India said on Monday it had signed a \u201csignificant\u201d deal that will see the United States supply nearly 10 per cent of the Asian giant\u2019s liquefied petroleum gas (LPG) imports, as it seeks to diversify its energy sources.<\/p>\n
Relations between Washington and New Delhi plummeted in August after President Donald Trump raised tariffs on India to 50pc, with US officials accusing the country of fuelling Russia\u2019s war in Ukraine by buying its discounted oil.<\/p>\n
Trump has claimed that Indian Prime Minister Narendra Modi has agreed to cut its Russian oil imports as part of a prospective trade deal \u2014 something New Delhi has not confirmed.<\/p>\n
India and the United States remain in talks, despite disagreements over a range of issues including agricultural trade and the Russian oil purchases.<\/p>\n
Minister for Petroleum and Natural Gas Hardeep Singh Puri said India had signed the one-year deal for 2.2 million tonnes per annum of LPG, sourced from the US Gulf Coast, providing \u201cclose to 10 per cent\u201d of India\u2019s annual imports of the fuel.<\/p>\n
Puri said it was \u201cthe first structured contract of US LPG for the Indian market\u201d.<\/p>\n
\u201cIn our endeavour to provide secure, affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing,\u201d Puri said in a statement, adding that \u201cone of the largest and the world\u2019s fastest growing LPG market opens up to the US\u201d.<\/p>\n
In October, Indian state-backed refiner HPCL-Mittal Energy said it halted purchases of Russian crude after Washington imposed sanctions on Moscow\u2019s two largest oil companies.<\/p>\n
Reliance Industries, the privately owned main Indian buyer of Russian crude, has also said it is assessing the implications of the US restrictions, as well as those imposed by the European Union.<\/p>\n
India\u2019s economy, the fifth-largest in the world, grew at its fastest pace in five quarters in the three months ending June 30, helped by higher government spending and improved consumer sentiment.<\/p>\n
But US tariffs continue to overshadow the economy, with experts projecting that they could shave anywhere between 60 to 80 basis points off GDP growth this fiscal year, if there is no relaxation soon.<\/p>\n","protected":false},"excerpt":{"rendered":"
India said on Monday it had signed a \u201csignificant\u201d deal that will see the United States supply nearly 10 per cent of the Asian giant\u2019s liquefied petroleum gas (LPG) imports, as it seeks to diversify its energy sources. Relations between Washington and New Delhi plummeted in August after President Donald Trump raised tariffs on India […]<\/p>\n","protected":false},"author":1,"featured_media":13489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/13488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13488"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/13488\/revisions"}],"predecessor-version":[{"id":13490,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/13488\/revisions\/13490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/13489"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}