India's June exports up over 17%, trade deficit soars to $16.6 bn | WeForNews | Latest News, Blogs India’s June exports up over 17%, trade deficit soars to $16.6 bn – WeForNews | Latest News, Blogs
Connect with us

Business

India’s June exports up over 17%, trade deficit soars to $16.6 bn

Published

on

Reserve Bank of India RBI

New Delhi, July 13 (IANS) Indian exports in June at $27.7 billion rose by 17.57 per cent over the same month in 2017. But with higher crude prices increasing oil import costs by more than half over the last year, the country’s trade deficit soared to $16.60 billion, official data showed on Friday.

As per the Commerce Ministry data, India’s merchandise exports in June last year were worth $23.56 billion.

Petroleum products, organic and inorganic chemicals, engineering goods, and drugs and pharmaceuticals showed a high export growth rate in June over the same period last year, a ministry statement said.

Petroleum product exports during the month in consideration increased by a whopping 52.53 per cent over June 2017.

“Non-petroleum and non-gems and jewellery exports during June 2018 were valued at $20.13 billion as compared to $17.48 billion during June 2017, exhibiting a positive growth of 15.13 per cent,” it said.

The country’s imports during the month under review rose by 21.31 per cent to $41 billion from $36.52 billion in the same period in 2017.

Segment-wise, oil imports during June 2018 jumped by 56.61 per cent to $12.73 billion from $8.13 billion imported during June 2017.

The ministry pointed out that UK Brent crude prices have increased by 60.47 per cent in June 2018 vis-à-vis June 2017.

“Non-oil and non-gold imports in June 2018 valued at $29.19 billion has recorded a positive growth of 12.53 per cent as compared to non-oil and non-gold import in June 2017,” the statement said.

Gold imports in June fell by aroubnd 3 per cent to $2.38 billion.

India’s merchandise trade deficit widened to $16.60 billion during last month as against $12.96 billion in the corresponding period the previous year.

According to Reserve Bank of India data released on Friday, the trade balance in services for May 2018 was estimated at $5.97 billion. The central bank’s data on services exports comes out with a lag of around 45 days.

“Taking merchandise and services together, the overall trade deficit for April-June 2018-19 is estimated at $32.32 billion as compared to $28.55 billion during April-June 2017-18,” the statement said.

Business

Airtel narrowing gap with Jio on 4G in India: Report

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

Published

on

airtel

New Delhi: Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India, says a new report by mobile analytics company Opensignal.

While the average proportion of time that Jio users spent connected to 4G has increased by 0.5 of a percentage point since the last report to reach an impressive 98.7 per cent, Airtel saw its score increase by 1.1 percentage points.

“As a consequence, Jio’s lead has dropped from 3.7 percentage points to 3.1,” said the report.

In regional analysis of 49 cities, Airtel came close to challenging Jio’s dominance on 4G availability in a majority of the cities although Jio continued to win almost all awards, said the report.

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

However, for the second report in a row, Airtel has won four of the awards outright — video experience, games experience, voice app experience and download Speed experience, while ownership of the upload speed experience award smoothly passed from Vodafone to Vi.

This is the first report in which Opensignal treated Vodafone and Idea as a single operator — Vi — in line with the combined operator’s new branding that was announced on September 7.

For the report, Opensignal examined the mobile network experience of the four main mobile network operators in India: Airtel, BSNL, Jio and Vi, over a period of 90 days beginning May 1 to see how they fared, and further delved deeper into 49 of India’s largest cities, comparing the experience users received on these four operators.

Continue Reading

Business

Govt-owned NABARD gives clean chit to Reliance Commercial Finance

Action of Indian Bank and Federal Bank is despite the Delhi High Court staying such action by the lead bank Bank of Baroda on 14th August, 2020.

Published

on

By

Anil Ambani

New Delhi: Government owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure has given clean chit to RCF and has removed its red flag.

NABARD is a part of the consortium of lenders and is signatory to an Inter Creditor Agreement (ICA) executed between the lenders of RCF under June 7, 2019 circular of RBI on resolution of stressed assets.

NABARD had classified the account of RCF as Red Flag on February 25, 2020. Thereafter lenders conducted a detailed forensic audit by Grant Thornton (GT).

At a meeting of the Consortium of Lenders led by Bank of Baroda, held on Friday September 25, 2020, NABARD informed the consortium of lenders that having examined the GT forensic report, it found no element of fraud and has therefore removed the red flag.

Earlier, Delhi High Court on August 14 had stayed a move by Bank of Baroda, the leader of Consortium of Bank, to classify the accounts as fraud, restraining banks from taking any other coercive action till the next hearing. Similar action of Punjab National Bank was also stayed by Delhi High Court on 11th August, 2020.

As per information reported on Central Repository of Information on Large Credits (CRILC), Indian Bank and Federal Bank have classified their exposure to Reliance Home Finance Ltd (RHFL) as a fraud account.

Indian Bank having an exposure of only Rs. 120 crore, made such classification on 29th August, 2020. The exposure of Federal Bank to RHFL is 100 crore — out of the total RHFL debt of over Rs 10,000 crore.

Action of Indian Bank and Federal Bank is despite the Delhi High Court staying such action by the lead bank Bank of Baroda on 14th August, 2020.

Continue Reading

Business

Paytm Dares Google, Brings Back Cricket League With UPI Cashback

Paytm said that the cashback was being given following all rules and regulations set by the government.

Published

on

Paytm APP

New Delhi: Home-grown financial services platform Paytm, which was briefly removed from Google Play Store for alleged policy violations earlier this month, said on Monday that it has brought back the Paytm Cricket League with UPI cashback and scratch cards.

Now, users can collect stickers of their favourite cricket stars as they pay digitally for their mobile bills, recharges, buying groceries or money transfers, Paytm said.

Once they complete a set, they can redeem it for cashback up to Rs 1,000, it added.

Every sticker collected by the user is automatically added to the cricket album. There are three different milestones to be achieved for getting cashback — 11 unique cricket players, 11 unique bowlers or 11 unique batsmen.

Whenever a milestone is achieved, the users get a scratch card with an assured cashback.

“We are excited to bring Paytm Cricket League back on our app to reward users with UPI cashback on reaching various milestones, accomplished by collecting player stickers,” a Paytm spokesperson said in a statement.

Earlier, Paytm in a blog post stated that Google mandated it to remove the UPI cashback and scratch cards campaign to get re-listed on the Android Play Store even though offering both is legal in India.

Paytm said that the cashback was being given following all rules and regulations set by the government.

The company alleged that it was “arm-twisted” by the search engine major to comply with what it called “biased Play Store policies that are meant to artificially create Google’s market dominance.”

Later, the Paytm app was restored on the Play Store after a gap of a few hours.

“We maintain that our promotional campaign was within guidelines and there was no violation. We believe that such arbitrary actions and accusatory labelling go against the laws of our country and acceptable norms of fair competition by arbitrarily depriving our users of innovative services,” the Paytm spokesperson said.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.