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.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
Russian President Vladimir Putin announced his upcoming visit to India in December and expressed his intention to address the trade imbalance between the two countries, particularly concerning India's crude oil imports from Russia. He also lauded India's independent stance on international issues and highlighted the strong relationship between the two nations.
For the first time, the government is likely to dip into the Oil Industry Development Fund (OIDF) to finance part of its fertiliser subsidy programme for 2025-26, according to official sources. The finance ministry has accounted for Rs 23,000 crore in the FY26 Budget as net additional resources to be drawn from dedicated reserve funds, including the OIDF, the Agriculture Infrastructure and Development Fund, and the Universal Service Obligation Fund.
'The US is strongly placed to expand its crude supplies to India.'
There were apprehensions that additional secondary tariffs would have hit India in case the US decided to enforce them.
'Modi's a great leader... But I don't understand why he's getting into bed with Putin and Xi Jinping...'
External Affairs Minister S Jaishankar on Monday met United States Secretary of State Marco Rubio for bilateral discussions, as the high-level 80th session of the United Nations General Assembly (UNGA) kicks in.
Trump administration's chief negotiator Brendan Lynch is arriving in India to hold talks on the India-US bilateral trade deal, which were impacted after the US imposed 50 per cent import tariffs on Indian goods.
...on par with oil, power, and defence, and to restrict its storage under foreign control.
India's exports rose 6.7 per cent to $35.1 billion in August annually, while imports declined 10.12 per cent to $61.59 billion, according to government data released on Monday. Gold imports were down nearly 56 per cent in August, helping to trim merchandise trade deficit to $26.49 billion in August, as against $35.64 billion in the year-ago month.
Stock markets will be driven by RBI's interest rate decision, tariff-related developments, global trends and trading activity of foreign investors in this holiday-shortened week, analysts said.
Prime Minister Narendra Modi congratulated US President Donald Trump on the success of the first phase of a US-brokered peace plan for Gaza and reviewed trade negotiations during a phone conversation.
China's ruling Communist Party is holding its annual leadership conclave to discuss the new five-year plan, the impact of US President Donald Trump's tariff war, and the ongoing anti-corruption crackdown in the military.
Government has no role in fixing prices of natural gas produced from areas auctioned under NELP and only approves the pricing formula, petroleum ministry has told a committee of Secretaries appointed to look into the vexed issue.
It added this wasn't aimed at benefiting Reliance Industries Ltd alone.
The toll in the case reached nine in Madhya Pradesh while media reports said of two infants died in Rajasthan.
US Ambassador-designate Sergio Gor emphasizes the importance of the India-US relationship after meeting with Prime Minister Narendra Modi, focusing on cooperation in defence, trade, and critical minerals.
This will be the first face-to-face meeting between Rubio and Jaishankar following President Donald Trump's imposition of an additional 25 per cent tariff on India for Delhi's purchases of Russian oil, taking the total levies imposed on India by the Trump White House to 50 per cent.
The National Company Law Tribunal (NCLT) on Wednesday deferred the hearing on Vedanta Ltd's proposed demerger to September 17, as market regulator Sebi is yet to complete the scrutiny of the proposal, while the central government has raised certain objections. The matter, which was part-heard earlier, had been adjourned to August 20.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
The ministry stated that for vehicles designed for E10 and calibrated for E20, mileage may drop by just 1-2 per cent, while in other vehicles, it could be around 3-6 per cent.
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.
The Indian Defence Ministry has refuted media reports suggesting a pause in defence purchases from the US, clarifying that procurement processes are ongoing despite tariff tensions between the two countries.
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.
The US House Foreign Affairs Committee Democrats stated that imposing tariffs on India will not deter Russian President Vladimir Putin or address Russia's invasion of Ukraine.
India is preoccupied with analysing the US sanctions, which may cut off India's access to discounted Russian crude and force it to buy at market prices.
United States President Donald Trump has said India is 'very close' to China in terms of its purchases of Russian oil and will pay tariffs of 50 per cent as he indicated that 'you are going to see so much secondary sanctions'.
The department believes dividend from CPSUs is a return on investment made by the government.
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.
'The US values its relationship with India and under the strong leadership of President Donald J Trump and Prime Minister Modi, I am optimistic about the days ahead for both of our nations.'
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.
India has said it will take all steps to protect its national interests and ensure comprehensive national security in all domains after Pakistan and Saudi Arabia signed a strategic defence pact.
Prime Minister Narendra Modi conveyed to Ukrainian President Volodymyr Zelenskyy that India remains committed to making every possible contribution for an early and peaceful solution to the conflict. Zelenskyy sought India's support in limiting Russian energy exports.
'India has intentionally taken advantage of the war in Ukraine to dramatically increase its purchases of Russian crude, when there are roughly 40 major crude providers that could satisfy Indian demand.'
Saudi Arabia and Pakistan have signed a 'Strategic Mutual Defence Agreement', pledging that any aggression against either nation would be treated as an attack on both.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
United States Treasury Secretary Scott Bessent has warned that the secondary tariffs on India could go up if 'things don't go well' during talks between President Donald Trump and Russian President Vladimir Putin in Alaska on Friday.
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
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