Yash Sadhak Shrivastava

The Reserve Bank of India (RBI) has developed a system to settle international trade in rupees in order to stimulate the expansion of global trade with a focus on Indian exports and to support the growing interest of the global trading community in the rupee. ,The action by the central bank follows increased pressure on the Indian rupee as a result of Russia's invasion of Ukraine and sanctions imposed by the US and the EU. Also Read| Harshad Mehta's wife Jyoti brings Big Bull's side of story to light,The RBI mechanism is designed to help importers and exporters sidestep laws that prohibit the use of a global currency, such as the US dollar, in trade with certain countries. Several countries slapped sanctions on Russia when it attacked Ukraine. The new system may be used by Indian companies searching for alternate ways of payment for imports. The RBI expects this new system to boost global trade growth, with a focus on Indian exports, and to support the growing interest of the global trading community in INR. Also Read| Harshad Mehta scam: How Big Bull shook the Indian stock market,All exports and imports under this arrangement may be denominated and invoiced in INR, according to the broad framework for cross-border trade transactions in INR under the Foreign Exchange Management Act, 1999 (FEMA), and the exchange rate between the currencies of the two trading nations may be market-determined. Also Read| Impact of US Feds' biggest rate hike since 1994 on India,Furthermore, a bank authorised to deal in foreign exchange in India can open Special Rupee Vostro Accounts of correspondent banks of the partner trading countries for the settlement of trade transactions with any country. Also Read| How to survive a market crash,To enable international trade transactions to be settled through this structure; Indian importers can pay in INR, which will be credited into the Special Vostro account of the partner country's correspondent bank, against receipts for the supply of items or services from the offshore seller/supplier. Indian exporters who use this method to export products and services will be paid INR from the balances in the specified Special Vostro account of the partner country's correspondent bank. Also Read| Great Depression to COVID: Top 5 market crashes in American history,According to the RBI, Indian exporters may get advance payments in Indian rupees from international buyers using the Rupee Payment Mechanism. The issuance of bank guarantees for trade transactions conducted under this arrangement is permissible, subject to conformity to FEMA regulations and the Master Direction on Guarantees and Co-acceptances. The balance in Special Vostro Accounts, according to the RBI, can be utilised for a variety of purposes, including project and investment payments, export/import advance flow management, investment in Government Treasury Bills, Government securities, and so on. Also Read| US inflation rate at a 40-year high | A timeline: 1930-2022,Indian exporters and importers may utilise this rupee payment mechanism for trade with nations like Russia, Iran, and Sri Lanka, according to forex dealers. Also Read| How India can fight ransomware attacks,The trade deficit between India's exports and imports reached new highs in May and June. This increases the current account deficit, which some analysts predict will nearly double to more than 3% of GDP in FY23. The rupee is at an all-time low against the US dollar. According to economists, the RBI's action may not boost the external account immediately, but it may reduce demand for dollars in the medium run.

{\"time\":1657609940932,\"strCount\":4742,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"The <a href=\\\"https://opoyi.com/topics/rbi/\\\">Reserve Bank of India (RBI)</a> has developed a system to settle international trade in rupees \\\"in order to stimulate the expansion of global trade with a focus on <a href=\\\"https://opoyi.com/topics/indian/\\\">Indian</a> exports and to support the growing interest of the global trading community in the rupee.\\\"&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The action by the central bank follows increased pressure on the Indian rupee as a result of Russia's invasion of <a href=\\\"https://opoyi.com/topics/ukraine/\\\">Ukraine</a> and sanctions imposed by the <a href=\\\"https://opoyi.com/topics/us/\\\">US</a> and the <a href=\\\"https://opoyi.com/topics/eu/\\\">EU</a>.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/harshad-mehtas-wife-jyoti-presents-his-side-of-story-on-new-website-says-family-victim-of-tax-terrorism-695709/\\\">Harshad Mehta's wife Jyoti brings Big Bull's side of story to light</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The <a href=\\\"https://opoyi.com/topics/rbi/\\\">RBI</a> mechanism is designed to help importers and exporters sidestep laws that prohibit the use of a global currency, such as the US dollar, in trade with certain countries. Several countries slapped sanctions on <a href=\\\"https://opoyi.com/topics/russia/\\\">Russia</a> when it attacked Ukraine. The new system may be used by Indian companies searching for alternate ways of payment for imports.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The RBI expects this new system to boost global trade growth, with a focus on Indian exports, and to \\\"support the growing interest of the global trading community in INR.\\\"\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/harshad-mehta-scam-how-big-bull-shook-the-indian-stock-market-695774/\\\">Harshad Mehta scam: How Big Bull shook the Indian stock market</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"All exports and imports under this arrangement may be denominated and invoiced in INR, according to the broad framework for cross-border trade transactions in INR under the Foreign Exchange Management Act, 1999 (FEMA), and the exchange rate between the currencies of the two trading nations may be market-determined.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/impact-of-us-feds-biggest-rate-hike-since-1994-on-india-680094/\\\">Impact of US Feds' biggest rate hike since 1994 on India</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Furthermore, a bank authorised to deal in foreign exchange in India can open Special Rupee Vostro Accounts of correspondent banks of the partner trading countries for the settlement of trade transactions with any country.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/how-to-survive-a-market-crash-694936/\\\">How to survive a market crash</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"To enable international trade transactions to be settled through this structure; Indian importers can pay in INR, which will be credited into the Special Vostro account of the partner country's correspondent bank, against receipts for the supply of items or services from the offshore seller/supplier.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Indian exporters who use this method to export products and services will be paid INR from the balances in the specified Special Vostro account of the partner country's correspondent bank.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/great-depression-to-covid-top-5-market-crashes-in-american-history-694865/\\\">Great Depression to COVID: Top 5 market crashes in American history</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the RBI, Indian exporters may get advance payments in Indian rupees from international buyers using the Rupee Payment Mechanism. The issuance of bank guarantees for trade transactions conducted under this arrangement is permissible, subject to conformity to <a href=\\\"https://opoyi.com/topics/fema/\\\">FEMA</a> regulations and the Master Direction on Guarantees and Co-acceptances.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The balance in Special Vostro Accounts, according to the RBI, can be utilised for a variety of purposes, including project and investment payments, export/import advance flow management, investment in Government Treasury Bills, Government securities, and so on.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/us-inflation-rate-at-a-40-year-high-a-timeline-1930-2022-693306/\\\">US inflation rate at a 40-year high | A timeline: 1930-2022</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Indian exporters and importers may utilise this rupee payment mechanism for trade with nations like Russia, <a href=\\\"https://opoyi.com/topics/iran/\\\">Iran</a>, and Sri Lanka, according to forex dealers.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/how-india-can-fight-ransomware-attacks-260225/\\\">How India can fight ransomware attacks</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The trade deficit between India's exports and imports reached new highs in May and June. This increases the current account deficit, which some analysts predict will nearly double to more than 3% of GDP in FY23. The rupee is at an all-time low against the US dollar. According to economists, the RBI's action may not boost the external account immediately, but it may reduce demand for dollars in the medium run.\"}}]}

<ul>
  <li>The action by the central bank follows increased pressure on the Indian rupee</li>
  <li>The RBI expects this new system to boost global trade growth, with a focus on Indian exports</li>
  <li>Indian exporters and importers can trade with Russia, Iran and Sri Lanka through this mechanism</li>
</ul>

Opoyi Business

Explained: Why has RBI allowed international trade settlement in Rupee

Forex

Russia

UnitedStates

ReserveBankOfIndia

Inflation

Export

Economy

indian

Ukraine

FEMA

Iran

SriLanka

India

World

Business

Reliance Industries Ltd (RIL) shares tumbled near 9% on Friday after the government slapped tariffs on the export of petrol, diesel, and jet fuel (ATF) carried outside by Indian companies. The government levied a tax of Rs 6 per litre on petrol and aviation turbine fuel exports, and Rs 13 per litre on diesel exports. The move is intended to address domestic market demand. Also Read| Crypto news daily: Bitcoin data and price analysis for July 1, 2022,The export levies came after oil refiners, notably those in the private sector, made enormous profits from exporting fuel to markets such as Europe and the United States amid a boom in worldwide oil prices. Also Read| LPG cylinder price cut: 19-Kg commercial cylinder becomes less expensive,It also imposed tariffs on crude oil firms' windfall earnings. The government levied a Rs 23,230 per barrel cess on domestic crude production. The measure is intended to reduce the windfall profits coming to producers as a result of high worldwide oil prices. The taxation of windfall gains by crude producers reduced ONGC's stock price by 12%. The ONGC shares plummeted 12.28% intraday to Rs 132.85 from the previous closing of Rs 151.45 on the BSE. Also Read| Sensex dips 400 points while Nifty around 15,650 in early trade,Meanwhile, RIL stock has dropped following three days of gains. RIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05 on the BSE. ,Also Read| Crypto tax: All you need to know about 1% TDS that will be charged from July 1,RIL's share price has climbed 17.22% in a year and 3.83% since the beginning of this year. On the BSE, 5.83 lakh shares of the company changed hands, resulting in a turnover of Rs 142.98 crore approx. Also Read| Trending Stocks: Hindustan Unilever, UPL, Lupin and others in news today,The conglomerate's market capitalization has dropped to Rs 16.60 lakh billion. On April 29, 2022, the share reached a 52-week high of Rs 2,855 and a 52-week low of Rs 2, 016 on July 28, 2021.

{\"time\":1656667221000,\"strCount\":2762,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/topics/reliance/\\\">Reliance Industries Ltd (RIL)</a> shares tumbled near 9% on Friday after the government slapped tariffs on the export of petrol, diesel, and jet fuel (ATF) carried outside by <a href=\\\"https://opoyi.com/topics/indian/\\\">Indian</a> companies. The government levied a tax of Rs 6 per litre on petrol and aviation turbine fuel exports, and Rs 13 per litre on diesel exports. The move is intended to address domestic market demand.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/crypto-news-daily-bitcoin-data-and-price-analysis-for-july-1-2022-691380/\\\">Crypto news daily: Bitcoin data and price analysis for July 1, 2022</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The export levies came after oil refiners, notably those in the private sector, made enormous profits from exporting fuel to markets such as <a href=\\\"https://opoyi.com/topics/europe/\\\">Europe</a> and the United States amid a boom in worldwide oil prices.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/lpg-cylinder-price-cut-19-kg-commercial-cylinder-becomes-less-expensive-691286/\\\">LPG cylinder price cut: 19-Kg commercial cylinder becomes less expensive</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It also imposed tariffs on crude oil firms' windfall earnings. The government levied a Rs 23,230 per barrel cess on domestic crude production. The measure is intended to reduce the windfall profits coming to producers as a result of high worldwide oil prices.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The taxation of windfall gains by crude producers reduced ONGC's stock price by 12%. The <a href=\\\"https://opoyi.com/topics/ongc/\\\">ONGC</a> shares plummeted 12.28% intraday to Rs 132.85 from the previous closing of Rs 151.45 on the BSE.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/sensex-dips-400-points-while-nifty-around-15650-in-early-trade-691267/\\\">Sensex dips 400 points while Nifty around 15,650 in early trade</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Meanwhile, RIL stock has dropped following three days of gains. RIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05 on the BSE.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/crypto-tax-all-you-need-to-know-about-1-percent-tds-that-will-be-charged-from-july-690471/\\\">Crypto tax: All you need to know about 1% TDS that will be charged from July 1</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"RIL's share price has climbed 17.22% in a year and 3.83% since the beginning of this year. On the BSE, 5.83 lakh shares of the company changed hands, resulting in a turnover of Rs 142.98 crore approx.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read|&nbsp;<a href=\\\"https://opoyi.com/business/trending-stocks-hindustan-unilever-upl-lupin-and-others-in-news-today-691133/\\\">Trending Stocks: Hindustan Unilever, UPL, Lupin and others in news today</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The conglomerate's market capitalization has dropped to Rs 16.60 lakh billion. On April 29, 2022, the share reached a 52-week high of Rs 2,855 and a 52-week low of Rs 2, 016 on July 28, 2021.\"}}]}

<ul>
  <li>RIL shares fell 8.83% intraday to Rs 2,365 from the previous close of Rs 2,594.05</li>
  <li>The government levied a tax of Rs 6 per litre on petrol and Rs 13 per litre on diesel exports</li>
  <li>It also levied a Rs 23,230 per barrel cess on domestic crude production</li>
</ul>

Reliance Industries share falls nearly 9% as govt levies export duty on fuel

Reliance

StockMarket

FuelPrices

CrudeOil

ShareMarket

Europe

ONGC

Shuvrajit Das Biswas

Moscow, Russia

Russian President Vladimir Putin denies Moscow blocking Ukraine's grain export, saying such accusations are a bluff while interviewing with the state television channel Russia 1. ,This is a bluff. And I will explain why. The world produces about 800 million tons of wheat per year. We are told that Ukraine is ready to export 20 million tons. It's only 2.5%, the 69-year-old said. ,Since the Russian invasion of Ukraine began on February 24, there are reports of silos being filled with grain in the war-torn nation. However, Russian blockades have made exporting this grain rather difficult as Ukraine has been scrambling to set up efficient alternate routes. ,Also Read | 100 days of Ukraine war: Zelensky's speeches rally nation and the world,We do not prevent the export of Ukrainian grain. It can be exported through ports that are under the control of Ukraine, Putin continued. ,However, there aren't many ports operational in Ukraine, except for smaller ones like Izium. Russia has already taken control of the major Black Sea ports, which were earlier crucial in Ukraine's export routes. With the fall of Mariupol, the Azov Sea is in Moscow's control now as well. Ukraine has been forced to consider alternate routes to get its grains out, which includes assistance from the European Union (EU). ,But we did not mine the approaches to the ports! Ukraine did. I have already said many times: let them clear the mines and let ships with grain go out, Putin said, adding, We guarantee their passage without any problems. Also Read | Seek and destroy: Watch Ukrainians blow up Russian army vehicle in 1 shot,However, a couple of days earlier, Russia had noted that Ukraine would be allowed to export its grain if the sanctions against Moscow were lifted. ,Putin, in his interview, added that Russia was looking to increase grain exports to 50 million tons in 2022-2023. He concluded, In the current agricultural year 2021-2022, we will export 37 million tons of grain, and for 2022-2023, I think we will raise this export to 50 million tons.

{\"time\":1654287143252,\"strCount\":3033,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Russian President <a href=\\\"https://opoyi.com/india/who-is-vladimir-putin-217460/\\\">Vladimir Putin</a> denies Moscow <a href=\\\"https://opoyi.com/usa/russia-holds-ukraines-grains-ransom-for-end-to-wests-sanctions-446220/\\\">blocking Ukraine's grain export</a>, saying such accusations are a \\\"bluff\\\" while interviewing with the state television channel Russia 1.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"This is a bluff. And I will explain why. The world produces about 800 million tons of wheat per year. We are told that Ukraine is ready to export 20 million tons. It's only 2.5%\\\", the 69-year-old said.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Since the <a href=\\\"https://opoyi.com/usa/russia-ukraine-tensions-what-we-know-396125/\\\">Russian invasion of Ukraine</a> began on February 24, there are reports of silos being filled with grain in the war-torn nation. However, Russian blockades have made exporting this grain rather difficult as Ukraine has been scrambling to set up efficient alternate routes.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/world/100-days-of-ukraine-war-zelenskys-speeches-rally-nation-and-the-world-354826/\\\">100 days of Ukraine war: Zelensky's speeches rally nation and the world</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"We do not prevent the export of Ukrainian grain. It can be exported through ports that are under the control of Ukraine\\\", Putin continued.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"However, there aren't many ports operational in Ukraine, except for smaller ones like Izium. Russia has already taken control of the <a href=\\\"https://opoyi.com/usa/russian-navy-in-black-sea-sparks-amphibious-attack-fears-in-odessa-ukraine-655010/\\\">major Black Sea ports</a>, which were earlier crucial in Ukraine's export routes. With the fall of <a href=\\\"https://opoyi.com/world/why-controlling-mariupol-and-azov-sea-is-key-to-russias-ukraine-invasion-505558/\\\">Mariupol, the Azov Sea</a> is in Moscow's control now as well. Ukraine has been forced to consider <a href=\\\"https://opoyi.com/business/indias-wheat-export-ban-forces-ukraine-to-find-new-routes-defying-russia-436480/\\\">alternate routes</a> to get its grains out, which includes assistance from the European Union (EU).&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"But we did not mine the approaches to the ports! Ukraine did. I have already said many times: let them clear the mines and let ships with grain go out\\\", Putin said, adding, \\\"We guarantee their passage without any problems.\\\"\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/world/seek-and-destroy-watch-ukrainians-blow-up-russian-army-vehicle-in-1-shot-138011/\\\">Seek and destroy: Watch Ukrainians blow up Russian army vehicle in 1 shot</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"However, a couple of days earlier, Russia had noted that Ukraine would be allowed to export its grain if the <a href=\\\"https://opoyi.com/food/solving-starvation-what-itll-take-for-russia-to-let-ukraines-grains-pass-485071/\\\">sanctions against Moscow</a> were lifted.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Putin, in his interview, added that Russia was looking to increase grain exports to&nbsp;50 million tons in 2022-2023.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He concluded, \\\"In the current agricultural year 2021-2022, we will export 37 million tons of grain, and for 2022-2023, I think we will raise this export to 50 million tons\\\".&nbsp;\"}}]}

<ul>
  <li>Russian President Vladimir Putin denied Moscow is blocking Ukrainian grain export&nbsp;</li>
  <li>The Russia-Ukraine war has caused a global food crisis&nbsp;</li>
  <li>Russia has blocked the Black Sea ports, Ukraine's prime export hubs</li>
</ul>

Opoyi Central

Take it with a grain of salt! Russia denies blocking Ukraine's wheat export

Food

worldnews

Devanshu Singla

India’s trade deficit widened to a record $23.33 billion in May 2022 as imports grew at a faster pace than exports amid high commodity prices due to the Russia-Ukraine war, according to the preliminary data released by the Ministry of Commerce and Industry. The previous highest monthly trade deficit was $22.91 billion in November 2021. The deficit stood at $6.28 billion in May 2021. Also Read | Why Elon Musk wants to slash 10% of Tesla's workforce,Imports increased 56.14% to $60.62 billion in May on account of a sharp jump in petroleum products amid rising global crude oil prices. Petroleum and crude oil imports during May 2022 surged 91.6% to $18.14 billion. Gold imports saw a 759% rise to $5.8 billion and electronic goods jump 28.5% to $5.44 billion. Coal, coke and briquettes imports grew by 2.6 times to $5.3 billion, as against $2 billion in May 2021. Also Read | Explained: Impact of MPC meeting on stock market,India’s merchandise exports surged 15.46% year on year to $37.29 billion in May. Export growth declined by 7.2% compared to last month, after witnessing record outbound shipments of over $40 billion in March and April. Among the top 10 major commodity groups covering 81% of total exports in May, all sectors except plastics, cotton yarns, and fabrics saw increases. Engineering goods, petroleum products, gems and jewellery, and organic and inorganic chemicals were the top exported goods. Also Read | UPI transactions cross Rs 10 lakh crore milestone in May,Exports of chemicals rose by 12% to $2.5 billion in the month under review. Similarly, exports of pharma and ready-made garments of all textiles grew by 5.78% and 23% to $1.98 billion and $1.36 billion respectively. Despite the global headwinds, Indian engineering exports stood at $9.29 billion in May, posting growth of 7.84% year on year, showing that the sector was standing on firm footing and could withstand challenges, said Mahesh Desai, Chairman of Engineering Export Promotion Council India. Also Read | Elon Musk forces return to office: Tesla CEO's toxic work culture in focus,He added that in the short and medium-term, there were concerns regarding demand slowdown in advanced economies which could potentially dent the ongoing momentum. ,In April 2022, the World Trade Organisation (WTO) slashed its global trade forecast to 3% in 2022 from its earlier projection of 4.7% due to the ongoing conflict between Russia and Ukraine and Covid-19 curbs in China. The international trade body has said the prospects for the global economy had darkened since the outbreak of war in Ukraine. Also Read | Who is Javier Olivan?,While India was able to beat the $400 billion export target in fiscal 2022, government officials said it might take some more time to fix the current financial year’s target as the geopolitical tensions had caused uncertainty among various sectors.

