India will soon meet Iraq and the United Arab Emirates (UAE) to seek a definitive rate of discount on crude oil similar to what Russia has provided so far, sources said. Multiple officials and industry executives said Iraq, which is India's biggest oil supplier, wants to discuss the level of discounts expected by Indian refiners. India's focus on snapping up ever-increasing volumes of Russian crude oil has led to a corresponding decline in imports from the Middle East. Flows from Iraq, Saudi Arabia, and the UAE have suffered as a result.
A meeting with Chinese President Xi Jinping on the sidelines of the SCO summit is being planned.
India's trade relations with Turkey and Azerbaijan are expected to come under strain due to Ankara and Baku backing Islamabad and condemning India's recent strikes on terror camps in Pakistan. Following their support to Pakistan, calls for boycotting Turkish goods and tourism have surfaced across the country, with online travel platforms such as EaseMyTrip and Ixigo issuing advisories against visiting these nations.
Exports grew to $16.34 billion while imports rose to $27.14 billion, leaving a trade deficit of $10.79 billion in July, according to official figures released in New Delhi on Monday. On the back of increase in global prices, the crude oil import bill in July shot up by 69.3 per cent to $9.48 billion from $5.6 billion a year ago.
'New Delhi is not naive about its foreign policy choices.'
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
'The background for the Saudi-Pakistan agreement is the fact that the regional security order has collapsed due to the Israeli attack on Doha.' 'The Americans have largely abandoned their security guarantee for West Asia and the region has no choice but to look at alternatives.'
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India's strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country's three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
From the Sensex pack, Bharti Airtel, Asian Paints, Infosys, Bharat Electronics, Tech Mahindra and Eternal were major laggards. However, Maruti, Tata Steel, Bajaj Finance, Bajaj Finserv, Trent and Tata Consultancy Services were among the gainers.
rediffGURU Dr Nidhi Gupta, a physiotherapist and the founder of Merahki Holistic Wellness Company explains why it's important to correct your posture while sitting or working.
Prime Minister Narendra Modi addressed the nation on Independence Day, focusing on economic growth, self-reliance, and national security. He emphasized manufacturing quality products at affordable prices, supporting farmers, and combating terrorism and infiltration.
Equity investors are up for an eventful trading week ahead as the 90-day suspension period of the reciprocal tariffs announced by US President Donald Trump ends on July 9, analysts said, adding that a positive outcome from the trade negotiations could further lift market sentiment, particularly benefiting trade-sensitive sectors.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
'Just as we cannot surrender the interests of our farmers and dairy industry, Trump is also looking for markets for the produce of the farmers in the Midwest, which are his support base.'
External Affairs Minister S Jaishankar says Operation Sindoor conveyed India's resolve to act against terrorism, following UN Security Council's call to bring Pahalgam attackers to justice.
Increasing cooperation in critical minerals will top Prime Minister Modi's agenda during his discussions with leaders of Ghana, Argentinia, Brazil and Namibia.
Hectic parleys are underway between officials of India and the US in Washington on the proposed interim trade agreement between the two countries, an official said on Wednesday.
Trading sentiment in the stock market this week will be guided by quarterly earning announcements from blue-chips such as Infosys and Bajaj Finance, the outcome of India-US trade talks and global cues, analysts said. Markets may on Monday react to the quarterly results of three heavyweights - Reliance Industries, HDFC Bank and ICICI Bank, an expert said.
The Israel-Iran conflict has entered a 'decisive phase' after the United States bombed three major Iranian nuclear sites Sunday morning, feel strategic affairs experts with some of them arguing it was Washington, DC's 'responsibility' to not get involved in the military standoff.
The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
'If the INDIA bloc ever forms the government, they will be more than tempted to use such provisions to bring about regime change in BJP-ruled states.'
The lawmakers slammed opposition leaders over their remarks on the development, alleging that they were "happy" with the US government's move when "everyone" should be standing together in such a situation.
India's craft chocolate makers are changing the market by using local cacao, creating bold new flavours, making chocolate both a luxury and a story.
India's major imports from the US include crude oil and petroleum products, gold and jewellery, plastics, aircraft, and electrical machinery and components. The key exports to the US comprise pharmaceuticals and biologicals, telecom equipment, precious and semi-precious stones, petroleum products, gold and precious metal jewellery, and ready-made garments.
The point to note for India is that we must not panic. The United States may be our largest export destination, but high tariffs will not exactly mean gloom and doom. Sure, we can throw some morsels as we continue negotiating, but we must be firm that some red lines cannot be crossed, no matter what, asserts Shreekant Sambrani.
The richest Asian Mukesh Ambani is flying to Doha to meet US President Donald Trump, his second meeting since Trump returned to presidency in January this year.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
'As one former Indian diplomat put it to me, Delhi has access to the White House, but Islamabad has access to Mar-a-Lago.'
The era where nations thrived through rigid alignments is giving way to an age where the connective State defines power. For India, that era has arrived, points out Dr Nishakant Ojha.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
In a high-risk military operation early Sunday, the United States launched coordinated airstrikes on three of Iran's most fortified nuclear sites -- Fordo, Natanz, and Isfahan -- marking a decisive escalation in the ongoing Israel-Iran conflict.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
New Delhi has reached out to Moscow while waiting for a new president in Washington. New Delhi knows well that in international relations, there are no permanent friends or foes, only permanent national interests, points out Dr Rup Narayan Das.
Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump's reciprocal tariffs. The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02.
India's current account deficit (CAD) may dip further in the March quarter of FY24 as pressure from the negative net exports during the January-March period eased to an 11-quarter high. A part of the gross domestic product (GDP) data, net export- which is usually negative for India - captures the difference between exports and imports of both goods and services, while the CAD data, released by the Reserve Bank of India (RBI), also factors in private transfer receipts.
Health experts advise young working professionals, especially those in high-stress sectors like IT, to adopt healthier lifestyles from an early age and undergo regular preventive health check-ups.
The US will send its top energy expert to India next week to help the country reduce dependence on Iranian oil, Secretary of State Hillary Clinton has said as she lauded the steps taken by New Delhi on the issue.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
India's merchandise exports in October rose by 17.25 per cent to $39.2 billion against $33.43 billion a year ago, according to government data released on Thursday. Imports increased by 3.9 per cent to $66.34 billion in October compared to $63.86 billion in the year-ago period.
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