DECEMBER 20249INDIA BECOMES WORLD'S SECOND-LARGEST PETROLEUM EXPORTER IN 2023BANGLADESH TO SETTLE DUES WITH ADANI POWER TO ENSURE ELECTRICITY SUPPLYBangladesh is rushing to settle more than $800 million in outstanding payments to Adani Power before a November 7 deadline, following a sharp The ministry's data analysis indicated that petroleum exports increased to $84.96 billion in 2023, with India's market share rising to 12.59 reduction in electricity exports from Adani's 1,600 MW Godda plant in Jharkhand, India. Currently, power supply to Bangladesh has been cut by more than half, from around 1,400 MW to 700-800 MW, as Adani faces coal import challenges necessary for power production.Bangladesh has grappled with payment delays due to high import costs since the 2022 Ukraine crisis. The recent political upheaval, which resulted in Prime Minister Sheikh Hasina's ouster in August, has further strained the country's financial stability.In recent months, Bangladesh has taken steps to address the dues. Muhammad Fouzul Kabir Khan, the interim government's power and energy adviser, confirmed recent payments, including $96 million cleared last month and an additional $170 million via a new letter of credit this month. Bangladesh has also begun reviewing its contract with Adani following reports that the rate charged is 27 percent higher than that of other private Indian producers.Meanwhile, Adani Power's CFO Dilip Kumar Jha recently stated that there were "no issues" with the power supply to Bangladesh, though payment concerns persist as the deadline approaches. percent last year from 6.45 percent in 2018, making it the second-largest global exporter.The nation's portion of worldwide deliveries in the precious and semi-precious stones category increased to 36.53 percent in the previous year from 16.27 percent in 2018. Exports rose from $0.26 billion in 2018 to $1.52 billion in 2023, propelling the country to the top position in the category. In 2018, it held the second position.During the years 2018 to 2023, India's exports have seen a rise in the sectors of electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. Likewise, exports of cane or beet sugar from the country have increased fourfold to $3.72 billion from $0.93 billion in 2018.India's export of cane or beet sugar has seen significant growth, with its worldwide market presence rising from 4.17 percent in 2018 to 12.21 percent in 2023."As the world's second-largest exporter of sugar, India's success can be attributed to both favourable agricultural policies and its strong production base. The country has capitalised on the growing global demand for sugar, especially in regions like Southeast Asia and Africa", an official said.
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