Prime Minister Narendra Modi and US President Donald Trump held a telephone conversation to review progress in bilateral ties, covering trade, defence, and energy, against the backdrop of heightened trade friction due to the 'Lindsey O. Graham Sanctioning Russia and Iran Act of 2026'.
India's exports increased by 15.5 per cent to USD 40.41 billion in June, but the trade deficit significantly widened to a record USD 30.43 billion due to a 31 per cent surge in imports.
The US House of Representatives has advanced a bill that would empower President Donald Trump to impose 100 per cent tariffs on countries, including India, that purchase oil and gas from Russia, and also extend sanctions on Iran. The legislation, which previously passed the Senate, aims to curb Russia's energy revenue amidst the Ukraine conflict.
Crude oil prices are projected to fall significantly this year, driven by hopes of a peace deal between the US and Iran, which could lead to the reopening of the Strait of Hormuz, and a notable drop in Chinese demand for seaborne crude imports.
US President Donald Trump is expected to sign the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 later on Friday (local time). A White House official confirmed the development to ANI without revealing further details.
India-US ties may be strained, but abandoning the relationship is not the answer; India must deal with Washington firmly without becoming either servile or hostile, asserts Ambassador T P Sreenivasan.
External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio on the sidelines of the UN General Assembly session in New York. India raised its concerns regarding the recently signed "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026," which authorises tariffs on countries buying Russian oil and gas. Both leaders also discussed bilateral relations, regional priorities, and the situations in the Gulf and Ukraine.
State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million tonnes (mt) strategic petroleum reserve (SPR) in Mangaluru, a project deemed of national importance, with plans for broad commercial utilisation.
Tom Cruise lets go of the suave, sexy image and embraces the gloriously unsexy with supreme confidence, making this truly impossible mission utterly possible, raves Mayur Sanap.
One of the important topics of discussion between the two leaders is expected to be the Northern Sea Route and the Chennai-Vladivostok Maritime Corridor.
India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq - the nation's traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
Prime Minister Narendra Modi cautioned against the 'weaponisation' of technology and critical minerals at the BRICS summit, advocating for cooperation to foster shared prosperity. Concurrently, Chinese President Xi Jinping announced plans for an open-source AI ecosystem for BRICS nations, positioning Beijing as a key technology partner amid global AI competition.
Industry leaders at an AIMA panel discussion emphasised the need for businesses to quickly adapt to changing market conditions and invest in technologies like artificial intelligence to build resilience and achieve long-term growth. They highlighted the current era of uncertainty driven by geopolitical tensions, supply chain disruptions, and rapid regulatory changes, stressing that tactical responses are as crucial as long-term strategy.
Analysts predict that developments in US-Iran negotiations, fluctuations in crude oil prices, and key global economic data will be the primary drivers of gold and silver prices in the coming week, with a strong focus on talks in Switzerland.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
A bipartisan group of US senators has introduced a comprehensive bill imposing extensive sanctions on Russia, with India identified as one of five countries that could incur tariffs for its continued purchase of Russian oil.
Any military response to a cross-border terror attack from Pakistan will have to take into account the new alignments beginning to take shape in the region, points out former foreign secretary Shyam Saran.
A Kishore Kumar song, a birthday cake, a prince's break from protocol to thank his driver, a Persian painting on the ceiling of the presidential residence -- the BRICS Summit had many memorable moments.
Beijing clearly intends to extend the China-Myanmar Economic Corridor to Bangladesh as part of its larger Maritime Belt and Road Initiative to boost its Indian Ocean presence.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
Analysts predict that developments in West Asia, their impact on crude oil prices, and the trading activity of foreign institutional investors (FIIs) will be crucial factors influencing the Indian stock market this week.
Analysts predict that the ongoing US-Iran conflict, fluctuations in crude oil prices, and foreign institutional investor (FII) flows will be the primary factors influencing Dalal Street this week, with inflation concerns adding to investor anxiety.
A bipartisan group of US Senators has agreed to fast-track a bill allowing the President to impose sanctions on major purchasers of oil from Russia and Iran. This legislation, known as the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, aims to restrict funding for Russia's war efforts and Iran's energy and weapons sectors, potentially impacting countries like China and India through tariffs and other restrictions.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
US Vice President JD Vance and Prime Minister Narendra Modi held a phone call to discuss expanding the India-US comprehensive global strategic partnership, focusing on trade, defence, energy security, emerging technologies, and critical minerals. The discussion comes amidst rising tensions in West Asia and recent regional realignments, with both leaders reaffirming their commitment to strengthening cooperation.
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.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
US President Donald Trump concluded his Beijing summit with Chinese President Xi Jinping, describing it as 'incredible' and highlighting 'fantastic trade deals' and a 'very strong' relationship between the two leaders.
Gold and silver prices are expected to remain range-bound this week as investors await crucial US economic data, including the non-farm payrolls report, and further signals from the Federal Reserve regarding its interest rate policy.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
If India does get $100 billion a year in FDI, it would be a game-changer in every possible way. FPIs would come rushing back, AI or no AI, points out Debashis Basu.
Chinese Foreign Minister Wang Yi has urged Iran to guarantee freedom and safe passage through the Strait of Hormuz, a critical waterway for global oil trade, amid ongoing tensions with the US.
Chinese President Xi Jinping warned US President Donald Trump that mishandling the Taiwan issue could trigger conflicts between the two countries during wide-ranging talks on trade, Iran, and energy security.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
US President Donald Trump will visit China from May 13 to 15 at the invitation of President Xi Jinping. The visit occurs amidst global tensions, including the war in West Asia and trade disputes between the US and China. Discussions are expected to cover China-US relations, world peace, and economic issues.
Which are the world's most vital straits, important to shipping?
