Page 99 - Economy & Policy News
India's crude oil bill down 15% in H1; Russia imports up in October
Overall imports dip to $60.7 bn from $71.2 bn last year
 "India's crude oil bill down 15% in H1; Russia imports up in October")
US, Saudi Arabia vie for larger share of India's crude oil import pie
Amid global oversupply, the US is emerging as a cost-competitive oil supplier to India, challenging Saudi Arabia and other Gulf producers even as Russian barrels dominate
 "US, Saudi Arabia vie for larger share of India's crude oil import pie")
Delhi govt's GST refund gift to traders ahead of Diwali; ₹738 cr disbursed
The government earlier announced a GST refund of Rs 1,600 crore to city traders, pending since 2019
 "Delhi govt's GST refund gift to traders ahead of Diwali; ₹738 cr disbursed")
Egypt urges Indian companies to be part of Suez Canal Economic Zone
Foreign Minister Badr Abdelatty says Egypt is keen to attract Indian investment in sectors like energy, AI, and pharmaceuticals through the Suez Canal Economic Zone
 "Egypt urges Indian companies to be part of Suez Canal Economic Zone")
Centre working on steps to boost rare earth supply chain: Piyush Goyal
Commerce minister Piyush Goyal says India is building resilient supply chains and negotiating pacts with Chile and Peru to boost access to rare earth minerals
 "Centre working on steps to boost rare earth supply chain: Piyush Goyal")
World Bank-funded Haldia multimodal terminal gets private operator
Built by IWAI with financial and technical assistance from the World Bank, the Haldia MMT in West Bengal has a capacity of 3.08 million metric tonnes per annum (MMTPA)
 "World Bank-funded Haldia multimodal terminal gets private operator")
Five states plan to borrow ₹17K cr via state development loans next week
The state bond auction will be held on Monday due to market holidays on Tuesday and Wednesday. Meanwhile, T-bill auctions are slated for Thursday, and there will be no G-sec auction on Friday
 "Five states plan to borrow ₹17K cr via state development loans next week")
India's foreign exchange reserves decrease by $2.1 bn to $697.7 bn
The reserves had hit a record high of $705 billion in September 2024
 "India's foreign exchange reserves decrease by $2.1 bn to $697.7 bn")
India, Brazil look to broaden PTA, eye $20 bn bilateral trade by 2030
India and Brazil plan to broaden their preferential trade agreement under the Mercosur framework, eyeing $20 billion in bilateral trade by 2030 and new digital cooperation
 "India, Brazil look to broaden PTA, eye $20 bn bilateral trade by 2030")
Rupee hits one-month high on RBI's dollar sales, softer dollar index
The rupee surged to 87.83 per dollar on Thursday, its strongest level in a month, buoyed by heavy dollar sales by the Reserve Bank of India and improved global risk sentiment
 "Rupee hits one-month high on RBI's dollar sales, softer dollar index")
Raising energy purchases from the US hinges on prices, say analysts
Experts say US grades face logistical, economic, and compatibility challenges with Indian refinery configurations
 "Raising energy purchases from the US hinges on prices, say analysts")
India must fire on all cylinders to reach Viksit Bharat goal: IMF
Krishna Srinivasan urges structural reforms, trade liberalisation, and deeper global integration
 "India must fire on all cylinders to reach Viksit Bharat goal: IMF")
Continuing to engage with China on supply of rare-earth elements: MEA
Recently, China sought guarantees from India that the rare earth elements supplied by it will not be re-exported to the US, and will be used to meet only local needs
 "Continuing to engage with China on supply of rare-earth elements: MEA")
Uttar Pradesh govt pitching for investments in textile, auto sectors
Other sectors the government is working on include electric mobility, chemicals, electronics, services, for which it is eyeing big private investments
 "Uttar Pradesh govt pitching for investments in textile, auto sectors")
Refiners likely to buy more US LPG in 2026, cut Middle East imports
The state refiners have already informed their traditional suppliers of LPG in Saudi Arabia, United Arab Emirates, Kuwait and Qatar about the likely cut in LPG purchases
 "Refiners likely to buy more US LPG in 2026, cut Middle East imports")
MRPL seeks cheaper oil amid US pressure, hopes to keep buying Russian crude
Russian oil accounted for about 35 per cent to 40 per cent of MRPL's overall oil imports in the September quarter
 "MRPL seeks cheaper oil amid US pressure, hopes to keep buying Russian crude")
Refiners likely to cut Russian oil imports following Trump's claim
US President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured that India will stop buying oil from Russia
UK slaps 90 sanctions on Russian firms, Nayara Energy to curb Kremlin funds
The UK government has imposed sanctions to cut Russian oil revenues, targeting Putin's war funding and aiming to block money flowing to the Kremlin
 "UK slaps 90 sanctions on Russian firms, Nayara Energy to curb Kremlin funds")
RBI doesn't target any specific level of rupee: RBI Gov Sanjay Malhotra
Inflation targeting framework improved credibility, transparency of monetary policy
 "RBI doesn't target any specific level of rupee: RBI Gov Sanjay Malhotra")
Trade deficit hits 13-month high as US exports fall 12%, gold imports surge
The surge in inbound shipments in September was led by a 107 per cent jump in gold imports to $9.6 billion
 "Trade deficit hits 13-month high as US exports fall 12%, gold imports surge")