{\"time\":1654270856297,\"strCount\":3767,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India’s trade deficit widened to a record $23.33 billion in May 2022 as imports grew at a faster pace than exports amid high commodity prices due to the <a href=\\\"https://opoyi.com/world/heres-how-much-the-war-in-ukraine-is-costing-russia-each-day-330026/\\\">Russia-Ukraine war</a>, according to the preliminary data released by the Ministry of Commerce and Industry.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The previous highest monthly trade deficit was $22.91 billion in November 2021. The deficit stood at $6.28 billion in May 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/why-elon-musk-wants-to-slash-10-of-teslas-workforce-346891/\\\">Why Elon Musk wants to slash 10% of Tesla's workforce</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Imports increased 56.14% to $60.62 billion in May on account of a sharp jump in <a href=\\\"https://opoyi.com/topics/fuelprices/\\\">petroleum</a> products amid rising global <a href=\\\"https://opoyi.com/topics/crudeoil/\\\">crude oil</a> prices. Petroleum and crude oil imports during May 2022 surged 91.6% to $18.14 billion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/topics/goldprice/\\\">Gold</a> imports saw a 759% rise to $5.8 billion and electronic goods jump 28.5% to $5.44 billion. Coal, coke and briquettes imports grew by 2.6 times to $5.3 billion, as against $2 billion in May 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/explained-impact-of-mpc-meeting-on-stock-market-608957/\\\">Explained: Impact of MPC meeting on stock market</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India’s merchandise exports surged 15.46% year on year to $37.29 billion in May. Export growth declined by 7.2% compared to last month, after witnessing record outbound shipments of over $40 billion in March and April.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Among the top 10 major commodity groups covering 81% of total exports in May, all sectors except plastics, cotton yarns, and fabrics saw increases. Engineering goods, petroleum products, gems and jewellery, and organic and inorganic chemicals were the top exported goods.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/upi-transactions-cross-rs-10-lakh-crore-milestone-in-may-159043/\\\">UPI transactions cross Rs 10 lakh crore milestone in May</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Exports of chemicals rose by 12% to $2.5 billion in the month under review. Similarly, exports of pharma and ready-made garments of all textiles grew by 5.78% and 23% to $1.98 billion and $1.36 billion respectively.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Despite the global headwinds, Indian engineering exports stood at $9.29 billion in May, posting growth of 7.84% year on year, showing that the sector was standing on firm footing and could withstand challenges, said Mahesh Desai, Chairman of Engineering Export Promotion Council <a href=\\\"https://opoyi.com/india/\\\">India</a>.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/elon-musk-forces-return-to-office-tesla-ceos-toxic-work-culture-in-focus-421717/\\\">Elon Musk forces return to office: Tesla CEO's toxic work culture in focus</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He added that in the short and medium-term, there were concerns regarding demand slowdown in advanced economies which could potentially dent the ongoing momentum. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In April 2022, the World Trade Organisation (WTO) slashed its global trade forecast to 3% in 2022 from its earlier projection of 4.7% due to the ongoing conflict between <a href=\\\"https://opoyi.com/topics/russia/\\\">Russia</a> and <a href=\\\"https://opoyi.com/topics/ukraine/\\\">Ukraine</a> and Covid-19 curbs in <a href=\\\"https://opoyi.com/topics/china/\\\">China</a>. The international trade body has said the prospects for the global economy had darkened since the outbreak of war in Ukraine.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/technology/who-is-javier-olivan-221739/\\\">Who is Javier Olivan?</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"While India was able to beat the $400 billion export target in fiscal 2022, government officials said it might take some more time to fix the current financial year’s target as the geopolitical tensions had caused uncertainty among various sectors.\"}}]}

<ul>
  <li>India’s trade deficit widened to a record $23.33 billion in May 2022</li>
  <li>The deficit stood at $6.28 billion in May 2021</li>
  <li>Imports increased 56.14% to $60.62 billion in May</li>
</ul>

Exports grew 15% in May, trade deficit widens to $23.33 billion

IndiaNews

Finance

IndianEconomy

Commerce

trade

China

Asia

Kyiv, Ukraine

India announced its decision, late Friday, to ban wheat export stating food security of the nation, neighbouring countries and other vulnerable countries is at risk. ,With the war between Ukraine and Russia disrupting wheat supply, many countries had turned to India to fill the vacuum. However, New Delhi's decision only exacerbates concerns of a global food crisis, considering the warring nations accounted for over 28% of wheat supply across the world. ,UN Secretary-General Antonio Guterres noted earlier in May that the issue of food security wouldn't be resolved until Ukrainian production returned to the market. However, Ukraine faces a massive hurdle in its wheat export, in the form of Russian blockades, and Moscow's chokehold over the Black Sea ports that the nation formerly used to ship wheat to the world. ,Also Read | A crisis averted: Why the world can run without Russian oil,With the ban on Indian wheat export and the price hike it will lead to, it becomes imperative for Ukraine to circumvent the Russian blockade and find alternate routes to export wheat. That is exactly what Kyiv has been trying to do through collaborations with other European nations and the European Union (EU). ,However, there are a few logistical challenges, but Ukraine remains determined to send its wheat out, to help the world and itself. ,The war that shook the wheat fields ,Russian President Vladimir Putin sent troops into Ukraine on February 24, triggering a war that is still ongoing. Prior to the conflict, Ukraine was the sixth-largest wheat exporter in the world in 2021, accounting for 10% of the world's market share, as per the United Nations (UN). ,The conflict resulted in grain shipments including wheat, barley, and rye, being blocked from exiting Ukraine. Almost 25 million tons of grain are currently sitting unused, in the nation's storage facilities, as per Food and Agriculture Organization economist Josef Schmidhuber. ,Refinitiv, owned by the London Stock Exchange Group, has noted that up to 12 million tonnes of wheat slated for global exports face hurdles due to the Black Sea blockades. ,Also Read | South Ossetia, Georgia's breakaway region, sets vote to join Russia,Ukraine, which already planted 7 million hectares of crops for its summer harvest, already has its grain storage facilities filled to the capacity. If no tangible export solution is found, the nation will be unable to harvest these crops. ,David Beasley, executive director of the World Food Programme, noted, Right now, Ukraine’s grain silos are full, adding, At the same time, 44 million people around the world are marching toward starvation. We have to open up these ports so that food can move in and out of Ukraine, as per AgWeb. ,Wields the scythe of mass damnation ,Since the start of the war, Russian attacks have targeted Ukraine's port cities, both on the Azov and Black Seas. The nation, prior to the war, used its seven Black Sea ports to export grain. ,Beasley noted, I don’t see how the country does anything but collapses if the ports aren’t opened, adding, Farmers harvest in July and August. You really only have a matter of days — around 60 — to resolve this issue. ,However, attacks on Mykolaiv, where Ukrainian forces struggle to block Russia's advances, and Moscow's renewed attacks on Odesa, portray a grim reality that it'll be some time before Kyiv can use its Black Sea ports for shipping purposes. ,Also Read | Llyod Austin holds 1-hour call with Sergei Shoigu: What they discussed,Currently, Ukraine has two export terminals functional, Izmail and Reni, on the Danube river, but their capacity is nowhere close to Odesa's. ,In a video address, Ukrainian President Volodymyr Zelensky highlighted the situation, saying For the first time in decades and decades, in Odesa there is no regular movement of the merchant fleet, there is no routine port work. This has probably never happened in Odesa since World War Two, and added, And this is a blow not only to Ukraine. Without our agricultural exports, dozens of countries in different parts of the world are already on the brink of food shortages. And over time, the situation can become, frankly, frightening. ,Earlier, too, Zelensky had urged on his Telegram channel Immediate measures must be taken to unblock Ukrainian ports for wheat exports. ,Come together, right now ,The Ukrainian government is already pursuing talks with neighbouring countries to circumvent the Russian blockades. Lithuania, Latvia, and Poland are all poised to help the war-torn country with Beasley of WFP adding We’re running out of time and the cost of inaction will be higher than anyone can imagine. I urge all parties involved to allow this food to get out of Ukraine to where it’s desperately needed so we can avert the looming threat of famine. ,The possibility for Ukraine to ship grains through international ports was first floated by Latvian President Egils Levits, on April 13, during a joint briefing with counterparts from Ukraine, Poland, Lithuania, and Estonia. ,Also Read | What did Olaf Scholz, Vladimir Putin discuss in their 75-minutes long phone call?,At the time, Levits said, We talked with Mr Zelensky that Latvia can help export grain from Ukraine so that the flow could go through Latvian ports. We called our governments after the meeting and we will take further steps to make this effort a success. ,It gained popularity, with Ukraine's Agrarian Policy and Food Minister Mykola Solskyi visiting Latvia on April 25 to examine this avenue. On April 29, Solskyi spoke to Polish and Lithuanian officials, and after some negotiations, the countries opened their ports for Ukrainian wheat to be exported. ,We put an offer on the table, if Ukraine wants, they can use it. They can use our seaports, Polish President Andrzej Duda said in a Wall Street Journal interview. ,Canadian President Justin Trudeau also offered to help Kyiv find solutions to export wheat, while European Council President Charles Michel wrote on Twitter after visiting Odesa, This badly needed food is stranded because of the Russian war and blockade of Black Sea ports. Causing dramatic consequences for vulnerable countries. We need a global response. ,Shiny and contoured the railway winds,With Ukraine reaching a decision to export its wheat via international ports, there's been an additional challenge. The nation needs to use railways to get the grain out of the country to its neighbours. ,Russia has damaged sections of Ukraine's railways but the war-torn nation has a greater logistical issue. ,Ukraine's track gauge - which is the distance between two rails - is wider (1.52m) than most of the other tracks in Europe (1.435m). This is because Ukraine shares Russian specifications for their tracks - a reminder of the time the nation was part of the erstwhile USSR. ,Also Read | Is Russia failing to progress in Ukraine? Operation in rebel-held areas unsuccessful,This means Ukrainian grain must be unloaded at these countries' borders and loaded onto carriages suited for the different tracks - a process which is both time-consuming and expensive. ,While Lithuania and Latvia have the same track measurements as Ukraine, Poland follows a different set of specifications. ,Lithuanian Agriculture Minister Kęstutis Navickas noted this in an April announcement about Ukraine's partnership, saying The potential of the port is of no doubt [but] railroad tracks may cause concern. In Poland, the gauge is narrower than in Ukraine, Lithuania, and Latvia. ,However, the Baltic railway system also has the hurdle of passing through Belarus - Russia's ally - before accessing any ports. ,Romania proposed opening up a disused Soviet-era railway line, connecting Ukraine, via Moldova, to its Danube River port city, Galati. ,Also Read | Is Kyiv still a target for Russian forces?,Transport Minister Sorin Grindeanu set a May 19 deadline for rehabilitating this track and said This rail line will enable the transporting of goods to and from Ukraine, adding, This Danube port will become, alongside the port of Constanta, one of the key places in the region for transporting goods and raw materials, as per Reuters. ,The Constanta choke and Poland's allure,While Constanta has been Ukraine's go-to option, the Romanian port is choking up due to the war. Odessa consultancy Informall, noted that this congestion is stifling grain exports as well. ,Romania's container yards are already functioning at capacity since the majority of Ukraine's trade now flows through the Constanta port since Odesa and Mariupol are both besieged by Russian forces. ,Informall explained, each shipping line provides its own instructions and individual requirements for containers destined for Ukraine which makes it even more challenging for freight forwarders working in a state of war. While containers are dwelling at Constanta container yard, vessels keep bringing more import boxes into the port, as reported by The Loadstar, a freight and logistics industry news outlet. ,Also Read | Russia's Bastion missiles in Ukraine: All you need to know,With Romania bottling up, Poland's Gdynia and Gdansk ports on the Baltic Sea remain the next best options, especially with the expedited export of Ukrainian grains being a major point of concern. ,Transport stakeholders consider Polish ports an alternative gateway for Ukrainian ocean containers and various crops. Exports of crops are an essential part of the Ukrainian economy, as well as important for many consumers abroad, Informall continued. ,To overcome the problem of tracks, and ease the bottleneck at the Polish border - necessitated by the wagon swaps - Warsaw is looking for investors to build a dry port at the Ukraine-Poland border. ,Also Read | What is in US Congress' $40 billion aid package for Ukraine?,This would combine both gauges, and allow for freight trains to unload quicker. However, Informall feels this investment might be unattractive to EU investors, noting Once Ukrainian sea ports are unblocked, millions of tonnes will flow via its grain terminals again. The spiked demand for rail service and warehouse space in Poland among Ukrainian exporters will roll back within a short time, making an investment unattractive for the EU investors. Just keep truckin' on,While railways remain the easiest option, Ukraine is also exploring alternatives like transporting wheat by trucks. Andrii Deshchytsia, Ukraine’s ambassador to Poland, told the Wall Street Journal It’s possible to deliver it by truck from Ukraine into Poland, that’s also a solution. ,EU's plan to help Ukraine ,The EU has decided to help Ukraine in its current plans to get wheat out of the country, noting it is sitting on almost 8 billion euros ($8.2 billion) worth of wheat that can't be exported. ,Adina Valean, European commissioner for transport said, Twenty million tons of grains have to leave Ukraine in less than three months using the EU infrastructure, adding, This is a gigantesque challenge, so it is essential to coordinate and optimize the logistic chains, put in place new routes, and avoid, as much as possible, the bottlenecks, as per Daily Sabah, a pro-Turkish government news outlet. ,Also Read | How Elon Musk’s Starlink is fighting Putin in Ukraine,The European Commission, or the executive arm of the EU, is looking to increase exports via trucks and railways. Trains are already carrying grain to Germany and Austria via other EU nations, but the amount is a fraction of what Ukraine sent out through its ports. ,The EU also has a plan to solve the congestion at borders, with an urgent use of additional transport vehicles including grain-hopper trailers, cargo containers, and barges and vessels. ,The commission also noted that Ukraine's ports on the Danube River can be put to greater use since all non-military flights are grounded due to the war. ,Also Read | Odessa's strategic importance to Russia in Ukraine invasion: Explained,The bloc also urged member nations to speed up procedures at border crossing points and increase capacity on EU soil to temporarily store Ukrainian exports. ,It added, In the medium to long term, the commission will also work on increasing the infrastructure capacity of new export corridors and on establishing new infrastructure connections. ,As Ukraine works in tandem with European nations to get its wheat to the world, India's ban on wheat export only adds urgency to the process.

<ul>
  <li>India has banned wheat exports&nbsp;</li>
  <li>Ukraine and Russia accounted for over 28% of the world's wheat supply</li>
  <li>Russian blockades have choked Ukraine's wheat exports</li>
</ul>

India's wheat export ban forces Ukraine to find new routes, defying Russia

Shares of sugar companies remained under pressure for the second straight day on Wednesday after the government announced restrictions on sugar exports from June 1, the latest slew of measures to control surging inflation. Dwarikesh Sugar Industries dropped 9%, Dalmia Bharat Sugar and Industries 15%, Triveni Engineering & Industries 8%, Balrampur Chini Mills 9%. Avadh Sugar & Energy lost 8%, Shree Renuka Sugars 7% and Uttam Sugar was down 9% in intraday trade. Also Read | Stock market midday report: Sensex down 139 points, Nifty around 16,098,Following the wheat export ban and hike in export duty on certain steel products, the government said it would restrict sugar exports to 10 million tonnes to keep domestic prices in check. “As per the order issued by DGFT, with effect from June 1, 2022, till October 31, 2022, or till further order, whichever is earlier, the export of sugar will be allowed with specific permission of the Directorate of Sugar, Department of Food and Public Distribution, it said. Also Read | Fuel price May 25, 2022: Petrol Rs 96.72, diesel Rs 89.62 in Delhi,According to analysts, 10 million tonnes was a “fairly large-cap” and it would “help mills to export the maximum amount and keep the bare minimum in the country”. The government's initiatives to rein in inflation indicate margin compression for segments like sugar, edible oil and metals but firms with pricing power can weather this storm”, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Also Read | Gold, silver and other metal prices on Wednesday, May 25, 2022,According to the Food Ministry, the decision followed record exports of sugar. India is the second-largest producer, after Brazil, and the biggest consumer of sugar in the world. The country exported a record 7 million metric tonnes in 2021-22 and 5.96 million tonnes in 2019-22. Initially, India planned to cap sugar exports at 8 million tonnes, but after production estimates were revised upward, the government decided to allow mills to sell some more sugar. The Indian Sugar Mills Association, a producers’ body, revised its output forecast to 35.5 million tonnes, up from its earlier estimate of 31 million tonnes.

