Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
The India-US ties witnessed a major downturn after President Trump slapped a whopping 50 per cent tariff on Indian goods, including a 25 per cent punitive levy over Russian oil purchases.
India and the US have entered a new phase in their relationship, marked by greater parity, point out Harsh V Pant and Vivek Mishra.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
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'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
US and India will promptly implement this framework and work towards finalising the interim agreement with a view to concluding a mutually beneficial bilateral trade agreement.
India has completely protected the interests of its agriculture and dairy sector in the India-US trade agreement.
The idea, Shah explains, was to keep the discipline of a shared start, without asking anyone to participate in a religious act that wasn't theirs. The anthem, he felt, offered a "common minimum" that didn't privilege one faith over another: stand together, start together, get to work.
Benchmark indices Sensex and Nifty ended lower on Thursday, snapping a three-day rally, amid a weak trend in global stock markets.
Both countries commit to provide each other preferential market access in sectors of respective interest on a sustained basis
Stock markets closed higher on Friday after the Reserve Bank of India kept its benchmark interest rate unchanged as expected and proposed allowing banks to lend to Real Estate Investment Trusts (REITs) with certain prudential safeguards to deepen the financing pool for the real estate sector.
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China has made serious inroads into Latin America, which the US may now be hinting is simply not ok: Stay in your lane, Xi! In simple terms, China will no longer have access to Venezuelan oil, points out Rajeev Srinivasan.
US President Donald Trump greeted India on its 77th Republic Day, highlighting the historic bond between the two democracies amid ongoing trade tensions.
Stock market benchmark indices Sensex and Nifty surged in early trading session on Tuesday after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from current 25 per cent.
Benchmark indices Sensex and Nifty ended marginally higher on Wednesday as a sharp decline in IT blue-chip stocks restricted the rally in the markets.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
Stock market benchmark indices Sensex and Nifty ended 2.5 per cent higher on Tuesday after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent.
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
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The Sports Ministry is keen to bring Formula 1 back to the Buddh International Circuit in Noida in the near future.
Whether Trump will actually press ahead with the oil sanctions remains unclear, since keeping Russian oil out of the world market risks high oil prices which could boomerang on the US economy and be damaging politically for Trump, points out Ambassador M K Bhadrakumar.
The Congress party has criticized the Indo-US trade agreement, calling it a 'surrender' of India's self-esteem and interests, and a betrayal of Indian farmers and MSMEs.
What began as a mentor-protege relationship between UAE President Mohammed bin Zayed and Saudi Crown Prince Mohammed bin Salman has now evolved into a broader contest over influence, strategy, and leadership in the Middle East, points out Asif Ullah Khan.
The Congress attacked the Modi government, saying it now seems to be routine that India learns about its government's actions only from Trump or his appointees.
The White House has claimed that India has begun 'scaling back' its oil purchases from Russia at the 'request' of President Donald Trump.
From the 30-Sensex firms, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel, and Trent were among the biggest laggards. On the other hand, Eternal, ICICI Bank, Bajaj Finance, and Bharat Electronics were the gainers.
Let's venture to deeper Tamil Nadu and sample two dishes that showcase the famous Chettinad cuisine -- a chicken curry and a rice pudding.
From the Sensex firms, Tata Steel tanked the most by 4.57 per cent. ICICI Bank, Power Grid, HCL Tech, Tech Mahindra, Infosys and Kotak Mahindra Bank were also among the laggards. Mahindra & Mahindra, State Bank of India, ITC and Bharat Electronics were among the gainers.
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
As many as 17 cancer drugs, along with medicines and food for special medical needs for seven rare diseases, components for microwave ovens are some of the items that are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2026-27.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
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