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Business Standard
8 minutes ago
- Business Standard
India's Russia oil imports slump, US crude purchases rise in July
Two months before American President Donald Trump unleashed his tariff and penalty war on India, Indian state-run oil refiners had started reducing purchases from Russia, sending the July import of Russian crude oil 22-27 per cent below that in June, according to refining sources and the ship-tracking data. Import from Russia in July was around 1.5 million barrels per day (bpd), the lowest this year after February, compared to 1.95-2.1 million bpd in June, according to the data from maritime intelligence agencies Vortexa and Kpler, reviewed by Business Standard. On the other hand, India's crude oil import in July, at 4.68 million bpd, declined by just less than 1 per cent from June. This shows sellers in West Asia, Africa, and the United States (US) have increased their share in the Indian market in July at the expense of Russia. Trump on Wednesday announced a 25 per cent tariff on Indian goods and unspecified penalties for purchasing Russian oil and arms. 'If these new tariffs are enforced, combined with existing sector-specific tariffs on products like aluminium, steel and automobiles, the total effective US tariffs on Indian imports would rise to around 26.6 percentage points excluding penalties,' Goldman Sachs on Thursday said in a report. Crude-oil import from the US increased 23 per cent in July from June, accounting for 8 per cent of the total. This was much higher than the 3 per cent share in February, reflecting New Delhi's attempts to accommodate the Trump administration's agenda of higher US energy export. But there may be trouble ahead as sanctions mount on India, both from the European Union (EU) and the US, said Vandana Hari, a Singapore-based energy expert. A fifth of tankers that delivered Russian oil to India in June were sanctioned this month by the EU, said Hari, founder of Vanda Insights, citing independent research data. Two officials in state-run firms said Trump's tweet and lack of a definitive statement from New Delhi had created uncertainty over August deliveries of Russian oil, which were contracted at the end of June and were now on high seas, before EU sanctions were announced. It is unclear if penalties will apply to existing shipments or new orders, the officials said. In addition, it is unclear how well Rosneft-run Nayara Energy, which accounts for nearly 15 per cent of India's Russian crude oil import, can manage operations after being sanctioned by the EU. Nayara has not commented on specific plans. Trump cited India's high tariffs, non-monetary trade barriers, and the purchase of Russia's military equipment and energy as the reasons for imposing the 25 per cent tariffs plus penalty, Nomura Securities said in a note. This highlights his deeper geopolitical concern over India's Russia dependence, rather than just resolving tariff and non-tariff barriers, the brokerage added. It maintained its FY26 growth forecast at 6.2 per cent in gross domestic product but flagged a downside risk of 20 basis points in case the tariffs get entrenched at these levels. Russian share falls Russian oil accounted for around 33 per cent of India's crude oil import in July, declining from a record of 45 per cent in June and 43 per cent a year earlier, the Kpler data showed. Iraqi supplies of Basrah grades, India's second-highest source, rose 10 per cent during the period. Iraq accounted for a fifth of India's July supplies, followed by Saudi Arabia at 15 per cent. Indian Oil contributed largely to the decline in Russian oil purchases in July, with purchases by India's biggest refiner crashing by more than half to around 200,000 bpd in the month, the Kpler data shows. Import by Reliance Industries, the biggest buyer of Russian oil, declined 17 per cent in the month to 618,000 bpd. State-run refiners in July made the biggest cuts, with Hindustan Petroleum importing around 20,000 bpd, around a third of the June volumes. Bharat Petroleum slashed purchases by 27 per cent during the period, the Kpler data showed. June this year was an outlier for Russian oil import, said a Singapore-based oil analyst with a western commodity broker. Russian shipment averaged around 1.6 million bpd this year, she said. Purchases in June were the highest in two years, with summer months typically showing elevated purchases of Russian oil, the ship-tracking data showed.
The Hindu
38 minutes ago
- The Hindu
Waiting area with state-of-the-art amenities inaugurated at US Consulate General
The Telangana State Consular Waiting Area, a facility with state-of-the-art amenities for those visiting the US Consulate General, was inaugurated on Thursday. Industries and IT Minister Duddilla Sridhar Babu inaugurated the facility and pointed out that every move the Telangana government makes is for the people of the State. The government was appraised of the fact that visitors, around 3,000 each day, of the US Consulate General were facing inconvenience in the absence of a waiting areas. As a result, the government, through the Telangana Industrial Infrastructure Corporation (TGIIC), took steps to construct the facility. He explained that the a ground-level study was embarked upon and exact needs were identified. He underscored that the move is an example of the government's proactive approach not just in industrial and technological sectors but also in initiatives that bring improvements to the daily lives of the people. The Telangana government has been pro-actively working to strengthen bilateral relations between Telangana and the United States, which is a leading trade partner. Bilateral trade is in pharma, aerospace, electronics, and electric vehicles (EVs) sectors. Around 38% of Telangana's IT exports are to countries in North America. The city, he explained, serves as home base for tech giants such as Google, Amazon, Apple, and Microsoft. In January this year alone, US-based companies invested ₹31,500 crore in the state, leading to the creation of 30,000 new jobs. Hyderabad US Consul General Jennifer Larson and other dignitaries participated in the event.
New Indian Express
39 minutes ago
- New Indian Express
Odisha to house India's first integrated FinTech capability hub in Bhubaneswar
BHUBANESWAR: In a significant move poised to reshape Odisha's digital economy, the state government on Thursday announced the launch of the Integrated Global Financial Technology Capability Hub (I-GFTCH) in the city. Being set up in collaboration with Singapore-based Global Finance and Technology Network (GFTN) and the Asian Institute of Digital Finance (AIDF) at the National University of Singapore (NUS), this first-of-its-kind FinTech capability centre will make over 7,000 graduates job-ready with professional training in FinTech and InsurTech domains over the next five years. Minister for Electronics and IT Mukesh Mahaling said that with I-GFTCH, Odisha not only enters the FinTech race but also aims to set the pace. 'Apart from the direct value creation of ₹299 crore, an indirect economic impact is estimated at ₹898 crore over five years through the initiative by strengthening employment, service exports, and sector-wide innovation,' he said. 'Odisha's financial services sector, now contributing around eight per cent to the state's Gross State Value Added (GSVA), has been earmarked for rapid expansion under Vision Odisha 2036 and 2047. The state aims to boost the GSVA share to nearly 49 per cent by 2047 by focusing on advanced banking, insurance, payments, and emerging FinTech solutions,' he added. As part of the initiative, I-GFTCH offers a future-proof FinTech and InsurTech professional certification programme to job aspirants, who will be selected through an online test. This five-month hybrid course includes online modules, two weeks of on-campus sessions in Bhubaneswar, hands-on projects, and internship placements. It has been designed for final-year undergraduate and postgraduate students seeking to build a career in the financial sector. They will receive certificates from NUS-AIDF upon completion of the course. Minister for Higher Education Suryabanshi Suraj said this initiative places Odisha on the global map of digital skilling, aligning seamlessly with India's broader technological aspirations. 'We are committed to building a talent pipeline that can power India's innovation economy, and certification is a powerful step forward,' he said. The programme, commencing in September, adopts a hybrid learning format, with 60 per cent virtual lessons and 40 per cent in-person sessions. Selected students will be trained in AI, insurance, blockchain, governance, and finance. The programme is also expected to directly contribute to job creation, with 2,000 projected jobs linked to the capacity-building and talent development programme over five years.
