Business
Energy surge: India set to become epicentre of global oil demand growth; IEA projects fastest energy expansion to 2035 – The Times of India
India is poised to become the epicentre of global oil demand growth over the next decade, the International Energy Agency (IEA) said in its latest Global Energy Outlook 2025, citing rapid economic expansion, industrialisation, and rising vehicle ownership as key drivers of energy consumption.According to the Paris-based agency, India’s energy demand is projected to rise by an average of 3% annually till 2035, the fastest among all emerging markets and developing economies, PTI reported. The country will account for the largest increase in global oil consumption through 2035, surpassing China and Southeast Asia combined.“China accounted for more than 75% of oil demand growth over the past decade, but this picture is changing. India becomes the new epicentre of growth in oil demand,” the IEA said.India’s oil use is expected to rise from 5.5 million barrels per day (mbpd) in 2024 to 8 mbpd by 2035, driven by growing car ownership, demand for plastics and chemicals, aviation fuel, and increased LPG use for cooking. Nearly half of all additional global oil demand till 2035 will come from India alone, the agency noted.Import dependence to deepenDespite government efforts to boost domestic production, India’s oil import dependency is set to climb from 87% in 2024 to 92% by 2035, the IEA projected. However, the country’s expanding refining capacity — expected to grow from 6 mbpd in 2024 to 7.5 mbpd by 2035 — will position it as a key exporter of transport fuels.“Since 2022, India has emerged as a global swing supplier, refining Russian crude oil that previously went to Europe,” the report said. With 9 mbpd of new refining capacity expected globally between 2024 and 2035, Asia will lead the expansion, with India contributing the largest share.Gas and coal outlookIndia’s natural gas demand is projected to nearly double to 140 billion cubic metres (bcm) by 2035, led by growth in city-gas distribution. LNG imports are also expected to surge, reaching 50 bcm by 2035, up from 35 bcm currently.Coal production, meanwhile, will continue to rise in India — even as it declines globally — increasing by around 50 million tonnes of coal equivalent (Mtce) by 2035. The IEA said this will help limit the growth of coal imports despite strong domestic demand. Coal India Ltd’s expansion of the Gevra mine to 70 million tonnes per year will make it Asia’s largest coal mine, with 36 new mines also planned over the next five years.Energy leadership beyond oilThe IEA described India as “the biggest driver of growth in global energy demand”, with overall consumption projected to rise by over 15 exajoules by 2035 — nearly equal to the combined increase of China and Southeast Asia.India’s GDP is expected to grow at over 6% annually, with transport and industry leading the rise in fuel use. The country’s carbon emissions are likely to peak around 2040 at roughly 3.4 gigatonnes per year.India, which has pledged to achieve net zero by 2070, has already met its target of 50% non-fossil power capacity five years ahead of schedule, in 2025. The share of renewables in installed capacity is projected to reach 60% by 2030 and 70% by 2035, accounting for 95% of new power additions.Solar and wind will make up nearly one-fifth of India’s total energy mix by 2050, the IEA said, adding that solar PV has already attracted $113 billion in investment over the past decade, outpacing fossil fuel projects.
Business
Heineken cuts strength of Foster’s lager as duty rises and sales slump
Heineken UK is cutting the strength of its Foster’s lager to take advantage of duty savings on weaker beers.
The brewer said dropping the lager’s strength from 3.7% to 3.4% would allow customers to “benefit from more competitive pricing as inflationary pressures continue to affect the wider market”.
It added: “This follows the introduction of differential duty rates by the UK government, which encourage brewers to innovate at lower ABV (alcohol by volume) rates in support of customers wanting to moderate their alcohol consumption.”
The change, which takes effect from February, would also support pubs and retailers with a “competitively priced classic lager”, it said.
Foster’s ABV was previously lowered from 4% to 3.7% in January 2023.
Heineken UK said: “The decision to adjust the ABV of Foster’s reflects our commitment to helping consumers make responsible choices, while supporting pubs and retailers with a competitively priced classic lager alongside a portfolio of brands across the price and ABV spectrum.
“Our master brewers have spent many months refining the recipe to ensure the taste remains unmistakably Foster’s – crisp, balanced, and refreshing.”
Off-trade sales of Foster’s fell by 13.7% to £252.8 million in the year to April, according to NIQ data.
A number of products have been reformulated since the introduction of new duty savings on beers with an ABV of 3.4% or below in August 2023, including Carlsberg Pilsner, Coors Light and Grolsch.
