India will continue buying Russian oil, says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman affirmed on Friday that the Indian government intends to persist in procuring oil from Russia. She mentioned, “Considering the decline in global oil prices, we are maintaining our ongoing oil purchases from Russia.”

The Indian government aims to boost domestic manufacturing and increase exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices, and chemicals. The Commerce and Industry Ministry held a meeting to discuss these issues, which were discussed during the Chintan Shivir for Manufacturing. The 11 sectors include auto components, […]

The Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, is vital for 30 per cent of global container traffic. It has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers.

The Indian government’s Department of Commerce (DGFT) is collaborating with the Reserve Bank of India (RBI) and other ministries to promote exports through e-commerce. The DGFT is working with departments like revenue, post, MSME, DPIIT, and the RBI to facilitate exports through e-commerce. The new Foreign Trade Policy 2023 has raised the value limit of […]

The Indian government has extended the free import policy for tur and urad dal until March 2025, aiming to boost domestic supply and maintain stable prices. The pulses will continue to fall under the free category, allowing unrestricted imports. This move aligns with the government’s commitment to supporting the agricultural sector.

The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030.

EAM Jaishankar met Manturov on day two of his five-day visit to Russia on the eve of his meeting with his Russian counterpart Sergey Lavrov. The two ministers held wide-ranging discussions on measures to boost business and trade partnership including increasing Indian investments in Russia to meet growing demands across sectors in the backdrop of […]

Oman ranks as India’s third-largest export market within the Gulf Cooperation Council (GCC) nations. The agreement is anticipated to boost Indian exports further after the implementation of the free trade agreement. Presently, more than 80% of Indian goods face an average 5% import duty upon entering Oman, with few existing trade barriers.

At present export of non-basmati rice is currently banned from India and India is also fighting at the WTO (World Trade Organisation) to protect subsidies to rice and wheat under a public stock holding programme.

India’s first payment in rupees for oil bought from the UAE marked a step toward making the local currency more global. Officials noted this push but clarified that there are no specific goals. With over 85% oil dependency, India aims to buy affordably, diversify sources and honor global commitments.