India's plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the U.S. Strategic Petroleum Reserve to take advantage of low oil prices.
The virtual interactions are not on large scale and are conducted for batches of 50-100 farmers at one time. “This is very beneficial as we are able to engage only with potential buyers,” added Pandey.
Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year.
Since the launch of the Startup India initiative on January 16, 2016, the DPIIT has recognised 28,979 startups as of March 1, 2020. Of these, 27,137 startups employed around 337,000 people.
Here is how SMC Global expects commodities to fare today.
Brent crude was up 14 cents, or 0.4%, at $36.20 a barrel by 0040 GMT, after gaining nearly 1% on Thursday. The contract is heading for a jump of more than 10% for the week.
India's stimulus is inadequate in providing recovery of an economy pummelled by COVID-19, Rajan said.
India’s fuel consumption collapsed by as much as 70% at one stage last month.
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