.
Trade deficit during the month narrowed to $17.4 billion as against $12.72 billion in the same month last year
Profit-booking by participants in view of the domestic markets' recent record-setting run fuelled the downtrend
Trade deficit marginally widened to $9.85 billion as against $9.72 billion in February 2019.
