New Delhi: India's exports fell nearly 5.5 per cent in June due to weak demand from Europe and the United States, a trade ministry official said, adding pressure on Asia's third-largest economy. Imports also fell sharply, thanks in part to lower global oil prices, narrowing the trade deficit to $10.3 billion, something of a silver lining that may help assuage concerns about India's balance of payments. Exports were down 5.45...
03:13 PM, Jul 13, 2012
Mumbai: Even as the country struggles to get the balance of trade into the positive territory, global bank HSBC on Monday said the country's imports would rise faster than the exports in the next five years. "India's import growth will overtake its export growth in the next five years. The forecast is consistent with a developing global shift where traditionally export-driven emerging markets will become global trade hubs and important...
07:43 PM, Jul 09, 2012
Mumbai/Bangalore: The BSE Sensex should gain 10 per cent between now and the end of the year, though only reaching levels seen in July 2011, provided economic growth recovers from a recent lull, a Reuters poll showed on Thursday. The 30-share BSE index will rise to 18,750 points by the end of 2012, according to the median forecast from a survey of 22 investment houses conducted over the past week,...
02:25 PM, Jul 01, 2012
Mumbai: The sharp depreciation of the rupee over the last few months was driven by a combination of global as well as domestic factors and the future exchange rate movement will depend on fixing these issues, Reserve Bank Governor Duvvuri Subbarao said on Tuesday. While the high current account deficit, higher trade deficit driven by rising imports, led by gold and oil, are the domestic factors, the ongoing Eurozone crisis...
02:32 AM, Jun 20, 2012
Mumbai: Worried over flow of savings for investment in gold, Finance Minister Pranab Mukherjee on Saturday said there is a need to spread financial literacy to encourage people to invest in market instruments. Pointing out that India's gold import surged to $60-62 billion in last fiscal, the Minister regretted that people are investing in gold with the expectation that the value of their investment would appreciate. "Quantum of import of...
02:21 AM, Jun 17, 2012
New Delhi: India's exports grew by a mere 3.2 per cent year-on-year to $24.4 billion in April 2012 mainly due to the slow demand in western markets like Europe. Exports stood at $23.6 billion in April 2011, according to data released by the Commerce Ministry in New Delhi on June 1. Imports during the first month of the current fiscal grew 3.8 per cent to $37.9 billion, leaving a trade...
03:31 PM, Jun 01, 2012
New Delhi: With rupee plunging below the 55-level against dollar, which benefits exporters, global buyers are putting pressure on Indian exporters to offer 10-15 per cent discount on shipments. The country's apex exporters body FIEO, however, said the continuous fall in the domestic currency will not help exporters much. "Global buyers are putting pressure for more and more discounts. They are asking for about 10-15 per cent. They want to...
04:38 AM, May 22, 2012
Mumbai: The steep fall in rupee may put some inflationary pressures on the economy as the cost of imports will go up, experts said on Thursday. "Though crude prices have been falling in recent past, decline in the rupee is offsetting its positive impact. I feel, the current spate of depreciation of the rupee is somewhat inflationary due to rise in import costs," Crisil Chief Economist DK Joshi said. The...
09:38 PM, May 17, 2012
New Delhi: India has become the largest importer of arms, surpassing the Chinese share of five per cent of global arms imports during 2007-11, government told the Rajya Sabha on Wednesday. "As per a report published in March 2012 by the Stockholm International Peace Research Institute (SIPRI), India has become the largest importer of arms during 2007-11 and accounted for 10 per cent of global arms import as compared to...
03:48 PM, May 16, 2012
New Delhi: The US has denied allegations of bullying India to cut oil imports from Iran. Speaking exclusively to CNN-IBN's Suhasini Haider, US Ambassador Nancy Powell said one of their diplomats had been misquoted on the issue. Following is an excerpt of the interview: Suhasini Haider: India still faces financial sanctions from the US on the subject of Iran. India has month cut its oil imports by 34 per cent....
