Deferment or rescheduling of the meeting assumes significance as the US has announced a staggering 50 per cent duty on Indian goods.
With palm oil having 55 per cent share in total edible oil imports, the National Mission on Edible Oil-Oil Palm (NMEO-OP) would ensure that farmers get all facilities, from quality seeds to technology to promote cultivation of palm and other oil seeds, he said. Modi made this announcement after virtually releasing the ninth installment of Rs 19,500 crore to 9.75 crore beneficiary farmers under the government's flagship scheme PM-KISAN.
By threatening to punish India with high tariff, Trump is actually planting a tantalising thought in the Indian mind that the Modi government should suitably 'incentivise' him, explains Ambassador M K Bhadrakumar.
India's trade relations with Turkey and Azerbaijan are expected to come under strain due to Ankara and Baku backing Islamabad and condemning India's recent strikes on terror camps in Pakistan. Following their support to Pakistan, calls for boycotting Turkish goods and tourism have surfaced across the country, with online travel platforms such as EaseMyTrip and Ixigo issuing advisories against visiting these nations.
'Saudi-Pak defence pact is to anchor the defence and security of Saudi Arabia and not Pakistan, per se, with Islamabad being the junior partner.'
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
"This time, the country partner of the trade show is Russia. That means we are further strengthening a time-tested partnership through this trade show," the Prime Minister said.
Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year.
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
The additional 25 per cent duty will come into effect after 21 days or August 27.
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.
Adani Group said on Friday it will invest around Rs 1 trillion in various sectors of Andhra Pradesh over the next ten years, deepening its commitment in the state where it will partner with Google for an artificial intelligence (AI) hub in Visakhapatnam.
Among the Sensex firms, Bharat Electronics Ltd, Mahindra & Mahindra, Adani Ports, HCL Technologies, Eternal, Infosys, Bharti Airtel, Sun Pharmaceuticals, Larsen & Toubro, Hindustan Unilever and UltraTech Cement were the gainers. Bajaj Finance, Tata Motors Passenger Vehicles, Kotak Mahindra Bank, PowerGrid and Tata Steel were among the laggards.
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
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.
'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.'
Putin further described the Ukraine conflict as a mere "pretext" by Western powers to take these broader punitive measures against countries maintaining strong economic ties with Russia.
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.
From the Sensex firms, HCL Tech, Infosys, Power Grid, Tata Consultancy Services, HDFC Bank, Hindustan Unilever, Bharti Airtel and ICICI Bank were among the major laggards. However, Titan, Larsen & Toubro, Maruti and Axis Bank were among the gainers.
With crude palm oil prices on the rise, companies have started to jack up rates of soaps and edible oils in order to pass on the hike to consumers. Crude palm oil, one of the main ingredients in the manufacture of some consumer goods, saw a price rise of 45.2 per cent in the last three months. One of the country's largest consumer companies, Hindustan Unilever, said it has already started to take price increases in the skin cleansing category.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
India's exports declined by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, government data released on Friday showed. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
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.
India imported 11 million tonnes of crude oil from Iran in the fiscal year ending March 31, 2014, down from 13.14 million tonnes in the previous fiscal
'Trade deal will act as a strong trigger for market sentiment, not just for domestic investors but also for FIIs.'
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
'We have a great leader coming, the prime minister of Pakistan and the field marshal.'
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
India, the world's third-largest energy consumer and importer, on Wednesday warned of high oil prices hurting the nascent and fragile global economic recovery and floated an idea of long-term supply contracts that provide predictable and stable pricing. Speaking at the India Energy Forum by CERAWeek, Oil Minister Hardeep Singh Puri said there was a mismatch between demand for oil and the supplies producers such as OPEC+ were making and there was a case for raising the production. The world, he said, needs "predictable, stable and affordable" prices for it to recover back to pre-pandemic levels.
'Just as we cannot surrender the interests of our farmers and dairy industry, Trump is also looking for markets for the produce of the farmers in the Midwest, which are his support base.'
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
'Trump is not shy when he is frustrated with countries'
'Modi's a great leader... But I don't understand why he's getting into bed with Putin and Xi Jinping...'
Prime Minister Narendra Modi on Friday invited President Volodymyr Zelenskyy to visit India and the Ukrainian leader said he would be happy to travel to the 'great' country.
Hectic parleys are underway between officials of India and the US in Washington on the proposed interim trade agreement between the two countries, an official said on Wednesday.
From the Sensex firms, Kotak Mahindra Bank, Titan, Axis Bank, Adani Ports, Mahindra & Mahindra, Reliance Industries, Tata Motors and HDFC Bank were among the major gainers. However, Eternal and Infosys were the laggards.
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.
With the India-US trade talks moving in the right direction, Commerce and Industry Minister Piyush Goyal is expected to visit Washington soon, sources said.
The cost of any flight from Delhi and Mumbai could rise by up to Rs 3,000 soon unless the airport regulator is able to reverse a court order.
