India dials Saudi as Russian oil purchases hit 11-month low in December

In December, India increased its imports of Saudi oil while facing payment issues, leading to a decline in its purchases of Russian oil to an 11-month low. Data from vessel tracking agencies revealed that at least five cargoes of the sweet Sokol variant originally destined for Indian Oil Corp were redirected elsewhere.

During the visit of Prime Minister Narendra Modi in June last year, the two countries decided to remove trade irritants and as part of that, both sides agreed to end six trade disputes at the WTO. They have mutually resolved those seven disputes and India has decided to remove additional duties on eight US products, […]

India plans to lift the ban on onion exports due to a significant drop in vegetable prices in the main producing regions. The ban was imposed on December 8, following domestic prices doubling in three months due to production decline. Prices have dropped by 20% to Rs 1,500 per quintal, with fresh kharif onions increasing […]

As the global community grapples with climate change, plastic waste, biodiversity loss, and pollution, the need for a balanced approach that fosters sustainable development, meaning the triumvirate of economy, equity, and ecology, is more crucial than ever.

India needs to cut its reliance on imported vegetable oils to promote better health outcomes and reduce the import bill, according to a report by the Global Trade Research Initiative (GTRI). India is the world’s largest importer of vegetable oils, with imports estimated to double to USD 20.8 billion in 2023-24. The US and EU […]

As a part of its efforts to take Indian brands to the international markets, CMAI had recently organised its first Brands of India exhibition in the UAE. According to CMAI, India exports about 1.1 billion USD of apparel to the UAE per year, which is expected to grow by about 10-15% per annum. The UAE-based […]

Engineering exports to Australia reached USD 944 million in April-November 2023-24, a 3 per cent increase. However, imports from Australia also saw a significant 30 per cent upswing during the same period. India’s engineering imports from Australia reached USD 355.02 million during April to October 2023-24. The share of India’s engineering exports to its total […]

British Prime Minister Rishi Sunak is eager to finalize the Free Trade Agreement (FTA) with India by Easter, which falls at the end of March 2024, as per a report from the UK media. The discussions for the India-UK FTA commenced in January of the previous year, with the goal of substantially boosting the existing […]

US Navy helicopters sank three of four small boats used by Iranian-backed Houthi militants to attack a Maersk container vessel in the southern Red Sea. Responding to distress calls, helicopters from the USS Eisenhower and USS Gravely returned fire on the Houthi boats, sank three with no survivors, and the fourth boat fled the area.