The trade relationship between India and the United States has been strained by the imposition of 25% tariff by the US on Indian goods.
'Geopolitically and diplomatically it's a very difficult situation for India.'
'The state governments of Gujarat, Maharashtra and Tamil Nadu will be encouraged to consider measures of their own as the employment and economy in such export-oriented states will be affected.'
US President Donald Trump on Wednesday slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued buying of Russian oil.
From labelling India the 'Tariff King' to slapping sweeping import duties, US President Donald Trump has steadily hardened his trade stance on India. These announcements are being seen as a pressure tactic to get New Delhi to agree to demands made by the US in the proposed Bilateral Trade Agreement (BTA).
Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday. The two countries announced the conclusion of the negotiations for the trade agreement on May 6.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
In trade negotiations, as in chess, sometimes you need to accept a temporary disadvantage to secure a better long-term position, points out Sonal Varma, chief economist (India and Asia ex-Japan) at Nomura.
India needs to come together to deal with the 50 per cent punitive US tariffs on Indian products and stand up to any kind of bullying, Maruti Suzuki India chairman R C Bhargava said on Thursday. "It is our duty as Indians to do our very best to promote and maintain our dignity and respect and not give in to any kind of bullying in this matter... the nation has to stand united," Bhargava said at the company's 44th Annaul General Meeting in New Delhi.
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
'It's great to see him growing as a player, evolving across formats, and now being rewarded with national honours as well.'
India and the UK will sign a free trade agreement on Thursday in London that will allow export of labour-intensive products such as leather, footwear and clothing at concessional rates, while making imports of whisky and cars from Britain cheaper. The pact also helps double trade between the two economies to $120 billion by 2030.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
Modi said peace is paramount for development, and the Centre is committed to achieving it.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
The 25 per cent US tariffs, plus a penalty for Russian imports, could dent India's GDP growth by 30 basis points in the current fiscal, but the higher duty is unlikely to significantly affect India's domestic demand-driven economy, Barclays said on Thursday. If the 25 per cent tariff, announced by US President Donald Trump on Wednesday, is implemented from August 1, the effective average US import tariff on Indian goods will rise to 20.6 per cent in trade-weighted terms, as per Barclays estimates.
Merchandise exports to the US jumped 23.5 per cent year-on-year (Y-o-Y) to $8.3 billion in June, even as India's overall outbound shipments witnessed contraction during the month, according to the data released by the commerce department on Tuesday. The increase in outbound shipments to the US was largely driven by the rush among exporters to utilise America's pause on its plans to impose country-specific reciprocal tariffs.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
To shield against US President Donald Trump's tariff shock, analysts have been advising investors to focus on stocks of domestic-oriented companies, rather than export-centric ones, to minimise potential losses.
Fijian Prime Minister Sitiveni Rabuka discussed US tariffs on Indian goods with Prime Minister Narendra Modi, noting that "somebody is not very happy with you." The discussion occurred during Rabuka's visit to India to strengthen ties.
United States President Donald Trump said a 'very big' trade deal is on cards with India, hinting at significant progress in the negotiation process of a long-awaited bilateral trade agreement between the two countries.
India's economic growth is expected to be lower at 6.3 per cent this fiscal compared to the RBI's projection of 6.5 per cent, a SBI Research Report said on Thursday. The report pegged the first quarter GDP estimate at around 6.8-7 per cent, mainly due to muted private capex.
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There's no change in Apple Inc's India strategy, said a top government source. 'It can only be enhanced'.
The Indian government is studying the implications of US President Trump's announcement to impose tariffs on Indian goods and remains hopeful of concluding a bilateral trade agreement.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of absconding diamantaire Mehul Choksi to recover dues totalling Rs 2.1 crore in a case of violation of insider trading rules in the shares of Gitanjali Gems.
Amid uncertainty over trade talks with the US, Prime Minister Modi asserts India's commitment to protecting the interests of farmers and fishermen, vowing no compromise on their behalf.
Brave statements such as we will continue to be the fastest growing large country are of no consolation, because the direction of trade also determines the flow of investment, points out M Govinda Rao.
JSW Paints, part of $23 billion JSW Group, on Friday said it will acquire majority controlling stake in Akzo Nobel India Ltd (ANIL), the maker of Dulux paints, for Rs 8,986 crore. It will acquire 74.76 per cent stake from its Dutch promoters/holding entities -- namely Imperial Chemical Industries and Akzo Nobel Coatings International BV -- for a consideration of Rs 8,986 crore, according to a statement from the JSW Group firm.
The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
India and the US have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington. Both sides are looking at finalising an interim trade deal before August 1. Issues related to agriculture and automobiles figured during the negotiations.
'That combination of a rising economy, a growing middle class, and a deepening love of diamonds and jewellery is what we see really doubling the market for diamonds over the next five years.'
The Human-rated LVM3 vehicle, the Crew Escape System and the Crew Module and Service Module are all in final stages of testing and integration.
'Congratulations Joe Root, magnificent.'
Commerce Minister Piyush Goyal assures Parliament that India will take necessary steps to protect its national interests following the US announcement of tariffs on Indian goods. The government is assessing the implications and engaging with stakeholders.
A player-of-the-match award in only his second Test, plaudits from the pundits and even a "man crush" from his England counterpart -- India wicketkeeper Dhruv Jurel could not have dreamt of a better start to his international career.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
The move came against the backdrop of Turkiye backing Pakistan and its condemnation of India's strikes on terror camps in the neighbouring country and Pakistan-occupied Kashmir under Operation Sindoor.
Jurel has produced a solid body of work in first-class and Test cricket alike, even though he displayed a completely different avatar for the Rajasthan Royals (RR) in the Indian Premier League (IPL) as a finisher since his debut in 2023.
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