Indian exports to the US will face a 10% tariff, down from 25%, for 150 days following a US Supreme Court ruling. However, uncertainty persists due to potential further tariff hikes and long-term implications.
The value of the rupee, which has slipped to the 92 per dollar mark, does not accurately reflect India's stellar economic fundamentals, the Economic Survey said on Thursday.
From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
'The contours of the trade deal need to be reworked now.'
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
Commerce and Industry Minister Piyush Goyal announced that an interim trade agreement between India and the US is likely to be signed in March and operationalised in April, with chief negotiators meeting in Washington to finalize the details.
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.
Prime Minister Narendra Modi inaugurated Micron Technology's semiconductor plant in Sanand, Gujarat, highlighting India's growing presence in the hardware sector and its strong partnership with the United States in AI and chip technologies.
'In my experience of politics, I have seen political grips and political chokes are mostly hidden. The average person cannot see them,' Rahul Gandhi said.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
India has completely protected the interests of its agriculture and dairy sector in the India-US trade agreement.
Two days after Russian President Vladimir Putin concluded his visit to India, during which he assured that Moscow would remain a reliable energy supplier, the Kremlin on Monday said that India, as a sovereign nation, is free to buy oil from sources it deems beneficial. It expressed confidence that New Delhi will continue to prioritise its economic interests.
The turning point came with the appointment of Sergio Gor as the US ambassador to India.
Inflation data, trading activity of foreign investors and global trends would dictate sentiment in the stock market this week, according to analysts.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
As many as 17 cancer drugs, along with medicines and food for special medical needs for seven rare diseases, components for microwave ovens are some of the items that are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2026-27.
"If you are eliminating rice, oil, nuts or any food items which give you good nutrients, it becomes very difficult to manage the other nutrients which were supposed to come from that food item," explains Dr Rajeshwari Panda.
Several farmer organisations in India are protesting the proposed India-US trade deal, expressing concerns about its impact on the agriculture sector and demanding the resignation of the Commerce Minister.
India's exports jumped by 19.37 per cent to $38.13 billion in November, while imports dipped by 1.88 per cent to $62.66 billion, according to government data released on Monday.
The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump.
In the wake of the FTA between India and the European Union, the United States has described the Europeans as 'very disappointing', saying they were unwilling to join Washington, DC in putting tariffs on New Delhi for its purchases of Russian oil because of this trade deal.
'It is too early to conclude that there will be a bloodbath, that there will be no jobs, and that there will be civil unrest.' 'Let's calm down.' 'AI is a tool, it is not a weapon, it is not a virus.'
'The problem is not just slower growth, but also the quality of growth.'
India on Wednesday asserted that its energy purchases from Russia remain 'minuscule' in comparison to its total consumption and that legitimate energy transactions cannot be politicised as energy export from Russia are yet to be sanctioned. The world's third-biggest oil-consuming and importing nation has in recent weeks snapped few cargoes available from Russia at deep discounts as part of its plans to diversify its import basket. These purchases have been commented upon.
India's edible oil imports rose by 41 per cent to touch 5.47 lakh tonnes in June against 3.88 lakh tonnes a year-ago, according to figures released by the Solvent Extractors' Association of India.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
In a strategic move to boost offshore energy exploration and operational efficiency, Oil and Natural Gas Corporation Ltd (ONGC) and Reliance Industries Ltd have signed an agreement to share resources such as supply vessels used in finding and producing oil and gas.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
'Indian refiners can operate without Russian crude from a technical standpoint, but the shift would involve major economic and strategic trade-offs'
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Russian President Vladimir Putin's visit to India this week aims to secure energy supplies, stabilise defence deliveries and ensure bilateral trade continues smoothly despite strong Western sanctions, GTRI said on Tuesday.
Suryakumar Yadav defends Tilak Varma's batting approach in the T20 World Cup, explaining the team management's strategy for his role despite recent struggles against slow bowlers.
Modi also said that President Trump's leadership is vital for global peace, stability, and prosperity.
'That journey across India has changed me forever.'
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.
India and the European Union (EU) on Tuesday announced the conclusion and finalisation of negotiations for the proposed free trade agreement (FTA).
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