"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions" India’s state-owned refiners are expediting payments for Russian crude oil to complete transactions before expanded US sanctions take effect. These refiners now settle payments within two days instead of the usual five, aiming to secure discounted Russian oil while navigating an increasingly restricted global trade environment. The urgency stems from Washington's announcement of stricter sanctions targeting Russia’s oil industry, which are set to take effect next month. Refiners are keen to ensure transactions are completed during the “wind-down” period allowed for pre-sanctioned cargoes. At least 4.4 million barrels of Russian oil are en route to Indian ports like Jamnagar, Chennai, Paradip, and Visakhapatnam. Among these shipments is the tanker Mercury , carrying over 1 million barrels of Russian Urals crude, expected to arrive in Paradip soon. This vessel loaded its cargo in mid-December ...
India's Union Budget 2024-25: An In-Depth Analysis The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, addresses the economic challenges and aspirations of different segments of the population. This blog explores the advantages and disadvantages of the budget for the middle, lower, and upper classes, compares it with previous budgets, and assesses its overall impact on the Indian economy. Key Highlights 1. Economic Indicators and Fiscal Policy: Receipts and Expenditure: Total receipts (excluding borrowings) are projected at ₹32.07 lakh crore, while total expenditure is estimated at ₹48.21 lakh crore. Fiscal Deficit: The fiscal deficit is set at 4.9% of GDP, with a target to reduce it below 4.5% in the next fiscal year. 2. Taxation and Personal Finance: Standard Deduction: Increased from ₹50,000 to ₹75,000 for salaried employees. Revised Tax Slabs: The 5% tax rate now applies to incomes ₹3-7 lakh, with the highest rate of 30% for incomes above ₹15 lakh. NPS ...