Page 2 - India Trade

Russia's Rosneft invested $20 bn in India, says govt quoting Putin

Rosneft gained access to India's fuel retail market when it completed a $12.9 billion deal to acquire Indian private refiner Essar Oil in 2017

Israel seeks collab with India Inc, startups; aims to hire Indian workers

"We are looking at opportunities across all sectors and would like to import labour from India -both skilled and unskilled"

Indo-Russia trade at $66 bn in 2024, can meet $100 bn target: Russia envoy

A senior Russian diplomat on Wednesday said bilateral trade between the two countries has reached a record USD 66 billion in 2024, marking a fivefold increase over the past five years, with a 9 per cent rise in the first eight months of this year. The envoy said Russia and India are on track to achieve the ambitious USD 100 billion trade target by 2030, bolstered by expanding collaborations and diversified trade opportunities. "The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V. Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC). "India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and ...

PM Modi visits Guyana: Why South American nation is crucial to India

South American nation has become a significant contributor to world crude supply

Industrial corridors helping India become global manufacturing giant: DPIIT

The four industrial corridors - Amritsar-Kolkata, Chennai-Bengaluru, East Coast Economic Corridor, and Bengaluru-Mumbai - have helped India become a global manufacturing powerhouse in the world, an official statement said on Tuesday. The Department for Promotion of Industry and Internal Trade (DPIIT) is celebrating the eighth anniversary of these new industrial corridors - Amritsar-Kolkata Industrial Corridor (AKIC), Chennai-Bengaluru Industrial Corridor (CBIC), East Coast Economic Corridor (ECEC), and Bengaluru-Mumbai Industrial Corridor (BMIC). "The establishment of these corridors has been a critical step toward transforming India's industrial landscape," the DPIIT said. Spread across key regions in India, each corridor was strategically designed to integrate industry and infrastructure, establishing world-class connectivity that supports rapid industrialisation. "With high-speed rail networks, modern ports, dedicated logistics hubs, and advanced airports, these corridors are .

Chennai-Vladivostok maritime corridor becomes operational, says Sonowal

The Chennai-Vladivostok maritime corridor, which is likely to boost maritime ties between India and Russia, is operational now, and container ships carrying crude oil, metal and textile have started coming to Indian ports, Union Minister Sarbananda Sonowal said on Monday. The Chennai-Vladivostok sea route will cover a distance of about 5,600 nautical miles. "The Eastern Maritime Corridor between Vladivostok and Chennai is operational now. Container ships carrying crude oil, metal and textile have started coming to Indian ports," Sonowal told reporters here. The Eastern Maritime Corridor is estimated to reduce the time required to transport cargo between the Indian and Russian Ports of the Far East Region by up to 16 days. The time taken will come down to 24 days compared to more than 40 that it currently takes to transport goods from India to Far East Russia via Europe. The current trade route between Mumbai and St Petersburg in Russia covers a distance of 8,675 nautical miles, an

Tariffs on India will lead to trade war: US Congressman-elect Subramanyam

US Congressman-elect Suhas Subramanyam has said he is opposed to imposing tariffs on India as it will lead to a trade war between the two countries. Subramanyam's comments came amid the likelihood of higher tariffs on Indian exports by the new Trump administration. I don't support (imposing) tariffs on India. I think that would be really bad. It would lead to a trade war. And I don't think it's good for either country, Subramanyam told PTI in an interview. Ahead of his election as US President, Donald Trump had taken a potshot at India's tariff structure and talked about imposing reciprocal tax on countries like China and India. With Trump set to assume charge as US president, there is a likelihood of higher tariffs on Indian exports. There's a lot of businesses that do really great work in India and a lot of Indian companies are expanding to the US. So the more our countries work together economically, the stronger we'll be, Subramanyam said. Getting ready to be sworn in as a me

Trade between 2 nations $15 bn: India-Brazil Chamber of Commerce official

Speaking to ANI on Sunday, Gomes also highlighted Prime Minister Narendra Modi's strong relationship with Brazil President Luiz Inacio Lula da Silva

