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…
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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…
New Delhi, March 3 (IANS) Crude oil traded about 1 per cent higher on on Tuesday, showing signs of a temporary steading following over 10 per cent surge in previous session amid escalating conflict in West Asia and concerns about supply through the Strait of Hormuz.The US crude futures rose 1.4 per cent to $72.23. Brent crude gained 1.87 per cent to trade at $79.2 per barrel in early session on Tuesday.Iran’s retaliatory strikes on oil and gas facilities have heightened fears of supply disruptio…
New Delhi, Feb 24 (IANS) The negotiations for the proposed free trade agreement between India and the Gulf Cooperation Council (GCC) were formally launched here on Tuesday with the signing of a joint statement by Commerce and Industry Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Al-Budaiwi.”Amidst global uncertainties, it is most opportune that discussions are starting on negotiating a robust trading arrangement which would harness mutual synergies and complementarities,” Goyal …
New Delhi, Feb 5 (IANS) India and the Gulf Cooperation Council on Thursday signed the Terms of Reference to guide the negotiations for the India-GCC Free Trade Agreement (FTA) The Terms of Reference (ToR), which will define the scope and modalities of the talks, were signed between Additional Secretary and Chief Negotiator, Department of Commerce, Ajay Bhadoo, and the GCC Secretariat General’s Chief Negotiator, Dr Raja Al Marzouqi, at the Vanijya Bhawan in the presence of Commerce and Industry M…
New Delhi, Jan 5 (IANS) Gold and silver prices started the week on a strong note on Monday as rising global tensions pushed investors towards safe-haven assets.Precious metals witnessed sharp gains after a US military operation in Venezuela over the weekend added fresh uncertainty to the global geopolitical landscape.On the Multi Commodity Exchange (MCX), February gold futures opened higher at Rs 1,36,300 per 10 grams, compared to the previous close of Rs 1,36,761.Prices continued to climb durin…