Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant boost in trade turnover. The trade between the two nations surged to USD 57 billion in 2023 and continued its upward trajectory in 2024, achieving a 23 percent growth and nearing USD 18 billion by April.
Surging: Russia-India trade USD 57 bn in 2023; goes up 23 pc in Jan-April 2024
India’s diesel exports to Europe surged fourfold in June to 119,400 barrels per day from 24,500 barrels per day in May, driven by better margins in the continent. Despite this, India’s overall diesel exports fell 4% to 482,400 barrels per day. Europe received a quarter of India’s diesel shipments, while supplies to Asia fell 10%. […]
The government has formed a committee – Rice Federation Consulting Committee – under the commerce ministry to deal with the issue of rice exports.
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing […]
India, top rice exporter, might ease export limits before October’s crop. Plans include fixed duties on white rice and removing the 20% tax on parboiled rice to reduce Asian prices, aiding West Africa and Middle East. Monsoon rains boosted sowing recovery, increasing acreage. Data indicate increased sowing for the main rice crop since 2023.
PM Modi’s Russia visit: India keeps close watch as its $60bn trade partner cosies up to rival China
1 year ago
PM Modi’s Russia visit includes meeting Putin to discuss India-China border issues, Kazakhstan summit, arms deals (Su-30MKI, licensed production), trade balance, and energy ties. Talks will also cover Russia’s nuclear threats, US-India relations, murder plot probe, Indian community meetings, and the Ukrainian conflict.
Senior officials of India and the UK will hold talks this month to finalise the proposed free trade agreement, as the new government in Britain aims to resolve pending issues and conclude negotiations. The talks, which began in January 2022, were stalled during the countries’ general election cycles. Both sides are working towards a mutually […]
The Centre will refund the compensation cess levied on imported goods under Goods and Services Tax (GST) to businesses operating in special economic zones and their developers, effective from 2017. The Central Board of Indirect Tax and Customs has also directed the issuance of refunds of 5% GST collected on food packages intended for the […]
India’s coal imports increased by 5.3% to 52.29 million tonnes in April-May FY24, compared to the previous year. However, May imports dropped slightly to 26.19 MT from 26.57 MT last year. Despite potential import demand slowing due to monsoons and rising coking coal prices, domestic production remains robust.
Mango exports from Malda, West Bengal faced challenges this year as overseas buyers couldn’t agree on prices, leading to a surge in domestic sales. Production dropped by 60% due to adverse weather conditions. Himsagar mango variety highly valued. Government support needed for growers.