Data | Russia’s exports to India rise further, trade deficit balloons Premium
The Hindu
India accounts for more than 70% of the seaborne supplies of the grade so far this month and China for about 20%
In February 2023, Russia surpassed Saudi Arabia to be come the second biggest exporter of crude oil to India in FY23 ( chart 1). Iraq continued to retain the top spot, though the gap is closing fast. In the four-month period between November 2022 and February 2023, Russia took over the top spot, while the shares of Saudi Arabia and Iraq in India’s oil imports are fast decreasing ( chart 2).
Chart 1 | The chart shows the share of select top countries in India’s crude oil imports in the April-February period for the past four financial years. As can be observed, Russia’s share zoomed to second-highest in FY23 from a negligible proportion in the previous years.
Charts appear incomplete? Click to remove AMP mode
Chart 2 | The chart shows the share of select top countries in India’s crude oil imports in the last seven months. The data shows that Russia is pulling away from Iraq and Saudi Arabia, and is leading by quite a distance.
Charts 1 and 2 show the share of petroleum oil exports from various countries to India. The four-digit-level HS code accessed was 2709 which shows the figures for petroleum oils and oils obtained from bituminous minerals (crude) imports from various nations to India
While the rise of imports from Russia was due to a surging inflow of crude oil, India is taking in other products too. In FY23 (till February), 50% of India’s imports of project goods — input materials required in infrastructure projects — were from Russia. Close to 30% of newsprint rolls, mineral/chemical fertilizers and sunflower/cotton seed oil each came from Russia in FY23 ( chart 3).
Chart 3 | The chart shows India’s imports from Russia (vertical axis) and its share in India’s total imports in FY23
SpiceJet to unground 10 more aircraft by mid April after raising funds, growing active fleet size to 28.
UN report projects Indian economy to grow by 6.6% in 2025, driven by private consumption and investment, with strong export growth.
Supreme Court halts ₹1 lakh crore GST notices to online gaming companies and casinos for alleged tax evasion.
Punjab Government rejects Centre's draft policy on agricultural marketing, citing concerns over private markets and MSP procurement.
CEAMA urges tariff reductions, PLI scheme expansion, and tax rationalization to boost Indian electronics industry competitiveness.
Sensex and Nifty rebounded but fell due to foreign fund outflows, with TCS leading gainers and FIIs selling off equities.
Adani Group to raise ₹7,148 crore by selling stake in Adani Wilmar, focusing on infrastructure business growth.
India's GDP growth rate decline, official estimates questioned, and economic slowdown analysis by experts and academics.
GrayQuest raises ₹80 crore in Series B funding to enhance technology platform and scale distribution in education ecosystem.
L&T chairman sparks outrage advocating 90-hour work week, reigniting work-life balance debate in India.
India's new RBI governor initiates review of forecasting tools to minimize errors, including new datasets and analysis.