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Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

<ul class="summary-list"><li>Sarvesh Rajagopal moved back to India in 2024 after a decade in the Middle East and Europe.</li><li>He left due to career stagnation and Europe's economic challenges, including the war in Ukraine.</li></ul>This as-told-to essay is based on a conversation with Sarvesh Rajagopal, who lived in the United Arab Emirates, Netherlands, and Germany before moving back to India. It has been edited for length and clarity. Business Insider has verified his employment history.I joined McKinsey right after graduating from my masters in India.I spent the next three years with the company in <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-us-from-india-big-tech-changed-me-2024-7">India</a>, then moved to the company's office in Dubai for two years, and then to Amsterdam. Getting a chance to live and work overseas was a dream.A little while after moving to Amsterdam, I decided that I had had enough consulting. The constant travel was also getting tiring. I left McKinsey and worked for the Dutch bank ING as a corporate strategist for over a year before moving to the logistics company Wayfair in 2019. I was one of the first employees in the Berlin office, tasked with building the company's international business, which I still think was the most challenging but fulfilling period of my career.<h2 id="893dd95a-7f9c-4453-bde6-beb32c14f608">Life in Europe</h2>Things were going well from a lifestyle point of view, too.I enjoyed being done with work by 5 or 6 p.m. and having the rest of the day to myself. Public transport was a big plus — I enjoyed never owning or needing a car to get around to meet colleagues or friends for dinner or a beer.One of the best parts of Europe was that if we had a long weekend, I could go to a nearby country by train in a couple of hours.One of the only drawbacks is that it's not the best place to earn and build wealth because of high taxes.<div type="image" title="Group photo of various colleagues at office event in Berlin" height="1200" width="1600" msid="113377534" hostid="261" sizebytes="247660"></div><h2 id="e8d45754-5383-4984-99de-02128eba0b9f">Slow growth in Europe</h2>The itch to return to India started around three years ago.I'd been watching India's growth since I left and felt like I had missed the boom by leaving in 2014. Many of my friends back home have <a target="_blank" class="" href="https://www.businessinsider.com/quit-tech-job-launch-startup-now-make-400000-2024-4">built startups</a> or venture capital careers. I wanted to be part of India's growth story.I also felt like there was no career growth for me in Europe. In India, I had a big network from India's top tech and management schools and because of my time at McKinsey.I also wanted to be close to family, especially since my parents are getting older.My inflection point was realizing in mid-2023 that my career had stagnated because I was at a senior level and was finding it difficult to grow. The <a target="_blank" class="" href="https://www.businessinsider.com/ukrainian-women-train-blue-collar-jobs-workforce-gap-war-electrician-2024-8">war in Ukraine</a> and other macroeconomic factors like inflation also affected my decision.I worked with a professional coach before making a firm decision. <a target="_blank" class="" href="https://www.businessinsider.com/took-sabbatical-returned-work-better-employeee-2024-9">I traveled around Latin America</a>, and being in a new environment really sealed the deal for me.<a target="_blank" class="" href="https://www.businessinsider.com/quit-job-at-meta-bali-trip-moved-into-childhood-home-2024-8">I quit my job</a> and finally moved back to India in May.<h2 id="93bdcf9f-12d3-4eba-9b17-bc4210b5a753">Adjusting back</h2>After <a target="_blank" class="" href="https://www.businessinsider.com/us-and-uk-life-biggest-differences-after-moving-home-space-2024-7">a decade of living away</a>, there are things I'm having to get used to again.I'm still adapting to the pollution, the traffic, and the sheer number of people. The number of cars and two-wheelers on the road has exploded, which makes driving and parking a lot more stressful.But some things have also become much more convenient since I left 10 years ago.I remember having to call a restaurant if I ever wanted to eat in, but India now has food and grocery delivery services that promise to deliver any food or household items in under 10 minutes.It's a lot easier to find and afford domestic support, and I have a cook. For my friends with newborn children, live-in nannies are available. These feel like huge luxuries compared to Europe, where my immigrant friends struggled with childcare — their parents were happy to help but could only stay in Germany for 90 days at a time.I'm also able to afford an all-inclusive apartment complex, where I have easy access to a pool, a gym, and a supermarket.I'm volunteering as a <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">mentor for startups</a> at an incubator at my alma mater and have noticed a big mindset shift among people in their early 20s. When I graduated with my engineering degree, my classmates and I thought our only career options were to join a company, study abroad for a master's, or pursue an MBA at the Indian Institute of Management.But the students now are a lot more willing to take risks and dive into entrepreneurship.I'm currently on a career break. I want to familiarize myself with India again and then hope to build a venture of my own in the next few years.

