Russian forces have made minimal progress on land, sea or air in recent days and they continue to suffer heavy losses, the UK's ministry of defence said on Thursday.
In spite of an overall healthy rise in exports, there are many traditional sectors which used to be the mainstay of India's exports in the past, but are now suffering from significant weaknesses, says A K Bhattacharya.
A dip in petroleum product exports for the first time in the current fiscal has contributed to a 22 per cent decline in merchandise exports in January, commerce ministry data reveals.
Rising export of petroleum products helped Commerce Minister Kamal Nath meet 96 per cent of the targeted $160 billion worth of exports in 2007-08, but it could not contain the country's net oil import bill. The net oil import bill in 2007-08 is likely to rise by around 41 per cent over 2006-07 as the country's refineries consumed 9 per cent more crude oil to meet surging demand even as crude oil prices rose nearly 53 per cent during the year.
Gautam Adani had in the late 1970s applied to join a Mumbai college for education, but the college rejected his application. He did not pursue education but turned to business and went on to build a $220 billion empire. About four-and-a-half decades later, he gets called to the same college to deliver a lecture to students on Teachers Day. Adani had moved to Mumbai at the age of 16 and started working as a diamond sorter.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
'In staples, we have still managed in rural areas.'
Tehran plans to lift exports by 500,000 barrels per day
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Trade deficit marginally widened to $9.85 billion as against $9.72 billion in February 2019.
Imports rose by 1.44 per cent to $43.44 billion in March 2019.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
India's merchandise exports shrank nearly a quarter in September from a year ago, government data showed.
Despite the 6-month high, trade deficit has widened to a four-month high of $14.62 billion, as imports rose by 14.85 per cent during the month, reports Subhayan Chakraborty.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon, External Affairs Minister S Jaishankar said.
Sectors, which, recorded healthy export growth included electronics, engineering, chemicals, pharma and tea.
Trade deficit during the month narrowed to $17.4 billion as against $12.72 billion in the same month last year
India's exports during the first week of September jumped 13.35 per cent year-on-year to $ 6.12 billion, official data released on Thursday showed. At the same time, imports declined by 21.37 per cent to $ 6.85 billion. Consequently, the deficit during September 1 to 7 worked out to $ 730 million.
The men with guns tend to know little finance, and establishing such a conspiracy then involves leakage of information, which is also dangerous, Ajay Shah points out.
Growing for the third consecutive month, the country's exports rose marginally by 0.67 per cent year-on-year to $27.93 billion in February even as trade deficit widened to $12.62 billion, according to official data released on Monday.
'Our target will come from rural areas as there are more outlets there.'
Imports too contracted by 28.72 per cent to $31.16 billion. Dip in exports and imports narrowed the trade deficit -- the difference between imports and exports -- in March to $9.76 billion, the lowest in the last 13 months.
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Despite discounts on Russian crude oil - which fell to the lowest since the Ukraine war began - and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. "There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. "Talks are on, and buying will continue," an official at a major refinery said.
Imports too declined by 16.31 per cent to $37.39 billion.
The trade deficit marginally narrowed to $12.5 billion last month from $12.8 billion in July.
Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.
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.
Ahead of the seven-phase Lok Sabha elections, keeping food prices under check has emerged as one of the topmost priorities for the government. Food prices would likely have a bearing on the preferences of voters. In the past, there have been instances when governments have been voted out over rising food inflation.
China consumed roughly 10.50 million barrels per day of oil in June.
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.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
'Shark fins are the most sought-after shark product.'
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday. Exports stood at $26.02 billion in September 2019. The country's imports contracted 19.6 per cent to $30.31 billion in September.
Crude oil shipments from the US to India rose to the highest levels in November since the conflict began in Ukraine in late February, sparking hopes of a resurgence in oil flows from the US to the subcontinent, reveals shipping data. Shipments from the US have surged as Western nations prepare to impose additional sanctions on Russian crude flows. The US shipped around 450,000 barrels per day of crude last month to India, twice that of shipments in October, according to data from London-based commodity intelligence provider Vortexa.
