Indian Oil Corp. has resumed purchasing Russian crude oil transported by a Sovcomflot PJSC tanker this week, indicating a potential restoration of oil trade between the two countries after disruptions caused by tightened US sanctions. The Suezmax tanker Vladimir Tikhonov unloaded approximately 1 million barrels of Russian Urals crude at Paradip port on Thursday, according to Bloomberg ship-tracking data. This delivery marks the first crude shipment by a tanker owned by the Russian state tanker giant since another smaller vessel, SCF Baltica, discharged fuel oil last week in Sikka, Gujarat.

Indian Oil did not respond to an email seeking comment regarding this development.

The decision by India’s largest refiner to accept a Sovcomflot tanker is significant as it may encourage other smaller refiners to also utilize Sovcomflot vessels for their oil purchases from Russia.

Refiners in India, who have become important buyers of Russian crude since Moscow’s invasion of Ukraine, had earlier decided in March against receiving oil transported on all tankers owned by Sovcomflot, following stricter US sanctions imposed in February in conjunction with Group of Seven nations to prevent Russia from evading a price cap on crude exports. This situation has led to a rotation of various traders and marketers handling Russian crude trade with India, creating an evolving network of transporters and ensuring that some cargoes continue to flow from Moscow.

Indian refiners have become more comfortable with purchasing Russian crude, including on Sovcomflot tankers, particularly after US officials visited New Delhi last month and indicated that they never expected India to halt its purchases of Russian oil, as it was in Washington’s interest to maintain energy flows and prevent supply shocks.

India’s daily crude imports from Russia surpassed 1.9 million barrels in April, the highest since July, according to data from the intelligence firm Kpler. Deliveries of Urals and Sokol crude have increased significantly month-on-month, as indicated by the data.

Meanwhile, at least five Sovcomflot tankers carrying Urals crude are signaling India as their destination this month, with the tanker Suvorovsky Prospect currently anchored off the country’s west coast, according to Bloomberg ship-tracking data.

Chinese power dues currently stand close to PKR 550 billion, with disruptions observed in timely payments under the revolving fund in recent months.

Pakistan is in talks to finalize a payment schedule of nearly Pakistan currency (PKR) 550 billion (USD 1.98 bn) to Chinese Independent Power Producers (IPPs) ahead of the 13th Joint Coordination Committee (JCC) meeting of the China-Pakistan Economic Corridor (CPEC), Dawn reported on Wednesday. Prime Minister Shehbaz Sharif’s visit to Beijing, slated for the first week of June, is expected to follow the JCC meeting.

The Pakistan-based news daily reported citing sources revealed that the Chinese authorities have stipulated that Pakistan Prime Minister Shehbaz Sharif’s visit should occur after the 13th JCC meeting to address outstanding issues and solidify cooperation under CPEC-2. However, the scheduling of the JCC meeting is pending due to unresolved issues. The entire focus of the Pakistani side, spearheaded by Pakistan’s Planning Minister Ahsan Iqbal, co-chair of the JCC, is to settle all pending matters, particularly concerning the reduction of outstanding dues to Chinese IPPs and ensuring timely future payments, including those under the revolving fund, Dawn reported citing sources.

Chinese power dues currently stand close to PKR 550 billion, with disruptions observed in timely payments under the revolving fund in recent months. Chinese financial institutions are seeking reassurance to extend further cooperation in critical projects, necessitating urgent confidence-building measures. “The delay in payments and the Chinese insistence on special energy tariffs for Special Economic Zones (SEZs) have impeded major projects and investments in SEZs,” sources added. Dawn reported that Pakistan’s Minister Iqbal has been engaging in extensive consultations with relevant ministries and agencies, including two high-profile sessions on Tuesday.

He chaired the first meeting of the Cabinet Committee on Chinese Investment Projects (CCoCIP) to address overdue issues concerning CPEC-IPPs, stressing the submission of outstanding amounts by the IPPs involved in CPEC energy projects. “The importance of providing electricity to SEZs at an incentivized cost, without government losses, was emphasized,” said an official statement quoting Minister Iqbal.

