Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year. He said that "a little bit" of geopolitical issues overtook the trade matters in the negotiations for the pact between the two countries.
'A deal will only be possible if India stops buying Russian oil -- but even then, New Delhi must not compromise its core red lines.'
'Our endeavour will be that we identify these products, put them in the public domain so that the manufacturers can look at them and give a boost to Make in India.'
Notably, US President Donald Trump and his administration have continuously targeted India over its purchase of Russian crude oil. India, on the other hand, has always maintained that India's purchases are based on its domestic needs and economic security.
'India did not surrender. That was why he wanted to pressurise India by this 25% tariffs.'
Among Sensex firms, Hindustan Unilever dropped the most by 3.20 per cent. UltraTech Cement, Kotak Mahindra Bank, Adani Ports, Titan, HDFC Bank and Axis Bank were also among the laggards. However, Bharti Airtel, ICICI Bank, Bharat Electronics and Sun Pharma were among the gainers.
India has strongly criticized the US and EU for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil, pointing out their own continued trade relations with Russia.
India is aiming to become a global hub for green hydrogen exports, eyeing nearly 10 per cent of the worldwide demand by 2030, Union Minister Shripad Yesso Naik said on Tuesday. Addressing FICCI Green Hydrogen Summit 2025, the minister said 8.62 lakh tonne annual hydrogen production capacity has been awarded to 19 companies.
Maruti Suzuki will introduce eight SUVs over the next five years taking its overall model range to 28 as it aims to regain 50 per cent market share in the domestic passenger vehicle segment, Suzuki Motor Corporation Representative Director and President Toshihiro Suzuki said on Wednesday.
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.
There is positive sentiment for Tata Steel on the basis of strong domestic demand, a turnaround of European operations and moderate valuations. A combination of capacity expansion, efficiency gains, higher asset utilisation, and improved operating leverage may lead to margin expansions.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
Since June, India's ministry of external affairs has intensified its diplomatic calendar, hosting several heads of state and government, foreign ministers, and key trade delegations.
BMW India CEO says gradual five-year import duty cuts under new FTAs create buyer hesitation and urges government to announce year-wise rates instead.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
Communication channels between India and the US are open to resolve the ongoing tariff issues, and the glitch in trade ties is only temporary, given the long-term relationship between the two nations, government sources said on Wednesday. The US' 50 per cent tariffs on Indian exports to America came into effect from August 27, barring a few sectors.
On August 7, the US president announced doubling tariffs on Indian goods to 50 percent for India's purchases of Russian crude oil, but gave a 21-day window to negotiate an agreement.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
Donald Trump's tariffs, meant as political punishment, have avoided the predicted chaos, lifting US growth, weakening rivals, and letting him claim victory in a resilient global economy, observes T T Ram Mohan.
Talks on global climate finance virtually ground to a halt last week at COP29, the annual United Nations (UN) Climate Change event in Baku, Azerbaijan, as the developed world, led by the European Union (EU), and developing countries including India, Brazil, South Africa, and a clutch of island nations and African countries faced a wide chasm between their expectations. This has raised doubts about whether an agreement can be reached this week or whether talks will spill over to COP30, to be held next year in Benem, Brazil.
'Pakistan is an ally who gives the US access.' 'If we have a presence there, it puts us that much closer to China and puts our assets closer to China and Iran.'
'We need to be very vigilant as we are passing through some fraught times.'
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
Indian Pharmaceutical Alliance (IPA) on Friday said US President Donald Trump's move to impose 100 per cent import tariffs on pharmaceutical drugs from October 1 will impact only patented and branded products, not generic medicines.
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
The European Union has agreed 'in principle' to have a common DNA protocol for basmati, giving a shot in the arm to Indian exporters.
India on Thursday signed a free trade agreement, officially dubbed as the Comprehensive Economic and Trade Agreement (CETA), with the UK - its 16th trade pact so far - as the country aims to boost bilateral trade and investments.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
President Trump addresses questions about US imports from Russia and India's stance on purchasing Russian oil, hinting at potential tariffs.
'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
The restructuring of tariffs by the US has led to a shift in the list of key product suppliers to the American market, with India emerging as one of the beneficiaries at the expense of China and Canada, an official said on Monday. As per an analysis, India's share in the USA's electronics exports has increased to 7.2 per cent to 3.5 per cent year-on-year in May, while China's share dipped to 11 per cent from 22 per cent during the same period.
United States President Donald Trump on Tuesday said India has not been a good trading partner and announced that he will raise the tariffs on New Delhi 'very substantially' over the next 24 hours because it is buying Russian oil.
US President Donald Trump expresses frustration with the lack of progress in trade talks with India, imposing a 25% tariff. The move comes amid concerns over trade deficits and India's reliance on Russian military equipment and energy.
India's merchandise exports to the US rose by 16.93 per cent to $8.83 billion in May, while imports dipped by 5.76 per cent to $3.62 billion during the month, according to the commerce ministry data. During April-May, the country's exports to the US increased by 21.78 per cent to $17.25 billion, while imports rose by 25.8 per cent to $8.87 billion, the data showed.
'What India has done will surely embolden more countries to stand up to Trump.'
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
One must wonder whether Mr Modi's efforts to wine and dine the Big Two of today's world were seen as a sign of weakness rather than a proffered arm of friendship, points out R Jagannathan.
Trump's method are more destabilising than his policy. So, a good idea these couple of years is to sip Kool-Aid, and savour the joys of Trumplomacy, asserts Shekhar Gupta.
External Affairs Minister S Jaishankar has asserted that India has zero tolerance for terrorism and will never give in to nuclear blackmail, emphasizing that New Delhi will deal with Pakistan purely bilaterally. He made these remarks during a joint press conference with his German counterpart in Berlin, where he also highlighted the importance of the strategic partnership between India and Germany, emphasizing the need for a free trade agreement between the two nations.
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