Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
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.
Putin's State visit will centre on fixing the huge India-Russia trade imbalance, with both sides pushing to lower duties, ease non-tariff barriers, and seal a landmark mobility pact to send more Indian workers to Russia.
India and Russia have agreed to encourage joint manufacturing of military hardware and spare parts in India, aiming to improve maintenance of Russian-origin defence equipment and boost overall bilateral defence cooperation.
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.
After recording negative growth for two consecutive months, India's merchandise exports to the US rose 22.61 per cent to $6.98 billion in November despite steep 50 per cent tariffs on domestic goods, according to commerce ministry data. Imports during the month grew 38.29 per cent to $5.25 billion, the data showed.
A team of senior officials from India will again visit Washington this month to hold discussions with their US counterparts on the proposed bilateral trade agreement (BTA), government sources said on Thursday. To give impetus to the talks, India's chief negotiator Rajesh Agrawal, special secretary in the Department of Commerce, and Assistant US Trade Representative for South and Central Asia Brendan Lynch had last month held three-day talks in Washington.
The US did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday. The US has maintained that these measures were introduced on the grounds of national security, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha.
Rubio voiced "appreciation" for New Delhi's continued engagement on bilateral issues, including trade, defence and energy.
Time is running out for a possible India-Europe bilateral trade investment agreement that would be beneficial for both parties.
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
Commerce and Industry Minister Piyush Goyal on Tuesday said India and the 27-nation EU bloc are "really very near" to concluding talks for the proposed free trade agreement, with only a few issues left to be resolved.
Brendan Lynch, the assistant US trade representative for South and Central Asia, will pay a five-day visit to India beginning Tuesday, days before US President Donald Trump's tit-for-tat tariff kicks in. The senior US trade official is expected to hold talks with Commerce Minister Piyush Goyal besides meeting a number of senior Indian officials.
In reflection of their growing congruence in areas of defence and security, the two sides, following the Modi-Mitsotakis talks, agreed to set up an institutional dialogue at the level of national security advisors, and boost defence industrial cooperation.
US President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.
The United States did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday.
India and the UK on Tuesday sealed an ambitious free trade deal along with a double contribution convention with Prime Minister Narendra Modi saying that the landmark pacts will catalyse trade, investment, growth and job creation in both the economies. Modi made the announcement on the agreements after a phone conversation with his British counterpart Keir Starmer.
Officials said the government-to-government engagement between the two countries on all other issues remains normal, but conceded rough spots over trade that need ironing out.
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.
With US President Donald Trump "temporarily suspending" country-specific reciprocal tariffs until July 9, India sees the three-month window as an opportunity to renew its push for a proposed bilateral trade agreement (BTA) with the US and expedite finalisation of the first tranche of the trade deal.
Under the defence partnership, India and the UAE are eyeing defence industrial collaboration and cooperation in advanced technologies, cyberspace training, special operations, interoperability of their militaries and counter terrorism.
US Treasury Secretary Scott Bessent indicated a potential pathway to remove tariffs imposed on India for purchasing Russian oil, citing a significant decrease in such purchases. He also criticized Europe's approach and accused India of profiting from discounted Russian oil.
Modi, who arrived in Kuala Lumpur on Saturday on a two-day visit, referred to the trade deals India agreed with various countries and said India is seen as a "trusted partner for growth".
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.
India and the visiting US officials have decided to hold a wrap-up session on Saturday morning to conclude the three-day talks on the proposed bilateral trade agreement, government sources said. They said the discussions are at a "very" early stage.
India has joined the US-led 'Pax Silica' alliance, aimed at building a resilient supply chain for critical minerals and artificial intelligence, marking a significant step in strengthening bilateral ties and fostering economic security.
India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
On the table are additional batches of S-400 surface-to-air missile systems from Russia, which India used with immense success during Operation Sindoor. India could buy at least two squadrons of Su-57 fighter jets plus joint production of S-500 air defence systems.
Relations with India experienced a downturn during Yunus's tenure, while ties with Pakistan saw positive developments.
Prime Minister Narendra Modi is likely to address the UN General Assembly in September. The session will address global conflicts and trade negotiations between the US and India.
Trump said California has been particularly "hard hit" because of this, blaming democrat Gavin Newsom, the Governor of California, for this loss, calling him "weak and incompetent."
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
Deloitte on Thursday projected economic growth at 6.5-6.7 per cent for the current fiscal, as tax incentives provided in the Budget are expected to push domestic demand amid an uncertain global trade environment. Deloitte estimated India's GDP growth at 6.3-6.5 per cent for FY25 and said that the economic outlook for FY26 hinges on a delicate balance between evolving trade relations and government efforts to boost domestic consumer demand.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
India's major imports from the US include crude oil and petroleum products, gold and jewellery, plastics, aircraft, and electrical machinery and components. The key exports to the US comprise pharmaceuticals and biologicals, telecom equipment, precious and semi-precious stones, petroleum products, gold and precious metal jewellery, and ready-made garments.
India and the US have decided to hold sector-specific talks in the coming weeks to finalise the structure of the proposed bilateral trade agreement (BTA), the government said on Saturday. The engagement between the two countries came in the backdrop of the USA's threat to impose reciprocal tariffs on its key trading partners, including India, on April 2.
India has raised concerns with the United States regarding the cancellation of scheduled H1B visa interviews for Indian applicants due to enhanced vetting measures. Both countries are engaged in discussions to address the disruptions caused by the delays.
'When negotiators meet next, they may like to bring new issues to the table.'
The meeting, expected on September 25 on the sidelines of the UN General Assembly, will also be attended by army chief Field Marshal Asim Munir.
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