A report by OPEC stated that the demand for petroleum products like petrol and diesel in India will rise by 7.73 percent in 2023. India's demand for oil products is expected to increase from 4.77 million barrels per day (BPD) in 2022 to 5.14 million BPD in 2023, as mentioned by OPEC in its monthly oil report. The demand rise is the fastest in the world, followed by 1.23 percent in China, 3.39 percent in the US, and Europe's 4.62 percent. After the US and China, India is the third largest oil importing and consuming country in the world. The demand for petroleum products in India is main
On Wednesday, U.S. officials announced that new trade talks would be launched with Taiwan, just days after the Biden administration excluded the Chinese-claimed island from its economic plan to counter China's influence in Asia. During a phone briefing, two senior U.S. administration officials told reporters that Washington and Taipei would "move quickly" to develop a roadmap for the planned US-Taiwan Initiative on 21st-Century Trade in the coming weeks. The initiative will be followed by in-person meetings in June in the US capital. The initiative will address the issues of customs fac
India plans to make investments across different private and public sectors in Sri Lanka and link the island- nation's economy to that of India. Some sectors that India is looking forward to investing in are renewable energy, hydrocarbons, ports and infrastructure, IT, and hospitality. Even though Sri Lanka is facing its worst economic crisis, Indian investors in the neighboring country are still not ready to put an end to their investments and businesses because of Sri Lanka's strategic location and its enormous potential. The three major sources of revenue for the Sri Lankan economy a
On Thursday, Tripura exported nearly 9,909 tonnes of pineapples worth Rs 14 crore to Dubai, Qatar, and Bangladesh. As per the reports of Agriculture and Farmers Welfare Minister Pranajit Singha Roy, in addition to pineapples, Tripura also exports a variety of other fruits and horticultural products to Germany, England, and other nations. Singha Roy said a special logo was recently developed to commercially brand the state's pineapples to promote marketing. A total of 8,800 hectares are planted with pineapples of two varieties, Kew and Queen, which produce 1.28 lakh tonnes of pineapples
A research project involving Indonesia and Singapore will focus on the way coastal and marine ecosystems capture and store carbon. According to the Blue Carbon Project, Indonesia could estimate the amount of carbon dioxide it can capture and reduce its emissions subsequently. Coastal ecosystems are home to 17% of the world's blue carbon reserves. Blue carbon is a natural solution that will not only save the climate of our planet but will benefit the ocean as well. Many marine species rely on these shallow-water habitats for spawning grounds, nursery grounds, feeding grounds, shelter, and o
India and Maldives on Tuesday signed six pacts to boost cooperation in many important areas with Prime Minister Narendra Modi, stating that New Delhi has been and will continue to help the neighboring country if they face a crisis. After holding talks on diverse topics with visiting Maldivian President Ibrahim Mohamed Solih, Modi announced a line of credit of USD 100 million for the island nation for the completion of development projects within a stipulated time. “We also reviewed projects for the construction of 4000 social housing units in Greater Male today. I am happy to announce
Abdelmadjid Tebboune, the Algerian president, recently expressed Algeria's interest in joining the BRICS group in a television interview. In June, he participated in a High-Level Dialogue on Global Development between BRICS countries, emerging markets, and developing countries. The BRICS group consists of Brazil, Russia, India, China, and South Africa, which represent approximately 23% of global GDP and over 40% of the world population. Several other nations, such as Morocco, have expressed interest in joining the BRICS grouping. That number is expected to increase to 50% by 2040. Mr. T
Israel has announced plans to process the construction of an earlier approved multimillion-dollar joint industrial park with Jordan, along the shared border of both countries. The decision for the project, called the “Jordan Gateway" came during a cabinet meeting of the Israeli government on Sunday. An Israeli statement stated the idea was first suggested in 1994 when the two countries restored ties but the “final details” were decided during a meeting last week between Jordan’s King Abdullah II and acting Israeli Prime Minister Yair Lapid in Amman. "Twenty-eight years since
Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina are expected to jointly inaugurate the 1320 MegaWatt Maitree Super Thermal Power Station when the latter visits India in the first week of September. The power plant, considered Bangladesh's largest, is being set up by Bangladesh India Friendship Power Company Limited, an equal joint venture between India’s NTPC and Bangladesh Power Development Board. The project is expected to cost USD 1.5 billion. PM Hasina’s three-day visit has been touted as important by the Modi government, as Dhaka is one of India’
On Saturday, Union Minister of State for External Affairs Rajkumar Ranjan Singh announced that in recent years, trade, investment, and tourism cooperation between India and Thailand have flourished. The bilateral trade between India and Thailand reached a record of USD 15 billion in 2021-22 due to the domestic market remaining attractive to Thai investors. A second edition of the North East India Festival is currently taking place in Bangkok. According to him, commerce, culture, and connectivity define the future focus areas of cooperation between the two nations. He said, "Thailand is