Proving naysayers wrong, India's exports started the new financial year with an impressive 23.06 per cent year-on-year growth to touch USD 10.57 billion in April.
The Russia-Ukraine crisis, along with general bullishness in agricultural commodities, has ensured that after a fairly long time, most of the 24 commodities for which the Centre declares the minimum support price (MSP) are trading above it. The exceptions here are chana or gram and a few varieties of pulses. This might gladden the farmers, especially those who are still holding on to their stocks from the previous kharif harvest or are harvesting the latest rabi crop. But this could stoke retail and wholesale inflation.
An analysis of year-wise movements of average global crude oil prices versus India's GDP reveals no inverse correlation, contrary to wide belief.
India's crude oil imports are coming in from a changing mix of countries, with the top three accounting for around 60 per cent of total imports. Russia emerged as the largest source of crude oil imports for India in June, as per the latest available data from the Organization of the Petroleum Exporting Countries (OPEC). The data which is released with a lag, showed that Russian imports accounted for 24 per cent of the total crude imports into the country.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
The real benefits can be seen when prices stabilise, preferably at levels acceptable to both consumers and producers.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
An Arab official said the Saudi government had put the kingdom -- the world's largest oil exporter -- on a state of alert and cancelled all military leaves as a precaution.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
Production of eight infrastructure sectors increased by 5.4 per cent in November against a 3.2 per cent growth in the same month last year on a better show by coal, fertiliser, steel, cement and electricity segments, according to the official data released on Friday. Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.
For the April-February period, exports were up 4.79 per cent to $282.7 billion, according to data released by the Ministry of Commerce and Industry on Tuesday.
These so-called 'negative crack spreads' have huge implications for India, which imports crude oil and exports petroleum products. Brent crude oil, the international oil benchmark, was trading at $62 a barrel on Thursday.
India's exports increased by 26.9 per cent in August, while the import bill soared by 51.2 per cent leaving a trade deficit of $13.94 billion for the month.
India, China, US and Japan have topped the list of exporting counties to the UAE in March 2010 with a total export value of 24.6 billion dirhams - 60 per cent of the total value of the country's imports.
Keeps open the option to make payments in yen or yuan in the face of sanctions
India is seeking over 3 million tonnes of crude oil from Iraq this fiscal even as it hopes that the interim US-led regime in Baghdad honours award of an oil exploration block to state-run ONGC Videsh Ltd by the previous Saddam Hussein regime.\n\n\n\n
The organisation of oil producing and exporting countries on Monday ruled out any increase in oil output to cool the high international oil prices.
Industry experts, analysts say the proposal is 'impractical'. The country's oil refining companies are hopeful that the Organisation of Petroleum Exporting Countries will implement a price band for crude oil which they say will bring more certainty to their operations.
Stock market investors became poorer by Rs 8.30 lakh crore as equities continued their slide for the sixth consecutive day on Friday. The BSE Sensex has tumbled 1,855.58 points or 3 per cent since February 16. During this period, the combined market capitalisation of BSE-listed firms has tanked Rs 8,30,322.61 crore to reach Rs 2,60,00,662.99 crore. "The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green.
Shipments from Russia rose nearly 33 per cent to $1.1 billion in March from $831.17 million in the previous month, which was when the country mounted aggression on Ukraine and faced sanctions from Western nations, the data accessed by Business Standard shows. Growth in imports was largely on account of oil, people aware of the matter said. The Department of Commerce is learnt to have written to the Ministry of Petroleum and Natural Gas (MoPNG), seeking details of imports, including the payment mechanism, which India has not made public.
Pushing a barrel of oil back to around $100 would require a reduction of production of about two million barrels a day - a cut that would fall predominantly on Saudi Arabia.
Mangalore Refinery and Petrochemicals Ltd, a subsidiary of Oil and Natural Gas Corporation, is considering plans to increase sales of aviation turbine fuel in the domestic market and cut down on exports gradually.
The largest component in computing CAD is trade deficit. India's trade deficit widened to $13.35 billion in October as exports contracted 5.04 per cent and gold imports surged
India's exports growth virtually doubled to 23.42 per cent in the first nine months of 2004-05 as against 12.72 per cent in the same period in 2003-04.
OPEC expects an additional daily average output growth of 1.2 million barrels or a daily average oil output of 87 million barrels in 2008. The OPEC output quota this year will be less than 32 million bpd and non-OPEC output would be about 50.3 million bpd, according to a report . OPEC's actual production will be higher than the quota but that will not be sufficient to coverup the demand-supply imbalance in the international market.
OPEC, which has oil reserves that constitute 80 percent of the total global reserves, is unwilling to increase output to bring down oil prices. This makes OPEC too responsible for the rising oil prices, apart from the weak dollar. OPEC has said that world oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day. As OPEC's output remains insufficient to cover rising demand from Asian region, oil prices will tend to rise.
Severe sluggishness in demand in Europe hit India's merchandise exports, which fell for the third consecutive month this financial year. Compared with $26.3 billion in the corresponding period last year, exports fell 14.8 per cent to $22.4 billion in July. This was the steepest fall in 35 months (exports had declined 23.59 per cent in August 2009).
Exports in May 2012 stood at $24.77 billion.
India's oil import bill for the first quarter of the current fiscal has climbed to $4.72 billion while petroleum product exports totalled $706 million.
The country's export growth slowed down in October this year to 19 per cent while imports rose at a much faster pace of more than 39 per cent on the back of rising crude oil prices, widening the trade deficit so far this fiscal to $30.23 billion.
India will export its first warship later this month, a move that is seen as a big leap for the country's defence public sector units.
Indian economy is poised to do better on the back of reforms undertaken by the government and is expected to clock a 6.5-7 per cent growth in the remaining part of the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday. Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be "well behaved" in FY2023-24 barring headwinds. "My optimism is that in the coming decade, rest of the decade, the potential GDP growth, without taking into account export potential, because global economy is still rife with uncertainty, the growth rate would be around 6.5 to 7 per cent, rather than between 6 per cent and 6.5 per cent," he said.
'Midcap and smallcap indices are trading in the expensive zone.'
India is likely to be the fastest-growing Asian economy in 2022-23, according to analysts at Morgan Stanley. They expect India's gross domestic product growth to average 7 per cent during this period - the strongest among the largest economies - and contributing 28 per cent and 22 per cent to Asian and global growth, respectively. The Indian economy, they said, is set for its best run in over a decade as pent-up demand is unleashed.
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