He directed the involvement of the Board of Directors of power firms, particularly the National Transmission and Dispatch Company, to expedite the resolution of SEZ-related issues. Additionally, Minister Iqbal held a detailed session with 35 Chinese enterprises and Pakistani business houses to garner input and proposals for enhancing bilateral cooperation and realizing mutual opportunities.

He highlighted that the second phase of CPEC emphasizes industrial cooperation and business-to-business partnerships, building upon the groundwork laid in the initial phase.

The Confederation of Indian Industry (CII) and the Business Council of Australia (BCA) have joined forces to launch the India-Australia Women’s Leadership Forum, aiming to bolster gender diversity and empowerment in the corporate sphere. The memorandum of understanding (MOU) signed between CII and BCA underscores their commitment to fostering women leadership in the industry and strengthening bilateral ties between India and Australia. The official announcement of the India-Australia Women’s Leadership Forum was made during a launch event held in New Delhi, India.

The forum will be co-chaired by Viji Murugesan, Head of Scaleup Business Transformation at Tata Consultancy Services, and Ravneet Pawha, Asia CEO of Deakin University. As partners in the India-Australia CEO Forum, CII and BCA aim to elevate the participation of women leaders in the partnership, facilitating connections, sharing insights, and providing a platform for further engagement between companies and leaders from both nations. Parimita Tripathi, Joint Secretary – Oceania, Ministry of External Affairs, Government of India, highlighted the strategic importance of the forum in strengthening economic and social relations between India and Australia. Tripathi emphasized the role of the forum in deepening people-to-people ties and enhancing the economic and social relationship between the two countries.

Chandrajit Banerjee, Director General of the Confederation of Indian Industry, stressed the significance of supporting women leaders in the India-Australia relationship. He emphasized CII’s commitment to promoting gender equity and equality through initiatives like the India-Australia Women’s Leadership Forum, aimed at harnessing the strength of women in bilateral relations. Bran Black, Chief Executive of the Business Council, underscored the importance of gender equality within the Australia-India CEO Forum and the recommendations it provides to both governments. He expressed BCA’s commitment to supporting the establishment of the Australia-India Women’s Leadership Forum, stating that encouraging women into leadership positions is crucial for enhancing the productivity of both economies.

The establishment of the India-Australia Women’s Leadership Forum comes at a time when the India-Australia Economic Cooperation and Trade Agreement (ECTA) has provided momentum to the economic partnership between the two countries. Indian and Australian companies are leveraging this trade agreement to trade at reduced tariff rates, emphasizing the need to prioritize gender equality to enhance economic productivity. Recognizing the critical role of women in this economic partnership, CII has undertaken an active agenda to promote India-Australia economic ties.

The establishment of the India-Australia Women’s Leadership Forum aims to create an ecosystem that promotes the economic contribution of women to the India-Australia corridor. The forum’s objective is to bring together women leaders from both countries to strengthen connections, share insights, and provide mentorship to future women leaders. Through workshops, mentorship programs, promotion of best practices, and participation in policy-making exercises, the forum members will strategize to promote women’s leadership across the corridor.

More than 220 public figures from over 60 countries are participating in the special meeting, which is being held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

With geopolitical upheavals and complex economic challenges destabilising a fractured world, the World Economic Forum’s (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development is hosting 1,000 global leaders from 92 countries on April 28–29 to support global dialogue and find actionable, collaborative, and sustainable solutions to shared global challenges. Building on the inaugural Growth Summit, held in Switzerland last year, the meeting will promote forward-thinking approaches to interconnected crises while remaining realistic about shorter-term trade-offs. It will work to bridge the growing North-South divide on issues including emerging economic policies, the energy transition, and geopolitical shocks. “With geopolitical tensions and socio-economic disparities deepening globally, international collaboration and purposeful dialogue have never been more urgent,” said Borge Brende, President of WEF.

