Saudi Arabia, Russia, Iraq, and the UAE, major OPEC+ members, have increased oil exports to India, the world's third-largest crude consumer. According to statistics, these four nations raised their combined crude shipments to India by 375,000 barrels per day (bpd) in May compared to April, earning a market share of almost 78%. The OPEC+ commitment to raise output by 359,000 bpd under the alliance’s production plan saw these four countries exceeding their pledged production increase. Russia remains India's leading supplier, benefiting from discounted barrels. Saudi Arabia increased oil
According to a recent World Bank report, India has made significant progress in reducing severe poverty over the last decade. The percentage of Indians living in extreme poverty has decreased from 27.1% in 2011-12 to 5.3% in 2022-23, highlighting the country's tremendous achievement in poverty reduction initiatives. This considerable improvement aligns with the PM Modi government's emphasis on inclusive growth and social welfare measures. The World Bank revised its poverty line to $3 per day, incorporating inflation increases between 2017 and 2021. According to this new criterion, India
Prime Minister Narendra Modi launched the 'Aravalli Green Wall' project to commemorate World Environment Day with a significant push for environmental restoration. The effort aims to reforest the Aravalli range, a 700-kilometre region covering Gujarat, Rajasthan, Haryana, and Delhi, to address decades of environmental degradation. PM Modi also took part in the 'Ek Ped Maa Ke Naam' tree planting initiative at Delhi's Bhagwan Mahavir Vanasthali Park, where he shared images and emphasised the campaign's importance. In his remarks, he stated that the Aravalli Green Wall Project would establ
Commerce and Industry Minister Piyush Goyal met with Singapore's Deputy Prime Minister Gan Kim Yong on Tuesday to discuss ways to strengthen economic cooperation between India and Singapore, with a special focus on enhancing India's shipping sector. The forum highlighted India's strategic commitment to improving trade and transportation efficiency. During his three-day visit, Goyal met with various prominent global leaders and business executives. His conversations included meetings with Fatih Birol, Executive Director of the International Energy Agency, Nigerian Trade Minister Jumoke Oduw
Thailand's direct investments in Dubai have reached approximately US$626 million over the last five years, according to Mohamed Ali Rashed Lootah, Director General of Dubai Chambers. He voiced optimism for future growth, citing continuing efforts to strengthen economic collaboration between the two regions. Thailand is regarded as one of Dubai's important trading partners in the ASEAN area, and expanded field presence is viewed as critical in strengthening private-sector engagement and enabling new economic prospects. Non-oil trade between Dubai and Thailand has increased significantly in
India has officially become the world's third-largest domestic aviation market, behind the United States and China. Data from aviation analytics firm Official Airline Guide (OAG) indicated this huge shift, which was fuelled by robust fleet expansion by major carriers such as IndiGo and Air India. The country's airlines have rapidly expanded to meet the growing demand for air travel. In April 2024, India's domestic airline capacity will be 15.5 million seats, up from 7.9 million seats a decade ago in April 2014. This expansion has propelled Brazil to fourth place, with 9.7 million seats, fo
Singapore has been India's top foreign direct investment (FDI) source for the past seven years, attracting almost $15 billion in 2024-25. According to the most recent government data, Singapore's FDI inflows increased to $14.94 billion from $11.77 billion in the previous fiscal year. Singapore accounted for almost 19% of India's overall FDI inflow. Singapore has regularly been the leading contributor of foreign direct investment to India since 2018-19, overtaking countries like Mauritius. Overall, India experienced a 13% increase in overall FDI inflows, reaching $50 billion in 2024-25. Inc
Thai Prime Minister Paetongtarn Shinawatra submitted a projected 3.78 trillion baht budget for the fiscal year 2026, equivalent to 115.66 billion US dollars. The strategy, which was submitted to parliament, aims to rekindle economic momentum in the face of global trade uncertainty. The draft budget calls for a 0.7% rise in spending and forecasts an 860 billion baht deficit. This represents a 0.7% decline over the 2025 fiscal year, which ends in September. Paetongtarn emphasised that her administration prioritises long-term recovery while maintaining fiscal discipline. The budget also seeks
The Association of Southeast Asian Nations (ASEAN) has published a five-year strategy plan to accelerate economic integration among its 10 member states. The 41-page statement, released during a key leaders' summit in Malaysia, sets clear goals for ASEAN to become the world's fourth-largest economy by 2045. The strategy prioritises trade standards harmonisation, cross-border investment facilitation, regulatory reforms, and greater freedom of movement for enterprises and workers. It also suggests sustainable strategies for agriculture, mining, and industry to promote long-term growth. This
A top economic delegation from the United Arab Emirates visited Abidjan, the capital of Côte d'Ivoire, to strengthen bilateral ties and develop trade collaboration. The UAE Ministry of Foreign Affairs organised the tour in collaboration with the Federation of UAE Chambers of Commerce and Industry. The mission was led by His Excellency Humaid Mohamed Ben Salem, the FCCI's Secretary General. UAE officials met with various top ministers and government leaders from Côte d'Ivoire. Discussions centred on enhancing economic cooperation and fostering trade between the two countries. Renewable en