India’s monthly oil imports from Russia dropped by 18.3% in August, averaging around 1.7 million barrels per day (bpd), due to reduced crude processing by some refiners, according to tanker data from trade sources. In contrast, China increased its purchases of Russian oil, reclaiming its position as Moscow’s top client after India briefly held that …
The US Federal Reserve made waves on Wednesday by cutting interest rates by 50 basis points, marking the first reduction in over 4 years. In its announcement, the Federal Open Market Committee (FOMC) noted, “In light of progress on inflation and the balance of risks, the Committee decided to lower the target range for the …
India’s wholesale price inflation edged up to 1.31% in August 2024 compared to the same month last year. This modest increase, based on the Wholesale Price Index (WPI), was primarily driven by rising prices in food articles, processed food products, textiles, machinery, and other manufactured goods. However, the month-over-month change in WPI for August was …
India’s trade performance in August 2024 presented a mixed picture, with exports declining slightly while imports continued to rise. While the overall trade deficit for the month widened, the cumulative figures for the April-August period showed positive growth in both exports and imports. Merchandise Trade Exports: India’s merchandise exports in August 2024 decreased by 2.38% …
Non-Banking Financial Companies (NBFCs) have demonstrated a remarkable ability to attract deposits, surpassing traditional banks in recent years. According to the Reserve Bank of India (RBI), NBFCs collectively achieved a 21% increase in deposits during the financial year 2024 (FY24), while banks struggled with a more modest 13.5% year-on-year (YoY) growth. The allure of NBFCs …
The Ministry of Coal has achieved a significant milestone in coal production for the fiscal year 2024-25. As of September 12th, the country’s coal output reached a provisional figure of 411.62 million tonnes (MT), surpassing the previous year’s production of 388.86 MT by a notable 5.85%. This growth is particularly commendable given the adverse climatic …
The IIP for July 2024 grew by 4.8%, up from 4.7% in June. This growth was driven by increases in all three sectors: Mining (3.7%), Manufacturing (4.6%), and Electricity (7.9%). Key Highlights Quick Estimates: The IIP stood at 149.6 in July 2024 compared to 142.7 in July 2023. Sectoral Indices: Indices for Mining, Manufacturing, and …
The Indian aviation sector is soaring to new heights with ambitious expansion plans and a robust growth trajectory. Highlighted in the recent 2024 Budget, the government’s initiatives to expand the airport infrastructure and introduce new routes reflect an ever evolving industry. As domestic and international passenger numbers continue to skyrocket, this sector is set to …
India’s agriculture sector plays a vital role in the economy, providing livelihoods for ~55% of the population. As one of the world’s leading agricultural nations, India boasts the largest cattle herd (buffaloes), the largest area planted with wheat, rice, and cotton, and is a top producer of milk, pulses, and spices. It also ranks as …
Union Minister of Commerce & Industry, Shri Piyush Goyal, has expressed unwavering confidence in the Indian auto component sector’s ability to achieve a staggering $100 billion export target by 2030. This ambitious goal positions the sector as a key driver of job creation in the country. The Minister made this statement during the 64th Annual …
