The Indian government has recently gone on record stating that India is sufficiently prepared to deal with the impact of the US decision to end waivers that allowed India to buy Iranian oil without facing sanctions.
The Ministry of Petroleum and Natural Gas said in a press release, “The Government of India has put in place a robust plan to ensure that there is adequate supply of crude oil to Indian oil refineries from May 2019 onwards. The Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products in the country.”
US President Donald Trump on April 22, 2019 announced his decision of not granting sanction exemptions to any oil importer dealing with Iran. The US has also demanded that all importers of Iranian oil must stop importing oil from Iran from May 1, 2019 or face tough economic sanctions.
The Indian External Affairs Department spokesperson, Raveesh Kumar said, “The government has noted the announcement by the US government to discontinue the ‘significant reduction exemption’ to all purchasers of crude oil from Iran. We are adequately prepared to deal with the impact of this decision.”
How will the US decision impact India
This story is from the May 16-31, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 16-31, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
A new chapter in Singapore's Leadership: continuity and change
The departure of Prime Minister Lee Hsien Loong marks the beginning of a new era in Singapore, as Lawrence Wong ascends to the post of the country’s fourth Prime Minister.
Disabled children: Education and rehabilitation
Child disability is, in fact, a serious and challenging problem of the world.
India's 2024 Elections: Is it a fight between a macro & micro view of development?
The seven phase massive election process in the largest democracy of the world is on; and the churn throws up hope as well as despair.
Empowering India's workforce: launch of comprehensive skill training programme
Srihari Global IISD Foundation, in collaboration with Birla Open Minds and SAHAJ Retail Private Limited, has launched a groundbreaking skill training program aimed at enhancing employment opportunities and fostering career growth across India.
DVC achieves record power generation in its 75-year journey
The Damodar Valley Corporation (DVC) has accomplished a significant milestone by generating 43.32 billion units of electricity during the fiscal year 2022-23.
"Sticky" inflation is still a global worry!
While major world economies have successfully tackled inflation over the last six months by bringing retail inflation (the monthly consumer price index-based inflation) close to the central bank target rates of 2% with and emerging economies including India’s Reserve Bank of India have achieved some measure of success, all is not well yet.
Emerging alarming trends in India's financial sector
The onset of the new financial year FY25, commencing on April 1, 2024, does not promise any relief from the economic challenges persisting since the previous fiscal year. In recent months, various banks and financial institutions in India, including Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, PayTM, IIFL, JM Financial, and Paisa Lo, have been making headlines for all the wrong reasons.
Economic insights from China
Economic indicators released by Chinese authorities, media outlets, and researchers suggest a recent downturn in China’s economic fundamentals.
Rubber planters confront challenges of declining prices, labour shortages, and erratic monsoons
Natural rubber (NR) stands as a crucial plantation commodity in India.
Is the Indian Tea Industry at a crossroads?
The Indian tea industry marks a significant milestone this year as it celebrates two centuries of journey since its inception.