Business
India’s Textile Exports Record Growth In 111 Countries
New Delhi: India’s global exports of textiles, apparel and made-ups grew by 0.1 per cent during April–September 2025, compared to the corresponding period in 2024, the government data showed on Wednesday.
The textile and apparel sector, including handicrafts exports, demonstrated remarkable resilience in the first half of FY 2025-26 despite global headwinds and tariff-related challenges in major markets.
Some of the large export markets for India which clocked impressive growth rates were the UAE (14.5 per cent), the UK (1.5 per cent), Japan (19.0 per cent), Germany (2.9 per cent), Spain (9.0 per cent) and France (9.2 per cent).
On the other hand, some of the other markets that recorded higher growth rates were Egypt (27 per cent), Saudi Arabia (12.5 per cent), Hong Kong (69 per cent), etc.
These 111 markets contributed $8,489.08 million during April–September 2025, compared to $7,718.55 million in the previous year — reflecting a 10 per cent growth and an absolute increase of $770.3 million. The key sectors driving this growth included ready-made garments (RMG) of all textiles (3.42 per cent growth) and Jute (5.56 per cent growth).
The ministry said that this performance highlights the sector’s adaptability and competitiveness in the face of global uncertainties. India’s continued expansion into non-traditional markets reinforces the Government’s policy focus on export diversification, value addition, and global market integration under the “Make in India” and “Aatmanirbhar Bharat” initiatives.
Meanwhile, the GST 2.0 rate cuts on several handicraft items from 12 per cent to 5 per cent have come as a major boon for the country’s artisans, as demand for their products has gone up, leading to higher earnings and also enabling them to compete with factory-made goods.
The tax cuts have benefited artisans producing items like wood-carved products, terracotta jute handbags, textile items, and leather goods. By lightening the tax load, the reforms will help build stronger markets for traditional handlooms and crafts.
Business
Thousands of Leonardo staff walk out in dispute over pay
Thousands of staff at aerospace firm Leonardo have walked out in a dispute over pay, on the first of a number of planned days of strike action.
Hundreds of workers took to picket lines at the company’s site in Edinburgh, while similar scenes are understood to have taken place at the firm’s sites throughout Scotland and England.
The walk-out came after workers rejected a 3.6% pay offer from the firm, which the Unite union said was “well below” inflation and so a real terms pay cut.
The union added that this came at a time Leonardo UK is making hundreds of millions of pounds in profit each year.
Workers on the picket line in Edinburgh gathered at the entrances to the site on Crewe Road North, waving placards and red Unite banners, and cheering whenever passing cars beeped their horns in support.
They were also asking delivery vehicles not to cross the picket line, and many – including a Royal Mail van – elected to turn around rather than do so.
One striker told the PA news agency many more workers were staying at home, and that production at the site had “stopped”.
Unite regional officer Carrie Binnie said it was the first walk-out at the company for 35 years.
“Leonardo have offered a below-inflation pay rise for their staff, and this has been rejected twice now,” she said.
“They did make an improvement last week, but it was still well below inflation, and that’s been rejected a second time.
“We had really hoped that they would come back to the table, renegotiate, meet our demands, and they’ve failed to do so, hence why we’re out on strike today.”
Ms Binnie added that the Unite union was happy to speak to the company “at any time”, and that it was willing to put any improved offer to its members.
“I like to think when Unite members take such a drastic step to take industrial action, it does refocus management on why their staff are their biggest asset and why they’re needed most,” she said.
“So if they’ve been impacted by today’s action, they should come back to the table and speak with us.”
She also acknowledged that strike action is “extremely difficult” for Unite’s members, and that the union had “tried really hard” to avoid it.
“We work really hard to negotiate with employers and get members fair deals, and usually, most employers will reach a negotiating stage, which goes through positively with their members,” she explained.
“To be forced to take action such as this is extremely difficult for our members to do, but unless Leonardo come forward with something fair that’s not a pay cut for our members, then there’s no other choice for them.”
Strikes are due at Leonardo facilities in Yeovil, Edinburgh, Newcastle, Basildon and Luton on November 12 and 13.
There will be further strikes at Edinburgh and Basildon on several dates running up to November 25.
At the Yeovil site, there will be further strikes on November 25 to 28.
A Leonardo spokesperson said: “We are obviously disappointed that the revised pay offer negotiated by senior Unite representatives and supported by full time Unite officials on behalf of Leonardo members has not been positively received by the membership.
“Strike action is now inevitable for our Leonardo UK Basildon, Edinburgh, Luton, Newcastle and Yeovil sites.
“We have taken all steps possible to minimise disruption to our business and our customers.
“We would welcome Unite back to the table in a bid to reach a resolution.”
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