{\"time\":1653475349415,\"strCount\":3034,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Shares of sugar companies remained under pressure for the\\nsecond straight day on Wednesday after the government announced restrictions on\\n<a href=\\\"https://opoyi.com/business/indias-sugar-exports-touch-46-billion-in-2021-22-grows-291-since-2012-14-198658/\\\">sugar exports</a> from June 1, the latest slew of measures to control surging\\n<a href=\\\"https://opoyi.com/usa/for-commodity-prices-in-the-west-there-is-only-one-direction-up-569038/\\\">inflation</a>.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Dwarikesh Sugar Industries dropped 9%, Dalmia Bharat\\nSugar and Industries 15%, Triveni Engineering &amp; Industries 8%, Balrampur\\nChini Mills 9%. Avadh Sugar &amp; <a href=\\\"https://opoyi.com/topics/energy/\\\">Energy</a> lost 8%, Shree Renuka Sugars 7% and\\nUttam Sugar was down 9% in intraday trade.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/stock-market-midday-report-sensex-down-139-points-nifty-around-16098-166680/\\\">Stock market midday report: Sensex down 139 points, Nifty around 16,098</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Following the <a href=\\\"https://opoyi.com/business/why-is-india-banning-wheat-export-582505/\\\">wheat export ban</a> and <a href=\\\"https://opoyi.com/business/metal-stocks-slide-as-government-imposes-export-duty-207279/\\\">hike in export duty</a> on\\ncertain steel products, the government said it would restrict sugar exports to\\n10 million tonnes to keep domestic prices in check. “As per the order issued by\\nDGFT, with effect from June 1, 2022, till October 31, 2022, or till further\\norder, whichever is earlier, the export of&nbsp;\\nsugar will be allowed with specific permission of the Directorate of\\nSugar, Department of Food and Public Distribution,\\\" it said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/fuel-price-may-25-2022-petrol-rs-9672-diesel-rs-8962-in-delhi-323027/\\\">Fuel price May 25, 2022: Petrol Rs 96.72, diesel Rs 89.62 in Delhi</a><br>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to analysts, 10 million tonnes was a “fairly\\nlarge-cap” and it would “help mills to export the maximum amount and keep the\\nbare minimum in the country”.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"The government's initiatives to rein in inflation\\nindicate margin compression for segments like sugar, edible oil and metals but\\nfirms with pricing power can weather this storm”, said VK Vijayakumar, Chief\\nInvestment Strategist at Geojit Financial Services.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/gold-silver-and-other-metal-prices-on-wednesday-may-25-2022-322358/\\\">Gold, silver and other metal prices on Wednesday, May 25, 2022</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the Food Ministry, the decision followed\\nrecord exports of sugar.&nbsp; India is the\\nsecond-largest producer, after <a href=\\\"https://opoyi.com/topics/brazil/\\\">Brazil</a>, and the biggest consumer of sugar in the\\nworld. The country exported a record 7 million metric tonnes in 2021-22 and\\n5.96 million tonnes in 2019-22.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Initially, India planned to cap sugar exports at 8\\nmillion tonnes, but after production estimates were revised upward, the\\ngovernment decided to allow mills to sell some more sugar.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The Indian Sugar Mills Association, a producers’ body,\\nrevised its output forecast to 35.5 million tonnes, up from its earlier\\nestimate of 31 million tonnes.\"}}]}

<ul>
  <li>Dwarikesh Sugar Industries dropped 9% on Wednesday</li>
  <li>Government said it would restrict sugar exports to 10 million tonnes</li>
  <li>India exported a record 7 million metric tonnes of sugar in 2021-22</li>
</ul>

Sugar stocks fall after export curbs

Sugar

Energy

Brazil

Shares of steel manufacturing companies plunged heavily on May 23 as brokerages downgraded the sector after the government levied export duty on 11 iron and steel intermediates and steel products. The government levied an export duty of 15% on almost all major steel products. Also Read | Week ahead: China's covid lockdown, quarterly results to weigh on Sensex, Nifty,The S&P BSE Metal index closed 1,604.55 points lower, or 8.33%, at Rs 17,655.55. Jindal Steel and Power fell 17%, the most since January 2008, Tata Steel fell 12%, the biggest decline since August 2015, JSW Steel was down 11%, its the biggest loss since May 2020 and SAIL declined 11%, the lowest it has touched since May 2022. NDMC was trading 10% down, the lowest it has been since August 2020, Vedanta was down 6% and Hindalco Industries fell 5%. Also Read | Jindal Steel, Paytm, Indiabulls and other stocks that moved most on May 23,Apart from this, non-index stocks like Sandur Manganese & Iron Ores, Godawari Power and Ispat, Jindal Stainless and Sunflag Iron & Steel Company were down 10-20% on the BSE. We see this as an extremely negative development for the steel sector and expect broad-based multiple de-rating. We downgrade steel/stainless equities under our coverage to either hold/reduce/sell, ICICI Securities said in a note to investors. Also Read | Adani Power shares hit upper circuit on MSCI Inclusion,On May 21, the government increased duty on iron ore by up to 15% and some steel intermediaries by 15% to boost domestic availability. “While the contours of the tax structure and the detailed earnings impact of the steel equities are yet to be known, it can be broadly assessed that Rs 5,000-7,000/te of impact on EBITDA is very much possible on integrated steel players, while for unintegrated steel equities like JSW Steel the impact can be Rs 5,000/te. Also Read | What is Indo-Pacific Economic Framework?,“While there is an inclination (that we can see from our discourse with investors) to club this decline with the expected decline in EBITDA/te caused by cyclical factors, the same should be demarcated, ICICI Securities report said. The brokerage firm downgraded Tata Steel, JSPL, JSW Steel, and SAIL to “reduce”. It also downgraded SMEL and Jindal Stainless to “hold” from “buy”. Also Read | India's wheat export ban forces Ukraine to find new routes, defying Russia,According to the Indian Steel Association (ISA), the imposition of export duty on steel would send a negative signal to investors and adversely impact the sector’s capacity utilization. “In a bid to curb inflation the Ministry of Finance announced export duties on most steel products, along with an excise duty cut for petrol and diesel. This is likely to divert more supply toward the domestic market. With prices now being guided by the export parity philosophy (instead of import parity) it could lead to a sharp correction in steel prices in India,” said a report by CLSA. Also Read | Fuel price May 23, 2022: Petrol Rs 96.72, diesel Rs 89.62 in Delhi,It downgraded Tata Steel from ‘Buy’ to ‘Underperform’; JSW from ‘Underperform’ to ‘Sell’, and JSPL from ‘Buy’ to ‘Overperfrom’. Industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has sought a three-month period from the government to clear orders amounting to over 2 million tonnes of steel. Also Read | NTPC Q4 Results: Net profit grows 14% to Rs 5,167 crore, revenue rises 25%,FICCI Steel committee co-chairperson VR Sharma, who is also the MD of JSPL, said that the ongoing Russia-Ukraine war has allowed Indian steel companies to fill in the demand for steel in Europe, the second largest importer in the world.

{\"time\":1653310377613,\"strCount\":4583,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Shares of steel manufacturing companies plunged heavily on May 23 as brokerages downgraded the sector after the government levied export duty on 11 iron and steel intermediates and  steel products. The government levied an export duty of 15% on almost all  major steel products.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/week-ahead-chinas-covid-lockdown-quarterly-results-to-weigh-on-sensex-nifty-155061/\\\">Week ahead: China's covid lockdown, quarterly results to weigh on Sensex, Nifty</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The S&amp;P BSE Metal index closed 1,604.55 points lower, or 8.33%, at Rs 17,655.55. Jindal Steel and Power fell 17%, the most since January 2008, Tata Steel fell 12%, the biggest decline since August 2015, JSW Steel was down 11%, its the biggest loss since May 2020 and <a href=\\\"https://opoyi.com/topics/sail/\\\">SAIL</a> declined 11%, the lowest it has touched since May 2022.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"NDMC was trading 10% down, the lowest it has been since August 2020, Vedanta was down 6% and Hindalco Industries fell 5%.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/jindal-steel-paytm-indiabulls-and-other-stocks-that-moved-most-on-may-23-340648/\\\">Jindal Steel, Paytm, Indiabulls and other stocks that moved most on May 23</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Apart from this, non-index stocks like Sandur Manganese &amp; Iron Ores, Godawari Power and Ispat, Jindal Stainless and Sunflag Iron &amp; Steel Company were  down 10-20% on the BSE.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"We see this as an extremely negative development for the steel sector and expect broad-based multiple de-rating. We downgrade steel/stainless equities under our coverage to either hold/reduce/sell\\\", ICICI Securities said in a note to investors.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/adani-power-shares-hit-upper-circuit-on-msci-inclusion-129809/\\\">Adani Power shares hit upper circuit on MSCI Inclusion</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"On May 21, the government increased duty on iron ore by up to 15% and some steel intermediaries by 15% to boost domestic availability.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“While the contours of the tax structure and the detailed earnings impact of the steel equities are yet to be known, it can be broadly assessed that Rs 5,000-7,000/te of impact on EBITDA is very much possible on integrated steel players, while for unintegrated steel equities like JSW Steel the impact can be Rs 5,000/te.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/what-is-indo-pacific-economic-framework-673577/\\\">What is Indo-Pacific Economic Framework?</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“While there is an inclination (that we can see from our discourse with investors) to club this decline with the expected decline in EBITDA/te caused by cyclical factors, the same should be demarcated\\\", ICICI Securities report said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The brokerage firm downgraded Tata Steel, JSPL, JSW Steel, and SAIL to “reduce”. It also downgraded SMEL and Jindal Stainless to “hold” from “buy”.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/indias-wheat-export-ban-forces-ukraine-to-find-new-routes-defying-russia-436480/\\\">India's wheat export ban forces Ukraine to find new routes, defying Russia</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the <a href=\\\"https://opoyi.com/topics/indian/\\\">Indian</a> Steel Association (ISA), the imposition of export duty on steel would send a negative signal to investors and adversely impact the sector’s capacity utilization.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“In a bid to curb inflation the Ministry of Finance announced export duties on most steel products, along with an excise duty cut for petrol and diesel. This is likely to divert more supply toward the domestic market. With prices now being guided by the export parity philosophy (instead of import parity) it could lead to a sharp correction in steel prices in <a href=\\\"https://opoyi.com/india/\\\">India</a>,” said a report by CLSA.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/fuel-price-may-23-2022-petrol-rs-9672-diesel-rs-8962-in-delhi-526501/\\\">Fuel price May 23, 2022: Petrol Rs 96.72, diesel Rs 89.62 in Delhi</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It downgraded Tata Steel from ‘Buy’ to ‘Underperform’; JSW from ‘Underperform’ to ‘Sell’, and JSPL from ‘Buy’ to ‘Overperfrom’.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Industry body Federation of Indian Chambers of Commerce &amp; Industry (FICCI) has sought a three-month period from the government to clear orders amounting to over 2 million tonnes of steel.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/ntpc-q4-results-net-profit-grows-14-to-rs-5167-crore-revenue-rises-25-667384/\\\">NTPC Q4 Results: Net profit grows 14% to Rs 5,167 crore, revenue rises 25%</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"FICCI Steel committee co-chairperson VR Sharma, who is also the MD of JSPL, said that the ongoing Russia-Ukraine war has allowed Indian steel companies to fill in the demand for steel in Europe,  the second largest importer in the world.\"}}]}

<ul>
  <li>BSE Metal index was trading 1,537.59 points lower, or 8%, at Rs 17,718.52</li>
  <li>Jindal Steel and Power fell 17%, the most since January 2008</li>
  <li>The government increased duty on iron ore by up to 15%</li>
</ul>

Metal stocks slide as government imposes export duty

Metal

Sensex

NDMC

SAIL

FICCI

TataSteel

Indonesia said Thursday it will lift a monthlong ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking oil. ,President Joko Widodo said exports will resume on Monday. ,Indonesia and Malaysia are the world’s largest exporters of palm oil, which plays an important role in their economies. They account for 85% of global palm oil production. Pressure on the global supply of cooking oil has increased because of the war in Ukraine, which accounts for nearly half of the world’s sunflower oil on top of the 25% from Russia. Also Read | Russia-Ukraine war in world's 'breadbasket' threatens global food supply,Palm oil prices went up 200% or higher after Indonesia banned the export of cooking oil and its raw materials to reduce local shortages and hold down skyrocketing prices. ,Widodo said in a news conference that his government was planning to lift the ban if the price of bulk cooking oil reached 14,000 rupiah ($0.96) per liter. He said it still has not reached the target but he expects it to drop further in the next few weeks as more palm oil becomes available. Also Read | Arab world faces food supply crisis due to Ukraine war,“Based on the current supply and price of cooking oil and considering that there are 17 million workers in the palm oil industry, both working farmers and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, May 23,” Widodo said. He said that the national demand for bulk cooking oil is approximately 194,000 tons per month. Before the export ban, the supply reached 64,500 tons, and since then, it more than tripled to over 211,000 tons per month. ,He said that law enforcement agencies are investigating allegations of violations and fraud in the distribution and production of cooking oil.

{\"time\":1652963090367,\"strCount\":2451,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Indonesia said Thursday it will lift a monthlong ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking <a href=\\\"https://opoyi.com/world/oil-prices-rise-as-european-union-prepares-to-ban-russian-crude-539810/\\\">oil. </a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"President Joko Widodo said exports will resume on Monday. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Indonesia and Malaysia are the world’s largest exporters of <a href=\\\"https://opoyi.com/india/whats-behind-the-likely-rise-in-indias-edible-oil-prices-119655/\\\">palm oil</a>, which plays an important role in their economies. They account for 85% of global palm oil production.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Pressure on the global supply of cooking oil has increased because of the war in <a href=\\\"https://opoyi.com/world/amid-global-food-crisis-united-nation-urges-ukraine-on-grain-release-328689/\\\">Ukraine</a>, which accounts for nearly half of the world’s sunflower oil on top of the 25% from <a href=\\\"https://opoyi.com/india/nearly-700-more-ukrainian-fighters-surrender-in-mariupol-russia-565693/\\\">Russia.</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read <b>|&nbsp;</b><a href=\\\"https://opoyi.com/food/russia-ukraine-war-in-worlds-breadbasket-threatens-global-food-supply-385972/\\\">Russia-Ukraine war in world's 'breadbasket' threatens global food supply</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Palm oil prices went up 200% or higher after Indonesia banned the export of cooking oil and its raw materials to reduce local shortages and hold down skyrocketing prices. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Widodo said in a news conference that his government was planning to lift the ban if the price of bulk cooking oil reached 14,000 rupiah ($0.96) per liter. He said it still has not reached the target but he expects it to drop further in the next few weeks as more palm oil becomes available.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |<b>&nbsp;</b><a href=\\\"https://opoyi.com/food/arab-world-faces-food-supply-crisis-due-to-ukraine-war-160813/\\\">Arab world faces food supply crisis due to Ukraine war</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“Based on the current supply and price of cooking oil and considering that there are 17 million workers in the palm oil industry, both working farmers and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, May 23,” Widodo said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He said that the national demand for bulk cooking oil is approximately 194,000 tons per month. Before the export ban, the supply reached 64,500 tons, and since then, it more than tripled to over 211,000 tons per month. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He said that law enforcement agencies are investigating allegations of violations and fraud in the distribution and production of cooking oil.\"}}]}

Deeksha Sharma

<ul>
  <li>Indonesia lifted its monthlong ban on cooking oil export</li>
  <li>This comes as a result of improvements and domestic price</li>
  <li>Indonesia is one of the world’s largest exporters of palm oil</li>
</ul>

Indonesia reopens palm oil export as supply improves

Indonesia

Delhi, India

India on Sunday said it would keep a window open to export wheat to food-deficit countries at the government level despite restrictions announced two days earlier. India’s Commerce Secretary B.V.R. Subrahmanyam told reporters the government will also allow private companies to meet previous commitments to export nearly 4.3 million tons of wheat until July. India exported 1 million tons of wheat in April. India mainly exports wheat to neighboring countries like Bangladesh, Nepal and Sri Lanka. A notice in the government gazette by the Directorate of Foreign Trade on Friday said a spike in global prices for wheat was threatening the food security of India and neighboring and vulnerable countries. Also Read | Who is Eugenia Bakay, Ukraine army's first female navigator?,A key aim of restrictions on exports is to control rising domestic prices. Global wheat prices have risen by more than 40% since the beginning of the year. Before the war, Ukraine and Russia accounted for a third of global wheat and barley exports. Since Russia’s Feb. 24 invasion, Ukraine’s ports have been blocked and civilian infrastructure and grain silos have been destroyed. At the same time, India’s own wheat harvest has suffered from a record-shattering heat wave that is stunting production. ,He said India's wheat production this year has come down by three million tons from 106 million tons last year. Wheat prices have shot up by 20-40% in India. Also Read | Putin is 'very ill from blood cancer', says oligarch close to Kremlin,The current rise in prices seems to be a panic reaction rather than a reaction based on a genuine collapse in supply or a sudden shooting of demand, Subrahmanyam said. Even though it is the world’s second-largest producer of wheat, India consumes most of the wheat it produces. It had set a goal of exporting 10 million tons of the grain in 2022-23, looking to capitalize on the global disruptions to wheat supplies from the war and find new markets for its wheat in Europe, Africa and Asia. Up to 90 million tons of wheat were consumed in India last year out of a total production of 109 million tons, Subrahmanyam said, adding that India exported 7 million tons of wheat last year.

{\"time\":1652603281368,\"strCount\":2724,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India on Sunday said it would keep a window open to <a href=\\\"https://opoyi.com/business/why-is-india-banning-wheat-export-582505/\\\">export wheat</a> to food-deficit countries at the government level despite restrictions announced two days earlier.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India’s Commerce Secretary B.V.R. Subrahmanyam told reporters the government will also allow private companies to meet previous commitments to export nearly 4.3 million tons of wheat until July. India exported 1 million tons of wheat in April.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India mainly exports wheat to neighboring countries like Bangladesh, Nepal and <a href=\\\"https://opoyi.com/world/sri-lanka-orders-social-media-blackout-as-anti-government-protests-swell-123977/\\\">Sri Lanka</a>.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"A notice in the government gazette by the Directorate of Foreign Trade on Friday said a spike in global prices for wheat was threatening the food security of India and neighboring and vulnerable countries.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/world/who-is-eugenia-bakay-432103/\\\">Who is Eugenia Bakay, Ukraine army's first female navigator?</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"A key aim of restrictions on exports is to control rising domestic prices. Global wheat prices have risen by more than 40% since the beginning of the year.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Before the war, Ukraine and Russia accounted for a third of global wheat and barley exports. Since Russia’s Feb. 24 invasion, <a href=\\\"https://opoyi.com/business/indias-wheat-export-ban-forces-ukraine-to-find-new-routes-defying-russia-436480/\\\">Ukraine’s ports have been blocked</a> and civilian infrastructure and grain silos have been destroyed.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"At the same time, India’s own wheat harvest has suffered from a record-shattering heat wave that is stunting production. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He said India's wheat production this year has come down by three million tons from 106 million tons last year. Wheat prices have shot up by 20-40% in India.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/world/russian-president-vladimir-putin-is-very-ill-from-blood-cancer-says-oligarch-close-to-kremlin-234491/\\\">Putin is 'very ill from blood cancer', says oligarch close to Kremlin</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"The current rise in prices seems to be a panic reaction rather than a reaction based on a genuine collapse in supply or a sudden shooting of demand,\\\" Subrahmanyam said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Even though it is the world’s second-largest producer of wheat, India consumes most of the wheat it produces. It had set a goal of exporting 10 million tons of the grain in 2022-23, looking to capitalize on the global disruptions to wheat supplies from the war and find new markets for its wheat in Europe, Africa and Asia.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Up to 90 million tons of wheat were consumed in India last year out of a total production of 109 million tons, Subrahmanyam said, adding that India exported 7 million tons of wheat last year.\"}}]}

<ul>
  <li>India has banned wheat exports&nbsp;</li>
  <li>The nation agreed to supply wheat to countries in need&nbsp;</li>
  <li>This exchange will be at a governmental level</li>
</ul>

India wheat export ban: Nation to supply grain to countries in need

India is banning wheat export, with the centre on Friday, bringing an amendment to its Export Policy, prohibiting the same, following a spike in global prices. ,The notification states, food security of India, neighbouring countries and other vulnerable countries is at risk. ,India has seen extremely low wheat procurement this year, with numbers standing at approximately 18.5 million tonnes. This eight-year low puts the nation's wheat stocks dangerously close to the 11 metric tonnes procured in 2007-2008. This also marks the first time that wheat procured from the new crop is lesser than public stocks at the start of the marketing season, which rests at 19 metric tonnes. ,Also Read | Is Russia failing to progress in Ukraine? Operation in rebel-held areas unsuccessful,In a year, India saw its wheat procurement fall from an all-time high to an eight-year low. The reason behind this is twofold. ,Export demand ,In 2021-2022 India exported 7.8 metric tonnes of wheat, but the war between Russia and Ukraine - countries which account for more than 28% of the global wheat export - disrupted supply chains. As a result, there was an increased demand for Indian grain, and farmers were able to ship it at higher prices than the minimum support price. ,Lower production ,India was on track to surpass last year's wheat production before a heatwave spike in the middle of March. This is usually when kernels are accumulating starch, protein and other dry matter, and the crop is in the grain-filling stage. ,Also Read | What did Olaf Scholz, Vladimir Putin discuss in their 75-minute long phone call?,Apart from Madhya Pradesh, where wheat is harvested by mid-March, all other areas in the country reported a 15-20% decline in yield per acre. ,Thus procurement by government agencies plummetted, forcing India to take this drastic step regarding wheat export. ,A global perspective ,India's decision to stop exports is bound to make wheat prices further skyrocket around the world, and make procurement even more difficult. ,However, Ukraine is attempting to alleviate the situation by finding alternate sea routes to ship its grain, even as Russia maintains a stranglehold over the Black Sea ports. ,Also Read | A crisis averted: Why the world can run without Russian oil,New Delhi's decision mirrors Indonesia's call to ban palm oil exports. Notably, President Joko Widodo had only announced this when there were protests in the country over shortages and price spikes. While Indonesia's call resulted in cooking oil costs shooting up in India, the current decision on part of the government, to stop wheat export, is to avoid shortages within the country.

