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India-Nigeria Relations UPSC NOTE

 India-Nigeria relations

  • Nigeria an African country on the Gulf of Guinea.

  • Nigeria is Africa’s most populous country and largest economy.

  • It is Africa’s top oil producer.

  • Both India and Nigeria are members of the Commonwealth of Nations and the Non-Aligned Movement.

  • Over 50,000 people of Indian origin live in Nigeria, its largest non-African community.

  • As a rule, Nigerians value India’s appropriate technology which is seen as well-suited to the local conditions.

34


India-Nigeria relations

  • Nigeria has over 135 Indian-owned companies;

  • Indian firms are the second biggest employers in Nigeria after the Nigerian Federal Government.

  • The total Indian investments in Nigeria are estimated to be in the vicinity of $10 billion.

  • Although India has traditionally been Nigeria’s largest trading partner, its position has slid down as the bilateral trade shrunk by 21% in 2022-23 to $11.852 billion.

  • Six of Nigeria’s past 15 Presidents were India-trained defence officers.

35


36

Inflation

RBI report and details on Inflation affected commodities

  • In 2022, global inflation reached its highest levels in decades in both advanced economies and emerging markets. 

  • This acceleration was largely attributed to the significant increase in food and energy prices caused by disruptions in the supply chain after the war in Ukraine.

  • International food prices have decreased since the May 2022 peak, owing to improved conditions in the supply of edible oils and grains.

39


RBI report and details on Inflation affected commodities

  • Yet, it remained higher than what it was before the war as trade restrictions and adverse weather conditions continue to impact food production in major producer-countries.

  • The changes in global commodity prices resulted in a surge in consumer price inflation in advanced economies (AEs) and emerging market and developing economies (EMDEs), prompting monetary policy tightening throughout the year.

  • During the 2022-23 period, India faced a significant increase in inflation.

40


RBI report and details on Inflation affected commodities

  • Retail inflation remained above the upper limit of the inflation target for several months between January and October 2022.

  • In April 2022, inflation peaked at 7.8%, driven by a sharp increase in three major categories: food, fuel, and core inflation (excluding food and fuel).

    • This rise was the result of the disruption in supply, higher global commodity prices, and currency depreciation.

41


RBI report and details on Inflation affected commodities

  • When the supply chain pressures finally normalised and input costs eased due to a decline in global commodity prices, inflationary pressures also lessened.

  • However, it surged once again in the first two months of 2023 due to an unexpected increase in cereal prices which then moderated in March 2023.

  • In the first half of the year, India experienced an acceleration in food inflation, influenced by higher prices of vegetables, animal proteins, cereals, and related products. 

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RBI report and details on Inflation affected commodities

  • However, by the second half, inflation moderated.

  • Inflation in the food and beverages category, which accounts for 45.9% of retail inflation, fluctuated between 4.6% and 8.4%, due to surges in costs of global food and fertilizer, heatwaves, rising costs of farming inputs, and seasonal price patterns.

  • Food and beverages inflation averaged 6.7% during this period compared with 4.2% in the previous year, with an increase in five sub-groups. 

RBI report and details on Inflation affected commodities

  • Food inflation did, however, decrease in the remaining seven sub-groups.

  • Fuel inflation remained in double digits for the major part of the year due to high domestic LPG and kerosene prices, in line with internal prices.

  • However, the inflation moderated as the global crude oil prices cooled.

  • Inflation excluding volatile food and fuel, or the core inflation, showed a slight uptick to an average of 6.1% in 2022-23.


RBI report and details on Inflation affected commodities

  • Inflation in the transport and communication sector gradually decreased after a sharp increase in the first quarter of 2022-23.

  • Increase in core prices, with over 70% of items experiencing rates higher than 4% in 2022-23.

Clothing and footwear inflation increased significantly, averaging 9.5% during this period.

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