EAM Jaishankar's mission is aimed at strengthening India's strategic autonomy in a complex international environment, observes Ambassador M K Bhadrakumar.
India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
"No one has ever accused India of supporting what is going on in Ukraine. What India seems to be doing is trying to operate within the policy outlined by Nehru 65 years back," said a source.
Price said India's relationship with Russia developed over several decades.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
The Modi government finds itself in a contradiction of its own making. It has encouraged pro-Russian, Westophobic public sentiment while setting strategic policy that's exactly the opposite, points out Shekhar Gupta.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in.
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.
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices. CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd - the firm which retails CNG and piped cooking gas in the national capital. Following the firming up of international gas rates, IGL has been raising CNG rates by up to 50 paise (Rs 0.50) per kg periodically. Prices have gone up by about Rs 4 per kg this year alone.
Sources had earlier said Modi and Putin would also deliberate on impact of US sanctions on import of crude oil from Iran.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
Oil companies from India and China are seeking stake in Russia's state-owned oil major Rosneft but no concrete deals have been struck so far, Russian Energy Minister Victor Khristenko said on Friday.
The rupee depreciated further by 13 paise to hit a new life-time closing low of 82.30 against the US dollar on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43. It finally settled at an all-time low of 82.30 against the American currency, registering a decline of 13 paise over its previous close.
Opening up India's market to neighbouring countries can be as strategic as access denial to others. The game should be played both ways, even if it upsets domestic business lobbies, observes T N Ninan.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
Prime Minister Narendra Modi on Thursday said even though India's options have increased, Russia will remain the country's "most important" defence partner as Moscow offered to fully manufacture in this country one of its most advanced helicopters.
'What should worry India and which needs to be expressed is Russia's simultaneous proximity to both China and Pakistan from a strategic angle. That hasn't happened ever before,' says Lieutenant General Syed Ata Hasnain (retd).
Putin, who was received by External Affairs Minister Sushma Swaraj on his arrival, went straight to Modi's official Lok Kalyan Marg residence where the two leaders had a one-on-one meeting.
After selling dollars for the past few months, the Reserve Bank of India (RBI) may take a hands-off approach before its annual account closing by not trying to prop up the rupee as geopolitical tensions show signs of stabilising with global crude oil prices easing from its $140 peak. The central bank was a net buyer of dollars between April and September, and then turned a net seller in the following months, the data released by the RBI showed. The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
Many of the stories, the pictures going out of India worldwide lately with these provocative processions, taunting of Muslims, bulldozers targeting mostly their properties, the sweeping 'othering' of a community of 200 million are painting the front pages and TV screens in the democratic world. That is where most of the friends we covet lie. Soon enough, these will also make our vital friends among the Muslim nations, from Bangladesh to Saudi Arabia and the UAE, uneasy. The best time for course correction is now, asserts Shekhar Gupta.
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
'Indian diplomacy in West Asia under the present government has been a success story -- and with Saudi Arabia in particular,' says Ambassador M K Bhadrakumar.
Gold is usually seen as a safe-haven when stocks are falling or when inflation is rising. With prices of the yellow metal hovering near record highs, people are also putting off their jewellery purchases. Along with a subdued marriage season, the orders with price open and settled on delivery day, too, are getting cancelled. Apart from high, volatile prices, there is no gold rush yet for the safe-haven asset, crimping demand.
"We are committed to building a new India. We have to do this as early as possible," he said.
'The change of vocabulary in the India-US conversation was significant and refreshing.' 'It matched the styles of Trump and Modi.' 'The differences were not papered over, but there was determination to resolve them in the days ahead,' says Ambassador T P Sreenivasan.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
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.
'Our family philosophy is to build a bridge between India and Britain.'
In his pre-departure statement, he said trade ties between India and Russia can increase even further, to benefit not only the two nations but also the world.
Big ticket defence deals including purchase of missile systems, frigates and joint production of helicopters were sealed on Saturday.
Geopolitical climate and equity markets as supportive for gold's role as a risk hedge.
During his two day visit, Modi is expected to seal a raft of major deals in defence, nuclear energy and hydrocarbons sectors to further cement their 'special and privileged strategic ties'.
A new Congress leader may make an electoral impact by his very presence. Congress voters who had moved away from the party, after being influenced by the BJP's 'family rule' campaign, can now return with a certain moral satisfaction, observes N Sathiya Moorthy.
India must develop structured multilateralism to its defence buys
The US side is yet to respond to the invitation but initial indication has been positive, it is learnt.
India needs to have a re-look of whole gamut of its relations with major powers and also prepare for a more turbulent neighbourhood. But such is the tyranny of Indian status quo mindset that any talk of re-look at nuclear doctrine or foreign relations is treated as blasphemy, says Colonel (retd) Anil Athale.
TCS, ICICI Bank, Sun Pharma,Tata Motors and HDFC among the top losers for the day
Modi may take satisfaction from his display of considerable political skill in managing a mercurial, temperamental and unpredictable US president and nudging him into uncharacteristic restraint and even carefully orchestrated remarks. This personal chemistry will come in handy if Trump returns as president in the November elections, says former foreign secretary Shyam Saran.
The reimposition of sanctions on Iran will have major impact on countries like India, with which it has traditional and historic trade relationship.
