India is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler. Europe’s refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler’s data show.
India remains on course to be the fastest growing major economy in this fiscal year that started April 1. However, the widening chasm in demand for luxury items and other basic consumer goods amid elevated inflation and high unemployment rate indicate the surge in inequality. The basic necessities of food, clothes and shelter are seeing a spike in prices and becoming difficult for the economically weaker section of the society to afford. This is at a time when luxury cars and houses are selling like hot cakes.
"Our purpose in being here today is to highlight the growing presence of India in Latin America. Trade volumes between us are approaching the USD 50 billion level annually. Our companies are investing significantly in the region, from energy and mining to agriculture and auto sector," External Affairs Minister S Jaishankar said.
Bankers argue that a broader policy is required to promote environmental, social and governance (ESG) lending, and the proposed relaxation will free up more capital for such financing.
As a percentage of nominal gross domestic product, the wage bill of the private sector was 12.7% in the year ended March 21, 2022, compared with 11.8% for the public sector, the analysis by ET has found.
Officials said there is no revenue loss on account of imports under the quota system after changes were made to the eligibility norms that allowed manufacturers and jewellers to use this window.
Outlining the challenges and opportunities before India as it strives to become a developed nation by 2047, Virmani said global inflation and oil prices are expected to cool over the next one year and that will have a positive impact on the Indian economy with an expected enhanced capex from the private sector.
Despite the GDP slowdown, odds have increased of another 25 basis points rate hike by the Federal Reserve at the May 2-3 policy meeting. ​Business outlays for equipment posted the biggest drop since the start of the pandemic, with a 7.3% annualized decline.
Tewaney had hosted external affairs minister S Jaishankar on Monday on his arrival from Guyana. Jaishankar is on a nine-day official trip to the Latin American countries and the Caribbean.