RBI Sees Price Of India’s Crude Oil Imports At $85 A Barrel In 2024-25

by Hemanta Pande

NEWS HIGHLIGHTS

The RBI expects the price of the Indian basket of crude oil imports to be around $85 per barrel going ahead amid geopolitical tensions which have “imparted significant uncertainty” to the outlook.

Mumbai, Apr 5: The RBI expects the price of the Indian basket of crude oil imports to be around $85 per barrel going ahead amid geopolitical tensions which have “imparted significant uncertainty” to the outlook.

India exports around 85 per cent of its crude requirement, and soaring oil prices which have often crossed the $90 a barrel mark in recent years, tend to drag down the economy.

The RBI’s monetary policy report released on Friday states that international crude prices exhibited sizeable two-way movements in the second half of 2023-24, falling in October-December 2023 to around $75 per barrel on slowing global demand amidst weak manufacturing activity and easing demand for transportation fuels as well as supply increases from non-OPEC countries.

However, amidst intensifying hostilities in the Middle East, deep output cuts by OPEC plus cartel, and incidents of supply outages, international crude prices moved higher from mid-December reaching an average close to $85 per barrel in March, the report points out.

“The spread between global petroleum product prices and crude prices eased from its recent peaks in mid-2022 but remains elevated by historical standards in view of demand-supply refinery mismatches. Taking into account these factors, the baseline assumption for the crude price (Indian basket) is retained at $85 per barrel,” the report states.

Regarding the outlook for the rupee, the report states that the nominal exchange rate of the Indian currency saw two-way movements in the range of Rs 82.8-83.4 per US dollar in the second half of 2023-24. Taking into consideration the uncertainty around US dollar movements, the ebbs and flows of global capital flows and international crude oil prices, the baseline assumption for the exchange rate is revised to Rs 83 per US dollar.

It also sees as a positive factor in the global growth forecast for 2024 being revised upwards by 20 bps to 3.1 per cent by the International Monetary Fund (IMF) in its January 2024 update of the World Economic Outlook (WEO) from its October 2023 projection. Global economic growth is expected to increase marginally to 3.2 per cent in 2025 and global trade growth (goods and services combined) is projected to accelerate from 0.4 per cent in 2023 to 3.3 per cent in 2024 and further to 3.6 per cent in 2025.

However, the headwinds from protracted geopolitical tensions and increasing disruptions in trade routes pose risks to India’s growth outlook, according to the report.

Taking all these factors into consideration, India’s real GDP growth for 2024-25, is projected at 7.0 per cent, with Q1 at 7.1 per cent; Q2 at 6.9 per cent; Q3 at 7.0 per cent; and Q4 also at 7.0 per cent. The risks are evenly balanced, the report adds.(IANS)

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BJP Approaches EC Over Sujata Karthikeyan's "Gross Misconduct for BJD's Electoral Gains" In Odisha

by Hemanta Pande

New Delhi/ Bhubaneswar, May 2: The central leaders of Bharatiya Janata Party (BJP) on Thursday approached the Election Commission here accusing Odisha’s Mission Shakti Department Secretary, Sujata Karthikeyan of “misusing” her position to mobilise women attached with self-help groups “for electoral gains" of the Biju Janata Dal (BJD).

A delegation led by Union Finance Minister Nirmala Sitharaman, Union Minister Rajeev Chandrashekhar, Rajya Sabha MP Sudhanshu Trivedi and senior party leader Om Pathak met the Election Commission and submitted a memorandum in this regard.

"Sujata Pandian, IAS, Commissioner cum Secretary, Mission Shakti, who is the wife of VK Pandian, also known as V Karthikeyan Pandian, is not only affiliated politically to the BJD, but also indulging in grave misconduct through misuse of authority, government machinery, and man power for influencing voters through 'SVEEP' for electoral gains of the BJD," the BJP leaders wrote in memorandum.

The BJP leaders alleged that VK Pandian, who also served as the Private Secretary to CM Patnaik for over a decade, wields considerable influence within the state’s administration.

“In November 2023, after taking voluntary retirement from IAS, Pandian joined the Biju Janata Dal (BJD) party. He was subsequently appointed as the chairman of the state’s flagship programme- 5T transformational initiatives with the rank of a Cabinet Minister...His proximity to the Chief Minister as well as the BJD cannot be overemphasized,” the memorandum reads.

"With a view to preserve the unbiased and unblemished reputation of ECI, it would be the fitness of things to relieve Sujata R. Karthikeyan, IAS, from the post of Commissioner-cum-Secretary, Department of Mission Shakti, Government of Odisha and not assigned any public dealing duty till the conclusion of the impending Parliamentary and Assembly Elections in the State of Odisha" it says.

SVEEP is the flagship programme of the Election Commission of India for voter education, spreading voter awareness and promoting voter literacy in the country.

Assembly and Lok Sabha elections will be held simultaneously in Odisha in four phases, starting from Phase one on May 13, Phase two on May 20, Phase three on May 25 and the final Phase on June 1.

The results will be announced on June 4.

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Covaxin Has Excellent Safety Record, Says Bharat Biotech

by Hemanta Pande

Hyderabad, May 2: Bharat Biotech on Thursday said that its Covid-19 vaccine Covaxin has an excellent safety record without any vaccine-associated incidents of blood clots, thrombocytopenia, TTS, VITT, pericarditis, myocarditis, etc, as it was developed with a single-minded focus on safety first, followed by efficacy.

The Hyderabad-based company issued a statement amid questions being raised in some quarters over the safety of Covid vaccines after global pharmaceutical manufacturer AstraZeneca admitted that its Covid vaccine Covishield, developed by researchers from Oxford University, can cause a rare side effect of blood clotting and low platelet count after immunisation.

As many as 175 crore doses of Covishield, developed by AstraZeneca and manufactured by Pune-based Serum Institute, were reportedly administered in India.

Bharat Biotech mentioned that Covaxin was the only Covid-19 vaccine in the Indian government’s Covid-19 immunisation programme to have conducted efficacy trials in India.

"Covaxin was evaluated in more than 27,000 subjects as part of its licensure process. It was licensed under restricted use in clinical trial mode, where detailed safety reporting was carried out for several hundred thousand subjects," the vaccine manufacturer said.

The safety of Covaxin was also evaluated by the Ministry of Health.

"Ongoing safety monitoring (pharmacovigilance) was continued throughout the product life cycle of Covaxin. All the above studies and safety follow-up activities have demonstrated an excellent safety record for Covaxin without any vaccine-associated incidents of blood clots, Thrombocytopenia, TTS, VITT, pericarditis, myocarditis, etc.," it said.

"As seasoned innovators and product developers, the Bharat Biotech team was well aware that, while the efficacy of Covid-19 vaccines may be short-lived, the impact on patient safety could last a lifetime. Hence safety is the primary focus for all our vaccines," it added. (IANS)

RBI Sees Price Of India’s Crude Oil Imports At $85 A Barrel In 2024-25

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