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India aims to import about 10% of its cooking gas from US from 2026, say sources
Economic Times
·
1m ago
Medial
India plans to import about 10% of its cooking gas from the U.S. starting in 2026, diversifying away from its heavy reliance on Middle Eastern LPG suppliers. This move is part of a broader effort to increase U.S. energy purchases to narrow the trade gap with Washington. The decision follows China's import tariffs on U.S. propane, which have created favorable conditions for Indian importers seeking to mitigate freight risks and ensure reliable LPG sources.
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India is considering removing import tax on US ethane, LPG in trade talks: Report
Business Today
·
3m ago
Medial
India is considering removing import taxes on US ethane and LPG during trade negotiations, aiming to boost fuel imports. These taxes, currently at 2.5%, apply to ethane, propane, and butane, vital for cooking gas and petrochemical production. In the 2023-24 fiscal year, India imported 18.5 million metric tons of LPG, mainly from the Middle East. Challenges include logistical hurdles like ship, storage, and processing capacity for increasing US ethane imports.
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India's natural gas consumption to more than double by 2040: PNGRB study
Economic Times
·
1m ago
Medial
India's natural gas consumption is forecasted to increase by about 60% by 2030 and more than double by 2040, driven by its use as CNG for transportation, cooking, and industrial purposes. While city gas distribution will become the largest sector for gas consumption, imports will continue to fulfill half of the demand. LNG imports are set to rise significantly, facilitating the country’s transition to cleaner energy sources as part of its net-zero emission goals by 2070.
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India to provide 7.5 million free gas connections, total outlay of about $200 million
Reuters
·
1y ago
Medial
India plans to offer 7.5 million free cooking gas connections to households headed by women over the next three years, with an estimated financial commitment of 16.5 billion rupees (approximately $200 million), according to Anurag Thakur, the federal information minister. This initiative aims to provide cleaner and more convenient cooking options to families, particularly those in rural areas, as well as empower women.
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What is driving Walmart's shift from China towards India for imports?
Livemint
·
1y ago
Medial
Multinational retail corporation Walmart is reducing its reliance on Chinese supply chains and increasing imports from India. Between January and August 2023, Walmart imported 25% of its US imports from India, up from just 2% in 2018. Growing geopolitical tensions and cost factors are driving Walmart to shift supply chains from China to countries like India, Thailand, and Vietnam. Walmart aims to import $10 billion worth of goods annually from India by 2027 and is currently sourcing products ranging from toys to pharmaceuticals from the country.
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Tesla may head to India on incentive-paved road
Economic Times
·
1y ago
Medial
US electric automaker Tesla is reportedly close to setting up operations in India, as the government plans to extend concessional import duties on electric cars for 2-3 years. Tesla is willing to invest up to $2 billion if the Indian government offers reduced import duty of 15% on imported electric cars in the first two years of operation. The move aims to accelerate local manufacturing and bring down prices of electric vehicles through localisation. However, Indian automakers are cautious about any reduction in import duty, fearing an unfair advantage for Tesla.
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Google to share oil and gas methane leaks spotted from space
Economic Times
·
1y ago
Medial
Google has partnered with the Environmental Defense Fund to identify sources of climate-warming emissions from oil and gas operations using a new satellite called MethaneSAT. The satellite, which will launch next month, aims to monitor methane emissions globally and pinpoint major sources of the greenhouse gas. Google Cloud will process the information collected by MethaneSAT and create a map of oil and gas infrastructure, using artificial intelligence to identify components like oil tanks. This data will help researchers, energy companies, and the public sector to better understand and mitigate methane emissions.
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Talk to ‘Bhashini’ for UPI-based services in local languages
Economic Times
·
1y ago
Medial
A new government initiative called Bhashini, an AI-powered translation platform, that allows mobile users to perform various services, including UPI payments, in their local language. Users can simply speak their requests, such as "LPG gas book kar do" (book cooking gas cylinder), and Bhashini will process the transaction. This initiative aims to promote linguistic inclusion in the payments ecosystem by enabling users to interact in their native languages.
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Diplomatic tension unlikely to impact IndianOil’s Canada gas assets | Company Business News
Livemint
·
9m ago
Medial
The diplomatic tension between India and Canada is unlikely to impact the operations of Indian Oil Corp. Ltd's Canadian subsidiary, IndOil Montney Ltd. The subsidiary owns a 10% stake in shale gas assets in British Columbia province. Dividends from these stakes will continue to flow, according to sources. The diplomatic tensions between India and Canada escalated recently when both countries expelled each other's diplomats. Despite this, business ties between the two countries are expected to remain intact. India-Canada bilateral trade has also held up amidst the diplomatic standoff.
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India Exim Bank's PAT rises 62% in FY24 to ₹2,518 crore
Livemint
·
1y ago
Medial
The Export-Import Bank of India (India Exim Bank) reported a profit after tax of ₹2,518 crore for FY24, up 61.8% from the previous year. The bank's total business for FY24 stood at ₹3.4 trillion, with a net loan portfolio of ₹1.6 trillion. The loan portfolio's growth was driven by sectors like clean energy, automotive, engineering goods, pharmaceuticals, and telecommunications. The bank aims for a 10%-12% credit growth during FY25 and plans to borrow around ₹60,000 crore from the market, with foreign currency borrowings of $3 billion-$3.5 billion. It is optimistic about global trade picking up during the fiscal year.
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U.S. trade chief flags concerns over India's license mandate for laptop, tablet imports
Reuters
·
1y ago
Medial
US Trade Chief Katherine Tai has expressed concerns to India regarding its new requirement for licenses for importing laptops, tablets, and personal computers. The move raises worries about its impact on companies like Apple and Dell, potentially leading to increased local manufacturing. Tai's intervention followed her meeting with India's Trade Minister Piyush Goyal. The licensing regime, set to begin on November 1, aims to ensure reliable hardware and systems while reducing import dependence and addressing trade imbalances. Discussions between India and the US also continue to resolve bilateral disputes at the World Trade Organisation.
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