Russian President Vladimir Putin will make a two-day visit to India from December 4 to hold annual summit talks with Prime Minister Narendra Modi that is expected to produce a plethora of significant outcomes, including in the defence sphere, to further solidify the bilateral strategic ties.
Former White House trade advisor Peter Navarro has criticised India for continuing to procure Russian oil, alleging profiteering and contributing to the Russia-Ukraine war. India defends its energy procurement as driven by national interest and market dynamics.
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.
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.
Prime Minister Narendra Modi spoke with Russian President Vladimir Putin, discussing the Ukraine conflict and reaffirming the commitment to deepen the India-Russia strategic partnership. The conversation occurred amid US pressure on India over Russian oil purchases.
Reliance Industries cracked 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank were also among the laggards. However, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers.
After the US Supreme Court struck down President Donald Trump's global tariffs, Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of being "compromised", saying his "betrayal" in the India-US interim trade deal stood exposed.
United States President Donald Trump once again mounted a sharp attack on India and Russia for their close ties and said that the two countries can take their 'dead economies down together'.
"We are contributing about 18 per cent, which is more than the US where the contribution is expected to be much less -- about 11 per cent or something. We are doing very well and we will continue to improve further," RBI governor Sanjay Malhotra said, replying to a question on Trump's recent comments.
'Geopolitically and diplomatically it's a very difficult situation for India.'
After the war erupted between Russia and Ukraine, the US and Western nations imposed sanctions on Moscow. However, India has continued to purchase Russian oil.
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.
India is hopeful of resuming negotiations on the proposed bilateral trade agreement (BTA) with the US soon and addressing the issue of high tariffs imposed by Washington on Indian goods will be key to striking the deal, a government official said on Thursday.
United States President Donald Trump on Tuesday said India has not been a good trading partner and announced that he will raise the tariffs on New Delhi 'very substantially' over the next 24 hours because it is buying Russian oil.
National Security Advisor Ajit Doval has travelled to Russia to hold crucial talks on bilateral energy and defence ties and to prepare ground for Russian President Vladimir Putin's visit to India later this year.
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.'
AICC President Mallikarjun Kharge criticised Prime Minister Narendra Modi's relationship with US President Donald Trump, alleging that Modi is acting as Trump's 'slave' and jeopardising India's interests on trade, oil and foreign policy.
On the back of rising crude oil purchases, India's bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India's crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India's total inbound shipments from Russia. Other major imported items during the month included coal, soybean and sunflower oil, fertilisers, and non-industrial diamonds. That month, Russia was also the fourth-largest crude petroleum supplier to India, after Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
'Trump says India will buy over $500 billion of US goods.' 'At present, India's annual imports of goods and energy from the US are under $50 billion.' 'Reaching $500 billion would likely require more than 20 years, suggesting the figure refers to a long-term aspiration rather than a near-term commitment.'
A US lawmaker and former officials warn that President Trump's policies are damaging the strategic partnership between the United States and India, potentially driving India closer to China and Russia.
The Indian Defence Ministry has refuted media reports suggesting a pause in defence purchases from the US, clarifying that procurement processes are ongoing despite tariff tensions between the two countries.
White House press secretary Karoline Leavitt on Tuesday once again claimed that United States President Donald Trump has ended the military conflict between India and Pakistan.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
Prime Minister Narendra Modi will host Russian President Vladimir Putin for a private dinner and summit, focusing on defence, trade, and geopolitical issues, including the Ukraine conflict and the impact of US sanctions.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
India and the US are expected to sign the first phase of a bilateral trade agreement by mid-March, which will result in the US lowering import duties on Indian goods. India will then begin reducing import duties on certain US goods.
Stressing that wars are "very bad", Trump said that he seems to have "an ability to end them, to get people together" for which he uses the "power of the United States".
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."
Chief Economic Advisor V Anantha Nageswaran on Thursday said he expects that a solution to the tariff issues with the US is likely to be arrived in the next eight to ten weeks.
A resurgence in Saudi Arabian supplies of crude oil to India coupled with an attack on an Iraqi tanker in August carrying crude to Europe may result in improved bargaining power for India with West Asian and Russian suppliers for winter supplies. Shipments of Saudi oil rebounded in September from August, surging to the highest since March while Russian oil shipments rose marginally as Saudi Arabia tried to claw back market share in Asia, according to industry sources and ship tracking data.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
Trade, defence cooperation and regional strategy had long formed the backbone of India-US ties, but the latest rift shows how quickly those pillars can be shaken by personal grievances and political optics.
United States President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports.
Russian President Vladimir Putin arrived in New Delhi for a two-day visit focused on strengthening ties with India, including defense cooperation and trade, amidst a changing geopolitical landscape.
Trump also said he is "very disappointed" that India would be buying "so much oil" from Russia.
'...it should not delude itself into thinking that India's security or its great-power ambitions will be advanced by those partnerships.'
'Instead, what India should focus on is on riding out the next three-and-a-half years of Trump's presidency with minimal damage to itself.'
'Trump is not shy when he is frustrated with countries'
'Scuttling 25 years of momentum with the only country that can serve as a counterweight to Chinese dominance in Asia would be a strategic disaster.'
