India's purchase of Russian oil has risen to 2 million barrels per day in August, as refiners continue to prioritise economic considerations in their sourcing decisions. As much as 38 per cent out of an estimated 5.2 million barrels per day of crude oil imported in the first half of August came from Russia, according to global real-time data and analytics provider Kpler.
A uniform concessional basic duty of 5 per cent, CVD of 4 per cent with full exemption from special additional duty on all medial equipment are proposed doing away with a very complex import duty regime.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a social media post on Monday.
India imposes over 100 per cent duty on imported vehicles and the likes of American cult bike maker Harley Davidson had made noises in the past asking to bring down the rates.
Calling the community note on X "crap", Navarro alleged that Elon Musk is allowing "propaganda" and reiterated his accusations of India purchasing Russian oil only to make profits.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
Uttar Pradesh's leading export hubs are reeling under the impact of a steep 50 per cent tariff imposed by the US on Indian imports, with exporters warning of job losses, stalled orders and shrinking market access. Industry leaders from Noida, Kanpur and Varanasi said the tariff has put years of painstaking market-building at risk, even as protests and demonstrations erupted in several districts last week.
US President Donald Trump has announced a 25 per cent plus tariff on India from Aug 1. Trump, describing India as a "friend", said the US has done relatively "little business" with the country because of its high tariffs.
Ukraine's Ambassador to India Oleksandr Polishchuk asserted that Kyiv "will not give up and will not accept any territorial concessions" amid the ongoing Russia-Ukraine war. He also suggested Moscow has benefitted from trading with New Delhi.
The United Arab Emirates (UAE) has agreed to look into India's concerns over compliance to rules related to the import of silver products, platinum alloy and dry dates, the commerce department said on Tuesday. During a joint committee meeting under the India-UAE trade deal, officials from New Delhi raised concerns over the recent surge in imports of these products. These were being shipped to India, taking advantage of the lower tariffs under the pact.
Pakistan has banned Indian-flagged ships from entering its ports with immediate effect after India imposed fresh punitive measures, including a ban on the import of goods and entry of Pakistani vessels into its ports, against Islamabad amid heightened tensions following the Pahalgam terror attack. The move comes after India announced a raft of punitive measures against Pakistan, including the suspension of the Indus Waters Treaty, shutting down of the only operational land border crossing at Attari, and downgrading of diplomatic ties following the terror attack. The Pakistan Army has also conducted a successful training launch of the Abdali Weapon System, a surface-to-surface missile with a range of 450 km, saying it was aimed at ensuring the operational readiness of troops and validating key technical parameters. India considers the test launch of the ballistic missile a "blatant" act of "provocation."
Withdrawing a blanket ban on overseas shipments of non-basmati white rice, the government on Saturday imposed a floor price of $490 per tonne and exempted the commodity from export duty. Exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply. "The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) ...is amended from prohibited to free, subject to MEP (minimum export price) of $490 per tonne with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.
Using an expletive in his post on X, Navarro said, "Fact: India didn't buy Russian oil in large quantities before Russia invaded Ukraine. It's blood money and people are dying."
The USTR report, released just ahead of the US' April 2 deadline for implementing reciprocal tariffs, has also cited high tariffs and price caps, which have not increased in line with inflation, as key obstacles for US businesses.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil.
The Budget 2025-26 meets the expectations of fiscal consolidation, maintaining capital expenditure, and boosting consumption through tax cuts.
'Look after your own mother before looking after your neighbour's mother.' 'I don't believe in starving my own mother and feeding sweets to the neighbours.'
'He is the same man who has won honours for the country across the world.'
'It cannot be the case that there's fighting on the border, tensions between the two nations, and we go to play cricket. Until these big issues are resolved, cricket is a very small matter. The nation always comes first.'
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
With India's sugar production set to exceed domestic demand, the government on Friday decided the zero duty regime on sugar imports to lapse, which in effect will restore 60 per cent duty on the sweetener.
'The scrapping of import duty would help Indian companies compete in international markets, thus paving the way for India becoming a space manufacturing hub for the world.'
"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.
'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs'
The US carmaker's entry into India is expected by the last quarter of the current financial year.
The Election Commission suspended four officers and a casual worker in West Bengal for alleged dereliction of duty and lapses in preparing electoral rolls. The action follows allegations of electoral roll compromise at the behest of the ruling Trinamool Congress.
The Comptroller and Auditor General (CAG) of India has criticized the Maharashtra state excise department for operational lapses that led to a significant revenue shortfall. The report cites incorrect fee assessments, failure to implement revised rates, and other irregularities.
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.
Ahead of trade talks between Indian and United States officials in Delhi, White House trade advisor Peter Navarro said India, which has the 'highest tariffs' of any major country, is 'coming to the table'.
'Ram Setu', also known as Adam's bridge, is a chain of limestone shoals between Pamban Island, off the south-eastern coast of Tamil Nadu, and Mannar Island, off the north-western coast of Sri Lanka.
Among Sensex firms, Tech Mahindra, HCL Tech, Eternal, Axis Bank, Maruti, Tata Steel, HDFC Bank and Asian Paints were the gainers. However, Adani Ports, Trent, Tata Motors, Hindustan Unilever and NTPC were among the laggards.
Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday. The two countries announced the conclusion of the negotiations for the trade agreement on May 6.
Deferment or rescheduling of the meeting assumes significance as the US has announced a staggering 50 per cent duty on Indian goods.
The govt has hiked customs duty for metallurgical coke.
JV to export e-carts, aim for 10% global market share, $1 bn turnover and innovation in driverless tech.
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
New investors should avoid short-term, tactical entries and instead go for staggered buying via ETFs to manage volatility.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
