Connect with us

Latest News

How will Russia-Ukraine war affect India?



New Delhi: The war between Russia and Ukraine has accelerated Brent crude oil prices, which rose to $105 a barrel on Thursday and is expected to hit India’s economy with high inflation. Currently, India, which imports 85 percent of its crude oil needs, is dependent on imports. Any increase in crude oil prices will have a significant impact on domestic gasoline and diesel prices.

Furthermore, the cascading effect of higher fuel costs will trigger a general inflationary trend. India’s main gauge of inflation, the consumer price index (CPI), which denotes retail inflation, crossed the Reserve Bank of India’s target range in January. The increase was attributed to high raw material costs.

According to industry calculations, a 10 percent increase in crude oil prices adds nearly 10 basis points to CPI inflation. “Crude prices at such high levels will push retail fuel prices up by around Rs 8-10 per liter and could create inflationary pressure,” said Bhanu Patni, senior analyst at India Ratings and Research.

“Although oil trading companies have not increased retail prices since November 21, the same could be seen after the election.”

On Thursday, Brent crude rose to $105 a barrel after Russian President Vladimir Putin launched a military operation in Ukraine. This is the first time since 2014 that crude oil prices have broken above the $100 per barrel mark.

Also, crude oil prices rose 5.50 percent to close to $97.22 a barrel on the NYMEX WTI index. “Crude above $100 per bbl would increase the import bill, current account deficit and therefore INR depreciation against USD will lead to inflation,” said Prashant Vasisht, vice president and co-head of corporate ratings at ICRA.

“Upstream companies would benefit from higher crude oil prices. In addition to crude oil, gas prices are also expected to rise as Europe obtains a large proportion of its gas through pipelines passing through Ukraine.”

Russia is currently one of the world’s leading producers of crude oil and any Western sanctions against Russia will tighten global supply. “The conflict between Russia, the second largest crude oil exporter with a 12 percent market share, and Ukraine is expected to have pushed already high crude oil prices to an 8-year high. Prices could stay above $100 a barrel in the short to medium term unless OPEC decides to significantly increase production,” said Hetal Gandhi, director of Crisil Research.

“Interestingly, in the last three months, OPEC members have not met their production targets, which has influenced prices. The result is a negative energy and trade deficit for India, as we import nearly 85 percent of our crude oil requirement.”

In addition, Suman Chowdhury, director of analysis at Acuite Ratings & Research, said: “This will have an impact on the domestic inflationary scenario where there are already significant undercurrents due to the increased pass-through of higher commodity prices with improved demand in manufactured goods and even services.”

“While the government may ease some of the pressures through further reduction of excise duties on retail fuels, input costs are expected to rise further for sectors such as paints, chemicals, plastics, transport and fuel. aviation in the short term.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Apple threatens to withhold Twitter from App Store: Musk



San Francisco: Twitter CEO Elon Musk said Apple has “threatened to withhold” the micro-blogging platform from its App Store without giving a reason.

Musk’s accusation came shortly after he tweeted late Monday that Apple has “mostly stopped advertising” on Twitter following a survey that asked users whether the iPhone maker should “publish all shares of censorship that it has taken that affect its customers”.

In a series of tweets, Musk said: “Apple also threatened to remove Twitter from its App Store, but won’t tell us why.

“Did you know that Apple puts a 30 percent secret tax on everything you buy through its App Store?”

Several users expressed their thoughts on Musk’s claim.

While one user commented, “Apple doesn’t support free speech,” another said, “because it’s violating the rules about moderating extremist content.”

Meanwhile, Yoel Roth, who resigned from Twitter as head of trust and safety earlier this month, said that while Musk perpetuates the lack of legitimacy through his impulsive changes and lengthy tweet pronouncements about the platform’s rules, Twitter it now faces close scrutiny from Apple and Google. app stores

In a New York Times article amid the #RIPTwitter trend on social media, Roth said that “Twitter will have to balance its new owner’s goals with the practical realities of Apple’s and Google’s internet life, a no-brainer.” easy for employees who have chosen to stay.

“And when I left the company, the calls from the application review teams had already started,” Roth wrote.


