As India-Russia trade decreases, India's April-July exports to the US this year increased by 21% compared to last year & imports from the US grew by 12%.
Iran’s parliament has approved potential closure of Strait of Hormuz in response to US strikes on Iranian nuclear sites, but country’s top security body is yet to take final call.
Despite contraction in exports, India’s merchandise trade deficit improved in 2023-24, owing to steeper drop in imports. However, the trade deficit with China & Russia widened.
India was the top buyer of Russian oil last year after other groups retreated from purchases following Western sanctions on Moscow for its invasion on Ukraine in February 2022.
Just because India's increased oil imports proved beneficial after Russia-Ukraine war doesn't mean Modi govt should continue with it. Israel-Hamas conflict could hurt us now.
As Houthis attack ships in Red Sea in solidarity with Palestine, shippers are considering alternative routes. Delay in oil supplies to India could force it to buy more from Middle East.
A bad turn in Venezuela would raise the same questions that have dogged the unlawful US strikes against alleged drug boats in the Caribbean: Why now, and why at all?
The latest comment comes as New Delhi and Washington have yet to sign a trade agreement. India’s purchase of Russian oil has reduced, but Moscow remains top source for crude.
If deal goes through, Greece will be 2nd foreign country to procure vehicle. Morocco was first; TATA Group has set up manufacturing unit there with minimum 30 percent indigenous content.
Many of you might think I got something so wrong in National Interest pieces written this year. I might disagree! But some deserve a Mea Culpa. I’d deal with the most recent this week.
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