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Going extra lengths to find substitute for Iranian oil for countries like India: White House

Press Trust of India

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Washington:The US is going extra lengths to find substitute for Iranian oil for countries like India and Iraq, the White House has said, as the Trump administration prepares to impose sanctions on nations defying its directive to bring their oil imports from the Gulf nation to zero by November 4.
US National Security Advisor John Bolton who last month met his Indian counterpart Ajit K Doval here, a week after the 2+2 dialogue in New Delhi, said the Trump Administration has made its views clear to the Indian side on oil imports from Iran.
The White House said Thursday as it reiterated its warning to all purchasers of Iranian oil to bring it down to zero by November 4 or face imminent sanctions from the United States.
President Donald Trump pulled the US out of the 2015 nuclear accord, saying it had “failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb” and did not deal with Tehran’s “malign activities, including its ballistic missile programme and its support for terrorism”.
“I’ve had conversations (with Indian officials on purchase of Iranian oil). Others in the administration have had conversations with senior Indian officials,” Bolton told reporters at a White House news conference.
“One of the things I think that’s important, whether it’s for Iraq or India or anyone else — particularly that’s been a purchaser of Iranian oil — we’ve gone to really extra lengths to try and find substitute sellers of oil so that there would be alternative supplies at market rates,” Bolton said.
“That will help. This is something, obviously, the Obama administration wasn’t doing at all. And I think this will help toward our effort of persuading companies and governments, particularly in Asia, that there are alternatives to Iran that they can pursue,” he said in response to a question.
According to Bolton, as the second wave of sanctions come back onto Iran on November 4, the objective of the Trump administration is to put maximum pressure on the government in Tehran.
In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government’s purchase of US dollars, Iran’s trade in gold and other precious metals, and its automotive sector.
In November, a second batch of potentially more damaging sanctions will be re-imposed on Iran’s oil and shipping sectors as well as its central bank.
“It’s our objective that there be no waivers from the sanctions, that exports of Iranian oil and gas drop to zero,” he said.
“I’m not saying we’re necessarily going to achieve that, but nobody should be operating under any illusions, what the objective is. You can look at the possibility of reductions leading to zero. It doesn’t have to happen immediately, perhaps,” he said in a tacit acknowledgement that countries like India might not be able to bring down their oil purchase from Iran to zero.
“But ‘this is not the Obama administration,’ would be my message not just to Iraq but to everybody else. And the frequency and the ease of getting waivers and exemptions is not going to be our policy,” he warned in a message to the international community not to take the American threat not seriously.
“I might say, also, that we’re not going to stop with the resumption of the sanctions that existed pre-2015. We’re looking at others that we can impose as well,” Bolton said. Iran is India’s third-largest oil supplier behind Iraq and Saudi Arabia.


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India one of world’s fastest growing large economies:IMF

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Washington: India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done.
Responding to a question on India’s economic development in the last five years at a fortnightly news conference here, IMF communications director Gerry Rice Thursday said, “India has of course been one of the world’s fastest growing large economies of late, with growth averaging about seven per cent over the past five years.”
“Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has,” he said.
Details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report to be released by the IMF ahead of the annual spring meeting with the World Bank next month, he said.
This report would be the first under Indian American economist Gita Gopinath, who is now IMF’s chief economist.
“The WEO will go into more details. But amongst the policy priorities, we would include accelerate the cleanup of banks and corporate balance sheets, continue fiscal consolidation, both at centre and state levels, and broadly maintain the reform momentum in terms of structural reforms in factor markets, labour, land reforms and further enhancing the business climate to achieve faster and more inclusive growth,” Rice said.

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Fitch cuts India GDP growth forecast for FY20 to 6.8 pc

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New Delhi: Fitch Ratings on Friday cut India’s economic growth forecast for the next financial year starting April 1, to 6.8 per cent from its previous estimate of 7 per cent, on weaker than expected momentum in the economy.
“While we have cut our growth forecasts for the next fiscal year (FY20, ending in March 2020) on weaker-than-expected momentum, we still see Indian GDP growth to hold up reasonably well, at 6.8 per cent, followed by 7.1 per cent in FY21,” Fitch said in its Global Economic Outlook. Fitch Ratings cut India’s FY19 GDP growth forecast to 7.2 per cent from 7.8 per cent on December 6.
The rating agency has also cut growth forecasts for FY20 and FY21 to 7 per cent from 7.3 per cent and 7.1 per cent from 7.3 per cent, respectively. According to Fitch, the RBI has adopted a more dovish monetary policy stance and cut interest rates by 0.25 percentage at its February 2019 meeting, a move supported by steadily decelerating headline inflation.
“We have changed our rate outlook and we now expect another 25 bp cut in 2019, amid protracted below target inflation and easier global monetary conditions than previously envisaged,” it said. “On the fiscal side, the budget for FY20 plans to increase cash transfers for farmers,” it added. Fitch said, it’s benign oil price outlook and expectations of accelerating food prices in the coming months should support rural households’ income and consumption.

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India’s total wireless subscribers grew to 1.18 bn in January 2019: TRAI

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New Delhi: India’s total wireless subscribers grew by 0.51 percent to 1,181.97 million (1.18 bn) in January 2019, as per a report by telecom regularor TRAI.
Total wireless subscribers (GSM, CDMA & LTE) increased from 1,176.00 million at the end of December 2018 to 1,181.97 million at the end of January 2019, thereby registering a monthly growth rate of 0.51 percent, the TRAI report said.
As on January 31, 2019, the private access service providers held 89.95 percent market share of the wireless subscribers whereas BSNL and MTNL, the two PSU access service providers, had a market share of only 10.05%, the regulator said in its report.
The Wireless subscription in urban areas increased from 647.52 million at the end of December 2018 to 654.20 million at the end of January 2019, however wireless subscriptions in rural areas declined from 528.48 million to 527.77 million during the month.
The monthly growth rates of urban wireless subscription was1.03 percent and rural wireless subscription was 0.13%, the report said
The Wireless Tele-density in India increased from 89.78 at the end of December 2018 to 90.15 at the end of January 2019.
The Urban Wireless Tele-density increased from 155.48 at the end of December 2018 to 156.85 at the end of January 2019, however Rural Wireless Tele-density declined from 59.15 to 59.04 during the same period.
The share of urban and rural wireless subscribers in total number of wireless subscribers was 55.35 percent and 44.65 percent respectively at the end of January 2019.

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