I moved from India to Europe for work and was living my dream. 10 years later, I walked away from it all.

<ul class="summary-list"><li>China's Xi Jinping negotiated a truce with India's leader, Narendra Modi.</li><li>They agreed to a patrolling arrangement on a disputed Himalayan border.</li></ul>At the <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">BRICS summit</a> in Russia this week, China's leader Xi Jinping and India's Prime Minister Narendra Modi shook hands for the first time in five years.The symbolic moment came after a deal was struck to resolve a long-standing feud between the Asian superpowers.In the lead-up to the summit, the countries announced they had reached a patrolling agreement that would reduce tensions along a disputed <a target="_blank" class="" href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">Himalayan border.</a>The dispute had led to deadly hand-to-hand combat in recent years, taking the lives of 20 Indian troops and at least four Chinese soldiers.After their meeting at the summit hosted by Russia's President Vladimir Putin, Xi and Modi said they would continue discussions on resolving the issue.<h2 id="997cee52-7fd6-4283-bf77-94e40a12b5cc">A setback for the US</h2>Some analysts believe it is a development that's unlikely to be welcomed in Washington, DC.The US has sought to recruit India to help it contain China's growing regional aggression alongside other members of the Quadrilateral Security Dialogue, a security pact that also includes Japan and Australia."So definitely, this is a setback for the United States of America's Indo-Pacific outlook, given the kind of rapprochement we are seeing in India-China relations, and particularly India, China and Russia coming together," Jagannath Panda, head of the Stockholm Center for South Asian and Indo-Pacific Affairs, told Business Insider."Putin, Xi, and Modi meeting definitely signals that there is a kind of understanding under the carpet that has happened, which is quite subtle," he said.It's an assessment echoed by Zhiqun Zhu, professor of political science and international affairs at Bucknell University."The thaw in India-China relations is a boon to both countries. This is particularly significant for China because India may now be less inclined to confront Beijing as part of Quad," Zhu told <a target="_blank" class="" href="https://www.voanews.com/a/india-china-deal-raises-questions-about-us-indo-pacific-strategy-/7838623.html">Voice of America. </a>"In this sense, the effectiveness of Quad would be diluted with a less enthusiastic India."<h2 id="baf534cf-4366-41b8-b9ef-d526ffe91fda">Competition between Asia's rival powers intensifies</h2>Tensions have been building between China and India for years.As the two biggest economies in Asia, the countries have long jostled for regional power, with the dispute over the Himalayan border a flashpoint that led to clashes in 2020, 2021, and 2022.Amid the stand-off, Chinese vessels have reportedly surveilled the Indian Ocean in <a target="_blank" class="" href="https://www.reuters.com/world/india/another-chinese-research-vessel-spotted-off-india-fuelling-unease-2024-03-11/">what experts told Reuters</a> was a likely intelligence-gathering operation, while India has strengthened its security ties with China's chief global rival, the US.In 2017 India played a key role in restarting the Quad, an alliance designed as a bulwark against growing Chinese influence and aggression in the Asia-Pacific region.But India has long sought to balance its relationship with rival superpowers the US and China, and does not at this point want to tie itself too closely to either side, say analysts.In addition to being a member of the Quad Alliance, it is a founding member of the BRICS, an <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">association of non-Western economies </a>that China has sought to transform into an alternative global economic power base to the US.<div type="image" title="India-China border" height="683" width="1024" msid="114594056" hostid="261" sizebytes="158650"></div>"This explains why it remains part of multilateral groupings with contradictory goals," said Praveen Donthi, a South Asia analyst with the Eurasia Group in Washington, DC, pointing to both its membership of the US-aligned Quad and China-dominated BRIC group.The truce comes with China on the back foot diplomatically, said Panda, pointing to its damaged relations with Europe and the US after its support f<a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">or Russia's invasion of Ukraine.</a>"One could draw a conclusion at this point that probably the Chinese are more interested to rebuild the ties with India than the other way round," said Panda.He said there's also the possibility that Xi has reached an agreement with Modi behind the scenes for India to remain silent if China acts on its longstanding ambition to seize back control of Taiwan.Such a move would likely draw in the US and its other regional allies, who have pledged to help defend<a target="_blank" class="" href="https://www.businessinsider.com/china-taiwan-drone-swarms-uav-us-playing-catch-up-production-2024-10"> Taiwan's independence.</a>"I think China's bigger ambition and target is the Taiwan issue, and therefore they would not really like to continue the kind of tensions they were engaged in with India for the last three to four years," he said."Therefore, they would like to rebuild, and they would like to ensure that India does not react to the Taiwan issue so sensitively."In any case, its a setback in US attempts to include India in a deeper security alliance, he said."For a long time, the US has tried to develop security and defense ties with India," said Panda.For the time being, a truce suits both Russian and Chinese interests, Rahul Bhatia, an analyst at the Eurasia Group, said. But, he added, tensions remain.He said that though both parties have opened discussions about the border dispute, the underlying problem remains unresolved, and future flare-ups are likely.Donthi said the progress between the leaders could also be derailed if tensions between the US and China increase."This comes as a relief after four years of eyeball-to-eyeball troop deployment in the Himalayas. However, it's only the beginning," he said.

