New Delhi, March 11 (IANS) Strong services exports and steady remittance inflows could help cushion the impact of rising crude oil prices on India’s economy, even as the country remains heavily dependent on imported energy, a report showed on Wednesday.According to the report by DSP Netra, crude oil continues to be one of the most critical variables for India’s macroeconomic stability, particularly as the rupee has weakened recently amid rising global oil prices.India consumes about 5.3-5.5 …
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New Delhi, March 10 (IANS) India is continuing to supply diesel to Bangladesh via pipeline from the Numaligarh refinery in Assam as part of the long-term agreement that is in place with the neighbouring country.The India-Bangladesh Friendship Pipeline was operationalised in 2017. It has been supplying diesel to Bangladesh on a commercial basis from the Numaligarh Refinery Ltd. This diesel supply is part of regular ongoing energy trade between the two countries, a senior official said.Meanwhile, …
New Delhi, March 10 (IANS) Assocham on Tuesday cautioned that a prolonged regional conflict in West Asia, amid escalating tensions involving the United States, Israel and Iran, could disrupt global trade and affect India’s energy supplies and exports.The apex industry chamber said India’s economy is closely linked to West Asian supply chains while also relying heavily on the Gulf region as a key export destination.The Middle East remains a major supplier of crude oil, liquefied natural gas (…
New Delhi, March 9 (IANS) The government has assured highway construction companies that supplies of key raw materials such as bitumen, cement and diesel will remain adequate despite logistics disruptions linked to the US-Iran war, sources said.Citing sources, a report from NDTV Profit said that officials from the National Highways Authority of India met with members of the National Highways Builders Federation after contractors raised concerns about delays in truck movements and ship offloading…
New Delhi, March 9 (IANS) IndiGo’s Manchester-bound aircraft that departed from Delhi returned to its origin after spending almost seven hours in the air due to sudden airspace restrictions linked to the ongoing conflict in the Middle East, the low-cost airline confirmed on Monday.According to an IndiGo spokesperson, flight 6E033 — operating from Delhi to Manchester — had to return due to “last-minute airspace restrictions.””Due to the evolving situation in and around the Middle East, some o…
Mumbai, March 9 (IANS) Gold and silver prices eased on Monday amid a firmer US dollar and higher inflation expectations, trimming hopes of US Fed rate cuts in the near term.MCX gold April futures lost 0.16 per cent to Rs 1,61,380 per 10 grams around 11.10 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.30 per cent to Rs 2,64,799 per kg.Earlier in the day, gold futures had dipped 1.1 per cent, while silver futures had declined 1.4 per cent, before a strong rebound by preciou…
New Delhi, March 6 (IANS) PSU oil marketing companies Bharat Petroleum Corporation Ltd (BPCL) and the Indian Oil Corporation Ltd (IOCL) on Friday dismissed rumours of shortages of fuel — petrol and diesel — in certain areas, calling them “completely unfounded” and “baseless”.In a post on its X handle, BPCL said India’s energy supply remains reliable and resilient, with ample petroleum reserves and uninterrupted supply chains.”There have been some rumours about shortages of petrol and diesel …
New Delhi, March 5 (IANS) Rising geopolitical tensions linked to the Iran conflict could significantly increase India’s oil import bill and bring the rupee under pressure, former NITI Aayog CEO Amitabh Kant said on Thursday.In a post on X, Amitabh Kant, who currently serves as a senior adviser to global financial institutions including Fairfax Financial Holdings and Sumitomo Mitsui Banking Corporation, said that every $10 per barrel rise in global crude oil prices could add $13-14 billion to Ind…
New Delhi, March 5 (IANS) Escalating conflict in the Middle East could only cause minimal rupee depreciation and disruption in growth while defence stocks and precious metals could rally, a report said on Thursday.The report from asset management firm Shriram Wealth said a 10 per cent rise from RBI’s baseline assumption of crude oil price could lift inflation by 30 bps but weaken the rupee and growth minimally.The same could cut growth by 15 bps, while a 5 per cent rupee depreciation could raise…
New Delhi, March 3 (IANS) The government on Tuesday said that India has adequate stocks of crude oil and key petroleum products such as petrol, diesel and aviation turbine fuel (ATF) to handle any short-term disruptions arising from the ongoing hostilities in the Middle East.Briefing the media, Petroleum and Natural Gas Minister Hardeep Singh Puri said the country is fully prepared to deal with the evolving global energy situation. He assured that there is no immediate cause for concern as India…