US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
As in-person negotiations between India and the US kickstarted on Wednesday, Treasury Secretary Scott Bessent said he expected India to strike the first bilateral trade deal to avert President Donald Trump's reciprocal tariffs.
The other recent reforms initiative of the government include the decision to raise FDI cap in insurance from 26 to 49 per cent and allowing foreign investment in pension.
United States President Barack Obama, in an effort to rejuvenate the battered US economy, on Thursday nominated his chief-of-staff and budget specialist Jack Lew as the next treasury secretary.
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