Xi undercut the West by negotiating a truce in China's long feud with India

Melbourne Melbourne (Australia), Jul 31 (360info) The <keyword id="18212065" type="General" weightage="20" keywordseo="european-unions-ai-regulation" source="Orion">European Union's AI regulation</keyword> has some predicting a spate of Brussels copycats. Close, but not quite. "It is the AI moment." So went the declaration from International Telecommunications Union Secretary-General Doreen Bodgan-Martin at the conclusion of a UN summit in Geneva on 7 July 2023. At a historic UN Security Council meeting 11 days later, Secretary-General Antonio Guterres agreed. So did nations and regulators. A desire has emerged from powerful quarters to protect citizens from the potential harms of AI - issues that are known (discrimination, privacy violations, copyright theft) and those which are not. Yet. Most nations have approached issues like this by allowing sectors to individually regulate AI, such as aircraft design and flight safety. The infamous Boeing 737 MAX - which was grounded for over 18 months following two crashes within five months that killed 346 people - is one egregious example of regulatory failure. Other fields that have proactively regulated on AI include medical information (presiding over robot surgery and scan analysis), automated vehicles (the yet-to-materialise Tesla robot taxis and 'Full Self Drive' [sic]) and policing social media networks to protect against harms like disinformation. Some countries, such as the US, Japan and the UK, don't see the need for regulation to go beyond the combination of adaptive sectoral regulation and potential international agreements supplementing more speculative risks discussed in the so-called G7 Hiroshima Process. Others want to go further. More can be done. Generic laws could regulate AI across broader society. China has already published its law governing AI as part of its social control measures, which includes internet filtering through its 'Great Firewall of China' and a social credit scoring system. China intends to strictly control the use of AI much like it has with social media, banning Facebook, Google and TikTok from operating inside its borders (even though the latter has a Chinese parent company). Liberal democracies will not adopt the Chinese approach but may go further than the US, UK and Japan. The largest consumer market, the European Economic Area, is planning to adopt the so-called 'AI Act', which is actually a European Regulation on AI. Over two years since it was first proposed, the Act is locked in negotiations within the EU. It may take until April 2024 to properly pass. But it's not possible to simply lift the EU's AI Act and implant it in a different jurisdiction: it is part of a series of laws in European institutions and such an Act would be lost in translation. There's a name for when EU law is adopted and adapted in other nations: the '<keyword id="18212067" type="General" weightage="80" keywordseo="brussels-effect" source="Orion">Brussels Effect</keyword>', named after the city which hosts the EU's headquarters. It most often is invoked when describing the reaction to the EU's General Data Protection Regulation (GDPR), which came into force in 2018 and has been widely hailed as setting a much-copied global standard for data protection. But an unnuanced analysis of the Brussels Effect is problematic. Many countries did not adopt the GDPR, but instead a separate law (the <keyword