There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
US President Joe Biden is set to meet his Chinese counterpart on Wednesday in the San Francisco Bay Area, CNN reported, citing senior US administration officials.
India's merchandise exports rose by 9.1 per cent to $38.13 billion in May even as the trade deficit widened to a seven-month high of $23.78 billion during the month, according to government data. Healthy growth in sectors, such as engineering, electronics, pharmaceuticals, textiles and plastics helped register growth in exports despite global economic uncertainties.
Images from Day 8 of Wimbledon 2024 at The All England Lawn Tennis and Croquet Club in London on Monday.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
India's imports from Russia rose 64 per cent to $36.27 billion during the April-October period this fiscal on higher 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 seven months of this fiscal. The imports were $22.13 billion during April-October 2022.
Ukraine's First Deputy Foreign Minister Emine Dzhaparova will pay a four-day visit to India from Sunday, the first official visit from the East European country since the Russian invasion began last year.
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.
The G20 declaration, which hit snags on the language to describe the Ukraine war, amounted to a 'coup' for host Prime Minister Narendra Modi though the final compromise statement reflected a stand far softer than those the United States and its Western allies have adopted on Russia, the world media said on Sunday.
It was a tough negotiation and the consensus on the declaration was a great achievement by India, European sources said on the condition of anonymity.
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.
United States President Joe Biden who made an unannounced visit to Kyiv on Monday, days before the first anniversary of Russia's full-scale invasion, pledged a $500 million military aid package for the country.
The most likely scenario is that in order to stop Ukraine from retaking any Russian occupied territory, Russia may well use a small (1 to 2 kilo tonne) tactical nuclear weapon in Ukraine, warns military historian Colonel Anil A Athale (retd).
The Ukraine conflict and Chinese activities in the Indo-Pacific region figured in last week's talks between Prime Minister Narendra Modi and French President Emmanuel Macron, and both sides have similar views over the two issues, sources said on Monday.
India's imports from Russia rose by about 67 per cent to $30.42 billion during the April-September period this fiscal on higher 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 half of this fiscal. The imports were $18.24 billion during April-September 2022.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
The ATP and WTA last week took away ranking points from Wimbledon following the organisers' decision to ban Russian and Belarusian players
"Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on New Delhi G20 Leaders Summit Declaration," Modi said while addressing the second session of the Summit at the Bharat Mandapam in New Delhi.
'China seems more intent on creating a new world order rather than shaping the existing one.' 'India is of course, at this moment in time, aligned with the West-led order because of China's full-spectrum aggressive behaviour towards India.'
One looks upon the coming new year with foreboding as current wars in Ukraine and Gaza spill over and escalate and new ones erupt in incipient fault lines across the world, notes former foreign secretary Shyam Saran.
Biden also called for Israel to respect humanitarian law and minimise the loss of civilian life, saying he counselled Israeli officials during his trip to Tel Aviv "against letting their hurt and rage mislead them into making mistakes we ourselves have made in the past."
The Hague-based ICC accused the Russian president of responsibility for war crimes committed by Russian forces in Ukraine during the war that has been ongoing for over a year.
Defence Minister Rajnath Singh on Sunday claimed that Prime Minister Narendra Modi has been receiving invitations for functions scheduled much after the Lok Sabha polls, which showed the 'entire world believes his return to power is inevitable'.
Kremlin spokesman Dmitry Peskov told journalists that the Belarusian President volunteered because he has been acquainted with Prigozhin for about 20 years.
A step away from nuclear weapons being used in conflicts, warns Colonel Anil A Athale (retd).
As the threat of a showdown between Russia and the West over Ukraine loomed large, German Chancellor Angela Merkel has deplored Moscow's military build up on the Crimean peninsula and called on President Vladimir Putin to respect the country's territorial integrity.
'With China falling out of favour, India is where investors see the demographic and digital dividend apart from the benefits of reforms playing out.' 'Your prime minister has also done a great job of sharing this story with the world.'
A day ahead of a crucial G20 meeting, External Affairs Minister S Jaishankar on Wednesday evening hosted a welcome dinner for the foreign ministers attending the deliberations but the reception was missed by his counterparts from the US, China, Germany and France.
With the athletes bidding goodbye to Paris after another bone-tingling edition of the Olympics, Norma Astrid Godinho/Rediff.com, shares some interesting nuggets that made the Paris Olympics an event to remember!
He said that US intelligence shows that Chinese President Xi Jinping has instructed his nation's military to 'be ready by 2027' to invade Taiwan.
Moody's and Fitch on Thursday downgraded Russia's sovereign rating to 'junk' grade following severe sanctions by western countries. While Moody's Investors Service downgraded Russia's long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to 'B3' from 'Baa3', Fitch pulled down the rating on the country to 'B' from 'BBB', putting it on 'Rating Watch Negative'. The downgraded rating is in speculative or junk category reflecting default risk. It signifies that even through financial commitments are currently being met, the sovereign is vulnerable to high credit risk.
United States President Barack Obama has said that Russia's actions are in violation of Ukraine's sovereignty and suggested that there is a diplomatic solution that would protect the interest of both Russia and Ukraine and end the worst East-West stand-off since the Cold War.
'It is commendable that India is able to persuade all sides.' 'It shows that India counts and finally, we are reaching a position where we can find a place in the sun at the global level.'
Ukrainian President Volodymyr Zelenskyy makes a surprise visit to the UK in his second visit outside Ukraine since the Russian invasion nearly a year ago.
'2019 was fought on delivery. But in 2024, you can see the before and after effects.'
China and Russia signed bilateral agreements as the two neighbours pledge closer cooperation amid criticism from the West on the war in Ukraine.
Since March 2020, when the Nifty50 plummeted to 7,511 following the announcement of a nationwide lockdown, the stock market has been on an upward trajectory. Over the next four years, the major market index has delivered a remarkable compounded annual growth rate (CAGR) of over 31.5 per cent. In the past year alone, the Nifty50 has gained by 27 per cent, hitting a succession of record highs.
Ukraine has claimed that it has "compelling evidence" that Russian crew operated the missile system that downed a Malaysian jet with 298 people on board and accused Moscow of helping rebels in trying to destroy evidence.
Ukrainian boxer Oleksandr Usyk urged the International Olympic Committee (IOC) to ban Russia from the Olympic Games
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