The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and the Middle East crisis, leading to the intensification of the Red Sea crisis and deepening geo-economic fragmentation, among […]
Merchandise exports set to moderate to USD 435 bn in FY24: Exim Bank
The high-level inter-ministerial group on the Red Sea crisis, chaired by commerce secretary Sunil Barthwal, convenes to address shipment delays and rising cargo transport costs. Officials from various ministries will discuss measures to support exporters and ensure adequate credit flow. While India’s exports remain unaffected for now, diversion of shipping routes via the Cape of […]
On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. “To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements,” the ministry noted in a statement.
The Indian Chamber of Commerce (ICC) has appointed Finance professional Sharad Bhandari as its Chief Representative for the United Arab Emirates (UAE), in a bid to enhance economic ties. With an impressive career spanning over 40 years, Bhandari brings extensive expertise in advising businesses in the UAE, Middle East, and the UK. As the Managing […]
India’s palm oil imports fell to a three-month low in January as refiners increased buying of rival soyoil due to negative refining margins for crude palm oil (CPO). Lower purchases by India, the world’s biggest importer of vegetable oils, could keep palm oil inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark […]
India’s crude oil imports from Russia hit 12-month low but long-term appetite remains intact
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India’s crude oil imports from Russia dropped for the second consecutive month in January, reaching their lowest level in a year. However, experts believe that India’s long-term demand for Russian crude remains strong. The decline in Russian imports was offset by increased sourcing from Iraq, while supplies from Saudi Arabia also decreased.
Ship classification societies such as Lloyd’s Register certifies ships for sea worthiness by providing classification and compliance services to the marine and offshore industries, helping ship owners design, construct, operate, and decommission their assets safely as per environmental expectations. This is done by framing rules that are referred to as ‘class rules’.
JSW Infra, India’s second largest private port operator, plans to spend ₹6,000-7,000 crore over 3-4 years to increase its annual cargo handling capacity by over 40% to 250 million tonnes. The bulk of investment will be on two greenfield port projects in Karnataka and Odisha as well as the expansion of a cargo terminal. JSW […]
India is seeking greater market access for specific products like steel, rice, and shrimp in negotiations with South Korea for the upgradation of their existing free trade agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA). India has raised concerns about Korean firms not purchasing Indian steel and is demanding better market access for […]
There is no adverse impact on India’s exports and imports so far due to the Red Sea crisis, an official said. The transportation cost has increased as shippers take a longer route, but volume terms remain unaffected. However, exporters are concerned about the significant jump in freight cost and the potential impact on India’s exports. […]