OCTOBER 20249INDIA'S OIL IMPORT FROM RUSSIA SOARS 2M BARRELS PER DAY6G TECHNOLOGY IN THE WORKS POST SUCCESSFUL LAUNCH OF 5G TECHNOLOGYIndia's crude oil imports from Russia surged by 11.7 percent in September to approximately 1.9 million barrels per day (bpd), representing about 40 percent During his address at India Mobile Congress 2024, Prime Minister Narendra Modi highlighted India's progress towards 6G technology following the of the country's total crude imports for the month, according to tanker data from industry sources. In total, India's refiners imported 4.7 million bpd of crude oil in September, reflecting a slight increase compared to August and about 8.5 percent higher than the same month a year prior.Indian refiners have invested significantly in plant upgrades, enabling them to process a wider range of crude grades, thereby reducing costs. As the world's third-largest oil importer and consumer, India has become the top buyer of discounted Russian seaborne oil after Western nations halted purchases following Russia's invasion of Ukraine.Crude imports from the Commonwealth of Independent States (CIS), including Russia, Kazakhstan, and Azerbaijan, accounted for 43 percent of India's total imports in September, up from 38.5 percent in August. In the first six months of the fiscal year (April-September), India's imports of Russian oil rose by 9.1 percent to 1.91 million bpd.In September, Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia. Russian oil imports were more than double Iraq's 867,600 bpd. Additionally, India resumed Venezuelan oil imports in September after a two-month pause, with Reliance Industries Ltd receiving a shipment. successful rollout of 5G across the country. He emphasized the need for a global digital framework to regulate the ethical use of technology, drawing parallels to the comprehensive rules that govern the aviation sector."In just ten years, the length of the optical fibre that India has laid is eight times the distance between the earth and the moon. I will give you an example of India's speed. Two years ago, we launched 5G in the Mobile Congress itself. Today, almost every district of India is connected with 5G service. Today, India has become the second largest 5G market in the world and now we are also working fast on 6G technology," PM Modi said.Modi called for global institutions to collaborate in developing clear guidelines and "dos and don'ts" for the digital world, with a focus on ensuring that the use of emerging technologies, especially Artificial Intelligence (AI), is grounded in principles of security, dignity, and equity. His message underscored the importance of addressing the challenges posed by AI while ensuring it benefits humanity in a fair and secure manner.
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