id="6359680" type="General" weightage="80" keywordseo="convention" source="Orion">Convention</keyword> 108+) from the <keyword id="113558" type="General" weightage="80" keywordseo="council-of-europe" source="Orion">Council of Europe</keyword>, a Strasbourg-based 47-member human rights organisation which predates the EU. In 2023, a group of interdisciplinary experts unanimously concluded that the Brussels Effect either wasn't possible or, if it was, would be limited. They found the AI Act would sit within the 'digital acquis', a large body of previously agreed laws with an interlocking web of powers and powers, all of which would need reproducing to make sense of the additions the AI Act provides. If such a Brussels Effect in AI is unlikely or highly constrained, there is a model nations could adopt. Despite the Organisation for Economic Cooperation and Development (OECD) and UN Education Social and Cultural Organisation (UNESCO) both agreeing declarations of AI ethics principles, these are non-binding. That leaves Strasbourg's Council of Europe. Unlike EU laws, Conventions by the Council of Europe do not take direct effect in national law. Other nations beyond the Council's 47 members can sign onto Conventions through international agreement. For instance, the Council's Convention 108+ has 55 members, including Canada and countries across Latin America and Africa. The Council of Europe has brokered beyond its members going back decades, notably a 2001 cybercrime treaty that included not only Canada, but Japan and the US. The Convention 108+ is proof of what Oslo University's Lee Bygrave has described as a 'Strasbourg Effect', an alternative to the Brussels phenomenon. The Strasbourg Effect could fuel the way forward on AI. The Convention will likely be similar to the EU's AI Act, but with key distinctions. The Convention is being negotiated with the US, UK and Japan and is likely to adopt a more flexible approach, with more co-regulation with industry and independent experts where appropriate. As the Council of Europe is primarily a human rights organisation, it is also likely to pay more attention to the human rights implications of AI deployment. The Convention also has the advantage of being created in mid-2023, as opposed to the EU's Act which started in 2021. This means it can better address the foundational Large Language Models that emerged in early 2023, such as ChatGPT, Bard and others. In 2024, as the EU's AI Act and the Council's AI Convention are finalised, other liberal democracies, such as Australia, UK, Brazil, Japan and US, are expected to adopt and adapt these laws. When the rush starts, there is more likely to be a Strasbourg Effect of nations copying the Convention than any Brussels Effect. AI's regulation 'moment' that Bodgan-Martin heralded in July will last for years and be an exercise in international legal coordination. It best be comprehensive and careful to ensure the power of AI is deployed for the good of humanity. Chris Marsden is Professor of Artificial Intelligence, Technology and the Law at Monash University and an expert on Internet and digital technology law, having researched and taught in the field since 1995. <keyword id="18212066" type="General" weightage="50" keywordseo="george-christou" source="Orion">George Christou</keyword> is Professor of European Politics and Security at the University of Warwick, UK. He has published widely on European Politics and Security and he is the Editor for Palgrave's New Security Challenges Series. (360info.org) PY PY

