Top headlines: India abstains on UN resolution, rupee-ruble trade likely

The government may get a lever to cut excise duties on petrol and diesel to ease the burden of rising global crude prices on the common man. More on that in our top headlines.

The United Nations General Assembly voted to deplore the Russian invasion of Ukraine even as India abstained on voting on the resolution. In other news, India's government may soon allow bilateral trade with Russia in the two national currencies to avoid trade disruptions. Head further down for more on these stories and other top headlines in our morning newswrap.

India abstains on UN resolution 'deploring Russia's aggression' in Ukraine

India abstained in the 193-member UN General Assembly on a resolution that strongly deplored Russia's aggression against Ukraine, the third abstention in less than a week by the country in the world body on resolutions on the escalating crisis between Moscow and Kyiv. The General Assembly on Wednesday voted to reaffirm its commitment to the sovereignty, independence, unity and territorial integrity of Ukraine within its internationally recognised borders and "deplores in the strongest terms Russia's aggression against Ukraine. Read more

Russia-Ukraine crisis: Rising crude oil prices put growth prospects at risk

The Indian economy may be heading towards an oil shock in FY23 with Brent crude crossing $113 per barrel on Wednesday, the highest in nearly eight years, due to disruptions in supply amid escalating Russia-Ukraine tensions. Read more

Govt may soon allow rupee-ruble trade; arrangement will bypass sanctions

The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. Read more

Higher nominal GDP may give Centre a leeway to cut duty on petrol, diesel

The government may get a lever to cut excise duties on petrol and diesel to ease the burden of rising global crude prices on the common man and yet not disturb its Budget Estimates. The lever may be provided by the new nominal economic growth number in the second Advance Estimates and conservative assumption of economic expansion in the Budget for 2022-23. Read more

Indian farmers can now trade in carbon credits to boost income

Days after the report of the Intergovernmental Panel on Climate Change (IPCC) about disastrous consequences of environmental factors on Indian agriculture, the Indian Agricultural Research Institute (IARI) will join hands with a private firm -- for the first time -- to build a marketplace for trading in carbon credits for farmers in the country. Read more