During April-August 2022-23, exports registered a growth of 17.68 per cent to $193.51 billion. Imports during the five-month period of this fiscal grew by 45.74 per cent to $318 billion
While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta
India spent $13.7 billion in March alone when oil prices surged to a 14-year high. This compared with $8.4 billion spending in the same month last year.
The government on June 29 allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuels such as petrol and diesel
International oil prices spiked this year, hitting a near 14-year high of USD 140 a barrel in March, after Russia's invasion of Ukraine exacerbated supply concerns
The move will safeguard the stable supply of fuels, alleviate the burden on downstream enterprises and consumers, and lower the operating costs of the real economy