India's appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel - but the volatility in commodity rates will slow global economic growth and use of fuels. Demand for all oil products may grow at only 2-3 per cent in FY23, slower than the current fiscal and nearly half the 5.5 per cent growth estimated by the petroleum ministry, according to industry officials.
What we are watching is something different: A fog manufactured and maintained by the people who started the war, so that the question of why it was started never has to be answered, observes Prem Panicker in his must read blog on the war in the Middle East.
According to the original timeline, the ships were to be delivered by 2022, they said, attributing the delays in the delivery to Russia's war in Ukraine.
The country's goods and services exports have crossed $820 billion in 2024-25, marking a nearly 6 per cent increase over the previous fiscal year despite global economic uncertainties, the commerce ministry said on Wednesday. The exports stood at $778 billion in 2023-24.
In his first address to the nation after Operation Sindoor, the prime minister said on Monday that for India to uphold peace, it must be strong, and when necessary, that strength must be exercised.
Air Chief Marshal A P Singh emphasizes the importance of clear objectives and timely conflict termination, citing Operation Sindoor as an example for the world to follow.
Russian President Vladimir Putin on Sunday proposed holding direct peace talks with Ukraine in Istanbul on May 15 without any preconditions, a move welcomed by Ukrainian President Volodymyr Zelenskyy, who insisted that Moscow must agree to a ceasefire first.
The Kananaskis gathering on June 16-17 is the Prime Minister's 6th consecutive participation in the G7 Summit.
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
The summit, scheduled for Friday, marks the first in-person meeting between the leaders of the US and Russia in over four years.
Tharoor had earlier criticised India's stance when Russia attacked Ukraine and called for condemnation of the aggression.
Russia on Wednesday said it is hoping for quick resolution of the issue relating to India's call for return of Indians recruited into the Russian Army as support staff and asserted their recruitment was purely a commercial matter.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
Russian President Vladimir Putin arrived in New Delhi for a two-day visit focused on strengthening ties with India, including defense cooperation and trade, amidst a changing geopolitical landscape.
The US is looking very carefully at what Modi did when he was in Moscow, a senior State Department official has told lawmakers concerned over the growing India-Russia ties.
India's top listed real estate developers - DLF, Lodha Group, Prestige Estates, and Oberoi Realty, excluding Godrej Properties - reported strong presales growth in the first quarter (Q1) of 2025-26 (FY26), even as earnings showed a mixed trend. According to Nomura, the top five developers - DLF, Lodha, Prestige, Oberoi, and Godrej - recorded a cumulative 59 per cent year-on-year (Y-o-Y) growth in presales.
There have been sharp differences between the Russia-China combine and the Western countries over the text to describe the Ukraine crisis.
US President Donald Trump claimed India will stop buying oil from Russia, while also stating China will cut back substantially. He also discussed the conflict between India and Pakistan, reiterating his claim of helping settle the conflict.
Gen Pande said India will have to especially watch out for the stance of its two adversaries in the emerging geopolitical scenario, in an oblique reference to China and Pakistan.
The recent conflict between India and Pakistan was among the issues figured during a phone call between Russian President Vladimir Putin and US President Donald Trump, according to a Kremlin aide.
Despite the lack of a formal agreement, Trump described the summit as a success
Zelenskyy further said that the assault occurred overnight and into the morning, and involved a barrage of approximately 120 missiles and 90 drones, including Shaheds, Zircons, Iskanders, and Kinzhals.
External Affairs Minister S Jaishankar has called on Brazil, Russia, India, China, South Africa (BRICS) to defend the multilateral trading system amid increasing protectionism and tariff volatility during a meeting of the bloc's foreign ministers in New York on the sidelines of the United Nations General Assembly session.
The country's imports from Russia almost doubled to $25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were $13.77 billion during April-August 2022.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
Trump said that he and Putin agreed to have their respective teams start negotiations immediately and begin by calling Ukraine President Volodymyr Zelenskyy regarding the conversation.
A day ahead of the G20 Summit, it was not very clear whether a consensus on the text to describe the Ukraine crisis in the joint leaders' declaration was achieved with China appearing to emerge as the main stumbling block to bridge the differences on the contentious issue.
"We would take PM Modi at his words and welcome those comments when they took place. Other countries will make their own decision on engagement with Russia. We continue to coordinate with allies to mitigate impacts of war," said State Department's Principal Deputy Spokesperson Vedant Patel during a press conference on Thursday.
Russia on Tuesday agreed to India's demand to ensure early release and return to home of the Indian nationals working in the Russian military as support staff after Prime Minister Narendra Modi 'very strongly' raised the issue with President Vladimir Putin.
However, these are understood to be exploratory talks, with an agreement unlikely to be formalised during the current visit.
Ofcom ruled that it did not consider RT's licensee, ANO TV Novosti, 'fit and proper' to hold a UK broadcast licence.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
India has confirmed that 12 Indian nationals have died while serving in the Russian military during the ongoing conflict in Ukraine. Another 16 Indians, who were serving in the Russian armed forces, are listed as missing by Russia. The Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said a total of 126 Indians were serving with the Russian military and 96 of them have so far been discharged.
Whether Trump will actually press ahead with the oil sanctions remains unclear, since keeping Russian oil out of the world market risks high oil prices which could boomerang on the US economy and be damaging politically for Trump, points out Ambassador M K Bhadrakumar.
Days after Ukrainian President Volodymyr Zelenskyy criticised Prime Minister Narendra Modi's visit to Moscow, India has conveyed to Kyiv its displeasure over the remarks, diplomatic sources said on Monday.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil.
A Russian Parliament member claims Russia has enough nuclear submarines to counter US deployments, following statements by Donald Trump and Dmitry Medvedev.
India's wheat exports could touch a new record of 10 million tonnes in 2022-23, up from a record seven million tonnes in the current financial year, if global market conditions remain choppy and no curbs are imposed on outbound shipments. That is the bullish estimate by officials from global trading firms and market watchers who say the Russia-Ukraine crisis has not only attracted global buyers to India but also pushed the price of Indian wheat from around $320 per tonne (FOB) to over $360 per tonne in less than 10 days. Food secretary Sudhanshu Pandey told reporters that wheat exports till February-end have already reached 6.6 million tonnes and by the end of March, outbound shipments will reach seven million tonnes.
India has expressed concern over the increasing number of Indian nationals serving in the Russian Army and has urged Moscow to halt the recruitment of Indians into its military.
China has expressed its support for Russia's initiative to revive the Russia-India-China (RIC) troika, emphasizing its importance for regional and global security and stability.
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