{\"time\":1652510966781,\"strCount\":3941,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India is <a href=\\\"https://opoyi.com/india/india-bans-wheat-exports-with-immediate-effect-595536/\\\">banning wheat export</a>, with the centre on Friday, bringing an amendment to its&nbsp;Export Policy, prohibiting the same, following a spike in global prices.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The notification states, \\\"food security of India, neighbouring countries and other vulnerable countries is at risk\\\".&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India has seen extremely <a href=\\\"https://opoyi.com/health/wheat-procurement-to-stop-in-haryana-amid-covid-induced-lockdown-116590/\\\">low wheat procurement</a> this year, with numbers standing at approximately&nbsp;18.5 million tonnes. This eight-year low puts the nation's wheat stocks dangerously close to the 11 metric tonnes procured in 2007-2008. This also marks the first time that wheat procured from the new crop is lesser than public stocks at the start of the marketing season, which rests at 19 metric tonnes.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/usa/is-russia-failing-to-progress-in-ukraine-operation-in-rebel-held-areas-unsuccessful-188328/\\\">Is Russia failing to progress in Ukraine? Operation in rebel-held areas unsuccessful</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In a year, India saw its wheat procurement fall from an all-time high to an eight-year low. The reason behind this is twofold.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Export demand&nbsp;</b>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In 2021-2022 India exported 7.8 metric tonnes of wheat, but the <a href=\\\"https://opoyi.com/usa/russia-ukraine-war-all-you-need-to-know-667802/\\\">war between Russia and Ukraine</a> - countries which account for more than&nbsp;<a href=\\\"https://opoyi.com/food/russia-ukraine-war-in-worlds-breadbasket-threatens-global-food-supply-385972/\\\">28% of the global wheat</a> export - disrupted supply chains. As a result, there was an <a href=\\\"https://opoyi.com/india/russia-ukraine-conflict-gives-indian-wheat-a-global-chance-599275/\\\">increased demand for Indian grain</a>, and farmers were able to ship it at higher prices than the minimum support price.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Lower production&nbsp;</b>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India was on track to surpass last year's wheat production before a <a href=\\\"https://opoyi.com/india/as-heatwave-scorches-india-5-things-you-must-do-this-summer-657522/\\\">heatwave spike</a> in the middle of March. This is usually when kernels are accumulating&nbsp;starch, protein and other dry matter, and the crop is in the grain-filling stage.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/world/what-did-olaf-scholz-vladimir-putin-discuss-in-their-75-minutes-long-phone-call-248567/\\\">What did Olaf Scholz, Vladimir Putin discuss in their 75-minute long phone call?</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Apart from Madhya Pradesh, where wheat is harvested by mid-March, all other areas in the country reported a 15-20% decline in yield per acre.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Thus procurement by government agencies plummetted, forcing India to take this drastic step regarding wheat export.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>A global perspective&nbsp;</b>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India's decision to stop exports is bound to make wheat prices further skyrocket around the world, and make procurement even more difficult.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"However, Ukraine is attempting to alleviate the situation by finding alternate sea routes to ship its grain, even as Russia maintains a stranglehold over the <a href=\\\"https://opoyi.com/world/after-mariupol-odesa-russian-airstrikes-hit-ukraines-black-sea-port-city-584201/\\\">Black Sea ports</a>.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read |&nbsp;</b><a href=\\\"https://opoyi.com/india/a-crisis-averted-why-the-world-can-run-without-russian-oil-216447/\\\">A crisis averted: Why the world can run without Russian oil</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"New Delhi's decision mirrors Indonesia's call to <a href=\\\"https://opoyi.com/india/explained-impact-of-indonesias-palm-oil-ban-on-india-483588/\\\">ban palm oil exports</a>. Notably,&nbsp;President Joko Widodo had only announced this when there were protests in the country over shortages and price spikes. While Indonesia's call resulted in cooking oil costs shooting up in India, the current decision on part of the government, to stop wheat export, is to avoid shortages within the country.&nbsp;\"}}]}

<ul>
  <li>India is banning wheat export&nbsp;</li>
  <li>The nation has seen an eight-year low in wheat procurement&nbsp;</li>
  <li>The Russia-Ukraine war disrupted wheat export increasing demands for Indian wheat&nbsp;</li>
</ul>

Why is India banning wheat export?

Mumbai, Maharashtra, India

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. The export policy of wheat … is prohibited with immediate effect…, the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments. In a separate notification, the DGFT announced the easing of export conditions for onion seeds. The export policy of onion seeds has been put under the restricted category, with immediate fact, it said. The export of onion seeds was earlier prohibited.

{\"time\":1652500442998,\"strCount\":1134,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/india/\\\">India</a> has banned wheat <a href=\\\"https://opoyi.com/india/india-reports-47-rise-in-exports-to-32-bn-in-june-trade-deficit-at-94-bn-451683/\\\">exports</a> with immediate effect as part of measures to control rising domestic prices, according to official notification.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" \\\"The export policy of wheat … is prohibited with immediate effect…,\\\" the <a href=\\\"https://opoyi.com/topics/dgft/\\\">DGFT</a> said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" In a separate notification, the DGFT announced the easing of export conditions for onion seeds.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" \\\"The export policy of onion seeds has been put under the restricted category, with immediate fact,\\\" it said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" The export of onion seeds was earlier prohibited. \"}}]}

Vaishnavi Vaidyanathan

<ul>
  <li>India has banned wheat exports as part of measures to control rising domestic prices</li>
  <li>"The export policy of wheat … is prohibited with immediate effect…," the DGFT said</li>
  <li>The export of onion seeds was earlier prohibited</li>
</ul>

India bans wheat exports with immediate effect

DGFT

India’s sugar exports increased by a whopping 291% to $4.6 billion (around Rs 35,000 crore) in the financial year 2021-22 from $1.17 billion (about Rs 9,000 crore) in 2013-14, the Ministry of Commerce informed on Monday. India exported sugar to 121 countries across the globe, it added. According to Directorate General of Commercial Intelligence and Statistics (DGCI&S) data, Sugar exports jumped 65% in 2021-22 corresponding to the previous year. The growth was achieved despite logistical challenges posed by the Covid-19 pandemic in the form of high freight rates, container shortages etc said the commerce ministry. Also Read | Sugar stocks rush: Why Indian investors are high on ethanol,India had exported sugar worth $1.96 billion in 2019-20 and $2.79 billion in 2020-2021. The key markets for the exports included Indonesia, Bangladesh, Sudan and the UAE. ,In the first 11 months of fiscal 2022 (April-February), India has exported sugar worth $769 million to Indonesia, followed by Bangladesh ($561 million), Sudan ($530 million) and UAE ($270 million). India also exported sugar to Somalia, Saudi Arabia, Malaysia, Sri Lanka, Afghanistan, Iraq, Pakistan, Nepal, China, etc. Indian sweetener has also been imported by the USA, Singapore, Oman, Qatar, Turkey, Iran, Syria, Canada, Australia, South Africa, Germany, France, New Zealand, Denmark, Israel, Russia, Egypt, etc. Also Read | Textile orders from Sri Lanka diverting to India amid economic crisis,India is the world’s second-largest sugar producer after Brazil. Uttar Pradesh, Maharashtra and Karnataka account for nearly 80% of the total sugar production in the country. Other major sugarcane-producing states are Andhra Pradesh, Gujarat, Madhya Pradesh, Odisha, Tamil Nadu, Bihar, Haryana and Punjab. Since 2010-11, India has consistently produced surplus sugar, comfortably exceeding the domestic requirements. The record exports would enable the sugar producers to reduce their stocks and also benefit the sugarcane farmers, as the increased demand for Indian sugar is likely to improve their realizations, the ministry said. Also Read | Gold prices touch 1-month high as Ukraine situation dampens risk appetite,The commerce ministry said that despite the record exports, the closing stocks at the end of sugar season 2021-22 (October-September) would be at a comfortable level of 73 lakh tonnes. The government will continue to take all possible measures to maintain this upward trend in sugar exports.

{\"time\":1650306431898,\"strCount\":3143,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India’s <a href=\\\"https://opoyi.com/lifestyle/sugar-down-years-up-alternatives-to-sweeten-your-taste-buds-512411/\\\">sugar</a> exports increased by a whopping 291% to $4.6 billion (around Rs 35,000 crore) in the financial year 2021-22 from $1.17 billion (about Rs 9,000 crore) in 2013-14, the Ministry of Commerce informed\\non Monday. India exported sugar to 121 countries across the globe, it added.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to Directorate General of Commercial\\nIntelligence and Statistics (DGCI&amp;S) data, Sugar exports jumped 65% in\\n2021-22 corresponding to the previous year. The growth was achieved despite\\nlogistical challenges posed by the Covid-19 pandemic in the form of high\\nfreight rates, container shortages etc said the commerce ministry.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/sugar-stocks-rush-why-indian-investors-are-high-on-ethanol-494528/\\\">Sugar stocks rush: Why Indian investors are high on ethanol</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India had exported sugar worth $1.96 billion in\\n2019-20 and $2.79 billion in 2020-2021. The key markets for the exports included Indonesia,\\nBangladesh, Sudan and the UAE. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In the first 11 months of fiscal 2022 (April-February),\\nIndia has exported sugar worth $769 million to Indonesia, followed by\\nBangladesh ($561 million), Sudan ($530 million) and UAE ($270 million). India\\nalso exported sugar to Somalia, Saudi Arabia, Malaysia, Sri Lanka, Afghanistan,\\nIraq, Pakistan, Nepal, <a href=\\\"https://opoyi.com/world/chinas-q1-gdp-grows-48-year-on-year-beating-expectations-486435/\\\">China</a>, etc. Indian sweetener has also been imported by\\nthe USA, Singapore, Oman, Qatar, Turkey, Iran, Syria, Canada, Australia, South\\nAfrica, Germany, <a href=\\\"https://opoyi.com/topics/france/\\\">France</a>, New Zealand, Denmark, Israel, Russia, Egypt, etc.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/textile-orders-from-sri-lanka-diverting-to-india-amid-economic-crisis-187582/\\\">Textile orders from Sri Lanka diverting to India amid economic crisis</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India is the world’s second-largest sugar producer after\\nBrazil. Uttar Pradesh, Maharashtra and <a href=\\\"https://opoyi.com/topics/karnataka/\\\">Karnataka</a> account for nearly 80% of the\\ntotal sugar production in the country. Other major sugarcane-producing states\\nare Andhra Pradesh, <a href=\\\"https://opoyi.com/topics/gujarat/\\\">Gujarat</a>, Madhya Pradesh, Odisha, Tamil Nadu, Bihar, Haryana\\nand Punjab.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Since 2010-11, India has consistently produced surplus\\nsugar, comfortably exceeding the domestic requirements. The record exports\\nwould enable the sugar producers to reduce their stocks and also benefit the\\nsugarcane farmers, as the increased demand for Indian sugar is likely to\\nimprove their realizations, the ministry said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/gold-prices-touch-1-month-high-as-ukraine-situation-dampens-risk-appetite-479080/\\\">Gold prices touch 1-month high as Ukraine situation dampens risk appetite</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The commerce ministry said that despite the record\\nexports, the closing stocks at the end of sugar season 2021-22\\n(October-September) would be at a comfortable level of 73 lakh tonnes. The\\ngovernment will continue to take all possible measures to maintain this upward\\ntrend in sugar exports.\"}}]}

<ul>
  <li>India's sugar exports increased by 291% to $4.6 billion in 2021-22 from $1.17 billion in 2013-14</li>
  <li>India exported sugar to 121 countries across the globe</li>
  <li>Key markets for the exports included Indonesia, Bangladesh, Sudan and the UAE</li>
</ul>

India's sugar exports touch $4.6 billion in 2021-22, grows 291% since 2012-14

UttarPradesh

PiyushGoyal

Karnataka

Odisha

Countries importing textile products from Sri Lanka have now started looking toward Indian exporters as Sri Lanka continues to face one of its worst economic crises. Tea estates of southern India and Assam are also witnessing a hike in overseas orders as the export demand has shifted to India from Sri Lanka. Garments and tea are the major exports from Sri Lanka. According to an Economic Times report, Sri Lanka exports $5.42 billion worth of garments to the global markets annually. Also Read | Sri Lanka: Life-saving drugs run out as health infra nears collapse,Countries that were earlier importing from Sri Lanka are contacting India as Sri Lanka is under its worst economic crisis. Some orders have already been given to companies in the Tirupur district of Tamil Nadu. Tirupur is the hub of the textile industry in Tamil Nadu, UP Singh, Secretary at the Ministry of Textile, told ANI. Singh stated that last financial year’s textile exports were nearly USD 43 billion and the current year's target has been set for 100 billion. Currently, India produces more than 340 lakh bells of cotton but consumption is going to be more than production due to the order diversion from Sri Lanka due to the economic crisis. Also Read | Sri Lankan protesters mark new year near president's office,Textile Secretary added that countries like Bangladesh and Vietnam have no import duties for importing cotton from Australia, Brazil and South Africa. On the other hand, Indian investors had to pay 11% import duty leading to high input costs which makes them uncompetitive. So importers were seeking import duty exemption from the government. Vietnam, Bangladesh, Sri Lanka and Pakistan were gaining the advantage in European markets while Indian exporters suffered. Also Read | Sri Lanka's Opposition signs no-trust, impeach motion amid worsening crisis,Our exporters have to pay 9.5% export duty which these countries do not have to pay. Now adding these 11% import duty and 9.5% export duty on cotton, it becomes very difficult for our textile exporters to compete with such countries. Since now we do not have to pay import duty on cotton, this will certainly make our exporters more competitive, emphasized the Textile Secretary. Talking to ANI, A Sakthivel, President, Federation of Indian Exporters Organization said buyers have now started making queries with Tirupur Exporters Association and other sources in India as the situation in Sri Lanka is critical. This is an opportunity because good discussions are happening and some orders are expected to divert from Sri Lanka to India. Also Read | Sri Lanka PM Mahinda Rajapaksa ready for talks as protests near president's office,Indian exporters are receiving queries for woven items, shirts, t-shirts and some baby garments from countries like the United Kingdom and European Union countries. ,Sri Lanka is reeling under its worst economic crisis since independence with food and fuel crunches, rising prices and power cuts affecting a large population in the island country. Sri Lanka’s economy has been struggling since the beginning of the COVID-19 pandemic, leading to the crash of the tourism industry. Also Read | Sri Lankan legend wants players to leave IPL, support country during crisis,The country is also facing a foreign exchange shortage, which has affected its capacity to import food and fuel. The shortage of essential products forced the Sri Lankan government to seek support from friendly countries.

{\"time\":1650179698274,\"strCount\":4507,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Countries importing textile products from <a href=\\\"https://opoyi.com/world/crisis-hit-sri-lanka-asks-citizens-abroad-to-send-home-money-335582/\\\">Sri Lanka</a> have\\nnow started looking toward Indian exporters as Sri Lanka continues to face one\\nof its worst economic crises. Tea estates of southern <a href=\\\"https://opoyi.com/india/\\\">India</a> and Assam are also\\nwitnessing a hike in overseas orders as the export demand has shifted to India\\nfrom Sri Lanka. Garments and tea are the major exports from Sri Lanka.\\nAccording to an Economic Times report, Sri Lanka exports $5.42 billion worth of\\ngarments to the global markets annually.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/sri-lanka-life-saving-drugs-run-out-as-health-infra-nears-collapse-548381/\\\">Sri Lanka: Life-saving drugs run out as health infra nears collapse</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Countries that were earlier importing from Sri Lanka are\\ncontacting India as Sri Lanka is under its worst economic crisis. Some orders\\nhave already been given to companies in the Tirupur district of Tamil Nadu.\\nTirupur is the hub of the textile industry in Tamil Nadu, UP Singh, Secretary\\nat the Ministry of Textile, told ANI.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Singh stated that last financial year’s textile exports\\nwere nearly USD 43 billion and the current year's target has been set for 100\\nbillion. Currently, India produces more than 340 lakh bells of cotton but\\nconsumption is going to be more than production due to the order diversion from\\nSri Lanka due to the economic crisis.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/sri-lankan-protesters-mark-new-year-near-presidents-office-556017/\\\">Sri Lankan protesters mark new year near president's office</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Textile Secretary added that countries like Bangladesh\\nand Vietnam have no import duties for importing cotton from <a href=\\\"https://opoyi.com/india/india-should-take-umran-malik-to-t20-world-cup-in-australia-rashid-latif-529527/\\\">Australia</a>, Brazil\\nand South Africa. On the other hand, Indian investors had to pay 11% import\\nduty leading to high input costs which makes them uncompetitive. So importers\\nwere seeking import duty exemption from the government. Vietnam, <a href=\\\"https://opoyi.com/topics/bangladesh/\\\">Bangladesh</a>,\\nSri Lanka and <a href=\\\"https://opoyi.com/world/pakistans-imran-khan-asks-for-donations-from-overseas-pakistanis-to-topple-new-govt-473997/\\\">Pakistan</a> were gaining the advantage in European markets while\\nIndian exporters suffered.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/sri-lankas-opposition-signs-no-trust-impeach-motion-amid-worsening-crisis-471518/\\\">Sri Lanka's Opposition signs no-trust, impeach motion amid worsening crisis</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"Our exporters have to pay 9.5% export duty which\\nthese countries do not have to pay. Now adding these 11% import duty and 9.5%\\nexport duty on cotton, it becomes very difficult for our textile exporters to\\ncompete with such countries. Since now we do not have to pay import duty on\\ncotton, this will certainly make our exporters more competitive,\\\"\\nemphasized the Textile Secretary.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Talking to ANI, A Sakthivel, President, Federation of\\nIndian Exporters Organization said buyers have now started making queries with\\nTirupur Exporters Association and other sources in India as the situation in\\nSri Lanka is critical. This is an opportunity because good discussions are\\nhappening and some orders are expected to divert from Sri Lanka to India.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/sri-lanka-pm-mahinda-rajapaksa-ready-for-talks-as-protests-near-presidents-office-239585/\\\">Sri Lanka PM Mahinda Rajapaksa ready for talks as protests near president's office</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Indian exporters are receiving queries for woven items,\\nshirts, t-shirts and some baby garments from countries like the United Kingdom\\nand European Union countries. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Sri Lanka is reeling under its worst economic crisis\\nsince independence with food and fuel crunches, rising prices and power cuts\\naffecting a large population in the island country.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Sri Lanka’s economy has been struggling since the\\nbeginning of the COVID-19 pandemic, leading to the crash of the tourism\\nindustry.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/sports/sri-lankan-legend-arjuna-ranatunga-wants-players-to-leave-ipl-and-support-country-during-crisis-177985/\\\">Sri Lankan legend wants players to leave IPL, support country during crisis</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The country is also facing a foreign exchange shortage,\\nwhich has affected its capacity to import food and fuel. The shortage of essential\\nproducts forced the Sri Lankan government to seek support from friendly\\ncountries.\"}}]}

<ul>
  <li>Countries that were importing textiles from Sri Lanka are contacting India</li>
  <li>Garments and tea are the major exports from Sri Lanka</li>
  <li>Sri Lanka exports $5.42 billion worth of garments to the global markets</li>
</ul>

Textile orders from Sri Lanka diverting to India amid economic crisis

Textile

Crisis

EuropeanUnion

Tamilnadu

Bangladesh

Vietnam

Aman Butani

New Delhi, Delhi, India

India may face a great risk if Russian oil imports into the country are increased, an official from United States President Joe Biden's administration warned. The news comes as the West prepares to boost sanctions on Moscow due to its ongoing conflict in Ukraine. While giving some wiggle room to New Delhi, the unnamed administration official said in a statement to Reuters, US has no objection to India buying Russian oil provided it buys it at discount, without significantly increasing from previous years. Media reports suggest that India-based organisations have swept through the untapped oil buying opportunities offered by Russia following the February 24 invasion of Ukraine. ,As Western sanctions pile on Moscow, Indian purchasers are buying the oil with huge rebates. The pro-Ukrainian bloc has largely stopped buying from Russia. At least 13 million barrels of oil have already been purchased by India- based companies after Ukraine was invaded by Russian forces. In contrast, only 16 million barrels were purchased through 2021, according to reports from Reuters. When asked about India's purchase of oil from Russia, a spokesperson from the United States State Department said, We continue to engage our partners in India and around the world on the importance of a strong collective action, including strong sanctions, to press the Kremlin to end its devastating war of choice against Ukraine as soon as possible. Also Read: Putin created a 'global food crisis,' says US deputy secretary of state,Gina Raimondo, United States Secretary of Commerce, said in a statement, Now is the time to stand on the right side of history, and to stand with the United States and dozens of other countries, standing up for freedom, democracy and sovereignty with the Ukrainian people, and not funding and fueling and aiding President Putin's war, Bloomberg reported. Australia also joined the United States in criticising India's move to keep buying oil from Russia.

