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Indian Oil imports Defy G7 Cap as Russian prices soar
In October, the average cost of Russian oil delivered to India, its primary buyer, surged to $84.20 per barrel, surpassing the $60 price limit established by the Group of Seven nations in the preceding December, as per preliminary data from the Indian government.
Despite attempts by Western nations to restrict revenue to Moscow and funding for the Ukraine conflict, India, the third-largest global oil importer and consumer, paid the highest prices for Russian oil since the imposition of the price cap. India has emerged as the foremost purchaser of Russian crude via maritime routes, part..
Piyush Goyal joins G7 Trade Ministers' meeting in Osaka
In the G7 Trade Ministers Meeting held in Osaka, Japan, Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, emphasised the importance of enhancing supply chain resilience. He addressed the vulnerabilities exposed by the Covid-19 pandemic and geopolitical events, leading to increased commodity prices and global inflation. Goyal stressed the need for collaboration between governments, encouraging Public-Private partnerships, investment in critical infrastructure, innovation, and digitalization of supply chains.
During the se..
G7 Trade Ministers Convene in Japan to Discuss Resilience and More
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G7 Trade Ministers are set to gather in Japan to discuss measures aimed at bolstering trade resilience amidst the ongoing challenges faced by the global economy. The meeting, scheduled on 11th September 2022, will provide an opportunity for ministers to exchange views on trade policies, share experiences, and explore collaborative solutions.
The ministers will focus on addressing various issues crucial for trade resilience, such as supply chain disruptions, digital trade, and sustainable practices. With the COVID-19 pandemic significantly impacting global trade, the m..
Jindal Steel & Power's Q4 Profit After Tax Doubles to Rs 9.33 Bn
Jindal Steel & Power Limited (JSPL) has reported a remarkable achievement in its financial performance for the fourth quarter, with its profit after tax (PAT) doubling to Rs 9.33 billion. This significant growth underscores the company's robust operational performance and strategic initiatives, reflecting its resilience and adaptability in the competitive steel and power sectors.
The doubled PAT for the fourth quarter is a testament to JSPL's effective management strategies and operational efficiency. It signifies the successful execution of the company's growth plans and its ability to..
India's Peak Power Demand to Surge
India is bracing for a substantial increase in peak power demand this May, with the Power Ministry forecasting a daytime peak of 235 GW and an evening peak of 225 GW. This surge underscores the country's escalating energy needs amid rising temperatures and economic activities.
The anticipated peak demand is significantly higher than previous records, reflecting the growing consumption patterns driven by urbanisation, industrial activities, and increased usage of air conditioning. The Ministry's projections are based on data from the Central Electricity Authority (CEA), which monitors a..
