Imports Current Affairs - 2020

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India to get uninterrupted LPG supply from Saudi Arabia

On March 29, 2020, the Union Minister Dharmendra Pradhan announced that Saudi Arabia has assured India on uninterrupted LPG supply amidst growing threat of COVID-19.

LPG in India

India is the second largest importer of LPG in the world. It fulfils half of its requirements from the middle east countries such as Qatar, Saudi Arabia, Oman, Kuwait.

LPG Imports of India

With Government of India promoting cleaner fuel, the usage of LPG in India has increased. In the year 2018-19, the usage of LPG in the country increased by 6.9% as compared to the previous year. In 2020, it increased by 6.7%. The imports increased by 15.9% as compared to the earlier year.

In 2018-19, India consumed 24.9 million tonnes of LPG. The consumption has increased greatly after the introduction of Ujjwala Programme.

LPG and Kerosene

With increased usage of LPG, the usage of Kerosene began to decrease. The sales of Kerosene decreased by 10% in 2018-19. GoI is slowly trying to stop selling Kerosene as domestic fuel. Kerosene is currently sold at subsidized rates in pubic distribution shops operated by GoI.

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Corona Virus: NMDC reduced iron ore prices by 1.5%

On March 16, 2020, the National Mineral Development Corporation announced that the prices of iron ore is to be reduced by 1.5%. The Corporation is taking such measures predicting decline in iron ore demands due to the threats of Corona virus.

Highlights

The steel prices in India reduced in 2019 due to economic slowdown. The demand of steel in the country reduced greatly and affected the supply chain greatly. The prices of iron ore was the lowest in 2019.

National Mineral Development Corporation

The National Mineral Development Corporation was founded in 1958. The Corporation operates under Ministry of Steel. It is involved in theexploration of graphite, irone ore, rock phosphate, gypsum, limestone, tungsten, bentonite, dolomite, etc.

In 2018, NMDC announced that it is to undertake mining in Australia by acquiring majority stakes in projects of the country.

Iron Ore in India

India is the largest producer of iron ore in the world. Today, India exports more than 35 million tonnes of iron ore.

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