'The trade deficit in some sectors is huge and that is an area of opportunity to localise.'
With the worst in terms of pricing pressures behind Tata Steel, its outlook is expected to improve. Europe has seen hot rolled coil prices rise this January after the European Union's (EU's) carbon border adjustment mechanism (CBAM) kicked in and further price improvements may be on the cards once import quotas come into play in June.
While both sides have announced the decision to restart talks for a trade deal, government officials said discussions are continuing virtually.
From the 30-Sensex firms, Tata Steel, Asian Paints, Trent, State Bank of India, Hindustan Unilever, UltraTech Cement, ICICI Bank and Bharti Airtel were among the gainers. On the other hand, Infosys, Bajaj Finance, Bharat Electronics, Larsen & Toubro and HDFC Bank were the laggards.
'No, India and China were not about to go to all-out war over a few rocks of Galwan.' 'The full picture of what went on at the highest level between two heads of State will not be known for a very, very long time and rightly so,' points out Colonel Anil A Athale, former head of the history division, ministry of defence.
Describing the India-United States relationship as 'very complicated', US Treasury Secretary Scott Bessent on Wednesday hoped that 'at the end of the day, we will come together.'
The crisis may not be as visible this time, but the stakes are just as high, points out Rajeswari Sengupta.
The Budget reflects a clear focus on strengthening India's long-term prospects by leaning on nation-building sectors such as infrastructure, manufacturing, and technology while maintaining fiscal responsibility.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
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.
Both India and the EU are likely to announce a conclusion of trade talks on January 27.
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.
United States President Donald Trump on Wednesday said that the US is 'doing a trade deal with India' as the two sides continue to hold talks on the proposed trade pact.
S&P Global Ratings on Monday said several Asia-Pacific economies could face higher tariffs under the Trump administration, while India, South Korea, and Thailand could be most vulnerable to trade retaliation. In its report titled 'Asia-Pacific Economies Likely To Be Hit By US Trade Tariffs', S&P said economies like Vietnam, Taiwan, Thailand, and South Korea have relatively greater economic exposure to the US, meaning that tariffs, if imposed, would have the largest economic impact.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
Of Trump's reciprocal tariffs and trade deals
India's proposal to impose retaliatory import duty on certain US products in response to American tariffs on steel and aluminium could cast a shadow over ongoing negotiations for a trade agreement between the two countries, think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that if the US engages in consultations with India on the matter or withdraws tariffs, a resolution may be reached.
Meeks, a ranking member of the House Foreign Affairs Committee Democrats, on Wednesday (local time) underscored "Congress' support for the US-India partnership," following his meeting with Indian Ambassador to the US Vinay Mohan Kwatra.
Senior Congress leader Shashi Tharoor says US tariffs are negatively impacting India, leading to job losses, and criticizes President Trump's diplomatic behavior.
US Ambassador to India Sergio Gor presented his credentials to President Droupadi Murmu. The ceremony took place at the Rashtrapati Bhavan. Gor's appointment was confirmed last year, and he previously served as the White House personnel director. He emphasized the importance of India-US relations and ongoing efforts to finalize a trade deal.
India's exports grew 6.74 per cent to $36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to $31.15 billion, the highest in over a year. The increase in inbound shipments of gold, fertiliser and silver has pushed the country's imports in September to $68.53 billion against $58.74 billion in the same month last year, official data released on Wednesday showed.
"I understood tariffs better than any human being in the world. And now with my tariffs, they were all dropping them. India was the most highly tariffed nation... And you know what, they've offered me no tariffs in India anymore. No tariffs," Trump said.
8 Member of Parliaments were suspended from Lok Sabha for tearing & throwing papers at the Chair till April 2. Uproar started when Rahul Gandhi was barred from citing former Army Chief, General M M Naravane's memoir on 2020 India-China clash. Rediff.com brings you the details of these MPs who were suspended.
Indian equities declined on Friday, with the benchmark Nifty posting its worst weekly fall since September, as foreign investor sentiment remained weak amid tepid earnings growth and little progress on the India-US trade front.
'Even if tariffs are reduced, non-tariff may still remain a challenge.'
Since May 10, when Trump announced on social media that India and Pakistan had agreed to a "full and immediate" ceasefire after a "long night" of talks mediated by Washington, he has repeated his claim over 70 times that he ended the conflict between India and Pakistan.
Lutnick said that these countries have to understand that if "you want to sell to the US consumers, you've got to play ball with the President of the United States."
The rupee slumped 5 per cent in 2025 as persistent capital outflows from foreign investors, alongside heightened dollar demand from importers, making it one of the worst-performing Asian currencies.
China on Friday raised its additional tariffs on imports from the United States to 125 per cent in retaliation to the Trump administration's 145 per cent levies on Chinese exports.
'We believe the truth is in the middle, and that India is at an important crossroads.'
The statement did not name any country. But the US has often blamed India and China for purchasing Russian oil even when there are no tariffs on Beijing for it.
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
New investors should enter gradually and with a long horizon. 'Staggered investment through systematic purchase plans is advisable rather than lump-sum buying.'
The government on Wednesday launched Rs 4,531 crore market access support (MAS) intervention scheme for a six-year period (FY26-31) to improve global reach, visibility and competitiveness of Indian exporters through 'structured and outcome-oriented' interventions.
The US' move to raise the tariff on most Indian goods to 50 per cent could drag India's GDP growth for FY26 by 35 to 60 basis points, according to various economists. One basis point (bp) is equal to 0.01 per cent.
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.
'A deal will only be possible if India stops buying Russian oil -- but even then, New Delhi must not compromise its core red lines.'
High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added.
Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
From the 30-Sensex firms, HDFC Bank, Infosys, HCL Tech, Bajaj Finance, Tata Consultancy Services and Reliance Industries were among the biggest laggards. In contrast, Bharat Electronics, Hindustan Unilever, Tata Steel and UltraTech Cement were among the gainers.
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