Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
The US trade deficit narrowed less than expected in October as lower crude oil prices failed to offset a jump in imports, while an increase in exports suggested the economy was weathering faltering global demand.
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
Imports too declined by 8.83 per cent to $38.61 billion, bringing down the trade deficit to $11.25 billion during the month under review.
Trinamool Congress is the second highest recipient of political donations through electoral bonds.
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
Imports increased by 4.5 per cent, the highest growth in the last six months as crude oil and gold shipments shot up in the month.
The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
Exports in February fell to $21.55 billion compared with $25.35 billion a year ago
Import growth moderated to a four-month low, owing to sharp decline in that of gold.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
China is also providing supertankers and insurance coverage to move Russian Urals crude to PRC ports, as Moscow seeks vessels for exports after a G-7 oil price cap restricted the use of Western cargo services and insurance.
India's exports grew marginally by 0.88 per cent.
India's merchandise exports in February shrank for the 15th straight month on continued weak demand from Europe, the South Asian nation's biggest market.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
Out of 30 key export sectors, as many as 22 showed negative growth in September.
The growth has slowed down with exports at $6.7 billion last year.
Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
Gold imports, however, grew 10.47 per cent to $ 2.42 billion in May.
The government on September 14 further reduced the stock limit on wheat traders, wholesalers and big chain retailers to 2,000 tonnes from 3,000 tonnes with immediate effect to control wheat prices, which are showing an uptick again after being stable for some time. Announcing the move, food secretary Sanjeev Chopra said that retail prices of key essential food items, especially wheat, rice, sugar, and edible oils, were unlikely to see any sharp rise in the upcoming festival season as the country had adequate supply and the government was keeping a close vigil on hoarders.
Imports too tumbled by 58.65 per cent to $17.12 billion in April from $41.4 billion in the same month last year, according to the data by the commerce and industry ministry.
On the occasion of Chinese president Xi Jinping's two-day visit, Indian exporters are looking for a big boost in export of agricultural commodities, especially the ones that have been impacted by the ongoing trade war between the United States and China.
Escorted by four fighter jets, Russian President Vladimir Putin made a rare one-day lightning tour to the Middle East during which he visited Saudi Arabia after a short trip to the United Arab Emirates.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The output of eight core sectors declined by 4.6 per cent in February, the steepest contraction in the last six months which experts said could drag the overall industrial production in the month into the negative territory. All the key segments, including coal, crude oil, natural gas, and refinery products, witnessed a decline in production, according to the official data released on Wednesday. The growth rate of the eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 6.4 per cent in February 2020. Last time in August 2020, the sectors had recorded a negative growth of 6.9 per cent.
Cumulative exports during April-October 2017-18 increased by 9.62 per cent to $170.28 billion, while imports grew by 22.21 per cent to $256.43 billion, leaving a trade deficit of $86.14 billion.
Contracting for the seventh month in a row, India's exports dipped by 15.82 per cent in June to $22.28 billion due to global slowdown and dip in crude oil prices that impacted shipments of petroleum products.
Changes in global oil and gas rates matter more to India's economy than other major economies because the country imports around 87 per cent of its oil, half of its gas in the form of LNG, and over 60 per cent of its LPG.
The deficit was $17.6 billion in April 2013.
If 4,000 workers could work round the clock for the construction of the new Parliament building, then there is no reason why all infrastructure projects too cannot follow that model, asserts Dr Sudhir Bisht.
Investors attribute some of the growth in Indian stocks, that saw Bombay's benchmark BSE index rise nearly a third in 2014, to the election of a pro-business government in May, under Prime Minister Narendra Modi.
Imports too rose by 10.4 per cent to $37.8 billion during the last month, leaving a trade deficit of $12 billion.
India's exports dipped after a gap of four months in March but finished 2017-18 with a healthy rise of 9.78 per cent to $302.84 billion.
Export trade during August 2018 recorded at $27.84 billion, a positive growth of 19.21 per cent, tweeted Prabhu.
The likelihood is that India will maintain a moderately upbeat economic tempo -- well short of tearaway growth, explains T N Ninan.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances