India may slash import of crude oil from Iran by as much as 27 per cent this fiscal because US and European sanctions have made it difficult to ship oil from the Persian Gulf nation. ...
03:32 PM, Mar 18, 2013
India's February exports rose 4.25 per cent from a year earlier to $26.3 billion, while imports rose 2.6 per cent to $41.2 billion, leaving a trade deficit of $14.9 billion, trade ministry officials said on Monday. ...
12:55 PM, Mar 11, 2013
India's record-high current account deficit is a chief worry as it is increasing the dependence on foreign investments, the government's top economic adviser said on Tuesday, making the country vulnerable to a sudden stop and reversal in fund inflows. ...
03:59 PM, Mar 05, 2013
The rupee on Monday weakened by 16 paise to trade at nearly two-month low of 55.05 against the dollar in early trade at the Interbank Foreign Exchange market. The rupee fell due to increased demand for the US currency from oil importers. ...
09:52 AM, Mar 04, 2013
Finance Minister P Chidambaram appealed to people not to buy so much gold as a way of reducing hefty imports, speaking on television a day after his 2013/14 budget surprised traders by keeping gold import duty unchanged at 6 per cent. ...
05:17 AM, Mar 02, 2013
India held its gold import duty unchanged in Thursday's budget, defying industry expectations that the world's biggest bullion buyer would increase rates to curb demand and rein in a record current account deficit. The government could still raise the duty if imports do not ease in response to a January hike to 6 per cent from 4 per cent. ...
06:44 PM, Feb 28, 2013
To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year or a person who is transferring his residence to India. ...
05:13 PM, Feb 28, 2013
Keeping in view the fuel needs of the power sector, the government said there was no other choice but to import coal and adopt a policy of blending the prices of domestic and imported coal. "If the coal requirements of the existing power plants and the power plants that will come into operation by March 31, 2015 are taken into account, there is no alternative except to import coal and...
03:41 PM, Feb 28, 2013
Sports utility vehicles, imported cars and motorcycles, mobile phones, eating out at air-conditioned restaurants and cigarettes will become costlier with Finance Minister P Chidambaram deciding to impose higher taxes on these items. On the other hand, there is good news for ladies as far as jewellery is concerned as they will be allowed to bring more duty free gold items provided they have stayed out of India for more than...
02:25 PM, Feb 28, 2013
India, the world's biggest gold importer, is likely to take more steps to curb purchases of bullion, a senior official with India's second-biggest gold importer, state-run MMTC Ltd, told reporters on Monday. India's passion for gold, seen by many as a hedge against persistently high inflation, has led hefty imports which have contributed to a rise in its current account deficit. ...
03:27 PM, Feb 18, 2013
After contracting for eight straight months, India's exports grew by a meagre 0.82 per cent in January to $25.58 billion. Exports had stood at $25.37 billion in January, 2012. ...
12:31 PM, Feb 13, 2013
The government on Monday hiked import duty on gold and platinum to six per cent from four per cent with immediate effect. The decision came from the government as the rising import of gold was hurting country's balance of trade and foreign exchange. ...
05:28 PM, Jan 21, 2013
After posting impressive growth in the past few years, India-China bilateral trade declined by 10.1 per cent to $66.47 billion in 2012. According to the figures released by the Chinese Commerce Ministry, India's trade deficit mounted to $28.87 billion due to steady decline of export of iron ore. ...
05:01 PM, Jan 20, 2013
India's gold imports could drop by up to a quarter this year if, as expected, the government again raises the duty on the precious metal, the chairman of the All India Gems and Jewellery Trade Federation said on Thursday. Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6 per cent in the budget scheduled for February 28. ...
10:50 PM, Jan 17, 2013
Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. ...
04:05 PM, Jan 02, 2013
Concerned over rising gold import and widening current account deficit (CAD), Finance Minister P Chidambaram on Wednesday said the government is considering steps to make import of the precious metal more expensive. "Demand for gold must be moderated...We may be left with no choice but to make it a little more expensive to import gold. The matter is under government consideration," he said. ...
01:28 PM, Jan 02, 2013
India, the world's fourth-biggest oil importer and Iran's second-biggest client, relies on outside supplies for 80 Per cent of its oil needs, or about 3.5 million barrels per day (bpd). ...
11:22 AM, Dec 20, 2012
Continuing with its downward slide, exports dipped for the seventh month in a row in November by 4.17 per cent to $22.3 billion, a development which may prompt government to come out with incentives by the weekend to boost shipments. Exports in November, 2011 stood at $23.2 billion. ...
02:33 PM, Dec 11, 2012
New Delhi: India's annual exports fell 11 per cent to $23.7 billion in September, while imports rose 5.09 per cent to $41.8 billion, leaving a trade deficit of $18.08 billion, the government said in a statement, citing provisional trade data. India's overseas sales have fallen from year-ago levels in six of the past seven months, with trade officials blaming weak demand for major exports. Oil imports for September were $14.09...
01:12 PM, Oct 11, 2012
New Delhi: Defence Minister AK Antony on Friday called for reducing India's over-dependence on defence imports and bolstering research and development capabilities. Speaking to officials of Ordnance Factory Board (OFB) and defence public sector undertakings (DPSUs), Antony asked them to make sincere and sustained efforts to reduce the dependence on imports to the maximum extent possible. "While in the era of globalisation, it is not possible to completely do away...
12:58 PM, Oct 06, 2012
