Under the shadow of the serial blasts in India, foreign ministers of the eight-member South Asian association for Regional Cooperation met on Thursday in Colombo to set the agenda for the weekend summit aimed at boosting trade ties and combating the food and energy crisis.
By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering the policy of G7 and Washington is "comfortable" with New Delhi over its approach in addressing issues relating to energy security, a top Biden administration official said.
In its bid to offset the impact of Indo-US nuclear deal, Pakistani President Asif Ali Zardari will take up the acquisition of nuclear fuel technology from China during his forthcoming visit.
With Delhi recording air pollution levels seven to eight times above safe standards on Monday, the city government announced the return of its flagship odd-even scheme after four years anticipating further deterioration of air quality post-Diwali.
The poisonous haze has been causing significant problems for people with existing respiratory issues, according to doctors.
Only the future will tell if Modi can leave his mark on the Ukraine crisis. Nonetheless, it is both a challenge and an opportunity for India's diplomacy, notes Rup Narayan Das.
India's role as a leader of the global south may require it to give up its ambition to serve as a bridge between the warring halves of the international community, points out Mihir S Sharma.
Pakistan has put its clocks forward to tide over an unprecedented energy crisis by taking advantage of an extra hour of daylight, creating consternation among the people and even raising the hackles of some. The concept of "daylight saving time" was introduced on Sunday by putting clocks forward by an hour at midnight, but many claimed that the government had not done enough to publicise the measure that will remain in place for three months.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
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 prime minister's announcement of a nation-wide shutdown was eloquent, but should have been more clearly phrased to avoid police overreach.' 'Migrant labour should have been allowed adequate notice and transport options to get home,' notes Rahul Jacob.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
President Musharraf will discuss the matter with President Bush in New York.
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
'India seems to be on a relatively better wicket compared to other emerging markets.'
As the Ukraine conflict impacts the global GDP, India is projected to grow by 6.4 per cent in 2022, slower than the last year's 8.8 per cent but still the fastest-growing major economy, with higher inflationary pressures and uneven recovery of the labour market curbing private consumption and investment, according to a UN report. The UN Department of Economic and Social Affairs said in its World Economic Situation and Prospects (WESP) report released on Wednesday that the war in Ukraine has upended the fragile economic recovery from the pandemic, triggering a devastating humanitarian crisis in Europe, increasing food and commodity prices and globally exacerbating inflationary pressures. The global economy is now projected to grow by only 3.1 per cent in 2022, down from the 4.0 per cent growth forecast released in January 2022.
If he ever makes it to the United States Senate, seven-time Tour de France winner Lance Armstrong will likely suggest one solution to America's energy crisis: 'Cycle to work'.
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green.
The phone conversation came days after it emerged that Modi will not be travelling to Russia for the annual India-Russia summit this year.
Global rating agency S&P on Tuesday said even though the US and the Euro zone are headed to recession, India is unlikely to face the impact given the "not so coupled" nature of its economy with the global economy. "Indian economy is a lot decoupled from the global economy than we normally think of, given its large domestic demand, even though you (India) are a net importer of energy. "But you have enough forex reserves on one hand and your companies have managed to maintain healthy balance sheets," Paul F Gruenwald, S&P global chief economist and managing director, told reporters in Mumbai.
'When I told Mr Narayan Murthy, he said it was great that I was following my dream.'
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
Modi's emphasises on transit for trade comes amid Pakistan's reluctance to provide such a facility for two-way trade between India and Pakistan.
Glimpses of the protests in Colombo against the worsening economic crisis
The intensity of power crisis this season has hit a new high with average coal stock dipping to less than eight days. The first of a pan-Indian series, based on a ground report, shows how the Manesar industrial hub is coping with the challenge. As the scorching heat wave and the lengthy power cuts intensify in Haryana, the usually bustling labour chowk of the Industrial Model Township (IMT) of Manesar wears a deserted look.
Power crisis has deepened in Uttar Pradesh with closure of one more unit of Anpara thermal power project due to a technical snag, prompting Chief Secretary Alok Ranjan to ask officials to find a solution to meet electricity shortage in the state.
"Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration," Modi said while addressing the second session of the Summit at the Bharat Mandapam in New Delhi.
''I don't revisit any of my work once it's complete because I'm very self-critical.' 'I will probably exclaim, "Oh God, such bad acting!"'
Aziz said the comprehensive dialogue in January between Pakistan and India will focus on all outstanding issues, including Kashmir.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
rediffGURU Anu Krishna offers advice on how to take control of your life and relationships.
Morocco change the mood for African football with exploits in Qatar
Prime Minister Narendra Modi on Sunday called for a global framework for ethical use of Artificial Intelligence (AI) as he flagged concerns surrounding bias in such modern technologies and their impact on the society. Days ahead of the G20 Summit, the prime minister also made a strong case for developing an integrated approach to deal with issues concerning cryptocurrencies. Modi, addressing B20 Summit India 2023 organised by CII, said India is preparing a global framework for Green Credit and urged industry leaders to adopt life and businesses with emphasis on planet positive actions.
'The group commands 85 per cent of the global GDP, and if you are able to convey your point of view effectively to this group then you have reached more or less all the important players that matter.'
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
A pregnant Sri Lankan woman, who had been in a queue for two days to obtain a passport to leave the crisis-hit country for employment overseas, went into labour while waiting for her turn on Thursday and delivered a baby girl.
India believes in sabka saath, sabka vikas, sabka vishwas, sabka prayaas and walks ahead with it, Modi said.
Blinken will also attend a meeting of the foreign ministers of the Quad grouping and will hold bilateral talks with his Indian counterpart S Jaishankar in Delhi.
Modi called business communities and governments to work together to ensure usage of ethical AI as "we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework."
India is also likely to push for a Free Trade Agreement with the Eurasian Economic Zone and is sharing details of the study it conducted in this regard.
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