【New Delhi】India is the only big emerging economy to escape a cut in the International Monetary Fund's update of its World Economic Outlook that says the global economy seems to have tripped on an unexpected contraction in the US economy in the first quarter.
IMF has retained its forecast of 5.4% growth in Indian economy in 2015 and a stronger 6.4% growth next year. In fact, out of the BRICS countries - Brazil, Russia, India, China and South Africa - only India avoided an IMF ratings downgrade, as business sentiment recovers after the country's election.
○Africa, Latin America new sources of crude for India
【New Delhi】With political conflicts and other contingencies often threatening to impact oil supplies from West Asia, India’s petroleum refiners are gradually increasing sourcing of crude from Africa and Latin America.
The move would not only be a hedge against supply disruptions, but could also help regulate the country’s oil import bill, besides enabling some newer refineries to bolster margins. India’s crude sourcing has diversified into Colombia, Venezuela and Brazil in South America and Angola and Algeria in Africa. While Indian refiners have ramped up imports by 6-7% from African and Latin American suppliers in FY14 over the year before, they raised purchases from North America — Mexico and Canada — by a steep 26%.
【News source】
IMF retains India's growth target at 5.4%; all emerging economies see cut
Africa, Latin America new sources of crude for India
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