Indo-Russian oil trade is strategic
Indian refiners, the world’s biggest user of Russian oil, can operate without supplies from Moscow from a technical standpoint, but the shift would involve economic and strategic trade-offs, analysts said.
Replacing Russian crude, which accounts for up to 38 per cent of India’s refinery intake, with alternatives will shift yields, resulting in lower middle distillates (diesel and jet fuel) and higher residue outputs, according to real-time data and analytics provider Kpler.
Need wide-ranging reforms
Industry body CII on Sunday pitched for comprehensive land reforms such as the formation of a GST-like Council to enable coordinated and consensus-based reforms and uniform stamp duty rates of 3 to 5% across the country for India to become a global manufacturing hub.
While protectionism and trade wars pose a challenge, India’s stable policy framework, strong industrial capabilities, large domestic market and a young workforce, coupled with its reputation as a trusted and capable partner among many nations, set it up as an attractive investment destination, it stated.