In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
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.
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.
Nestle's Maggi 'shock therapy' worked. Nestle probably required such shock treatment as the June 2015 ban on Maggi noodles to jerk it out of its ennui, suggests Suresh Narayanan, now chairman and managing director of Nestle's India business.
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.
'India has given assistance that we required, otherwise we would not have been able to survive this far.'
Prime Minister Narendra Modi said on Sunday said he views the current situation in Ukraine as an issue of humanity and human values and not of politics or economy even as he called for respecting international law, sovereignty and territorial integrity of all nations.
If the impact of the Greece crisis spreads across Europe and parts of the world which are more interconnected than ever before, India cannot hope to be insulated, says Paranjoy Guha Thakurta.
India has so many relationships, such an ability to communicate and find touch points with different countries and regions.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
The anti-government protesters in Sri Lanka on Sunday continued to occupy the residences of President Gotabaya Rajapaksa and Prime Minister Wickremesinghe, a day after they stormed into the premises and set on fire one of the buildings protesting over the nation's severe economic crisis even as the island nation is still in the dark about the embattled President's whereabouts.
A senior first officer with Jet Airways shares her plight.
Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
A revealing excerpt from Mani Shankar Aiyar's fascinating new book, The Rajiv I Knew.
Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new milestone in bilateral economic and energy partnership.
State-owned CIL on Monday said coal supply to the power sector rose 15.6 per cent to 49.7 million tonne last month in the wake of high demand of the dry fuel from electricity generating plants and stressed that it is planning to augment its dispatches further, especially to power plants in the coming months. The statement comes at a time when several parts of the country are grappling with power crisis. "With the intense demand for coal continuing unabated driven by an upward spiral in the electricity generation, CIL (Coal India) pushed up its supplies to power plants of the country to 49.7 million tonnes (MT) in April'22.
One reason is that airlines have ramped up capacity and expanded their presence in tier-II markets. The first of a three-part series analyses how the aviation industry is an outlier in the midst of an overall economic slowdown.
Delhi, reeling under high temperatures and an acute electricity shortage, will get additional gas supplies from the National Thermal Power Corporation and Dabhol to increase power generation and help meet demand in the national capital.
Human Development -- a measure of a nation's health, education, and average income -- has declined for two years in a row.
Thousands of demonstrators have hit the streets since April 9, as the government ran out of money for vital imports; prices of essential commodities have skyrocketed and there are acute shortages in fuel, medicines and electricity supply.
Will G20 showcase an India that is inclusive, culturally rich, diverse and tolerant, asks Ramesh Menon.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
On Pakistan, the publication quoted him as saying that India wants "normal and neighborly relations."
'The crisis-hit brand needs to react, and react without sounding outraged or angry. '
Jaishankar said the world has experienced its consequences in terms of higher costs and shortages of foodgrains and fertilizers and fuel.
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
'To keep the next catastrophe at bay, a carbon free economy will be an imperative. 'Our 2000 cc internal combustion engine powered personal cars and public transport may have to give way to electric and hydrogen powered fuel cells. 'The oil refineries which were so much part of my professional life may have to be dismantled and trees planted in its place. 'The smokestacks, which once upon a time represented growth and prosperity, will now be gory symbols of a polluting past,' notes former Hindustan Petroleum chairman Arun Balakrishnan.
Sri Lanka's Acting President Ranil Wickremesinghe on Monday imposed emergency giving him sweeping powers ahead of the key election on July 20 to pick a new President as he urged the political parties to put aside differences and form an all-party government, with the Opposition dubbing his decision as an 'undemocratic draconian act'.
Power and Coal Minister Piyush Goyal warned that it would take years to alleviate coal supply shortages, which have reduced stocks at thermal power stations to their lowest since a huge blackout in 2012 cut off 620 million people.
Amid the low stock position at the electricity generating plants, state-owned CIL has asked its subsidiaries to refrain from conducting any further e-auction of coal, except special forward e-auction for the power sector, till the situation stabilises. The development assumes significance as the supply of coal is being prioritised to the power sector to replenish the dwindling stock in the wake of reports of an electricity crisis looming large. "In view of the current low stock position at the powerhouse end, supply of coal is being prioritised to the power sector to replenish the dwindling stock...coal companies are advised to refrain from conducting of any further e-auctions of coal with the exception of special forward e-auction for the power sector, till the situation stabilises," Coal India said in a recent letter to its arms, including Eastern Coalfields Ltd (ECL), Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL).
State-owned CIL on Thursday said that it has floated its maiden tender to import 2.416 million tonnes of coal to ensure adequate supply of the fuel to power plants in the country. The development assumes significance in the wake of the government making all efforts to build up stock of coal to avoid the reoccurrence of power outages which happened in April on account of shortage of the fossil fuel. "In a first ever, Coal India Limited (CIL) on Wednesday floated an international competitive bidding e-tender, seeking bids for import of 2.416 million tonnes (MTs) of coal," the company said in a statement.
If the crisis worsens it could jack up India's oil import bill by over $20 billion this fiscal, at close to $200 billion.
aishankar also declined to predict India's vote in advance on the upcoming draft resolution against Russia in the UN.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
The SJB has begun to collect signatures from MPs for the no-confidence motion, according to media reports.
106 people died on a single day on Thursday.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