Continue Reading

Latest News

After furore for slurring women, Ramdev regrets and apologises



Mumbai: Just 72 hours after his comments about women sparked a furor, a chastened yoga guru, Swami Ramdev, expressed his regret and apologized for his comments.

Ramdev emailed Maharashtra State Commission for Women Chairman Rupali Chakankar in response to her letter on Friday demanding an explanation of his remarks within 72 hours.

Confirming the developments, the MSCW boss reported that Ramdev sent him the reply, expressing regret and offering an apology, but also stating that his comments were allegedly twisted out of context.

“We have received your response to our notice… However, if there are any further objections or complaints, we will conduct a full investigation and obtain the full video recording of the show made last week,” Chakankar warned, while speaking to IANS. .

Addressing a free women’s yoga training program in Thane, Ramdev Baba blurted out to the mostly women gathering: “Women look good in sarees, they look great in salwar suits and, in My opinion, they look good even if they are not wearing anything.

At the time, Ramdev was flanked by Balasahebanchi MP Shrikant Shinde Shiv Sena Thane, son of Prime Minister Eknath Shinde, and singer Amruta Fadnavis, wife of Bharatiya Janata Party Deputy Chief Minister Devendra Fadnavis and other prominent personalities.

The blatant statements prompted calls for Ramdev to “slap, kick and admonish” them from various locations in Maharashtra and other parts of India.

Agitated top leaders from various parties, including Sanjay Raut, Dr. Manisha Kayande, Kishore Tiwari, Mahesh Tapase, women activists like Aparna Malikar, Trupti Desai and others, pounced on Ramdev, seeking an unconditional apology, framing him for demoting women and other demands. even as the MSCW slapped a notice.


Continue Reading

Latest News

Uorfi calls Chetan Bhagat a ‘pervert’ after he questions her dress sense



Mumbai: Internet personality Uorfi Javed clashed with popular writer Chetan Bhagat over the latter’s comment calling her a “distraction” to children. Although Bhagat later clarified that he had been quoted out of context, Worfi went after him, all guns blazing.

Uorfi took to her Instagram Stories and shared a series of her chats that had gone viral a few years ago during the #MeToo campaign. He was later accused of sexual misconduct by author and yoga instructor Ira Trivedi.

After bringing the allegations against Bhagat to the attention of his followers, Uorfi reacted to the author’s comment: “Guys, let’s not forget how many women accused him during the #MeToo case!!”

He added that men like Bhagat only blame women and said there was no need to drag her into the conversation and make comments about the type of clothing she chooses to wear.

“Men like him will always blame women rather than accept their own shortcomings!! Just because you’re a pervert doesn’t mean it’s the girl’s fault or what she’s wearing! Uorfi said.

“Unnecessarily dragging myself into a conversation, commenting on how my clothes distract kids is such a fucked up thing to say! Isn’t texting young girls distracting to them though? She continued.

Uorfi also pointed out how Bhagat’s comment showed that his way of thinking was quite old-fashioned.

“Stop promoting rape culture you psychos out there! Blaming women’s clothing for men’s behavior is so 80s. Mr. Chetan Bhagat. Who was distracting you when you texted girls half your age? Uorfi said. “Always blame the opposite sex and never accept your own shortcomings or failings! People like you are cheating young people, not me. Encourage men to blame women or their clothes when they are to blame.

The former ‘Bigg Boss OTT’ contestant said all this in a video she shared, where she asked what was the need for the ‘Two States’ author to bear her name at a literature festival, despite the fact that she is not a writer, nor of his age.

“I don’t understand the need to mention my name at a literature festival. I’m not an author. Also, you said that the young man is distracted by looking at my photos. Put that aside. First, tell me why you, who are twice the age of youth, would send messages to girls half your age. Wasn’t that a distraction? Were your marriage and children not affected by it? Worfi asked.

Bhagat also took to his Twitter account to clarify that he was being questioned unnecessarily for what he had not said.

“I told the guys to focus on fitness and their running and not waste time on Instagram,” Bhagat said. “Apparently, that’s not right! So they cut out my statement, said it out of context, the headline added things I never said, and made an age discrimination click-bait piece,” he added.


Continue Reading