What Europe's AI regulation moment will mean for the world

<ul><li>Samsung has launched the <keyword id="23594780" type="General" weightage="20" keywordseo="Galaxy-A16-5G" source="Orion">Galaxy A16 5G</keyword> smartphone in India.</li><li>The Galaxy A16 5G has been priced starting at ₹18,999 in the country.</li><li>The smartphoneoffers six years of Android and security updates.</li></ul> Samsung today announced the launch of its latest smartphone in its Galaxy A series, dubbed the Galaxy A16 5G. The device was introduced in Europe some time ago and has now made its way to India. The Galaxy A16 5G was launched in other markets with the company’s Exynos 1380 chipset, which is also used in the company’s<a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m35-5g-with-6000mah-battery-launched-in-india-starting-at-16999/slidelist/111806447.cms"> Galaxy M35</a> smartphone. In India however, the company has equipped the device with the MediaTek Dimensity 6300 chipset. <h2><keyword id="23471093" type="General" weightage="100" keywordseo="Samsung-Galaxy-A16-5G" source="Orion">Samsung Galaxy A16 5G</keyword> price and availability</h2>The Samsung Galaxy A16 5G is priced at ₹18,999 for the 8GB RAM + 128GB storage variant and ₹21,999 for the 8GB RAM + 256GB storage variant. The device comes in Blue Black, Gold, and Light Green colour options and will be available from Amazon India, Flipkart and Samsung Online Store starting today, October 18. <h2>Samsung Galaxy A16 5G specifications</h2>The Samsung Galaxy A16 5G runs on Android 14 out of the box with the company’s OneUI 6.0 on top. The company has promised six years of Android updates and six years of security updates for the device, a first in this segment. It features a 6.7-inch Full HD+ Super AMOLED display with a 90Hz refresh rate. The Galaxy A16 5G runs on the MediaTek Dimensity 6300 chipset in India. It is available in two variants – 8GB RAM + 128GB storage variant and 8GB RAM + 256GB storage. Coming to the camera department, the Galaxy A16 5G features a triple camera setup at the back consisting of a 50MP primary camera, a 5MP ultra-wide-angle sensor and a 2MP macro lens. On the front, the device sports a 13MP selfie camera. The Galaxy A16 5G is powered by a 5,000mAh battery coupled with 25W charging. It is IP54-rated for water and dust resistance and comes with a side-mounted fingerprint sensor. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms">Best smartphones under ₹25,000 in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-ipo-gmp-how-to-check-allotment-status-ipo-subscription-and-more/articleshow/114317600.cms">Hyundai IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

Samsung Galaxy A16 5G with six years of Android updates launched starting at ₹18,999

<ul class="summary-list"><li>Russia has diverted most of its oil exports from Europe to India and China, a top official said.</li><li>The EU was the largest buyer of Russian crude oil and oil products, accounting for nearly half of the exports.</li></ul>Russia has overcome<a target="_blank" href="https://www.businessinsider.com/russias-economy-putin-ukraine-war-moscow-western-sanctions-eu-2023-8"> Western sanctions</a> against its oil exports by diverting all the shipments east, a top Russian official said on Wednesday.The European Union was the <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">single largest buyer</a> of Russian crude oil and oil products before the invasion of Ukraine, accounting for nearly half of such exports, according to a <a target="_blank" href="https://www.reuters.com/world/europe/how-much-oil-does-european-union-import-russia-2022-04-06/">Reuters</a> compilation of data.However, the trade bloc <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/011123-eu-ban-on-russian-oil-product-exports-will-reconfigure-markets-change-trade-flows-iea">started banning</a> Russian crude oil and oil product imports from December 5 last year, aiming to target Moscow's war chest and divert resources from its invasion of Ukraine.This year, Europe's share of Russian oil and petroleum exports tanked to just 4% to 5%, Alexander Novak, Russia's deputy prime minister, said in an interview with Rossiya-24 television, as translated by <a target="_blank" href="https://tass.com/economy/1726891">TASS state news agency.</a>But Russia has managed to get around the sanctions by trading with other major markets such as <a target="_blank" href="https://tass.com/economy/1726967">India and China,</a> Novak said.In particular, India has become a major new export destination for Russian oil."There were virtually no exports to India before. Over the past two years, the total share of exports to India increased to about 40%," Novak said.By comparison, China's share of Russian oil and oil products accounted for up to 50% of such exports last year, he added.Novak said many other countries, including those in Latin America and Africa, are interested in buying Russian energy.Russia expects its <a target="_blank" href="https://tass.com/economy/1727175">oil and gas revenues</a> to reach 9 trillion rubles, or roughly $100 billion this year — down from 11.6 trillion rubles in 2022. Benchmark oil futures have fallen about 7% so far this year.The Russian official also hit back at <a target="_blank" href="https://tass.com/economy/1727133">Western sanctions,</a> calling them "illegal," per the state-run media service TASS.Novak said Russia's experience in navigating sanctions in the last years proves that it can overcome such trade restrictions.Russia's diversion of its energy trade is contributing to its war chest as its invasion of Ukraine enters its 22nd month.Russia's economy has appeared to be resilient so far with the country reporting 5.5% GDP growth in the third quarter of this year. However, its official economic statistics are nearly impossible to verify and reports suggest that much of the country's growth is due to <a target="_blank" rel="" href="https://www.businessinsider.com/russia-war-economy-government-boom-crash-sanctions-ukraine-invasion-2023-8">massive military and government spending</a>.

Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official  

<ul><li>The <keyword id="20656465" type="General" weightage="100" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> and iPhone 16 Pro Max are expected to be <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">made in India</keyword> soon after their global debut.</li><li>This will be the first time that the Pro models are being made in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>.</li><li>Domestic production is expected to slightly bring down the cost of the <keyword id="22846245" type="General" weightage="20" keywordseo="iPhone-Pro-models" source="keywords">iPhone Pro models</keyword>.</li></ul>In a boost to <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword>’s iPhone production in India and the country’s Make in India initiative, the iPhone Pro models, the iPhone 16 Pro and iPhone 16 Pro will be made in India, making them the first Pro models to be made in the country. According to a<a href="https://www.bloomberg.com/news/articles/2024-08-20/apple-s-first-made-in-india-iphone-pro-models-coming-this-year"> report</a> by Bloomberg, the iPhone 16 Pro and iPhone 16 Pro Max will be assembled by Apple’s partner <keyword id="19926050" type="General" weightage="20" keywordseo="Foxconn" source="keywords" meta.keywordsubtype="org" meta.entityname="Foxconn" meta.hostid="261" meta.entityid="Foxconn">Foxconn</keyword> at its facility in Sriperumbudur, Tamil Nadu. The assembly of the devices will reportedly begin just weeks after their launch. The company has reportedly started training thousands of workers as it aims to produce the Pro models in India as close to their global debut as possible. Last year, Apple produced the<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-iphone-15-plus-with-usb-type-c-port-improved-cameras-launched-starting-at-799/articleshow/103615581.cms"> iPhone 15</a> in India and this was available from day one. Soon after this, the iPhone 15 Plus was produced in India by <keyword id="20003591" type="General" weightage="20" keywordseo="Pegatron" source="keywords" meta.keywordsubtype="org" meta.entityname="Pegatron" meta.hostid="261" meta.entityid="Pegatron">Pegatron</keyword>. The<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms"> iPhone 15 Pro and iPhone 15 Pro Max</a> were imported in the country. The ‘Made in India’ iPhone 16 is expected to be available in India from day one. Apple has been pushing its production in India since 2021, as its push for diversification of its production from China was welcomed with production-linked incentives (PLI) from the Indian government. In FY24, the Cupertino tech giant assembled iPhones worth $14 billion in India, accounting for 14% of its global output. While Foxconn is expected to spearhead iPhone 16 Pro and Pro Max production in India, the <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> and Pegatron are also expected to assemble the Pro models later this year. <h2>Domestic production to make iPhones cheaper</h2>While there is no confirmation from Apple, the report reveals that Apple will be able to meet the domestic demand for iPhones in India through locally assembled devices by the end of the year. This is expected to slightly bring down the prices of iPhones in the country. Apple is expected to export the bulk of the domestically produced Pro models of the iPhone 16 series to the US, Europe and the Middle East after meeting the local demand. Apple saw robust sales of around $8 billion in the country in FY24, an increase of around 33% year-on-year. Apple shipped over 10 million iPhones in 2023 in India, up from 6 million in 2022. The company recorded a 6% market share in the Indian smartphone market in 2023. Experts have said that there is a definitive trend of Apple attracting many first-time users for its newly launched iPhones in India, alongside the strong sales of previous-generation devices. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-records-7-1-growth-in-q2-2024-hp-leads-with-nearly-a-third-market-share/articleshow/112643060.cms">Indian PC market records 7.1% growth in Q2 2024, HP leads with nearly a third market share</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">Indian smartphone market records 7.2% growth in the first half of 2024, Vivo leads the market in Q2</a>

You Searched For "India and Europe" and got 7 results

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

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Russia has managed to divert most oil exports from Europe to India and China, getting around sanctions, says a top official

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The iPhone Pro models will be made in India for the first time this year

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