RCEP benefits minimal for India due to China's opaque trade practices: GTRI

India will not be able to reap greater benefits from the Regional Comprehensive Economic Partnership (RCEP) agreement due to widening trade deficits with member countries and China's opaque trade practices, think tank GTRI said in its report. In 2019, India decided not to join the RCEP bloc due to concerns about trade imbalances and its impact on the domestic industries. The RCEP pact, a kind of comprehensive free trade agreement (FTA), was negotiated among the 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam -- and their six free trade partners -- China, India, South Korea, Japan, New Zealand, and Australia). The countries account for about 30 per cent of the global gross domestic product (GDP) and trade and nearly half of the world's population. "Any benefits from RCEP would likely be minimal and incremental, especially considering China's opaque trade practices. India cannot have a bilateral FTA wit

Urgent measures needed to reduce trade imbalances with Russia: Jaishankar

External Affairs Minister S Jaishankar on Monday called for "urgent" measures to address the issue of widening trade deficit between India and Russia. While India's exports to Russia stood at only USD 2.24 billion in April-August this fiscal, imports soared to USD 27.35 billion during the period. The trade deficit is aggregated at USD 25.11 billion. The high trade deficit is mainly on account crude imports. Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022. Addressing the India-Russia Business Forum here, Jaishankar also pitched for removal of non-tariff barriers and regulatory impediments to help improve the trade balance with Russia. "The balance of trade needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regula

Trump win may ensure India's trade security: CEA Nageswaran at BFSI Summit

Chief Economic Adviser to the Government of India V Anantha Nageswaran shared his thoughts on the impact of the US elections on India's growth at the Business Standard BFSI Insight Summit

Brics+ group expected to surpass G7 in global trade by 2026: EY India

The BRICS+ grouping of nations like India, China and Russia is rapidly increasing its share in global merchandise exports and imports and is expected to surpass G7 group by 2026, EY India said in its latest edition of EY Economy Watch. The share of BRICS+ group in global merchandise exports has increased from 10.7 per cent in 2000 to 23.3 per cent in 2023, an increase of 12.6 percentage points. On the other hand, the share of the G7 group in global exports has fallen by a margin of 16.2 percentage points from 45.1 per cent to 28.9 per cent over the same period. The share of the rest of the world has largely remained stable increasing only marginally from 44.2 per cent to 47.9 per cent during this period. This implies that largely it is the BRICS+ group which has replaced the G7 group in terms of share in global merchandise exports, the report said. A similar pattern is visible in the case of share in merchandise imports. While the share of BRICS+ group has increased from 7.2 per c

Long-term trade with India will not be affected due to unrest: Bangladesh

India accounts for approximately $14 billion of Bangladesh's annual imports. Bangladesh's exports to India total around $2 billion, according to sources in Bangladesh Chambers of Commerce and Industry

Thaw in Indo-China ties: How bilateral trade fared in last decade

China has been among India's top two trade partners for close to over a decade, although New Delhi's import dependency on Beijing has been high as compared to exports

Trade game: India's exports to 8 of top 10 markets grow in H1 FY25

Netherlands, US, UK see positive growth despite muted global demand

India's attempts fail against rivals as US diverts trade from China: Study

India also hasn't been able to attract a greater portion of global foreign direct investment, even as FDI flows to China plummet, the Oxford Economics study said

Focus on India paper to bring Indo-German ties to next level: German envoy

He stated that a number of issues are reflected in this paper and added that it will materialise when the two government will meet to discuss the roadmap for the next two years

Rupee slips 1 paisa to 84.07 against US dollar during early trade

The rupee slipped 1 paisa to 84.07 against the US dollar in early trade on Friday, as the weakening American currency failed to support the local unit amid negative domestic equity markets and higher crude oil prices. Forex traders said the unabated outflow of foreign funds also weighed on the domestic unit. At the interbank foreign exchange, the rupee opened flat at 84.06 against the greenback and lost further to 84.07, trading 1 paisa lower from its previous close. On Thursday, the rupee weakened by 4 paise to close at 84.06 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down by 0.11 per cent to 103.53 points. Negative dollar index was attributed to the fresh indication by Chinese central bank to reduce reserve ratio required for the country's lenders by the end of this year, which is expected to give further boost to the world's second largest economy. Brent crude, the international benchmark, .

Trump vows reciprocal tariffs on India, calls it the biggest tariff charger

While the US imposes minimal tariffs on imports, countries like China and Brazil place hefty charges on American goods, but India surpasses all, says Donald Trump

A year of Israel-Hamas war: India's trade with West Asia holds steady

However, trade with Israel, Lebanon, Jordan declines during Jan-July period