“The Special Meeting 2024 provides an opportunity for leaders from across sectors and geographies to turn ideas into action and unlock scalable solutions to the many interconnected challenges we face.” “At this global inflection point, revitalising international collaboration has never been more important. In the Kingdom of Saudi Arabia, the World Economic Forum has chosen an established and dynamic global platform for thought leadership, solutions, and action as the host of a critical meeting—at such a critical moment,” said Faisal F. Alibrahim, Minister of Economy and Planning of Saudi Arabia. “To this end, Saudi Arabia is mobilising its full diplomatic might to lay out a mutually beneficial path to prosperity for the intertwined destinies of the global community. We are working to ensure that progress for one part of the world does not come at the expense of another. And we are committed to meeting this moment with a determination to co-author a shared future that is secure, stable, and sustainable.”

The three thematic pillars are: A compact for inclusive growth: focusing on how recent trends in innovation and economic policy, coupled with underinvestment in human development, threaten to exacerbate global inequality and hinder poverty reduction efforts, and which opportunities could help counter these risks across advanced, emerging, and developing economies. Catalysing action on energy for development: With the world facing a potential 2.9°C temperature rise and significant disparities in energy access, this focus area will seek solutions to scale up clean energy while ensuring equitable growth and energy access, especially in developing economies. Revitalising global collaboration: Amid growing geopolitical tensions, participants will foster dialogue to support international collaboration, amplify humanitarian efforts, and contain the ripple effects of instability.

They will also explore how to build a more resilient global economy through strengthened international collaboration between the Global North and South. More than 220 public figures from over 60 countries are participating in the special meeting, which is being held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. Top political leaders taking part include H.H. Sheikh Mishal AlAhmad Al-Jaber Al-Sabah, Emir of the State of Kuwait; Mostafa Kamal Madbouly, Prime Minister of Egypt; Mohammed Shyaa Al Sudani, Prime Minister of Iraq; Bisher Hani Al Khasawneh, Prime Minister of the Hashemite Kingdom of Jordan; Anwar Ibrahim, Prime Minister of Malaysia; Bola Ahmed Tinubu, President of Nigeria; Shehbaz Sharif, Prime Minister of Pakistan; Mahmoud Abbas, President of Palestine; Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar; Paul Kagame, President of Rwanda. As well as Antony Blinken, US Secretary of State; Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy; Stephane Sejourne, Minister for Europe and Foreign Affairs of France; Annalena Baerbock, Federal Minister of Foreign Affairs of Germany; David Cameron, UK Secretary of State for Foreign, Commonwealth and Development Affairs; Ignazio Cassis, Federal Councillor and Head of the Federal Department of Foreign Affairs of the Swiss Confederation; Arifin Tasrif, Minister of Energy and Mineral Resources of Indonesia; Ahn Dukgeun, Minister of Trade, Industry and Energy of Republic of Korea; Kgosientso Ramokgopa, Minister in the Presidency for Electricity of South Africa; Mehmet Simsek, Minister of Treasury and Finance of Turkiye; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE.

Leaders in international organisations taking part include Kristalina Georgieva, Managing Director, International Monetary Fund; Sigrid Kaag, United Nations Senior Humanitarian and Reconstruction Coordinator for Gaza; and Tedros Adhanom Ghebreyesus, Director-General, World Health Organisation. The World Economic Forum’s Global Risks Report 2024 highlighted the critical turning point the world faces, with economic downturn and inflation, lack of economic opportunity, disrupted supply chains for critical goods and energy, extreme weather, and conflicts among the most pressing issues within the next two years, and climate, technology, migration, and societal polarisation risks dominating over the next decade.

Inclusive, purpose driven dialogue between business, government, and civil society from across regions and across timeframes will be crucial to improving outcomes on these and other global risks. Leading the dialogue, 15 leaders from government, the private sector, and international organisations will co-chair the event. Over half of the participants, spanning companies, governmental entities, and thought leaders, are from the Global South and emerging economies, with over 80 percent of heads of state from developing or emerging economies.

