Even as the Group of Seven (G7) price cap on Russian crude oil enters into force as of December 5, India has been assured it will continue to receive the existing deep discounts on Russian oil, for the time being, informed officials. "We have been assured by our Russian partners of uninterrupted crude supplies at the existing rates for the time being. "There were a lot of reports of changes in (India's) buying patterns after the global price cap took hold.
Exports to India's key markets - the US, the United Arab Emirates, China, Singapore, Bangladesh and Germany - witnessed a sharp decline, resulting in a 12.69 per cent contraction in outbound shipments during the first month of the current financial year, commerce department data showed. India's biggest export market - the US - with 17 per cent share witnessed 17.16 per cent contraction at $5.9 billion in April. This was followed by the United Arab Emirates (UAE) that saw 22.09 per cent decline at $2.23 billion exports.
One hopes in his next term, Narendra Modi will take up the mission of inculcating respect for following rules in Indians as a mission. Therein lies the chance for India to become a developed country, asserts Colonel Anil A Athale (retd).
'The first two years of the Jal Jeevan Mission were wasted in UP.' 'But after a push from the Centre, work has picked up pace in the state.'
With Western corporations, including Microsoft, AWS and Oracle, shutting down their operations in Russia, the rest of the world has become acutely aware of its dependence on a clutch of technology service providers.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
India on Saturday 'strongly pressed' the Russian and Ukrainian governments through multiple channels for an immediate ceasefire in Sumy to ensure a safe passage for around 700 Indian students stuck there as it keeps focus on their evacuation from the war-hit city in eastern Ukraine.
'Putin has set aside all the rules and now he is deciding the rules.'
Two of Xi Jinping's chosen officials have disappeared from view, an indication of turmoil in Xi's government, months after he installed a collection of loyalist leaders in his cabinet, observes Dr Rajaram Panda.
Russian Foreign Minister Sergey Lavrov will be on a two-day official visit to India from Thursday, his first trip to the country since Moscow launched its invasion of Ukraine last month.
In the Russian president's eyes, it sends a message of defiance to the world and his own people which fits his favoured storyline: Russia is succeeding despite Western efforts to hold it back.
'Sholay wallah kahani hai: 'Gabbar Singh aayega, Gabbar Singh aayega.' 'But what is inside Gabbar Singh nobody knows.'
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India's largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
There is the problem of regions in the North East being theatre for power-play by nations with borders and influences converging in those parts, which in turn requires a sizable presence of the armed forces, notes Shyam G Menon.
Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian foreign ministry said in a statement.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
As India's stock rises, the resolution of the border row may become even more difficult, warn Harsh V Pant and Kalpit Mankikar.
'Putin is in danger of losing face in his Ukrainian adventure. His bluster is a response to this.'
A looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. The slowdown in natural gas supply means the West needs diesel to heat their homes this winter.
The visit to India by Sergey Aksyonov, Head of the Republic of Crimea, accompanying Russian President Vladimir Putin has raised the hackles in the West with the US saying it was 'troubled' by the news and an angry Ukrainian President decrying it.
It stands to reason that at the meeting on Friday, Pope Francis conveyed to the Kremlin, some message in regard of the developments in Ukraine. The long duration of the meeting in the Russian embassy flags that it was substantive. Indeed, it took place even as the first Russian tank column was sighted on the outskirts of Kyiv, notes Ambassador M K Bhadrakumar.
Aseem Chhabra rates the movies he's watched in 2023, and tells you where you can watch them!
It is going to be a long-term proposition for India -- which has a decades-old relationship with Moscow -- to reorient its foreign policy away from Russia, the US has said, insisting that re-aligning one's approach is not like flipping a light switch.
We very much hope that wisdom dawns on the Chinese side, Jaishankar said in Bangkok.
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
Biden said that the Saudi Crown Prince told him he was not "personally responsible" for Khashoggi's murder.
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.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
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.
''I had no idea that my life would turn into a horror show.' 'I was stuck as the Russians kept bombing Kyiv non-stop.'
Tata Steel has a very British problem. The performance of Europe dragged the steel major's October-December (Q3FY23) performance with the UK business accounting for a major part of the operating loss; on the bottom line, the overhang of the British Steel Pension Scheme (BSPS) showed. And a nearly three-year discussion with the UK government on a support package for a green transition resulted in an offer that fell short of the ask.
'Both Russia and the USA seek New Delhi's friendship, because for both -- Russia and the USA -- India is a certain counterbalance to China.'
In all likelihood, the next conventional Chinese attack on India would be preceded by a massive cyber attack designed to cripple Indian networks and interfere with our disaster-relief programmes.
Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April.
'The big power struggle in faraway Europe erupted at a most critical juncture when India has been increasingly sceptical about American policies and statesmanship,' argues Ambassador M K Bhadrakumar.
Modi on the global stage always comes across as a statesman, counselling peace and amity to world leaders even as his policies at home hurt certain sections, explains Virendra Kapoor.
The prime minister took no names but made an apparent reference to reports about "rate card" for different government jobs in the Trinamool Congress-ruled West Bengal and prevalence of "cut money" in the state.
'The wise men learn lessons in war.' 'The smart men learn lessons from others, it's only the foolish who learn the wrong lesson.'
The plane, which is reported to have been a Boeing 737, was on its way to Kiev in Ukraine from Tehran. As per Iran's semi-official news agency ISNA, the crash was due to technical difficulties.
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.
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