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India wants to be friends with West but needs Russian help to defend borders, says Finance Minister – Bloomberg

MUMBAI (Reuters) – India wants to be strong friends with the “liberal world” but it needs Russia’s assistance to defend its borders, Finance Minister Nirmala Sitharaman told Bloomberg in an interview in Washington. India procures most of its military hardware from Russia and in recent weeks has rejected appeals from Western nations to limit bilateral …

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Cricket-Fracas over umpire’s decision mar Buttler’s brilliance in IPL

MUMBAI (Reuters) -Jos Buttler scored another Twenty20 century to power Rajasthan Royals to the top of the Indian Premier League table but Friday’s 15-run win over Delhi Capitals was overshadowed by farcical protests over an umpiring decision in the final over. England batter Buttler smashed 116 off 65 deliveries for his third hundred in this …

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India’s Future stares at bankruptcy as lenders reject $3.4 billion asset sale to Reliance

By Abhirup Roy and Aditya Kalra MUMBAI (Reuters) – Secured lenders of India’s Future Retail on Friday rejected a $3.4 billion sale of its retail assets, in a blow to the company which now faces the prospect of a bankruptcy process. Nearly 70% of Future Retail’s secured lenders rejected the deal to sell the group’s …

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India MPC shifts focus to inflation control; rate hikes seen

By Swati Bhat MUMBAI (Reuters) -Almost all members of India’s monetary policy committee argued in favour of action to curb inflationary pressures at their April 6-8 meeting despite continuing risks to economic growth, minutes released on Friday showed. Although it chose to keep its key lending rate at a record low, the Reserve Bank of …

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UK’s Johnson: new deal will help India to strengthen its defence industry

NEW DELHI (Reuters) – A new defence partnership agreement signed on Friday by Britain and India will enable India to strengthen its defence industry, British Prime Minister Boris Johnson said. “Our new and expanded defence and security partnership will enable India to strengthen its own domestic defence industry as well as protecting vital shared interests …

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India’s Reliance buys at least 15 million barrels of Russian oil – traders

By Nidhi Verma NEW DELHI (Reuters) – Reliance Industries Ltd, operator of the world’s biggest oil refining complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said. Reliance has bought an average 5 million barrels a month for the June quarter, the sources said. Reliance …

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India says no pressure from UK’s Johnson over India’s stance on Russia’s invasion

NEW DELHI (Reuters) – British Prime Minister Boris Johnson put no pressure on his Indian counterpart Narendra Modi over New Delhi’s position on Russia’s invasion of Ukraine when they met on Friday, India’s foreign secretary told reporters. India has not explicitly condemned the invasion by Russia, its biggest supplier of military hardware. “They did discuss …

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UBS trims India growth forecast to 7% as global macro risks worsen

(Reuters) – UBS cut India’s 2022-23 economic growth forecast by 70 basis points to 7% on Friday, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market. The downgrade comes a week after the World Bank lowered its economic growth …

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