The meeting is accessible to the public through the livestreaming of 50 sessions, covering topics such as A New Vision for Global Development, Realising an Equitable Energy Transition, and What Kind of Growth We Need. In addition, the Open Forum will host panel discussions connecting thought leaders with the local public. The ongoing conflict in the region and the humanitarian situation in Gaza will also be addressed.

The meeting will see advancements in key World Economic Forum work, such as the Future of Growth Initiative, the Centre for the Fourth Industrial Revolution, and UpLink challenges aimed at identifying and scaling innovative climate solutions. New insights will be released on education and AI, cybersecurity talent, and geopolitical dependence, from hydrocarbons to critical minerals.

With increasing dependence on Chinese industrial goods like telecom, machinery, and electronics, Beijing’s share in New Delhi’s imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, according to a report by the economic think tank Global Trade Research Initiative (GTRI). The growing trade deficit with China is a cause of concern, and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions.

From 2019 to 2024, India’s exports to China have stagnated at around $16 billion annually, while imports from China surged from $70.3 billion in 2018-19 to over $101 billion in 2023-24, resulting in a cumulative trade deficit exceeding $387 billion over five years.

The Indian government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains, GTRI founder Ajay Srivastava said. This is imperative not only to mitigate economic risks but also to bolster domestic industries and reduce dependency on single-country imports, especially from a geopolitical competitor like China, he added.

“Over the last 15 years, China’s share in India’s industrial product imports has increased significantly, from 21 per cent to 30 per cent. This growth in imports from China has been much faster than India’s overall import growth, with China’s exports to India growing 2.3 times faster than India’s total imports from all other countries,” the report said.

In 2023-24, India’s total merchandise imports amounted to $677.2 billion, with $101.8 billion of that coming from China. This means China accounted for 15 per cent of India’s total imports. Out of these imports from China, $100 billion or 98.5 per cent were in major industrial product categories.

“When compared to India’s global imports of these industrial products, which total $337 billion, China’s contribution is quite significant, representing 30 per cent of India’s imports in this sector. Fifteen years ago, China’s share was just 21 per cent,” it added.

The key sectors where New Delhi’s dependence is rising significantly include electronics, telecom and electrical; machinery; chemicals and pharmaceuticals; products of iron, steel and base metal; plastics; textiles and clothing; automobiles; medical, leather, paper, glass, ships, aircraft, and remaining categories.

During April-January 2023-24, the electronics, telecom, and electrical products sectors had the highest import value at $67.8 billion, with China contributing $26.1 billion. “This represents a substantial 38.4 per cent of the total imports in this category, indicating a heavy dependence on Chinese electronic goods and components,” it said.

In the machinery sector, China accounts for $19 billion, which is 39.6 per cent of India’s imports in the sector. This underscores China’s key role as a supplier of machinery to India, Srivastava said.

India’s chemical and pharmaceutical imports during the period stood at $54.1 billion. Out of this, $15.8 billion came from China. This resulted in a Chinese share of 29.2 per cent, highlighting the importance of Chinese chemical and pharmaceutical products in India.

Similarly, the report said the total imports for plastics and related articles stand at $18.5 billion, with China providing articles worth $4.8 billion. This accounts for 25.8 per cent of the total imports in this sector.

Srivastava also said that half of the imports from China consist of capital goods and machinery, indicating a critical need for focused research and development in this area. Intermediate goods like organic chemicals, APIs (Active Pharmaceutical Ingredients), and plastics, which represent 37 per cent of imports, show a pressing need for upgrading these industries, he said, adding that consumer goods make up 12 per cent of the imports, while raw materials are less than 1 per cent.

The report added that many products imported from China, such as textiles, apparel, glassware, furniture, paper, shoes, and toys, are from categories dominated by micro, small, and medium enterprises (MSMEs), and most of these items could potentially be produced domestically.

“Overall, India imports a broad array of products from China, from high to low technology items, highlighting significant gaps in India’s industrial capabilities across various sectors,” it added.

