Though there are indications of hardening crude oil prices and supply chain bottlenecks, India's strong performance stands out even as global growth shows a "sluggish" trend, the ministry says
State-owned oil marketing companies bore the brunt of high oil prices and suppressed marketing margins in FY23. Cheap Russian supply and softer crude oil prices may change the script in FY24.
An unprecedented surge in new liquefied natural gas (LNG) projects coming online from 2025 is set to add more than 250 billion cubic metres (BCM) per year of new capacity by 2030
According to the rating agency, the ongoing conflict in the Middle East, confined mainly to the Gaza region now, has caused only negligible disruption in India's trade so far.