{\"time\":1648709669885,\"strCount\":2824,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India may face a \\\"great risk\\\" if <a href=\\\"https://opoyi.com/world/what-it-means-to-pay-for-natural-gas-using-rubles-explained-279875/\\\">Russian oil imports</a> into the country are increased, an <a href=\\\"https://opoyi.com/india/us-deputy-national-security-advisor-daleep-singh-to-visit-india-ahead-of-22-talks-448471/\\\">official from United States</a> President <a href=\\\"https://opoyi.com/world/joe-biden-to-release-1-million-oil-barrels-from-reserves-per-day-as-prices-soar-report-525820/\\\">Joe Biden's administration </a>warned. The news comes as the West prepares to <a href=\\\"https://opoyi.com/world/joe-biden-will-announce-fresh-sanctions-on-russia-during-europe-trip-report-657721/\\\">boost sanctions on Moscow </a>due to its ongoing conflict in Ukraine.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"&nbsp;While giving some wiggle room to New Delhi, the unnamed administration official said in a statement to Reuters, \\\"US has no objection to India buying Russian oil provided it buys it at discount, without significantly increasing from previous years.\\\"\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Media reports suggest that India-based organisations have swept through the untapped oil buying opportunities offered by Russia following the February 24 invasion of Ukraine.&nbsp;\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"As Western sanctions pile on Moscow, Indian purchasers are buying the oil with huge rebates. The pro-Ukrainian bloc has largely stopped buying from Russia.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"At least 13 million barrels of oil have already been purchased by India- based companies after Ukraine was <a href=\\\"https://opoyi.com/usa/intelligence-gap-might-have-led-to-overestimation-of-russia-military-might-in-ukraine-says-us-general-475288/\\\">invaded by Russian forces</a>. In contrast, only 16 million barrels were purchased through 2021, according to reports from Reuters.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"When asked about India's purchase of oil from Russia, a spokesperson from the United States State Department said, \\\"We continue to engage our partners in India and around the world on the importance of a strong collective action, including strong sanctions, to press the Kremlin to end its devastating war of choice against Ukraine as soon as possible.\\\"\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Also Read:&nbsp;<a href=\\\"https://opoyi.com/usa/putin-created-a-global-food-crisis-says-us-deputy-secretary-of-state-337808/\\\">Putin created a 'global food crisis,' says US deputy secretary of state</a></b>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Gina Raimondo, United States Secretary of Commerce, said in a statement, \\\"Now is the time to stand on the right side of history, and to stand with the United States and dozens of other countries, standing up for freedom, democracy and sovereignty with the <a href=\\\"https://opoyi.com/world/more-than-10-million-citizens-fled-ukraine-since-start-of-war-says-un-168250/\\\">Ukrainian people</a>, and not funding and fueling and aiding President Putin's war\\\", Bloomberg reported.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Australia also joined the United States in criticising India's move to keep buying oil from Russia.\"}}]}

<ul>
  <li>US is preparing to increase sanctions on Russia</li>
  <li>Russian oil imports to India have increased since the Ukrainian invasion</li>
  <li>About 13 million barrels of oil have been purchased by India since February 24</li>
</ul>

US official says India faces 'great risk' if Russian oil imports grow: Report

Moscow

Sanctions

NewDelhi

Fuel

The Government of India is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments as the former seeks to buy oil and weapons from the sanctions battered country, reported Bloomberg. The plan comprises rupee-ruble denominated payments using Russia’s messaging system SPFS, reported Bloomberg citing sources. There has been no final decision and the matter is likely to be discussed when Russian Foreign Minister Sergei Lavrov will arrive in India for a two-day visit on Thursday. Also Read | Putin misinformed about Russia's military performance: US official,India is keen to continue bilateral trade as it relies on Russia for weapons and cheaper oil as global prices surge. Oil prices have been highly volatile since Russia invaded Ukraine in February. India’s bilateral trade with Russia averages $9 billion in past few years, mainly comprising defence hardware, fertilizer and some oil. Russia is India’s main supplier of India’s hardware. Given the heavy discounts on Russian crude oil since that attack on Ukraine, India has purchased at least 13 million barrels, compared with around 16 million barrels imported from the country for the whole of last year. Also Read | Ukraine refugee esitmate passes worst-case U.N. estimate,According to the proposal, rubles will be deposited into an Indian bank and converted into rupees and the same system will work in reverse, said the report. Whether the exchange rate will be fixed or floating is still up for discussion. “Prima facie this is a bilateral agreement for payments against goods and services movement between two countries,” said Indranil Pan, chief economist at Yes Bank Ltd. in Mumbai. “Therefore, there shouldn’t be any risk imperative in this deal.”,Also Read | Ukraine sceptical of Russian promise to scale down military operations,Russia also wants to link its MIR payments system with India’s Unified Payments Interface (UPI) to facilitate seamless use of cards issued by Indian and Russian banks after Visa Inc and Mastercard Inc suspended their operations. Also Read | Gold rises, dollar, yields fall amid progress in Russia-Ukraine talks,The US and European Union had cut off seven Russian banks from SWIFT, the international payment system operator. After sweeping sanctions were imposed, Russia has been looking for alternative methods to continue trading.

{\"time\":1648700490119,\"strCount\":3400,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"The Government of India is considering a proposal from\\nRussia to use a system developed by the Russian central bank for bilateral\\npayments as the former seeks to buy oil and weapons from the sanctions\\nbattered country, reported Bloomberg.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The plan comprises rupee-ruble denominated payments using\\nRussia’s messaging system SPFS, reported Bloomberg citing sources. There has\\nbeen no final decision and the matter is likely to be discussed when Russian\\nForeign Minister <a href=\\\"https://opoyi.com/india/russian-foreign-minister-sergey-lavrov-to-visit-india-what-to-expect-276090/\\\">Sergei Lavrov</a> will arrive in India for a two-day visit on\\nThursday.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/russia-president-vladimir-putin-misinformed-about-military-performance-us-official-113982/\\\">Putin misinformed about Russia's military performance: US official</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India is keen to continue bilateral trade as it relies on\\nRussia for weapons and cheaper oil as global prices surge. <a href=\\\"https://opoyi.com/india/rahul-gandhi-slams-pm-narendra-modi-over-rise-in-fuel-prices-355997/\\\">Oil prices</a> have been\\nhighly volatile since Russia invaded <a href=\\\"https://opoyi.com/topics/ukraine/\\\">Ukraine</a> in February.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"India’s bilateral trade with Russia averages $9 billion\\nin past few years, mainly comprising defence hardware, fertilizer and some oil.\\nRussia is India’s main supplier of India’s hardware. Given the heavy discounts\\non <a href=\\\"https://opoyi.com/india/india-allows-refiners-to-buy-russian-crude-oil-despite-ukraine-invasion-217761/\\\">Russian crude oil</a> since that attack on Ukraine, India has purchased at least\\n13 million barrels, compared with around 16 million barrels imported from the\\ncountry for the whole of last year.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/ukraine-refugee-esitmate-passes-worst-case-un-estimate-599573/\\\">Ukraine refugee esitmate passes worst-case U.N. estimate</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the proposal, rubles will be deposited into\\nan Indian bank and converted into rupees and the same system will work in\\nreverse, said the report. Whether the exchange rate will be fixed or floating\\nis still up for discussion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“Prima facie this is a bilateral agreement for payments\\nagainst goods and services movement between two countries,” said Indranil Pan,\\nchief economist at Yes Bank Ltd. in <a href=\\\"https://opoyi.com/topics/mumbai/\\\">Mumbai</a>. “Therefore, there shouldn’t be any\\nrisk imperative in this deal.”\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/ukraine-sceptical-of-russian-promise-to-scale-down-military-operations-634371/\\\">Ukraine sceptical of Russian promise to scale down military operations</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russia also wants to link its MIR payments system with\\nIndia’s Unified Payments Interface (UPI) to facilitate seamless use of cards\\nissued by Indian and Russian banks after Visa Inc and Mastercard Inc suspended\\ntheir operations.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/usa/gold-rises-dollar-yields-fall-amid-progress-in-russia-ukraine-talks-524092/\\\">Gold rises, dollar, yields fall amid progress in Russia-Ukraine talks</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The <a href=\\\"https://opoyi.com/topics/us/\\\">US</a> and European Union had cut off seven Russian banks\\nfrom <a href=\\\"https://opoyi.com/world/what-is-swift-why-does-ukraine-want-russia-to-be-banned-from-it-601952/\\\">SWIFT</a>, the international payment system operator. After sweeping sanctions\\nwere imposed, Russia has been looking for alternative methods to continue\\ntrading.\"}}]}

<ul>
  <li>India is considering Russia’s messaging system SPFS for bilateral payments</li>
  <li>Russian Foreign Minister Sergei Lavrov will arrive in India for a two-day visit on Thursday</li>
  <li>India’s bilateral trade with Russia averages $9 billion in past few years</li>
</ul>

Russia, India to consider SWIFT alternative for ruble payments

India has achieved its target of $400 billion in exports in the financial year 2022. Asia’s third-largest economy reached its highest ever goods exports on March 23, nine days ahead of the intended deadline. In the April-December period, the figure stood at $300 billion. “India set an ambitious target of $400 billion of goods exports & achieved this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Atmanirbhar Bharat journey,” Prime Minister Narendra Modi tweeted on Wednesday. Also Read | 3 J&K districts receive gold medal for 60-80% reduction in TB cases,In a reply during the question hour in Lok Sabha in February, Commerce and Industry Minister Piyush Goyal said, For 10th month in a row, April 2021 to January 2022, India has posted over USD 30 billion of exports. It is a record, we have already crossed USD 334 billion of exports which is more than the highest ever that India has done in a full 12 months period. We are well on track to achieve USD 400 billion of exports.”,Also Read | Ruchi Soya FPO to open on March 24: All you need to know,The accomplishment of $400 billion in goods exports represents an increase of over 21% over the previous record high of $330 billion achieved in FY2019 before the Covid-19 pandemic. India’s goods exports in April-February 2021-22 was $374 billion compared to $256.55 billion during the year-ago period, a growth of 46.09%. India’s goods exports in FY21 were $298.1 billion. Also Read | Gold prices remain constant as oil prices fall and bond rates rise,Key drivers of India's export growth include engineering goods, which have grown by 49.7% in the first 11 months of the fiscal, electronics goods exports have grown by 42.8% and gems and jewellery exports have grown by 57.3%. Petroleum exports have risen by 147.6% due to a steady increase in crude oil prices. Also Read | Oil prices rise as EU countries consider imposing ban on Russian oil,While exports have grown significantly, India’s goods imports have grown even faster reaching $550 billion in the first 11 months of the financial year owing to sharp growth in imports of crude oil, coal, gold, electronics and chemicals. Escalating prices of commodities such as crude oil and coal have played a significant role in adding to India’s imports and taking the trade deficit for the first 11 months to a record high of $176 billion.

{\"time\":1648057502935,\"strCount\":3020,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"India has achieved its target of $400 billion in exports in the financial year 2022. Asia’s third-largest economy reached its highest ever goods exports on March 23, nine days ahead of the intended deadline. In the April-December period, the figure stood at $300 billion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\" “India set an ambitious target of $400 billion of goods exports &amp; achieved this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Atmanirbhar Bharat journey,” Prime Minister <a href=\\\"https://opoyi.com/topics/narendramodi/\\\">Narendra Modi</a> tweeted on Wednesday.\"}},{\"type\":\"embed\",\"data\":{\"service\":\"others\",\"source\":\"<div class=\\\"others-embed\\\"><blockquote class=\\\"twitter-tweet\\\"><p lang=\\\"en\\\" dir=\\\"ltr\\\">India set an ambitious target of $400 Billion of goods exports &amp; achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. <br><br>This is a key milestone in our Aatmanirbhar Bharat journey. <a href=\\\"https://twitter.com/hashtag/LocalGoesGlobal?src=hash&amp;ref_src=twsrc%5Etfw\\\">#LocalGoesGlobal</a> <a href=\\\"https://t.co/zZIQgJuNeQ\\\">pic.twitter.com/zZIQgJuNeQ</a></p>&mdash; Narendra Modi (@narendramodi) <a href=\\\"https://twitter.com/narendramodi/status/1506474220209184769?ref_src=twsrc%5Etfw\\\">March 23, 2022</a></blockquote> <script async src=\\\"https://platform.twitter.com/widgets.js\\\" charset=\\\"utf-8\\\"></script></div>\",\"embed\":\"<div class=\\\"others-embed\\\"><blockquote class=\\\"twitter-tweet\\\"><p lang=\\\"en\\\" dir=\\\"ltr\\\">India set an ambitious target of $400 Billion of goods exports &amp; achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. <br><br>This is a key milestone in our Aatmanirbhar Bharat journey. <a href=\\\"https://twitter.com/hashtag/LocalGoesGlobal?src=hash&amp;ref_src=twsrc%5Etfw\\\">#LocalGoesGlobal</a> <a href=\\\"https://t.co/zZIQgJuNeQ\\\">pic.twitter.com/zZIQgJuNeQ</a></p>&mdash; Narendra Modi (@narendramodi) <a href=\\\"https://twitter.com/narendramodi/status/1506474220209184769?ref_src=twsrc%5Etfw\\\">March 23, 2022</a></blockquote> <script async src=\\\"https://platform.twitter.com/widgets.js\\\" charset=\\\"utf-8\\\"></script></div>\",\"caption\":\"\",\"aspectRatio\":null}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/health/3-jammu-and-kashmir-districts-receive-gold-medal-for-60-80-reduction-in-tuberculosis-cases-333916/\\\">3 J&amp;K districts receive gold medal for 60-80% reduction in TB cases</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In a reply during the question hour in Lok Sabha in February, Commerce and Industry Minister <a href=\\\"https://opoyi.com/topics/piyushgoyal/\\\">Piyush Goyal</a> said, \\\"For 10th month in a row, April 2021 to January 2022, India has posted over USD 30 billion of exports. It is a record, we have already crossed USD 334 billion of exports which is more than the highest ever that India has done in a full 12 months period. We are well on track to achieve USD 400 billion of exports.”\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/ruchi-soya-fpo-to-open-on-march-24-all-you-need-to-know-393299/\\\">Ruchi Soya FPO to open on March 24: All you need to know</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The accomplishment of $400 billion in goods exports represents an increase of over 21% over the previous record high of $330 billion achieved in FY2019 before the Covid-19 pandemic. India’s goods exports in April-February 2021-22 was $374 billion compared to $256.55 billion during the year-ago period, a growth of 46.09%. India’s goods exports in FY21 were $298.1 billion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/gold-prices-remain-constant-as-oil-prices-fall-and-bond-rates-rise-235357/\\\">Gold prices remain constant as oil prices fall and bond rates rise</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Key drivers of India's export growth include engineering goods, which have grown by 49.7% in the first 11 months of the fiscal, electronics goods exports have grown by 42.8% and gems and jewellery exports have grown by 57.3%. Petroleum exports have risen by 147.6% due to a steady increase in crude oil prices.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/usa/oil-prices-rise-as-eu-countries-consider-imposing-ban-on-russian-oil-524424/\\\">Oil prices rise as EU countries consider imposing ban on Russian oil</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"While exports have grown significantly, India’s goods imports have grown even faster reaching $550 billion in the first 11 months of the financial year owing to sharp growth in imports of crude oil, coal, gold, electronics and chemicals. Escalating prices of commodities such as crude oil and coal have played a significant role in adding to India’s imports and taking the trade deficit for the first 11 months to a record high of $176 billion.\"}}]}

<ul>
  <li>India has achieved its target of $400 billion in exports in the financial year 2022</li>
  <li>India’s goods exports in FY21 were $298.1 billion.</li>
  <li>India’s merchandise imports have reached $550 billion in the first 11 months of FY22</li>
</ul>

India hits highest ever export target of $400 billion

LokSabha

NarendraModi

Politics

Oil prices continued last week’s losses to drop by around $4 per barrel during early trade on Monday after a US official said there were signs that Russia might be open to substantive negotiations over Ukraine. Brent crude futures were down by $3.82 or 3.39% at $108.89 per barrel at 7.36 am GMT on Monday. US West Texas Intermediate (WTI) crude futures slipped $3.96 or 3.62% to $105.37 per barrel. Both contracts have boomed since Russia’s invasion of Ukraine started on February 24 and are up approximately 40%, year to date. Also Read | 'Kill me now!': Pregnant woman, baby die after Russia bomb maternity ward,US Deputy Secretary of State Wendy Sherman on Sunday said that Russia is showing signs it might be open to having substantive talks over Ukraine, even as Moscow currently is intent on “destroying” its neighbour. Russia’s invasion, which it calls a special operation, has disturbed global energy markets. Brent crude declined 4.8% last week and US WTI lost 5.7%, both recording their sharpest weekly fall since November 2021. This came after both contracts hit their highest levels since 2008 earlier in the week due to concerns over supplies after the United States and European allies considered banning oil imports from Russia. Also Read | US journalist Brent Renaud killed by Russian forces in Ukraine: Kyiv police,On March 8, the US announced a ban on Russian oil imports and Britain said it would phase them out by the year-end. The decline in prices was supported by comments from a United Arab Emirates ambassador that the country supports production increases and would encourage OPEC to consider higher production, according to a Reuters report. Due to a lack of spare capacity and low investment, OPEC, Russia and other oil-exporting nations are struggling to meet existing output quotas. Also Read | Chernobyl captured: Why a defunct nuclear plant is key to Putin’s endgame,The U.S. ban on Russian crude oil imports saw prices initially rally sharply. However, without the Europeans joining the move, the risk of further tightness in oil markets was discounted, said ANZ Research analysts in a note on Monday. Russia is the world’s largest exporter of crude and oil products combined, exporting around 7 million barrels per day or 7% of global supplies. Also Read | Russia turns to China for military, economic aid over Ukraine war: US media,Talks between Russia and Ukraine will continue on Monday, Kremlin spokesperson Dmitry Peskov was quoted as saying on Sunday by the RIA news agency. Peskov made the statement after Ukrainian presidential adviser Oleksiy Arestovych said Ukraine and Russia were actively conducting talks on Sunday.

