GBPUSD reclaims $1.35 mark; Bank Of England stands pat on rates
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
2 hours ago
- NDTV
"Do We Switch Off Our Economy?" Indian Envoy's Blunt Reply On Russia Oil Question
London: Indian High Commissioner to the UK Vikram Doraiswami has rejected the West's criticism of India's oil imports from Russia and said a country can't "switch off its economy". Speaking to British radio station, Times Radio, last week, he said many of India's European partners are also continuing to buy rare earth and other energy products from the same countries that they're "refusing to let us buy from". "Don't you think that that seems a little odd?" Mr Doraiswami said. India, the world's third-largest oil importer, traditionally sourced its oil from the Middle East, but started importing a large volume of oil from Russia after it began offering steep discounts to attract alternative buyers. Moscow's move came after it faced sanctions from various Western countries over the invasion of Ukraine in February 2022. Asked about India's "closeness" with Russia and President Vladimir Putin, he said New Delhi's relationship is based on a number of metrics. "One of these is our long-standing security relationship that goes back to an era in which some of our Western partners wouldn't sell us weapons but would sell them to countries in our neighbourhood that use them only to attack us," the Indian envoy explained. He also said that India has an "energy relationship" with Russia, which is the result of "everybody else buying energy from sources that we used to buy from earlier". "So we've been displaced out of the energy market largely, and the costs have gone up. We are the third-largest consumer of energy in the world. We import over 80% of our product. What would you have us do? Switch off our economy," Mr Doraiswami said. "We also see around us relationships that other countries maintain for their own convenience with countries that are a source of difficulty for us. Do we ask you to come up with a little test of loyalty?" he said. Speaking on the Russia-Ukraine conflict, he said that Prime Minister Narendra Modi has repeatedly said that "this isn't an era of war". "He's made that point repeatedly, including with the president of Russia and with the president of Ukraine (Volodymyr Zelensky)," he said. "We are very keen for this terrible conflict to stop, as we are keen for conflicts across the world to stop," Mr Doraiswami added.
News18
2 hours ago
- News18
'Do We Switch Off Our Economy': Indian Envoy Defends Oil Imports From Russia
Last Updated: Indian High Commissioner to the UK, Vikram Doraiswami, defended India's continued oil imports from Russia, stating that New Delhi cannot be expected to shut down its economy. Indian High Commissioner to the UK, Vikram Doraiswami, recently suggested that India cannot be expected to shut down its economy over geopolitical concerns, as he defended New Delhi's continued oil imports from Russia. In a conversation with British radio station, Times Radio, Doraiswami could be heard saying that many of India's European partners are continuing to buy rare earth and other energy products from the same countries that they're 'refusing to let us buy from". Doraiswami's response came as he was questioned about India's closeness with Russia and President Vladimir Putin, and on Western criticism. 'We have a relationship that is based on a number of metrics," Doraiswami said. 'One of these is our long-standing security relationship that goes back to an era in which some of our Western partners wouldn't sell us weapons but would sell them to countries in our neighbourhood that use them only to attack us," the Indian High Commissioner to the UK said. 'Second, we have an energy relationship, which is the result of everybody else buying energy from sources that we used to buy from earlier". 'So we've been displaced out of the energy market largely, and the costs have gone up. We are the third-largest consumer of energy in the world. We import over 80 per cent of our products. What would you have us do? Switch off our economy?" he asked, as he stressed that the current energy relationship with Russia is shaped by rising costs and supply displacement caused by other countries' procurement choices. 'Third, we also see around us relationships that other countries maintain for their own convenience with countries that are a source of difficulty for us. Do we ask you to come up with a little test of loyalty?" he said. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1 per cent from a year ago. India's purchases of Russian oil sold at discounted rates surged after Western nations imposed sanctions and stopped buying oil from Moscow over its invasion of Ukraine in 2022. Earlier this month, US President Donald Trump threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal within 50 days. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
3 hours ago
- Time of India
UK firms can offer telecom, construction services in India without local office under CETA
New Delhi: Companies from the UK will be able to offer services in sectors such as telecom, and construction in India without setting up a local presence, under the free trade agreement signed between the two countries. The British firms will be treated on par with Indian firms. The Comprehensive Economic and Trade Agreement (CETA) was signed on July 24 in London. It may take about a year for items implementation as the free trade pact needs approval from the British Parliament. "UK companies can now provide telecom, construction, and related services in India without establishing a local presence, enjoying full national treatment, meaning they will be treated on par with Indian firms," the commerce ministry said. Services is a key chapter in the agreement as both countries are strong in different kinds of services. India enjoys a trade surplus of around USD 6.6 billion with the UK. The country's services exports stood at USD 19.8 billion and imports at USD 13.2 billion. In the agreement, the UK has provided a comprehensive and deep market access in 137 sub-sectors to Indian firms. On the Indian side, commitments have been extended in 108 sub-sectors, granting UK firms access to domains like accounting, auditing, financial services (with FDI capped at 74%), telecom (100% FDI allowed), environmental services, and auxiliary air transport services, it said.>
