Economy

Bharat Petroleum is reportedly exploring temporary supply arrangements for Azeri and African crude varieties in a move aimed at cutting its dependence on Persian Gulf oil.

The visit to the four European countries comes in the backdrop of the India-EU FTA that was finalised earlier this year and the India–EFTA TEPA, which was entered into in 2025.

A trade thaw, a fuel price hike and a tighter fiscal tone — three signals, one larger story.

India and the Netherlands have significantly expanded cooperation in recent years beyond traditional sectors such as trade, investment and the priority areas of water, agriculture and health.

The excise duty on diesel exports has been trimmed to Rs 16.5 a litre, and the same on ATF exports has been cut to Rs 16.

Gold, in any form, now has a tariff value of $1,508 per 10 grams. Silver, in any form, now has a tariff value of $2,810 per kilogram.

The Indian side visited Washington, DC, in April for an in-person round of meetings with their US counterparts to finalise the details of the interim pact.

In rural areas, the WPR stood at 54.9 per cent in April 2026, compared to 55.5 per cent in March 2026 and 55.4 per cent in April 2025.

Rare earth permanent magnets are among the most powerful magnets in the world and are widely used in electric vehicles, wind turbines, high-end electronics, aerospace and defence systems.

RBI data showed India's forex reserves climbed to $696.988 billion in the week ended May 8, with gold reserves surging by over $5.6 billion.

Officials said the increase in import value was largely driven by higher unit prices rather than a sharp jump in physical demand.

Indian officials are understood to have flagged that the revised quota framework could dilute expected gains for Indian steel exporters under the trade pact and create uncertainty for shipments just as businesses prepare for the agreement's rollout.

Experts note that the rupee's performance remains heavily dependent on crude oil prices.

Govt expects new FTAs, supply chain shifts and the proposed Export Promotion Mission to accelerate outbound trade growth and help India achieve its ambitious $1 trillion exports target in FY27.

PM Narendra Modi and UAE President Sheikh Mohamed bin Zayed signed defence, energy and maritime pacts, alongside a $5 billion UAE investment commitment.

Commerce Secretary Rajesh Agrawal says the next round of talks with the US trade team is expected in June, while consultations continue on Section 301 investigations.

India's overall imports also increased during the month, rising to $88.6 billion from $82.3 billion a year ago.

The revised tax rate will come into effect from May 15, 2026, and remain in force until Nov. 14, 2026, the notification said.

Petrol under-recoveries are currently estimated at around Rs 26 per litre, while diesel under-recoveries are as high as Rs 82 per litre. In that context, officials indicated that even a modest Rs 3 hike would account for only a fraction of the financial burden currently being borne by OMCs.

Officials privately describe outbound tourism as the 'softest dollar-saving lever' available to policymakers because reducing discretionary overseas spending can help conserve foreign exchange without causing widespread economic pain at home.