How much crude india imports

London (CNN Business) President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties. "We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS Summit . The "BRICS" acronym refers to an informal grouping of the five developing economies. According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year. "Contacts between Russian business circles and the business community of the BRICS countries have intensified," Putin said. "For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and … [Read more...] about Putin says Russia is rerouting trade to China and India

Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photographer: Andrey Rudakov/Bloomberg India's government is engaged on the issue of facilitating payments with Russia, and the Reserve Bank of India will do whatever the government decides, Deputy Governor Michael Patra said June 24. He did not offer any other details. The Deputy Governor's statements assume significance as the government had remained tight-lipped on the issue even as multiple meetings between banking representatives of both nations had taken place. Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions. Both nations had initially focused on establishing a barter mechanism involving a set of commodities. A key part of this would be an agreement … [Read more...] about India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

- A + A (June 23): Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning that a US recession is possible. West Texas Intermediate sank below $103 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15% since the close on June 8 as the drumbeat of warnings over the state of the world’s economy has grown steadily louder, drowning out signs the oil market remains tight. Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price hikes were “clearly” connected to the war in Ukraine, he said. Crude’s retreat has been accompanied by deep losses in other raw materials, especially base metals such as copper. Oil is rapidly giving up its gains in what’s been a volatile quarter as investors attempt to gauge the trajectory of the US economy and its impact on raw materials. … [Read more...] about Crude oil sinks again as specter of US slowdown alarms investors

(Representative image) India's current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter. "The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income," the central bank said. India's merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD. Close On the services front, the trade surplus edged up marginally to $28.3 billion from $27.8 billion in October-December 2021. Also helping the current account deficit to moderate was a lower net outgo of primary income, which … [Read more...] about India’s January-March current account deficit falls to $13.4 billion; FY22 CAD at three-year high

Representative image Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. Inflation is the topic of the moment, not just for central bankers, but also for households, markets, governments and corporates. In fact, companies have been taking innovative steps to tackle it. For India, inflation traditionally has a lot to do with energy prices, though food prices have also played their part. This time around too, fuel-led inflation has impacted the country, but at the same time high fuel prices and commodity prices along with logistic issues on account of the Russia-Ukraine war have resulted in fertiliser prices shooting up. The government has tried to absorb the impact of higher fertiliser costs by extending subsidies. Fertiliser subsidy during the year is … [Read more...] about Moneycontrol Pro Panorama | No quick fix for inflation

An analysis of supply chain pressures by Reserve Bank of India (RBI) staff has found that the current upside risks to inflation and downside risks to exports may persist. The findings were drawn upon from the index of supply chain pressures for India - or ISPI - developed by RBI staff, including RBI Deputy Governor Michael Patra. "...our ISPI...displays lead indicator properties in respect of export volumes and inflation. This suggests that the prevailing upside risks to inflation and downward risks to export performance may persist," said the article released by the RBI on April 18. Also read: RBI Bulletin: Spurring private investments key to sustaining growth "Looking ahead, co-ordinated actions are required to fast track consensus-based supply chain protocols, gaps in the physical and digital infrastructure, labour shortages and shortfall in investment in capacity creation," the article added. Close The other authors of the article are Harendra Behera … [Read more...] about Supply chain pressures suggest upside risks to inflation may persist, RBI staff find

Representative image A characteristic of the ongoing market correction has been heavy selling by foreign investors. Since October last year, they have withdrawn about net Rs 2.08 lakh crore equities, as per NSDL data. Not surprisingly, indices are trading lower by about 18 percent from their highs. Apparently the nine month long winter is likely to get even longer now. Commentaries from foreign money managers and expectations from domestic analysts suggest that it will take a lot of factors to culminate for them to come back. A couple of major reasons why foreign investors have been bearish on Indian markets are rising US dollar which has also led to more yields on bonds, and monetary tightening that is likely to have a negative impact on the economy. Concerns over near-term risks including tightening monetary conditions, a slowing economic outlook, likely earnings cut for the Nifty and headwinds from higher crude oil prices will likely keep them away, say analysts. BofA … [Read more...] about Long winter on the Street set to get longer! FIIs don’t seem to be coming back anytime soon

Representative image Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of fast-moving consumer goods companies saw hefty buying on June 24 on the perception that ongoing decline in global commodity prices could improve profitability of these companies going ahead. FMCG companies had come under pressure earlier this year as rising prices of commodities, such as wheat, crude palm oil and others, led to fears of continued decline in margins of these companies. In the quarter ended March, most FMCG companies reported a year-on-year decline in their margins due to high input price inflation. However, recent decline in global commodity prices due to rising concerns over demand in the West and the government’s efforts to contain prices of key imports like edible oils have helped ease concerns around margins of these companies. … [Read more...] about FMCG stocks surge on easing concerns over margins

The decline in current account deficit (CAD) in January-March on a quarter-on-quarter basis bodes well for the Indian economy, a deputy governor of the central bank said on June 24. “There is a sequential decline in CAD and this should be noticed because in the foreign exchange market people are betting that the current account deficit has gone haywire and we are losing control,” Michael Patra said at an event in New Delhi. “But the fact is that CAD in January-March 2022, the quarter of the war, was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter,” Patra said “This augurs well for external viability because it is backed by strong merchandise export performance, earnings from computer and business services and a rejuvenation of remittances from Indians working abroad.” CAD fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 … [Read more...] about Sequential decline in current account deficit bodes well for external viability, says RBI Deputy Guv Patra