{\"time\":1647254965770,\"strCount\":3518,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Oil prices continued last week’s losses to drop by around $4 per barrel during early trade on Monday after a US official said there were signs that <a href=\\\"https://opoyi.com/usa/russia-fears-us-reportedly-refused-to-send-advisors-to-ukraine-before-war-234538/\\\">Russia</a> might be open to substantive negotiations over Ukraine.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Brent crude futures were down by $3.82 or 3.39% at $108.89 per barrel at 7.36 am GMT on Monday. US West Texas Intermediate (WTI) crude futures slipped $3.96 or 3.62% to $105.37 per barrel. Both contracts have boomed since <a href=\\\"https://opoyi.com/usa/russia-ukraine-war-all-you-need-to-know-667802/\\\">Russia’s invasion of Ukraine</a> started on February 24 and are up approximately 40%, year to date.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/kill-me-now-pregnant-woman-baby-die-after-russia-bomb-maternity-ward-525157/\\\">'Kill me now!': Pregnant woman, baby die after Russia bomb maternity ward</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"US Deputy Secretary of State Wendy Sherman on Sunday said that Russia is showing signs it might be open to having substantive talks over Ukraine, even as Moscow currently is intent on “destroying” its neighbour. Russia’s invasion, which it calls a \\\"special operation,\\\" has disturbed global energy markets.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Brent crude declined 4.8% last week and US WTI lost 5.7%, both recording their sharpest weekly fall since November 2021. This came after both contracts hit their highest levels since 2008 earlier in the week due to concerns over supplies after the United States and European allies considered banning oil imports from Russia.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/usa/us-journalist-brent-renaud-killed-by-russian-forces-in-ukraine-kyiv-police-636946/\\\">US journalist Brent Renaud killed by Russian forces in Ukraine: Kyiv police</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"On March 8, the US announced a <a href=\\\"https://opoyi.com/usa/oil-prices-continue-to-rise-as-us-bans-russian-imports-355355/\\\">ban on Russian oil</a> imports and <a href=\\\"https://opoyi.com/topics/britain/\\\">Britain</a> said it would phase them out by the year-end. The decline in prices was supported by comments from a United Arab Emirates ambassador that the country supports production increases and would encourage OPEC to consider higher production, according to a Reuters report.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Due to a lack of spare capacity and low investment, OPEC, Russia and other oil-exporting nations are struggling to meet existing output quotas.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/world/chernobyl-captured-why-a-defunct-nuclear-plant-is-key-to-putins-endgame-547325/\\\">Chernobyl captured: Why a defunct nuclear plant is key to Putin’s endgame</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"The U.S. ban on Russian crude oil imports saw prices initially rally sharply. However, without the Europeans joining the move, the risk of further tightness in oil markets was discounted,\\\" said ANZ Research analysts in a note on Monday.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russia is the world’s largest exporter of crude and oil products combined, exporting around 7 million barrels per day or 7% of global supplies.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/usa/russia-turns-to-china-for-military-economic-aid-over-ukraine-war-us-media-198486/\\\">Russia turns to China for military, economic aid over Ukraine war: US media</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Talks between Russia and Ukraine will continue on Monday, <a href=\\\"https://opoyi.com/topics/kremlin/\\\">Kremlin</a> spokesperson Dmitry Peskov was quoted as saying on Sunday by the RIA news agency.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Peskov made the statement after Ukrainian presidential adviser Oleksiy Arestovych said Ukraine and Russia were actively conducting talks on Sunday.\"}}]}

<ul>
  <li>Oil prices dropped by around $4 per barrel during early trade on Monday</li>
  <li>Brent crude futures were down by $3.82 or 3.39% at $108.89 per barrel</li>
  <li>OPEC, Russia and other oil-exporting nations are struggling to meet existing output quotas</li>
</ul>

Oil prices extend last week's decline, fell by $4 per barrel

UnitedNations

OPEC

Kremlin

Britain

Sucharita Ganguly

Ukraine's government declared on Sunday that it has suspended the export of certain food products. Meat, rye, oats, buckwheat, sugar, millet and salt, exports will be halted, according to a Ukrainian government statement. According to the announcement, exports of wheat, corn, poultry, eggs, and oil will be permitted only with the approval of the Ministry of Economy. Also read: Ukraine, Russia to face off at World Court over genocide claims,As supply channels become increasingly problematic, supermarkets across the country are running out of vegetables. Ukraine has issued export licences for its important agricultural commodities wheat, corn, and sunflower oil, according to a government resolution cited by Interfax Ukraine on Sunday. According to the paper, traders would also require licences to export chickens and eggs, according to the agency. Ukraine is a major producer and exporter of grain and vegetable oils in the world. Also read: List of all companies that pulled out of Russia amid Ukraine crisis,The world's top exporter of sunflower oil has also stated that it will export more than 60 million tonnes of grain in the 2021/22 July-June season, including 33 million tonnes of corn and 23 million tonnes of wheat. Ukraine had stopped shipments of various agricultural items earlier on Sunday in response to Russia's invasion of the country. Exports of rye, oats, millet, buckwheat, salt, sugar, meat, and livestock have been halted. State-run Meanwhile, Ukrainian Railways has stated that it is prepared to organise agricultural exports by rail as soon as possible following the shutdown of the country's Black Sea ports due to the armed assault. Also read: Macron discuss nuclear plant safety in Ukraine with Putin, updates Zelensky,Ukraine has always shipped grain, vegetable oils, and other food products. Ukrainian Railways stated that it may bring grain to the borders of Romania, Hungary, Slovakia, and Poland, from which it may be transferred to European ports and logistics centres. As of Feb. 23, Ukraine had exported 43 million tonnes of various grains in the 2021/22 season, according to the agriculture ministry. Ukraine raised grain production by 32% to 85.7 million tonnes in 2021.

{\"time\":1646616906851,\"strCount\":3403,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/technology/volodymyr-zelensky-calls-russian-assault-on-ukraine-civilians-deliberate-murder-169431/\\\">Ukraine's government</a> declared on Sunday that it has suspended the export of certain food products.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"Meat, rye, oats, buckwheat, sugar, millet and salt,\\\" exports will be halted, according to a Ukrainian government statement.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the announcement, exports of wheat, corn, poultry, eggs, and oil will be permitted only with the approval of the Ministry of Economy.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/world/ukraine-russia-to-face-off-at-world-court-over-genocide-claims-647591/\\\">Ukraine, Russia to face off at World Court over genocide claims</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"As supply channels become increasingly problematic, supermarkets across the country are running out of vegetables.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Ukraine has issued export licences for its important agricultural commodities wheat, corn, and sunflower oil, according to a government resolution cited by Interfax Ukraine on Sunday.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the paper, traders would also require licences to export chickens and eggs, according to the agency.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/world/ukraine-russia-to-face-off-at-world-court-over-genocide-claims-647591/\\\">Ukraine</a> is a major producer and exporter of grain and vegetable oils in the world.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/technology/all-companies-who-pulled-out-of-russia-amid-ukraine-crisis-272602/\\\">List of all companies that pulled out of Russia amid Ukraine crisis</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The world's top exporter of sunflower oil has also stated that it will export more than 60 million tonnes of grain in the 2021/22 July-June season, including 33 million tonnes of corn and 23 million tonnes of wheat.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/usa/civilians-killed-in-kyiv-tv-radio-lines-bombed-in-kharkiv-as-russia-advances-595167/\\\">Ukraine</a> had stopped shipments of various agricultural items earlier on Sunday in response to Russia's invasion of the country. Exports of rye, oats, millet, buckwheat, salt, sugar, meat, and livestock have been halted.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"State-run Meanwhile, Ukrainian Railways has stated that it is prepared to organise agricultural exports by rail as soon as possible following the shutdown of the country's Black Sea ports due to the armed assault.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/world/macron-and-putin-discuss-nuclear-plant-safety-in-ukraine-zelensky-gets-update-405147/\\\">Macron discuss nuclear plant safety in Ukraine with Putin, updates Zelensky</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/world/russia-cuts-internet-in-zaporizhzhia-nuclear-watchdog-iaea-concerned-513485/\\\">Ukraine</a> has always shipped grain, vegetable oils, and other food products.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Ukrainian Railways stated that it may bring grain to the borders of <a href=\\\"https://opoyi.com/topics/romania/\\\">Romania</a>, <a href=\\\"https://opoyi.com/topics/hungary/\\\">Hungary</a>, <a href=\\\"https://opoyi.com/topics/slovakia/\\\">Slovakia</a>, and <a href=\\\"https://opoyi.com/topics/poland/\\\">Poland</a>, from which it may be transferred to European ports and logistics centres.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"As of Feb. 23, <a href=\\\"https://opoyi.com/world/russia-sowing-death-destruction-misery-pope-francis-on-ukraine-war-469806/\\\">Ukraine</a> had exported 43 million tonnes of various grains in the 2021/22 season, according to the agriculture ministry.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<a href=\\\"https://opoyi.com/usa/us-europe-weigh-options-to-help-ukraine-if-government-goes-into-exile-581851/\\\">Ukraine</a> raised grain production by 32% to 85.7 million tonnes in 2021.\"}}]}

<ul>
  <li>Ukraine declared on Sunday that it has suspended the export of certain food products</li>
  <li>'Meat, rye, oats, buckwheat, sugar, millet and salt,' exports will be halted</li>
  <li>Ukraine has issued export licences for its important agricultural commodities wheat, corn, and sunflower oil</li>
</ul>

Ukraine restricts exports of some products amid risk of food shortages

Poland

Slovakia

BlackSea

Romania

Putin

Hungary

Washington D.C., DC, USA

Mexico has acknowledged that the US government has suspended all imports of Mexican avocados after a US plant safety inspector in Mexico received a threat. Also Read: Why owl photos flood the internet ahead of a Super Bowl,The surprise suspension was confirmed late Saturday on the eve of the Super Bowl, the biggest sales opportunity of the year for Mexican avocado growers. Avocado exports are the latest victim of the drug cartel turf battles and extortion of avocado growers in the western state of Michoacan, the only state in Mexico fully authorized to export to the US market. Also Read: Senator Rand Paul 'all for' trucker protests to clog up US cities, Super Bowl,The US government suspended all imports of Mexican avocados “until further notice” after a US plant safety inspector in Mexico received a threatening message, Mexico’s Agriculture Department said in a statement. “U.S. health authorities ... made the decision after one of their officials, who was carrying out inspections in Uruapan, Michoacan, received a threatening message on his official cellphone,” the department wrote. Also Read: Rapper Kodak Black reportedly among 4 shot outside Super Bowl party,The import ban came on the day that the Mexican avocado growers and packers association unveiled its Super Bowl ad for this year. Mexican exporters have taken out the pricey ads for almost a decade in a bid to associate guacamole as a Super Bowl tradition. This year's ad shows Julius Caesar and a rough bunch of gladiator fans outside what appears to be the Colosseum, soothing their apparently violent differences by enjoying guacamole and avocados. Also Read: Senator Rand Paul 'all for' trucker protests to clog up US cities, Super Bowl,The association did not immediately respond to a request for comment on the ban, which hits an industry with almost $3 billion in annual exports. However, avocados for this year's Super Bowl had already been exported in the weeks prior to the event. Because the United States also grows avocados, US inspectors work in Mexico to ensure exported avocados don’t carry diseases that could hurt US crops. Also Read: Issa Rae first in 114 years to get key to Inglewood city ahead of Super Bowl,It was only in 1997 that the US lifted a ban on Mexican avocados that had been in place since 1914 to prevent a range of weevils, scabs and pests from entering US orchards. The inspectors work for the US Department of Agriculture’s Animal and Plant Health Inspection Services. It is not the first time that the violence in Michoacan — where the Jalisco cartel is fighting turf wars against a collection of local gangs known as the United Cartels — has threatened avocados, the state's most lucrative crop. Also Read: Former Bengals wideout Cris Collinsworth excited to call his 5th Super Bowl,After a previous incident in 2019, the USDA had warned about the possible consequences of attacking or threatening US inspectors. In August 2019, a US Department of Agriculture team of inspectors was “directly threatened” in Ziracuaretiro, a town just west of Uruapan. While the agency didn’t specify what happened, local authorities say a gang robbed the truck the inspectors were traveling in at gunpoint. Also Read: Super Bowl LVI ticket prices soar ahead of Bengals vs Rams game,The USDA wrote in a letter at the time that, “For future situations that result in a security breach, or demonstrate an imminent physical threat to the well-being of APHIS personnel, we will immediately suspend program activities. Many avocado growers in Michoacan say drug gangs threaten them or their family members with kidnapping or death unless they pay protection money, sometimes amounting to thousands of dollars per acre. Also Read: NFL veteran referee Ron Torbert to officiate his first Super Bowl on Feb 14,On September 30, 2020, a Mexican employee of APHIS was killed near the northern border city of Tijuana. Mexican prosecutors said Edgar Flores Santos was killed by drug traffickers who may have mistaken him for a policeman and a suspect was arrested. The U.S. State Department said investigations “concluded this unfortunate incident was a case of Mr. Flores being in the wrong place at the wrong time.”,Also Read: 'Kendrick a top tier lyricist,' Eminem before Super Bowl performance,The avocado ban was just the latest threat to Mexico's export trade stemming from the government's inability to rein in illegal activities.

{\"time\":1644790569364,\"strCount\":5516,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Mexico has acknowledged that the US government has\\nsuspended all imports of Mexican avocados after a US plant safety inspector in\\nMexico received a threat.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/sports/why-owl-photos-flood-internet-ahead-of-super-bowl-576653/\\\">Why owl photos flood the internet ahead of a Super Bowl</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The surprise suspension was confirmed late Saturday on\\nthe eve of the Super Bowl, the biggest sales opportunity of the year for\\nMexican avocado growers.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Avocado exports are the latest victim of the drug\\ncartel turf battles and extortion of avocado growers in the western state of\\nMichoacan, the only state in Mexico fully authorized to export to the US\\nmarket.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/usa/senator-rand-paul-all-for-trucker-protests-to-clog-up-us-cities-super-bowl-421001/\\\">Senator Rand Paul 'all for' trucker protests to clog up US cities, Super Bowl</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The US government suspended all imports of Mexican\\navocados “until further notice” after a US plant safety inspector in Mexico\\nreceived a threatening message, Mexico’s Agriculture Department said in a\\nstatement.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“U.S. health authorities ... made the decision after\\none of their officials, who was carrying out inspections in Uruapan, Michoacan,\\nreceived a threatening message on his official cellphone,” the department\\nwrote.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/usa/rapper-kodak-black-reportedly-among-4-shot-outside-super-bowl-party-389689/\\\">Rapper Kodak Black reportedly among 4 shot outside Super Bowl party</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The import ban came on the day that the Mexican\\navocado growers and packers association unveiled its Super Bowl ad for this\\nyear. Mexican exporters have taken out the pricey ads for almost a decade in a\\nbid to associate guacamole as a Super Bowl tradition.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"This year's ad shows Julius Caesar and a rough bunch\\nof gladiator fans outside what appears to be the Colosseum, soothing their\\napparently violent differences by enjoying guacamole and avocados.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/usa/senator-rand-paul-all-for-trucker-protests-to-clog-up-us-cities-super-bowl-421001/\\\">Senator Rand Paul 'all for' trucker protests to clog up US cities, Super Bowl</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The association did not immediately respond to a\\nrequest for comment on the ban, which hits an industry with almost $3 billion\\nin annual exports. However, avocados for this year's Super Bowl had already\\nbeen exported in the weeks prior to the event.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Because the United States also grows avocados, US\\ninspectors work in Mexico to ensure exported avocados don’t carry diseases that\\ncould hurt US crops.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/entertainment/insecure-star-issa-rae-first-in-114-years-to-get-key-to-inglewood-city-ahead-of-super-bowl-353199/\\\">Issa Rae first in 114 years to get key to Inglewood city ahead of Super Bowl</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It was only in 1997 that the US lifted a ban on\\nMexican avocados that had been in place since 1914 to prevent a range of\\nweevils, scabs and pests from entering US orchards.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The inspectors work for the US Department of\\nAgriculture’s Animal and Plant Health Inspection Services.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It is not the first time that the violence in\\nMichoacan — where the Jalisco cartel is fighting turf wars against a collection\\nof local gangs known as the United Cartels — has threatened avocados, the\\nstate's most lucrative crop.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/sports/former-cincinnati-bengals-wide-receiver-cris-collinsworth-excited-to-call-his-5th-super-bowl-291604/\\\">Former Bengals wideout Cris Collinsworth excited to call his 5th Super Bowl</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"After a previous incident in 2019, the USDA had warned\\nabout the possible consequences of attacking or threatening US inspectors.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"In August 2019, a US Department of Agriculture team of\\ninspectors was “directly threatened” in Ziracuaretiro, a town just west of\\nUruapan. While the agency didn’t specify what happened, local authorities say a\\ngang robbed the truck the inspectors were traveling in at gunpoint.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/sports/super-bowl-lvi-ticket-prices-soar-ahead-of-cincinnati-bengals-vs-los-angeles-rams-game-204074/\\\">Super Bowl LVI ticket prices soar ahead of Bengals vs Rams game</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The USDA wrote in a letter at the time that, “For\\nfuture situations that result in a security breach, or demonstrate an imminent\\nphysical threat to the well-being of APHIS personnel, we will immediately\\nsuspend program activities.\\\"\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Many avocado growers in Michoacan say drug gangs\\nthreaten them or their family members with kidnapping or death unless they pay\\nprotection money, sometimes amounting to thousands of dollars per acre.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/sports/nfl-veteran-referee-ron-torbert-to-officiate-his-first-super-bowl-on-february-14-131615/\\\">NFL veteran referee Ron Torbert to officiate his first Super Bowl on Feb 14</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"On September 30, 2020, a Mexican employee of APHIS was\\nkilled near the northern border city of Tijuana.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Mexican prosecutors said Edgar Flores Santos was\\nkilled by drug traffickers who may have mistaken him for a policeman and a\\nsuspect was arrested. The U.S. State Department said investigations “concluded\\nthis unfortunate incident was a case of Mr. Flores being in the wrong place at\\nthe wrong time.”\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/entertainment/kendrick-a-top-tier-lyricist-eminem-before-super-bowl-performance-193475/\\\">'Kendrick a top tier lyricist,' Eminem before Super Bowl performance</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The avocado ban was just the latest threat to Mexico's\\nexport trade stemming from the government's inability to rein in illegal\\nactivities.\"}}]}

Sudipta Biswas

<ul>
  <li>The surprise suspension was confirmed late Saturday on the eve of the Super Bowl</li>
  <li>Avocado exports are the latest victim of the drug cartel turf battles and extortion of avocado growers in the western state of Michoacan</li>
  <li>The US government suspended all imports of Mexican avocados “until further notice”</li>
</ul>