Chinese companies are involved in India’s energy, telecommunications, and transportation sectors, and they play critical roles in smartphones, electronics, electric and passenger vehicles, solar energy, engineering projects, and many other sectors, it said.

The report said that so far, imports were carried out by Indian firms but now with the entry of Chinese firms into the Indian market, India’s industrial product imports are set to rise at an accelerated pace.

“As the Chinese firms operating in India will prefer sourcing most requirements from their parent firms, Indian imports will rise sharply. For example, in the next few years, every third electric vehicle (EV) and many passenger and commercial vehicles on Indian roads could be those made by Chinese firms in India alone or through joint ventures with Indian firms,” the report said.

The large-scale entry of Chinese automakers into India will impact the domestic auto/EV manufacturers, firms working in the EV value chain space and battery development, it added.

The bilateral ties nosedived after India abrogated Article 370 of the Constitution, revoking the special status of J&K and bifurcating the State into 2 UTs on 5 August, 2019.

Pakistan business leaders in an interactive session with Prime Minister Shehbaz Sharif urged him to initiate trade talks with India to promote business and commerce which would greatly benefit the economy of the cash strapped country. Posing tough questions during an hour-long meeting at the Sindh CM House here in Pakistan’s commercial capital on Wednesday, Karachi’s business community appreciated the prime minister’s determination to tackle economic issues but advised him to focus on bringing about political stability to turn around the economy.

The Prime Minister sat down with the business community to find ways to uplift the economy through exports but his resolve was met with apprehensions from industry leaders who said it was almost impossible to do business under the current circumstances, particularly with high energy costs and inconsistent government policies, the Dawn newspaper reported. After the prime minister’s brief speech, the house was opened for a question and answer session, during which business leaders voiced their appreciation for the government’s recent moves, but made more demands. They also shared proposals for economic policies to achieve desired results.

There was a sense of concern among the business leaders over the political instability in the country for which they even advised the Prime Minister to take initiative as the head of the government. You have made a few handshakes after taking charge that have produced good results and progress on the IMF deal is one of them, said Arif Habib, the chief of Arif Habib Group a capital market giant. They also asked the prime minister to initiate the trade talks with India, the report added. I suggest you do a few more handshakes. One of them is regarding trade with India, which would greatly benefit our economy. Secondly, you should also (patch up) with a resident of Adiala Jail (a reference to jailed PTI leader Imran Khan). Try to fix things at that level as well and I believe that you can do it.

The bilateral ties nosedived after India abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union Territories on August 5, 2019. India’s decision evoked strong reactions from Pakistan, which downgraded diplomatic ties and expelled the Indian envoy. Pakistan has also cut off direct trade ties with India. India has repeatedly told Pakistan that Jammu and Kashmir was, is and shall forever remain an integral part of the country.

Prime Minister Sharif avoided responding directly to the questions aimed at political stability, but claimed to have noted down his proposals for economic growth and assured him that he would soon invite businessmen from all across the country to Islamabad and sit with them till all the issues aren’t resolved. The business leader also suggested Shehbaz initiate talks with imprisoned PTI founding chairman Imran Khan apparently for political stability.

Shehbaz, who had arrived in the port city on his maiden visit after assuming charge last month, said the meeting was an attempt to listen to the brilliant minds of business, absorb what they say and put it into action for a comprehensive economic growth roadmap. You all are great minds of business… Today we need you to take a step forward and bring this rental business to an end. Let’s focus on genuine industrial and agricultural growth and double the exports in the next five years. It’s difficult but not impossible. It’s an article of faith for me. I would listen to you and make a plan to put that into action. In a veiled reference to the booming economy of Bangladesh, he recalled East Pakistan’, which was once considered a burden on the country, but had made tremendous strides in industrial growth. I was quite young when… we were told that it’s a burden on our shoulders…Today you all know where that burden’ has reached (in terms of economic growth). And we feel ashamed when we look towards them, said Prime Minister Shehbaz.