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Despite China’s strong rebound in core macroeconomic fundamentals in the first two months of 2022, a surge in COVID-19 cases, weak property market and rise in oil prices amid the Russia-Ukraine conflict dimmed the overall growth outlook for China. Against this backdrop, GlobalData, a leading data and analytics company, revised down 2022 GDP growth rate .
Indian Oil Corporation (IOC), the nation's top oil firm, has bought as much as 3 million barrels of crude oil that Russia had offered at steep discount to prevailing international rates, sources said. The purchase, made through a trader, is the.
Indian Oil Corporation buys 3 million barrels of Russian crude at deep discount
The purchase, made through a trader, is the first since Russia’s February.
The ongoing Russia and Ukraine conflict may present India with an opportunity to import commodities and oil at low prices via a rupee-ruble trade mechanism from Russia. Against this backdrop, GlobalData, a leading data and analytics company, forecasts India’s fiscal deficit as percentage of GDP to decline marginally to 5.3% in 2022 compared to 5.7% .