US suspends Mexican avocado imports on eve of Super Bowl

SuperBowl

Mexico

Fruits

DrugTrafficking

Frankfurt, Germany

Fears are rising about what would happen to Europe’s energy supply if Russia were to invade Ukraine and then shut off natural gas exports in retaliation for U.S. and European sanctions. The tensions show the risk of Europe’s reliance on Russia for energy, which supplies about a third of the continent's natural gas. And Europe's stockpile is already low. While the U.S. has pledged to help by boosting exports of liquefied natural gas, or LNG, there’s only so much it can produce at once. Also Read: France's Emmanuel Macron to visit Russia, Ukraine in mediation trip,It leaves Europe in a potential crisis, with its gas already sapped by a cold winter last year, a summer with little renewable energy generation and Russia delivering less than usual. Prices have skyrocketed, squeezing households and businesses. Here's what to know about Europe's energy supply if tensions boil over into war and Russia is hit with sanctions:,WILL RUSSIA CUT OFF GAS SUPPLIES TO EUROPE?,No one knows for sure, but a complete shutoff is seen as unlikely, because it would be mutually destructive. Russian officials have not signaled they would consider cutting supplies in the case of new sanctions. Moscow relies on energy exports, and though it just signed a gas deal with China, Europe is a key source of revenue. Also Read: Vladimir Putin in Beijing for Games, Xi Jinping talks amid Ukraine tensions,Europe is likewise dependent on Russia, so any Western sanctions would likely avoid directly targeting Russian energy supplies. More likely, experts say, would be Russia withholding gas sent through pipelines crossing Ukraine. Russia pumped 175 billion cubic meters of gas into Europe last year, nearly a quarter of it through those pipelines, according to S&P Global Platts. That would leave pipelines under the Baltic Sea and through Poland still operating. “I think in the event of even a less severe Russian attack against Ukraine, the Russians are almost certain to cut off gas transiting Ukraine on the way to Germany,” said former U.S. diplomat Dan Fried, who as State Department coordinator for sanctions policy helped craft 2014 measures against Russia when it invaded and annexed Ukraine’s Crimea peninsula. Also Read: Russia to lift COVID-19 restrictions soon, despite record new cases: Putin,Russia could then offer to make up the lost gas if Germany approves the new Nord Stream 2 pipeline, whose operators may potentially face U.S. sanctions even though a recent vote to that effect failed. German officials also have said blocking operation of the pipeline would be “on the table” if there’s an invasion. Interrupting gas supplies beyond the Ukrainian pipelines is less likely: “If they push it too far, they're going to make a breach with Europe irreparable, and they have to sell the oil and gas someplace,” Fried said. WHAT CAN THE U.S. DO?,It's a major gas producer and already is sending record levels of liquefied natural gas, or LNG, by ship worldwide. It could only help Europe a little. Also Read: US intel: Russia trying frame Ukraine through false attack to justify invasion,“We’re talking about small increases to the size of U.S. exports, whereas the hole that Europe would need to fill if Russia backed away or if Europe cut Russia off would be much larger than that,” said Ross Wyeno, lead analyst for Americas LNG at S&P. The Biden administration has been talking with gas producers worldwide about whether they can boost output and ship to Europe, and it has been working to identify supplies of natural gas from North Africa, the Middle East, Asia and the U.S. The administration also is talking with buyers about holding off. “Is there some other country that was planning to get an LNG shipment that doesn’t need it and could give it to Europe?” said Amy Myers Jaffe, managing director of the Climate Policy Lab at Tufts University, mentioning Brazil or countries in Asia. Also Read: NATO says Russian buildup in Belarus is biggest in 30 years,Over the past month, two-thirds of American LNG exports went to Europe. Some ships filled with LNG were heading to Asia but turned around to go to Europe because buyers there offered to pay higher prices, S&P said. IS THERE ENOUGH LIQUEFIED GAS WORLDWIDE TO SOLVE THE PROBLEM?,Not in the event of a full cutoff, and it can't be increased overnight. Export terminals cost billions of dollars to build and are working at capacity in the U.S. Even if all Europe's LNG import facilities were operating at capacity, the amount of gas would only be about two-thirds of what Russia sends via pipelines, Jaffe said. And there could be challenges distributing the LNG to parts of Europe that have fewer pipeline connections. Also Read: Leaked text suggests possible US-Russia missile arrangement,If Russia stopped sending just the gas that goes through Ukraine, it would take the equivalent of about 1.27 shiploads of additional LNG per day to replace that supply, said Luke Cottell, senior LNG analyst at S&P. Russia also could reroute some of that gas through other pipelines, reducing the need for additional LNG to about a half-shipload per day, he said. IS RUSSIA ALREADY SUPPLYING LESS GAS?,Russia has been fulfilling its long-term contracts to supply gas to Europe, but it's been selling less on the spot market and hasn't been filling the storage containers it owns in Europe, experts say. “It’s already happened. It’s not theoretical,” Jaffe said. Russian cutbacks to spot gas supplies have contributed to sharply higher natural gas prices in Europe. They went as high as 166 euros ($190) per megawatt hour in December, more than eight times their level at the start of 2021. Prices have fallen to under 80 euros per kilowatt hour as more LNG arrives. Also Read: US President Joe Biden sending more troops to Europe amid Ukraine tension: Report,But consumers are feeling the crunch in higher electric and gas bills. European governments are rolling out subsidies and tax breaks to ease the financial stress on households. IS THERE IMPACT IN THE U.S.?,As the U.S. ramped up LNG exports, domestic prices of natural gas also rose. More than 10% of gas produced in the U.S. last year was exported, said Clark Williams-Derry, analyst at the Institute for Energy Economics and Financial Analysis. U.S. gas prices spiked by more than 30% in the last week of January, primarily because of an approaching winter storm in New England, Williams-Derry said. But prices also were affected by tighter U.S. supplies amid uncertainty over Russia, he said. “Russia is disturbing European gas markets, with the U.S. talking about exporting basically the next ‘Berlin airlift’ for natural gas to Europe,’’ he said. If the U.S. pushes for increased LNG exports, prices at home would likely rise, Williams-Derry added. Ten Democratic senators, led by Jack Reed of Rhode Island and Angus King of Maine, recently urged the Energy Department to study the effect of higher exports on domestic prices and pause approvals of proposed terminals. They said they understood “geopolitical factors” give rise to sending more gas. “However, the administration must also consider the potential increase in cost to American families,’’ the senators said.

{\"time\":1644146621534,\"strCount\":8220,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Fears are rising about what would happen to <a href=\\\"https://opoyi.com/topics/europe/\\\">Europe’s </a>energy supply if <a href=\\\"https://opoyi.com/topics/russia/\\\">Russia </a>were to invade <a href=\\\"https://opoyi.com/world/explained-ukraine-not-joining-nato-so-why-does-vladimir-putin-worry-637634/\\\">Ukraine </a>and then shut off natural gas exports in retaliation for U.S. and European sanctions.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The tensions show the risk of Europe’s reliance on Russia for energy, which supplies about a third of the continent's natural gas. And Europe's stockpile is already low. While the U.S. has pledged to help by boosting exports of liquefied natural gas, or LNG, there’s only so much it can produce at once.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/frances-emmanuel-macron-to-visit-russia-ukraine-in-mediation-trip-328802/\\\">France's Emmanuel Macron to visit Russia, Ukraine in mediation trip</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It leaves Europe in a potential crisis, with its gas already sapped by a cold winter last year, a summer with little renewable energy generation and Russia delivering less than usual. Prices have skyrocketed, squeezing households and businesses.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Here's what to know about Europe's energy supply if tensions boil over into war and Russia is hit with sanctions:\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"WILL RUSSIA CUT OFF GAS SUPPLIES TO EUROPE?\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"No one knows for sure, but a complete shutoff is seen as unlikely, because it would be mutually destructive.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russian officials have not signaled they would consider cutting supplies in the case of new sanctions. Moscow relies on energy exports, and though it just signed a gas deal with China, Europe is a key source of revenue.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/sports/vladimir-putin-in-beijing-for-games-xi-jinping-talks-amid-ukraine-tensions-657508/\\\">Vladimir Putin in Beijing for Games, Xi Jinping talks amid Ukraine tensions</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Europe is likewise dependent on Russia, so any Western sanctions would likely avoid directly targeting Russian energy supplies.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"More likely, experts say, would be Russia withholding gas sent through pipelines crossing Ukraine. Russia pumped 175 billion cubic meters of gas into Europe last year, nearly a quarter of it through those pipelines, according to S&amp;P Global Platts. That would leave pipelines under the Baltic Sea and through Poland still operating.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“I think in the event of even a less severe Russian attack against Ukraine, the Russians are almost certain to cut off gas transiting Ukraine on the way to Germany,” said former U.S. diplomat Dan Fried, who as State Department coordinator for sanctions policy helped craft 2014 measures against Russia when it invaded and annexed Ukraine’s Crimea peninsula.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/russia-will-lift-covid-restrictions-in-nearest-future-despite-record-covid-19-cases-123390/\\\">Russia to lift COVID-19 restrictions soon, despite record new cases: Putin</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russia could then offer to make up the lost gas if Germany approves the new Nord Stream 2 pipeline, whose operators may potentially face U.S. sanctions even though a recent vote to that effect failed. German officials also have said blocking operation of the pipeline would be “on the table” if there’s an invasion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Interrupting gas supplies beyond the Ukrainian pipelines is less likely: “If they push it too far, they're going to make a breach with Europe irreparable, and they have to sell the oil and gas someplace,” Fried said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"WHAT CAN THE U.S. DO?\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"It's a major gas producer and already is sending record levels of liquefied natural gas, or LNG, by ship worldwide. It could only help Europe a little.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/us-intel-russia-trying-frame-ukraine-through-false-attack-to-justify-invasion-515037/\\\">US intel: Russia trying frame Ukraine through false attack to justify invasion</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“We’re talking about small increases to the size of U.S. exports, whereas the hole that Europe would need to fill if Russia backed away or if Europe cut Russia off would be much larger than that,” said Ross Wyeno, lead analyst for Americas LNG at S&amp;P.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The Biden administration has been talking with gas producers worldwide about whether they can boost output and ship to Europe, and it has been working to identify supplies of natural gas from North Africa, the Middle East, Asia and the U.S.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The administration also is talking with buyers about holding off.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“Is there some other country that was planning to get an LNG shipment that doesn’t need it and could give it to Europe?” said Amy Myers Jaffe, managing director of the Climate Policy Lab at Tufts University, mentioning Brazil or countries in Asia.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/nato-says-russian-buildup-in-belarus-is-biggest-in-30-years-121683/\\\">NATO says Russian buildup in Belarus is biggest in 30 years</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Over the past month, two-thirds of American LNG exports went to Europe. Some ships filled with LNG were heading to Asia but turned around to go to Europe because buyers there offered to pay higher prices, S&amp;P said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"IS THERE ENOUGH LIQUEFIED GAS WORLDWIDE TO SOLVE THE PROBLEM?\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Not in the event of a full cutoff, and it can't be increased overnight. Export terminals cost billions of dollars to build and are working at capacity in the U.S.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Even if all Europe's LNG import facilities were operating at capacity, the amount of gas would only be about two-thirds of what Russia sends via pipelines, Jaffe said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"And there could be challenges distributing the LNG to parts of Europe that have fewer pipeline connections.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/leaked-text-suggests-possible-us-russia-missile-arrangement-549601/\\\">Leaked text suggests possible US-Russia missile arrangement</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"If Russia stopped sending just the gas that goes through Ukraine, it would take the equivalent of about 1.27 shiploads of additional LNG per day to replace that supply, said Luke Cottell, senior LNG analyst at S&amp;P. Russia also could reroute some of that gas through other pipelines, reducing the need for additional LNG to about a half-shipload per day, he said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"IS RUSSIA ALREADY SUPPLYING LESS GAS?\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russia has been fulfilling its long-term contracts to supply gas to Europe, but it's been selling less on the spot market and hasn't been filling the storage containers it owns in Europe, experts say.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“It’s already happened. It’s not theoretical,” Jaffe said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Russian cutbacks to spot gas supplies have contributed to sharply higher natural gas prices in Europe. They went as high as 166 euros ($190) per megawatt hour in December, more than eight times their level at the start of 2021. Prices have fallen to under 80 euros per kilowatt hour as more LNG arrives.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read:&nbsp;<a href=\\\"https://opoyi.com/world/us-president-joe-biden-sending-more-troops-to-europe-amid-ukraine-tension-report-272536/\\\">US President Joe Biden sending more troops to Europe amid Ukraine tension: Report</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"But consumers are feeling the crunch in higher electric and gas bills. European governments are rolling out subsidies and tax breaks to ease the financial stress on households.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"IS THERE IMPACT IN THE U.S.?\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"As the U.S. ramped up LNG exports, domestic prices of natural gas also rose. More than 10% of gas produced in the U.S. last year was exported, said Clark Williams-Derry, analyst at the Institute for Energy Economics and Financial Analysis.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"U.S. gas prices spiked by more than 30% in the last week of January, primarily because of an approaching winter storm in New England, Williams-Derry said. But prices also were affected by tighter U.S. supplies amid uncertainty over Russia, he said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“Russia is disturbing European gas markets, with the U.S. talking about exporting basically the next ‘Berlin airlift’ for natural gas to Europe,’’ he said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"If the U.S. pushes for increased LNG exports, prices at home would likely rise, Williams-Derry added.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Ten Democratic senators, led by Jack Reed of Rhode Island and Angus King of Maine, recently urged the Energy Department to study the effect of higher exports on domestic prices and pause approvals of proposed terminals. They said they understood “geopolitical factors” give rise to sending more gas.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"“However, the administration must also consider the potential increase in cost to American families,’’ the senators said.\"}}]}

Saakhi Chadha

<ul>
  <li>Fears are rising about what would happen to Europe’s energy supply if Russia were to invade Ukraine</li>
  <li>There are concerns that it may shut off natural gas exports in retaliation for US and European sanctions</li>
  <li>Here's what to know about Europe's energy supply if tensions boil over into war and Russia is hit with sanctions</li>
</ul>

Explainer: What happens to Europe's energy if Russia acts?

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in Parliament on Monday soon after the President’s address to both Houses of Parliament. The Economic Survey, presented a day before the Union Budget, outlines the state of the Economy and suggestions for policy actions. Also Read | Budget 2022: Economic Survey projects 8-8.5% GDP growth in 2022-23,According to Economic Survey, India’s GDP is projected to grow in real terms by 8.0-8.5% in 2022-23, said the Survey. Growth will be supported by “widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending. Also Read | Union Budget 2022: A look at India's most historic budgets,Here are the key highlights from the Economic Survey 2022:,1) The Economic Survey projected a GDP growth rate of 8-8.5% in real terms for the next fiscal 2022-23. 2) Indian economy is projected to grow by 9.2% in real terms in 2021-22 considering the GDP growth rate contraction by 7.3% in 2020-21. 3) Agriculture and allied sectors are expected to grow by 3.9% as compared to 3.6% in the previous year. Industrial sector growth is estimated at 11.8%. The services sector is the worst hit by the Covid-19 pandemic, it is estimated to grow by 8.2% in 2021-22 after the 8.4% contraction in the previous fiscal. Also Read | Union Budget 2022: Amid Pegasus spyware controversy, Parliament session starts today; 10 points,4) India’s total exports are projected to grow by 16.5% in 2021-22 surpassing pre-pandemic levels. 5) Imports are estimated to grow by 29.4% in 2021-22. 6) Capital Expenditure (Capex) grows by 13.5% year-on-year during April-November 2021. 7) Foreign Exchange reserves reached US$ 633.6 billion on 31st December 2021. Also Read | Pharma, Infra, Agriculture and other stocks likely to benefit from Budget 2022,8) Expenditure on social services increased by 9.8% to Rs 71.61 lakh crore in FY22. 9) 75 IPOs raised Rs 89,066 crore from April to November 2021, which is significantly higher than any year in the last decade. ,10) Railways: Rs 65,157 crore capital expenditure from April to November 2021; Capex outlay in the ongoing financial year is at Rs 2.15 lakh crore, which is five times the 2014 level. Also Read | Union Budget 2022: Session begins with President Ram Nath Kovind's address,11) Railways Capex will increase further in coming years and emerge as an engine of national growth,” the survey says. 12) Per day road construction increases to 36.5 KMs in 2020-21, 30.4% increase as compared to the previous year. 13) India sets a new record with 44 unicorns in 2021. 14) Five sector hold around 83% of the aggregate pipeline value: Roads(27%), Railways (25%), Power (25%), Power (15%), Oil % Gas pipelines (8%) and Telecom (6%). Also Read | Budget 2022: When & where to watch, what to expect,15) The survey said, Climate finance will remain critical to successful climate action by developing countries, including India. 16) India’s overall score on the NITI Aayog SDG India Index and Dashboard improved to 66 in 2020-21 from 60 in 2019-20 and 57 in 2018-19. 17) The average headline CPI-Combined inflation averaged to 5.2% in April-December 2021-22 from 6.6% in the similar period of 2020-21. Also Read | Explained: Ahead of Assembly elections, will Union Budget 2022 be in favour of farmers?,18) Food inflation averaged at a low of 2.9% in 2021-22 (April to December) as against 9.1% in the same period the previous year. 19) Sensex and Nifty surged up to touch highest at 61,766 and 18,477 on October 18, 2021. 20) Foreign exchange reserves surpassed US$ 600 billion in the first half of 2021-22 and reached US $633.6 billion on December 31, 2021. 21) India’s external debt increased to the US $ 593.1 billion at the end-September 2021 as against the US $ 556.8 billion a year earlier.

