India’s current account deficit hit a record high of $23.5 billion in May on account of higher commodity prices.
The trade deficit majorly burgeoned on account of high coal imports, which witnessed a growth of 242%, followed by gold and petroleum at 169% and 94.2%, respectively.
JP Morgan said while the duties on steel/iron ore helped reduce domestic prices and curb inflation, a higher tax on gold should decrease imports and help the external balance marginally.
The reason for the hike in duty was to rein in the current account deficit , thereby reducing pressure on the rupee, which breached the 79 to the dollar mark on Thursday.
Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
The Civic body has also not been able to prevent use of single-use plastic, that constitutes nearly 70 per cent of trash in the city.
The contraband approximately worth Rs 30 lakh contains 16,190 packets of illegally smuggled imported cigarettes and 580 packets of cigars.
The state-run company recently floated three e-tenders to source coal from overseas on behalf of state gencos and independent power plants (IPPs) for blending with the domestic coal.
India’s exports to China grew by 0.61% in FY22, which increased in FY21 by 33.59%. The major items of exports included iron and steel, ores, slag and ash and organic chemicals.
However, trade sources and economists expect demand to rationalise amid high inflation. By quantity also, imports in May are estimated at 100-plus tonnes as against 28.5 tonnes in April.
In the year 2021, the European Union imported roughly 40% of its gas from Russia, making it difficult for the EU to impose sanctions on Russia over its ongoing conflict with Ukraine.
Pakistan's Federal Minister for Planning made the appeal after the federal budget document for the last fiscal year showed a Rs 13 billion increase in tea imports from the year before that.
The import of RBD palmolein rose sharply to 1 lakh tonnes from 2,075 tonnes, while that of crude palm kernel oil (CPKO) declined to 4,265 tonnes from 11,894 tonnes in the said period.
Even as Coal India (CIL) has issued a tender to import coal from overseas, the country’s coal import is likely to decline by 11.4 per cent to 186 million tonnes (MT) this fiscal.
Russian-origin crude hit 5 per cent of India's total seaborne imports in April for the first time, rising from under 1 per cent throughout 2021 and Q1 2022, the data showed.