Top commanders of the Indian Army deliberated on the Russia-Ukraine war and Israel-Hamas conflict at a five-day conclave to draw relevant lessons besides focusing on ways to make the force 'future ready' in line with with emerging contours of threats and challenges.
"We would take PM Modi at his words and welcome those comments when they took place. Other countries will make their own decision on engagement with Russia. We continue to coordinate with allies to mitigate impacts of war," said State Department's Principal Deputy Spokesperson Vedant Patel during a press conference on Thursday.
On Sunday the Ukrainian Tennis Federation urged the sport's governing body the International Tennis Federation (ITF) to immediately expel Russia and Belarus from the organisation and ban Russia from team and individual tournaments. Also, athletes from Ukraine and other nations have called on the International Olympic Committee (IOC) to suspend Russia and Belarus and ban their athletes from events immediately.
India should watch the emergence of the situation and then see how others react, he said adding that Russia has stood by India in very difficult times.
India's exports to Iran have been falling over the last one year, amid decline in rupee reserves of the West Asian economy. Going ahead, the possibility of augmenting exports to Iran may not be easy for India, considering the geopolitical tensions - Russia-Ukraine and Israel-Hamas conflicts - and the West Asian country's support for Russia and Hamas, people aware of the matter said. Exports to Iran saw a downward spiral since November last year.
RBI Governor Shaktikanta Das on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us.
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
'To get a 100 per cent consensus document without any reservation, any bracket, any chair summary is unprecedented in the history of multilateral forums.'
Several mutual funds (MFs) have recently approached the Reserve Bank of India (RBI) as they renew efforts to increase their overseas investment limit. In June 2022, the capital markets regulator Securities and Exchange Board of India (Sebi) permitted MFs to invest in foreign stocks within the aggregate mandated limit of $7 billion after a correction in stocks. One of the proposals shared with the RBI is to link MFs' foreign investment limit to the country's foreign exchange reserves.
The Russian and Indian officials would be soon meeting again to discuss the final delivery schedule of the remaining two missile squadrons, sources said.
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.
Addressing an event in New Delhi, Gen Pande also said the recent global developments have underscored that the security of the nation can neither be outsourced nor be dependent on the largesse of others.
The team of diplomats, including joint secretaries Eenam Gambhir and K Nagraj Naidu, held 300 bilateral meetings and circulated 15 drafts with their counterparts on the contentious Ukraine conflict to drive home a consensus that was clinched on the first day of the G20 Leaders Summit itself.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
'Given the inherent volatility, investors should take at least a three to five-year view.'
The country's imports from Russia almost doubled to $25.69 billion during the April-August period this fiscal due to increasing inbound 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 five months of this fiscal. The imports were $13.77 billion during April-August 2022.
Stock markets will be guided by global factors such as the Russia-Ukraine war, the COVID-19 situation in China and crude oil prices in absence of major domestic events this week, analysts said. Stock markets are expected to keep their winning momentum this week as FIIs may come back aggressively fuelling a further rally in the market, they added. "In absence of any major event, global cues viz the Russia-Ukraine war, the COVID situation in China and movement of crude will remain in focus. "Besides, participants will be also be eyeing FIIs flow for cues," said Ajit Mishra, VP Research, Religare Broking.
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.
A 23-year-old man from Surat working as a 'helper' for the Russian Army was killed in a Ukrainian missile strike in a war zone, as per the claim made by his relatives.
US President Joe Biden is set to meet his Chinese counterpart on Wednesday in the San Francisco Bay Area, CNN reported, citing senior US administration officials.
India has emerged as a 'major power' by achieving outstanding results in economic development and social governance and its transformation as a stronger, assertive country has made it a 'new geopolitical factor', according to a commentary by a Chinese scholar in a state-run newspaper in Beijing.
India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
'If attacks escalate, there is a risk the Suez Canal may be closed.'
China has signalled that it will prevent India from assuming leadership of the Global South, observes Ambassador T P Sreenivasan.
Although India-US relations have strengthened significantly in recent years, partly because of the security situation in the region, the Indian policy establishment would have to be prepared to protect India's interests in a world that could get more unpredictable.
Domestic macroeconomic data, RBI policy and developments related to the Russia-Ukraine war would be major driving factors for the stock market this week, analysts said. Moreover, FPI investment and trends in crude oil would also influence the trading sentiment, they added. "This week, the RBI credit policy will be a critical factor for Indian markets.
The mutual fund industry continued with the positive momentum in the September quarter, attracting Rs 34,765 crore, although it was a massive reduction as against the Rs 1.85 lakh crore inflow in the preceding quarter, primarily due to withdrawal from debt segment. Most of the asset classes saw net inflows during the July-September period of the current financial year barring the fixed-income or debt segment, which witnessed net outflows. Overall, flows started on a strong note during the quarter under review, with net inflows of Rs 82,467 crore in July, which dipped to Rs 16,180 crore in August and ended with a disappointing Rs 63,882 crore of net outflows in September, according to a report by Morningstar India.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
US Principal Deputy NSA Jonathan Finer said the US and India have a "complicated history" and they have not always been "wholly aligned".
Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule was announced.
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
The triennial exercise will take place for two hours and fifteen minutes during the day, dusk and night, he said.
Two-wheeler exports from India have decreased by 20 per cent year-on-year (Y-o-Y) to 1.69 million units in the first half (H1) of 2023-24 (FY24) due to a challenging geopolitical situation and foreign exchange (forex) crises in key markets such as South Asia, industry body Society of Indian Automobile Manufacturers (Siam) said on Monday. On the other hand, passenger vehicle (PV) exports in H1FY24 increased by 5 per cent to 336,754 units because the key markets are much more diversified worldwide, Vinod Aggarwal, president, Siam, told reporters during a press conference. The Russia-Ukraine war, which started in February 2022, has brought significant instability to global fuel prices.
'With China falling out of favour, India is where investors see the demographic and digital dividend apart from the benefits of reforms playing out.' 'Your prime minister has also done a great job of sharing this story with the world.'
India's iconic Vande Bharat train project may finally find a solution to its two Russian-related issues.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
'The succesfully conduct of the global event would have filled the Indians with pride'
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.
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