{\"time\":1643634447802,\"strCount\":4807,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"Finance Minister Nirmala Sitharaman tabled the <a href=\\\"https://opoyi.com/india/what-is-economic-survey-and-why-it-is-tabled-a-day-before-budget-398585/\\\">Economic Survey</a>\\n2021-22 in Parliament on Monday soon after the President’s address to both\\nHouses of Parliament. The Economic Survey, presented a day before the Union\\nBudget, outlines the state of the Economy and suggestions for policy\\nactions.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-economic-survey-projects-8-85-gdp-growth-in-2022-23-621083/\\\">Budget 2022: Economic Survey projects 8-8.5% GDP growth in 2022-23</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to Economic Survey, \\\"India’s GDP is\\nprojected to grow in real terms by 8.0-8.5% in 2022-23,\\\" said the Survey.\\nGrowth will be supported by “widespread vaccine coverage, gains from\\nsupply-side reforms and easing of regulations, robust export growth, and availability\\nof fiscal space to ramp up capital spending\\\".\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/union-budget-2022-a-look-at-indias-most-historic-budgets-505281/\\\">Union Budget 2022: A look at India's most historic budgets</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"<b>Here are the key highlights from the Economic Survey\\n2022:</b>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"1) The Economic Survey projected a GDP growth rate of\\n8-8.5% in real terms for the next fiscal 2022-23.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"2) Indian economy is projected to grow by 9.2% in real\\nterms in 2021-22 considering the GDP growth rate contraction by 7.3% in\\n2020-21.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"3) Agriculture and allied sectors are expected to grow by\\n3.9% as compared to 3.6% in the previous year. Industrial sector growth is\\nestimated at 11.8%. The services sector is the worst hit by the Covid-19\\npandemic, it is estimated to grow by 8.2% in 2021-22 after the 8.4% contraction\\nin the previous fiscal.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/union-budget-2022-amid-pegasus-spyware-controversy-parliament-starts-today-10-points-420688/\\\">Union Budget 2022: Amid Pegasus spyware controversy, Parliament session starts today; 10 points</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"4) India’s total exports are projected to grow by 16.5%\\nin 2021-22 surpassing pre-pandemic levels.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"5) Imports are estimated to grow by 29.4% in 2021-22.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"6) Capital Expenditure (Capex) grows by 13.5%\\nyear-on-year during April-November 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"7) Foreign Exchange reserves reached US$ 633.6 billion on\\n31st December 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/pharma-infra-agriculture-and-other-stocks-likely-to-benefit-from-budget-2022-597945/\\\">Pharma, Infra, Agriculture and other stocks likely to benefit from Budget 2022</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"8) Expenditure on social services increased by 9.8% to Rs\\n71.61 lakh crore in FY22.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"9) 75 IPOs raised Rs 89,066 crore from April to November\\n2021, which is significantly higher than any year in the last decade. \"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"10) Railways: Rs 65,157 crore capital expenditure from\\nApril to November 2021; Capex outlay in the ongoing financial year is at Rs\\n2.15 lakh crore, which is five times the 2014 level.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/union-budget-2022-session-begins-with-president-ram-nath-kovinds-address-310093/\\\">Union Budget 2022: Session begins with President Ram Nath Kovind's address</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"11) \\\"Railways\\nCapex will increase further in coming years and emerge as an engine of national\\ngrowth,” the survey says.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"12) Per day road\\nconstruction increases to 36.5 KMs in 2020-21, 30.4% increase as compared to\\nthe previous year.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"13) India sets a new record with 44 unicorns in 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"14) Five sector hold around 83% of the aggregate pipeline\\nvalue: Roads(27%), Railways (25%), Power (25%), Power (15%), Oil % Gas\\npipelines (8%) and Telecom (6%).\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-when-where-to-watch-what-to-expect-456956/\\\">Budget 2022: When &amp; where to watch, what to expect</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"15) The survey said, \\\"Climate finance will remain\\ncritical to successful climate action by developing countries, including\\nIndia\\\".\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"16) India’s\\noverall score on the NITI Aayog SDG India Index and Dashboard improved to 66 in\\n2020-21 from 60 in 2019-20 and 57 in 2018-19.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"17) The average headline CPI-Combined inflation averaged\\nto 5.2%&nbsp; in April-December 2021-22 from\\n6.6% in the similar period of 2020-21.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/explained-ahead-of-assembly-elections-will-union-budget-2022-be-in-favour-of-farmers-369275/\\\">Explained: Ahead of Assembly elections, will Union Budget 2022 be in favour of farmers?</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"18) Food inflation averaged at a low of 2.9% in 2021-22\\n(April to December) as against 9.1% in the same period the previous year.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"19) Sensex and Nifty surged up to touch highest at 61,766 and\\n18,477 on October 18, 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"20) Foreign exchange reserves surpassed US$ 600 billion in\\nthe first half of 2021-22 and reached US $633.6 billion on December 31, 2021.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"21) India’s external debt increased to the US $ 593.1 billion\\nat the end-September 2021 as against the US $ 556.8 billion a year earlier.\"}}]}

<ul>
  <li>Economic Survey projected a GDP growth rate of 8-8.5% in FY23</li>
  <li>Agriculture and allied sectors are expected to grow by 3.9%</li>
  <li>Imports are estimated to grow by 29.4% in 2021-22</li>
</ul>

Economic Survey 2021-2022: Key highlights and takeaways

UnionBudget2022

NirmalaSitharaman

Economics

Budget2022

survey

Agriculture

MinistryofFinance

Industry

Railways

In the forthcoming Budget, exporters have sought support from the government to promote the growth of the country’s outbound shipments. Exporters demanded enhanced allocations for the RoDTEP scheme, high import duty on plastic finished goods, setting up of an Indian shipping line, and reinstating exemption for duty-free import of critical inputs for leather products. They have also suggested financial incentives to address logistics challenges, and reduction of income tax on partnerships and LLPs to support MSME players. Also Read | Budget 2022: Hopes rise for tax break on work from home expenses,According to the Federation of Indian Export Organisations (FIEO), there is a need to encourage large Indian entities to build an Indian shipping line of global repute as it would help reduce dependence on foreign shipping lines. Due to its dependence on global shipping companies and rising freight cost, the export sector is facing major issues. Also Read | Budget 2022: Realtors eye home loan tax sops, industry status,FIEO Director-General Ajay Sahai said, Overseas marketing is a big challenge for exporters, more so for MSMEs, as it entails a high cost. We need to bring the Double Tax Deduction Scheme for Internationalizations to allow exporters to deduct against their taxable income… A ceiling of USD 5 lakh may be put under the scheme so that the investment and tax deduction are limited. Also Read | Budget 2022: Policies expected for the financial services industry,Mumbai-based exporter and Chairman of Technocraft Industries Sharda Kumar Saraf said that the finance minister should provide a suitable budget for Reimbursement of Duties & Taxes on Export production (RoDTEP). He said that RoDTEP is one of the most important tools to support export marketing, but its present budget of about Rs 40,000 crore is not sufficient. Also Read | Budget 2022: Government to define tax on crypto in upcoming budget,Plastics Export Promotion Council of India (Plexconcil) Chairman Arvind Goenka suggested that the import duty on plastic finished goods should be at least 5% higher than polymer raw materials. For instance, import duty on PVC resin is 10% and that on value-added PVC goods is also 10%, thereby there is no incentive to boost domestic production, Goenka said. Also Read | Budget 2022: Shipping ministry seeks budget to expand ship recycling capacity,Council for Leather Exports (CLE) Chairman Sanjay Leekha suggested reinstatement of the exemption for duty-free import of critical inputs for leather garments and footwear. He also recommended the extension of the basic customs duty exemption for the import of lining and interlining materials. According to Leekha, apart from boosting exports these measures will promote value addition within the country and make domestic products competitive in the global markets. Also Read | Budget 2022: Education sector seeks higher allocations, tax concessions,He has also suggested reinstatement of basic customs duty on import of wet blue, crust, and finished leather as the exemption was removed last year. Chairman of Farida Group Rafeeq Ahmed said that steps for the labour-intensive sector in the budget will help in creating more jobs and increasing exports.

{\"time\":1643100616278,\"strCount\":4015,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"In the forthcoming <a href=\\\"https://opoyi.com/topics/unionbudget2022/\\\">Budget</a>, exporters have\\nsought support&nbsp; from the government to promote the growth of the country’s\\noutbound shipments. Exporters demanded enhanced allocations for the RoDTEP\\nscheme, high import duty on plastic finished goods, setting up of an Indian\\nshipping line, and reinstating exemption for duty-free import of critical\\ninputs for leather products.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"They have also suggested financial incentives\\nto address logistics challenges, and reduction of income tax on partnerships\\nand LLPs to support MSME players.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/budget-2022-hopes-rise-for-tax-break-on-work-from-home-expenses-291101/\\\">Budget 2022: Hopes rise for tax break on work from home expenses</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to the\\nFederation of Indian Export Organisations (FIEO), there is a need to encourage\\nlarge Indian entities to build an Indian shipping line of global repute as it\\nwould help reduce dependence on foreign shipping lines.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Due to its dependence on\\nglobal shipping companies and rising freight cost, the export sector is facing\\nmajor issues.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/budget-2022-realtors-eye-home-loan-tax-sops-industry-status-264191/\\\">Budget 2022: Realtors eye home loan tax sops, industry status</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"FIEO Director-General Ajay Sahai said,\\n\\\"Overseas marketing is a big challenge for exporters, more so for <a href=\\\"https://opoyi.com/business/budget-2022-msmes-seek-lower-taxes-easier-compliance-437023/\\\">MSMEs</a>,\\nas it entails a high cost. We need to bring the Double Tax Deduction Scheme for\\nInternationalizations to allow exporters to deduct against their taxable\\nincome… A ceiling of USD 5 lakh may be put under the scheme so that the\\ninvestment and tax deduction are limited\\\".\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-policies-expected-for-the-financial-services-industry-271501/\\\">Budget 2022: Policies expected for the financial services industry</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Mumbai-based exporter and Chairman of\\nTechnocraft Industries Sharda Kumar Saraf said that the finance minister should\\nprovide a suitable budget for Reimbursement of Duties &amp; Taxes on Export\\nproduction (RoDTEP).\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He said that RoDTEP is\\none of the most important tools to support export marketing, but its present\\nbudget of about Rs 40,000 crore is not sufficient.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-government-to-define-tax-on-crypto-in-upcoming-budget-257534/\\\">Budget 2022: Government to define tax on crypto in upcoming budget</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Plastics Export Promotion\\nCouncil of India (Plexconcil) Chairman Arvind Goenka suggested that the import\\nduty on plastic finished goods should be at least 5% higher than polymer raw\\nmaterials.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"\\\"For instance, import duty on PVC resin\\nis 10% and that on value-added PVC goods is also 10%, thereby there is no\\nincentive to boost domestic production,\\\" Goenka said.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-shipping-ministry-seeks-budget-to-expand-ship-recycling-capacity-596941/\\\">Budget 2022: Shipping ministry seeks budget to expand ship recycling capacity</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Council for Leather\\nExports (CLE) Chairman Sanjay Leekha suggested reinstatement of the exemption\\nfor duty-free import of critical inputs for leather garments and footwear. He\\nalso recommended the extension of the basic customs duty exemption for the\\nimport of lining and interlining materials.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"According to Leekha,\\napart from boosting exports these measures will promote value addition within\\nthe country and make domestic products competitive in the global markets.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/education/budget-2022-education-sector-seeks-higher-allocations-tax-concessions-193108/\\\">Budget 2022: Education sector seeks higher allocations, tax concessions</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He has also suggested reinstatement of basic\\ncustoms duty on import of wet blue, crust, and finished leather as the\\nexemption was removed last year.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Chairman of Farida Group Rafeeq Ahmed said\\nthat steps for the labour-intensive sector in the budget will help in\\ncreating more jobs and increasing exports.\"}}]}

<ul>
  <li>Exporters demanded enhanced allocations for the RoDTEP scheme</li>
  <li>They also suggested financial incentives to address logistics challenges</li>
  <li>Exporters suggested reduction of income tax on partnerships and LLPs</li>
</ul>

Budget 2022: Exporters demand fiscal incentives and support measures

MSME

BudgetSession

FinanceMinister

The Gems and Jewellery Export Promotion Council (GJEPC) has put forth its recommendations for Budget 2022. The body has urged the Centre to reduce the import duty on precious metals such as gold, silver and platinum from 7.5% to 4%. GJEPC also urged the government to reduce import duty on cut and polished diamonds and cut and polished precious and semi-precious gemstones from 7.5% to 2.5%. The body also sought an amendment in tax provisions to allow the sale of rough diamonds in the ‘Special Notified Zone’ in Mumbai. At present, only viewing of rough diamonds is allowed in the SNZ and no sale is allowed. Also Read | Budget 2022: Education sector seeks higher allocations, tax concessions,The council sought clarification on the online equalisation charge for business-to-business international diamond auctions and an extension of the sunset clause for SEZ units, as it would allow the SEZ units to stay competitive in the international markets. The jewellery body also asked the government to permit exporters to import 10% of total cut and polished diamonds at 0% duty. Also Read | Budget 2022: Key financial terms you should know,Colin Shah, Chairman of GJEPC, said India is the fifth largest exporter of gems and jewellery as it contributes 5.8% of the global gems and jewellery exports. For the current fiscal, India will achieve the target of $41 billion in exports for this sector. “We now target to achieve $100 billion exports when India observes the centenary of its Independence,” he was quoted as saying. Also Read | Budget 2022: Infra sector expects investment push for NPE, Make-in-India,He said that the reduction in import duty on precious metals such as gold, silver and platinum would be a step towards making India “the number one” exporter of jewellery in the world. Also Read | Budget 2022 likely to rein in inflationary expectations,Shah appealed to the government to announce a special package for the gems and jewellery industry in the upcoming budget. Favourable export and domestic policies would help elevate gems and jewellery exports and lay a foundation for quantum growth. The development of this sector is only possible through policy reforms, which will make India more competitive in the global market.

{\"time\":1642756706582,\"strCount\":2790,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"The Gems and Jewellery Export Promotion Council (GJEPC) has put forth its recommendations for <a href=\\\"https://opoyi.com/topics/unionbudget2022/\\\">Budget 2022</a>. The body has urged the Centre to reduce the import duty on precious metals such as <a href=\\\"https://opoyi.com/topics/gold/\\\">gold</a>, silver and platinum from 7.5% to 4%.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"GJEPC also urged the government to reduce import duty on cut and polished diamonds and cut and polished precious and semi-precious gemstones from 7.5% to 2.5%. The body also sought an amendment in tax provisions to allow the sale of rough diamonds in the ‘Special Notified Zone’ in Mumbai. At present, only viewing of rough diamonds is allowed in the SNZ and no sale is allowed.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/education/budget-2022-education-sector-seeks-higher-allocations-tax-concessions-193108/\\\">Budget 2022: Education sector seeks higher allocations, tax concessions</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The council sought clarification on the online equalisation charge for business-to-business international diamond auctions and an extension of the sunset clause for SEZ units, as it would allow the SEZ units to stay competitive in the international markets.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The jewellery body also asked the government to permit exporters to import 10% of total cut and polished diamonds at 0% duty.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-key-financial-terms-you-should-know-410138/\\\">Budget 2022: Key financial terms you should know</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Colin Shah, Chairman of GJEPC, said India is the fifth largest exporter of gems and jewellery as it contributes 5.8% of the global gems and jewellery exports. For the current fiscal, <a href=\\\"https://opoyi.com/india/\\\">India</a> will achieve the target of $41 billion in exports for this sector. “We now target to achieve $100 billion exports when India observes the centenary of its Independence,” he was quoted as saying.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/business/budget-2022-infra-sector-expects-investment-push-for-npe-make-in-india-668270/\\\">Budget 2022: Infra sector expects investment push for NPE, Make-in-India</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"He said that the reduction in import duty on precious metals such as gold, silver and platinum would be a step towards making India “the number one” exporter of jewellery in the world.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also Read |&nbsp;<a href=\\\"https://opoyi.com/india/budget-2022-likely-to-rein-in-inflationary-expectations-172464/\\\">Budget 2022 likely to rein in inflationary expectations</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Shah appealed to the government to announce a special package for the gems and jewellery industry in the upcoming budget. Favourable export and domestic policies would help elevate&nbsp; gems and jewellery exports&nbsp; and lay a foundation for quantum growth. The development of this sector is only possible through policy reforms, which will make India more competitive in the global market.\"}}]}

<ul>
  <li>GJEPC has urged the Centre to reduce the import duty on precious metals</li>
  <li>The council sought an extension of the sunset clause for SEZ units</li>
  <li>It seeks a special package for the gems and jewellery industry</li>
</ul>

Budget 2022: Jewellery council seeks import duty cut on precious metals

gold

Jewellery

Metals

UnionBudget2021

The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply. Also read: Capitol riots: Breaking down Trump's '3 lies' unveiled by Joe Biden,The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September, the Commerce Department reported Thursday. November imports, goods Americans bought from other countries, jumped 4.% to $304.4 billion in November while exports, those the U.S. sends overseas, edged up a scant 0.2% to $224.2 billion. Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period last year with the economic recovery in the United States outpacing other nations, as is the readiness of Americans to spend. For all of 2020, the U.S. trade deficit stood at $676.7 billion, a slight 0.1% above the 2019 figure. Also read: Corrupt elections, insane policies: Trump hits back after Biden’s Jan 6 address,The politically sensitive deficit with China in goods rose 2.9% to $32.3 billion in November and is up 12.8% for the first 11 months of this year compared to the same period in 2020,The United States and China, the world's two largest economies, engaged in a contentious trade battle under former President Donald Trump, who accused China of unfair trade practices that had cost millions of American jobs. Each country imposed tit-for-tat punitive tariffs on its economic rival. So far, the Biden administration has taken a more cautious approach in its economic dealings with China. Michael Pierce, senior U.S. economist at Capital Economics, said that the sharp jump in November's trade deficit means that trade will be a small drag on the overall U.S. economy in the October-December quarter. Also read: Trump has ‘a bruised ego’: Biden slams predecessor in scathing Jan 6 address,Pierce forecast growth, as measured by the gross domestic product, would be around 4.5% in the fourth quarter, an improvement from the modest 2.3% in the third quarter but below expectations for much stronger growth before the omicron variant hit. Other economists are more optimistic, predicting growth will come in between 6% and 7% in the October-December period. The government will release its first look at fourth quarter GDP on Jan. 27.

{\"time\":1641485647344,\"strCount\":2684,\"blocks\":[{\"type\":\"paragraph\",\"data\":{\"text\":\"The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/usa/capitol-riots-breaking-down-trumps-3-lies-unveiled-by-joe-biden-206650/\\\">Capitol riots: Breaking down Trump's '3 lies' unveiled by Joe Biden</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4 billion set in September, the Commerce Department reported Thursday.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"November imports, goods Americans bought from other countries, jumped 4.% to $304.4 billion in November while exports, those the U.S. sends overseas, edged up a scant 0.2% to $224.2 billion.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Through the first 11 months of 2021, the U.S. trade deficit is 28.6% higher than during the same period last year with the economic recovery in the United States outpacing other nations, as is the readiness of Americans to spend.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"For all of 2020, the U.S. trade deficit stood at $676.7 billion, a slight 0.1% above the 2019 figure.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/usa/donald-trump-responds-to-joe-bidens-january-6-address-142439/\\\">Corrupt elections, insane policies: Trump hits back after Biden’s Jan 6 address</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The politically sensitive deficit with China in goods rose 2.9% to $32.3 billion in November and is up 12.8% for the first 11 months of this year compared to the same period in 2020\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"The United States and China, the world's two largest economies, engaged in a contentious trade battle under former President Donald Trump, who accused China of unfair trade practices that had cost millions of American jobs. Each country imposed tit-for-tat punitive tariffs on its economic rival.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"So far, the Biden administration has taken a more cautious approach in its economic dealings with China.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Michael Pierce, senior U.S. economist at Capital Economics, said that the sharp jump in November's trade deficit means that trade will be a small drag on the overall U.S. economy in the October-December quarter.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Also read:&nbsp;<a href=\\\"https://opoyi.com/usa/donald-trump-has-a-bruised-ego-joe-biden-slams-predecessor-in-scathing-jan-6-address-507410/\\\">Trump has ‘a bruised ego’: Biden slams predecessor in scathing Jan 6 address</a>\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Pierce forecast growth, as measured by the gross domestic product, would be around 4.5% in the fourth quarter, an improvement from the modest 2.3% in the third quarter but below expectations for much stronger growth before the omicron variant hit.\"}},{\"type\":\"paragraph\",\"data\":{\"text\":\"Other economists are more optimistic, predicting growth will come in between 6% and 7% in the October-December period. The government will release its first look at fourth quarter GDP on Jan. 27.\"}}]}

<ul>
  <li>The U.S. trade deficit surged to a near-record high of $80.2 billion in November</li>
  <li>In November exports slowed at the same time that imports jumped sharply</li>
  <li>The November deficit was 19.3% higher than the October deficit of $67.2 billion</li>
</ul>

#Export

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