IMF drives down global growth forecast; India to grow at 9.5% this year and 8.5% in 2022

India’s economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund (IMF). India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous […]

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Reliance likely to transform its energy business with a future perspective, says Morgan Stanley

Reliance Industries Ltd (RIL) plans to transform its energy business with an over-arching strategy to offer decarbonisation solutions globally at a competitive price in a market potentially worth $ 5 trillion by 2030, Morgan Stanley said. Over the next few decades, the world will need to fundamentally retool the way it produces and consumes energy. Reliance is embracing […]

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Moody’s upgrades India’s outlook to stable, affirms rating

Ratings agency Moody’s affirmed India’s sovereign rating and upgraded the country’s outlook to ‘stable’ from ‘negative’, citing receding downside risks to the economy and financial system. The sovereign rating by Moody’s stands at ‘Baa3’—which is the lowest investment grade, just a notch above junk status. “Moody’s Investors Service has today changed the outlook on the […]

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Iran enters into an oil swap deal with Venezuela

Iran and Venezuela have struck a deal to swap heavy Venezuelan crude for Iranian condensate, Reuters has reported, citing unnamed sources familiar with the deal. According to these sources, the swaps are to last for six months, although they could be extended. The imports of Iranian superlight crude will help Venezuela revive its falling oil exports […]

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OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]

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India and US to reconvene trade policy forum from this year

Prime Minister Narendra Modi in his first-ever in-person meeting with President Joe Biden laid “strong emphasis” on developing trade and economic relations with the United States, Foreign Secretary Harsh Vardhan Shringla informed reporters. “There was a strong emphasis by the Prime Minister on developing the trade and economic relations,” Shringla told reporters at a news conference after […]

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India, UAE discuss deepening of trade, investment ties under CEPA

Finance Minister Nirmala Sitharaman held a meeting last week with visiting UAE minister for foreign trade Thani Bin Ahmed Al Zeyoudi to discuss ways to further boost trade and investment relations between the two countries. “Both sides discussed the strong economic and commercial engagement between the India-UAE and the comprehensive strategic partnership which is driving […]

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