09:02 AM, May 16, 2012
New Delhi: Succumbing to US pressure, India has decided to cut crude oil import from Iran by over 11 per cent this fiscal to 15.5 million tons. India, which imports 80 per cent of its crude oil and relies on Tehran for 12 per cent of those imports, shipped 18.50 million tons of oil from Iran in 2011-12, Minister of State for Petroleum and Natural Gas RPN Singh said in...
02:13 PM, May 15, 2012
Washington: The United States has asked the World Trade Organization (WTO) to rule on its assertion that India's restrictions on imports of US poultry meat and chicken eggs violates its WTO obligations. The US request to WTO to set up a dispute settlement panel was filed on Monday after consultations with India on April 16-17, the first necessary step in pursuing a case, failed to resolve the US concerns, US...
01:30 PM, May 12, 2012
US Secretary of State Hillary Clinton, during her recent visit, urged India to do more to reduce its oil imports from Iran, as part of Washington's continuing efforts to curb Tehran's nuclear programme. ...
12:07 PM, May 12, 2012
Suhasini Haidar: Hello and welcome to Worldview with me Suahsini Haider. Tonight, we're looking at two big issues of global importance that have left a big impact on India, as Hillary Clinton visited, the pressure building on India-Iran ties. We'll have an exclusive CNN interview with Hillary Clinton on that issue. Also diplomat and former Ambassador to Iran Rajendra Singh Rathore will tell us if India has bowed to that ...
11:42 AM, May 11, 2012
New Delhi: It is the third and final day of US Secretary of State Hillary Clinton's visit to India. She will hold a breakfast meeting with External Affairs Minister SM Krishna on Tuesday before heading back home. India is expected to seek clarity from the US on the bounty on Jamaat-ud-Dawa chief Hafiz Saeed. The Iran issue is also likely to be discussed. India runs the risk of facing sanctions...
07:45 AM, May 08, 2012
Bathinda: India has held talks over exporting refined fuels to its neighbour Pakistan, the head of Hindustan Mittal Energy said on Saturday, at the opening of the company's new refinery close to the border between the two countries. Moves to stimulate trade flows and liberalise restricted investment rules have emerged as the key driver of peace efforts between the neighbours, whose fragile ties were shattered when Pakistani militants attacked the...
04:59 AM, Apr 29, 2012
New Delhi: Stating that India faces "formidable" challenges on the energy front, Prime Minister Manmohan Singh today said spiralling international oil prices have put a strain on the country's import bill and domestic prices need to be rationalised. "With imports accounting for about 80 per cent of our crude supplies, the spiralling prices of crude in the international market have put a severe strain on our import bill," he said...
11:50 AM, Apr 28, 2012
Washington: India, the second-largest consumer of Iranian oil after China, said it was now importing 14 million tonnes of crude from Iran and has "substantially" reduced its imports from the country as the deadline to comply with Western sanctions against Tehran looms. Iran's trading partners, such as India, China and South Korea, are trying to stop relying on Iranian crude by the end of June when US sanctions on Iranian...
04:57 AM, Apr 24, 2012
Washington: In the face of US sanctions on Iran, India has significantly reduced its oil imports from the country, though rising oil prices have caused immense problems for the Indian economy, Finance Minister Pranab Mukherjee said on Sunday. India was currently buying about 14 million tonnes of crude from Iran, he said, "though in terms of percentage it has been reduced substantially, because currently our import is roughly about 160-170...
01:58 AM, Apr 23, 2012
New Delhi: India's trade deficit is seen at $185 billion in the 2011/12 fiscal year on higher crude import bill, the trade minister said citing provisional data, which may worsen the country's current account balance and further weaken the rupee. Asia's third-largest economy imports nearly 80 per cent of its crude oil needs, leaving it vulnerable to the vagaries of the oil market. "The trade deficit is primarily because of...
02:47 AM, Apr 14, 2012
