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Oil Imports From Russia in The First Nine Months of 2022-23 Are More Than 9 Times import in the previous year - Bharath Kancharla

Data indicates that the overall imports from Russia in the first nine months of 2022-23 are already more than the thrice the value in the whole of 2021-22. In the case of petroleum products, this is more than 9 times.  Factly.in Factly.in, using data from the Department of Commerce's Export-Import Databank, has estimated that from April-December 2022, the total value of all imports from Russia was worth $32.82 billion, a majority of...

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Number Theory: Four key questions that will matter for the economy in 2023 -Pavitra Kanagaraj and Abhishek Jha

-Hindustan Times As the New Year begins amid renewed hope, what will 2023 hold for the economy — both Indian and global? As the New Year begins amid renewed hope, what will 2023 hold for the economy — both Indian and global? Here are four questions whose answers hold the key. Will the war in Europe end? Russia’s invasion of Ukraine in February 2022, the sweeping western sanctions against Moscow, and the supply chain...

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India's basket of crude rises 102% between Oct 2020-Oct 2022: Report

-IANS/ Business Standard According to Petroleum Ministry sources, petrol prices stood at Rs 81.06 per litre in October 2020, however by October 2022, they had risen only 19.3 per cent to Rs 96.72 per litre Even as the average price of Indian basket of crude oil increased by 102 per cent (from $43.34 to $87.55) between October 2020 and October 2022, the retail prices of petrol and diesel have increased in India...

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What is in store for India’s imports?

There is some respite expected for India in terms of prices of imported commodities. This may ease the depletion of its foreign exchange reserves. The country has faced a widening of its merchandise trade deficit from US$ -17.91 billion to US$ -26.91 billion between October 2021 and October 2022. The commodity price data provided by the World Bank in December 2022 (termed as The Pink Sheet) shows that energy prices plummeted by...

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Is crude, edible oil inflation relief on the cards for India? -Roshan Kishore

-Hindustan Times The fuel and energy basket sub-component has a share of 6.84% in the CPI basket. For oil and fats (edible oil) sub-category, this share is 3.56%. A simple calculation using the weighted share of these two sub-components shows that they have been a key driver of headline inflation in the past few months. India’s benchmark inflation rate, as measured by the Consumer Price Index (CPI) has been above the 6%...

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