India's oil import bill in terms of value increased from 409,077 crore rupees in 2009-10 to 726,386 crore rupees in 2011-12.

This increase was due to the rise in the prices of crude oil and petroleum products in the international market, depreciation of the rupee and increase in domestic consumption of petroleum products from nearly 138 million metric tonnes in 2009-10 to 148 million metric tonnes in 2011-12. This was stated by Petroleum Minister Jaipal Reddy in the Lok Sabha today.
　
In a written reply, he said consumption and exports of value-added products during 2011-12 contributed to the higher level of the country's GDP. The increase in refining capacity has reduced India's import dependency on petroleum products.

The country exported petroleum products worth two lakh eighty-four thousand and six hundred forty-three crore rupees during 2011-12, the Minister said.

he Government has extended the ban on import of milk and milk
products from China. Giving this information in a written reply in the
Rajya Sabha today, the Minister of State for Commerce and Industry, MrJyotiraditya Scindia said that the Food Safety and Standards Authority of India (FSSAI) has recommended the extension of the ban till June next year or until further orders. The notification for ban was issued last month. The banned milk products include chocolate, chocolate products, candies, confectionery, food preparations with milk or milk solids as ingredient.

The country exported 5,75,270 metric tonnes of spices worth 9783 crore rupees during last fiscal, registering an increase of nine per cent in volume and 43 per cent in rupee terms over the previous year.

According to figures released by the Spices Board in Kochi, India exported 5,25,750 metric tonnes worth 6840 crore rupees during 2010-11.

The country has set an export target of five lakh metric tonnes for the current fiscal.
US is the main importer of Indian spices contributing to 16 per cent of the total export value, followed by China with nine per cent.

Jewellers have called off their 21-day strike today following a meeting with Finance Minister Pranab Mukherjee over their demand to rollback excise duty on gold and non-branded jewellery. Chairman of All India Gems and Jewellery Trade Federation, Bachharaj Bamalwa said, he has asked all associations to open their shops.

   he said that the strike has been put off till the 11th of next month when Parliament is expected to take a final decision in this connection.

 Mr. Mukherjee in New Delhi, Mr. Bamalwa said that the Finance Minister has assured them that their demands will be considered sympathetically and an announcement will be made on the floor of Parliament.
 the Finance Minister has proposed a hike in the import duty on gold bars, coins and platinum from two to four per cent and levied one per cent excise duty on unbranded jewellery.

The Central Bank of Sri Lanka on Thursday said that the country’s reserves at present amount to 6.1 billion USD with the infusion of 427 million USD from the International Monetary Fund. The Bank says, it is equivalent to 3.6 months of imports.

Indian made petrol-driven Bajaj three wheelers will cost more in Sri Lanka. The Sri Lankan Government has hiked the import taxes these vehicles from 51 percent to 100 percent. Taxes on diesel three wheelers goes up from 61 percent to 100 percent and electric three wheelers from 27 percent to 50 percent. Colombo has slapped new taxes of as much as 100 percent on some imported cars, but kept taxes on hybrid cars lower, in a move which can reduce state revenues from automobiles this year. Sri Lanka's finance ministry in a notice on its website said total taxes on imported hybrid cars has been raised to between 60 to 125 percent from the current 51 to 100 percent based on engine size, mostly from excise levies. Taxes on petrol-driven cars have been raised from the current 120 to 189 percent of value to 189 to 275 percent, depending on engine size.Taxes on diesel cars have been raised from the current 180 to 191 percent to 250 to 350 percent. Sri Lanka ran into a balance of payments crisis in mid-2012 due to low interest rates and high central bank accommodated credit growth as well as credit taken to manipulate oil prices. The import of vehicles had gone up more thn double from over 2.1 lakhs in 2009 to over 5.23 Lakhs in 2011. The Finance Minister said the surge in imports of cars has created congestion in roads and a higher demand for fuel.

Commerce Minister Anand Sharma today said, the BRICS, economies comprising Brazil, Russia, India, China and South Africa have an important role to play in defining the changing global financial architecture.

Mr. Sharma said this while addressing the inaugural session of the BRICS Business Forum in New Delhi this morning.

He said, the BRICS countries are the engines of growth assisting the global economic recovery, and they should jointly work towards their concerns being heard in the international fore.

Mr. Sharma said, the coming together of the five countries have attracted global attention as they have tremendous potential for collective economic prosperity.

He called upon the BRICS nations to deepen and diversify the economic partnership to benefit their own people and also to contribute towards faster global economic recovery.

He said, the member nations have to set priorities and targets while ensuring free flow of capital, exchange of technology and to create a common platform for enhanced trade and commerce.

He said, India is back on the path of achieving higher economic growth rate though it was recently impacted by low demand in the US, Europe and Japan. He said, high international oil prices, import of gold also put the current Account deficit position under duress. 

Speaking on the occasion the Chinese Commerce minister, Chen Deming said, his country expects to clock 7.5 per cent growth even though a slow down was experienced.

Russia's Economic minister Ms. Elvira Nabiullina said, Russia though not a developing country registered 4.3 per cent growth and hopes to regain the growth rate of pre crisis levels. She also favored exchanges of national currency denominations between the BRICS nations for trade. 

The South African Trade Minister Rob Davis said, his country's economy is closely interlinked with the African continent that has clocked 5.5 per cent growth. He said, Africa has opened up as land of tremendous opportunities for Industrialisation.

He said, a 29 percent increase was observed in trade with BRICS nations. Industry minister of Brazil Fernando Pimentel Brazil said, his country looks forward to enhanced economic activity between the BRICS countries