Surging global crude oil prices failed to shore up customs revenue substantially as India Inc resorted to advance licence scheme, which allows duty-free imports for value-added exports.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
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."
India offset the decline in exports to traditional destinations by sharply ramping up shipments to Jordan (18,086 per cent), Hong Kong (17,006 per cent), Spain (13,436 per cent), the Philippines (2,235 per cent), and Namibia (1,068 per cent) in H1FY26.
Maduro raised questions over the legality of his arrest during his first appearance before a US federal court in New York, claiming he was detained at his residence in Caracas, Venezuela, CNN reported.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
In her first interview to CNN-IBN's Suhasini Haider after taking over as the US Ambassador to India in April 2012, Nancy J Powell, compared India's 'lower'oil cuts unfavourably to Japan that has already received an American sanction waiver after it cut oil imports by a whopping 80 per cent in April. India has announced a 34 per cent cut so far.
US Secretary of State Marco Rubio has said that the Trump administration hopes it can fix the "measures" it has taken with regard to India for its purchases of Russian oil.
The comments come ahead of Trump's high-profile meeting with Russian President Vladimir Putin, scheduled for Friday in Anchorage, Alaska.
As the rupee has been on a downward slide and crossed 90 a dollar, consumer electronics firms are looking to raise prices of products ranging from air conditioners (ACs) to television panels up to 10 per cent.
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India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
'There are times when India should stand up without hesitation and voice its indignation over the US' pressure tactic. This is one such moment,' asserts Ambassador M K Bhadrakumar.
India's net oil import bill has jumped by 51 per cent to Rs 27,135 crore (Rs 271.35 billion) in the first quarter of current fiscal on the back of sharp spike in international oil prices.
'I was embarrassed that I was learning a martial art form at 55. I thought what will people say? I kept it a secret even from my husband.'
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
US President Donald Trump on Wednesday slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued buying of Russian oil.
India has rejected White House Trade advisor Peter Navarro's comments on New Delhi for its procurement of Russian crude oil, calling them 'inaccurate and misleading'. The relations between New Delhi and Washington are on a downturn after President Donald Trump doubled tariffs on Indian goods.
"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.
The rupee breached 90-levels against the greenback for the first time on Wednesday, falling 6 paise to 90.02 in early trade, as banks kept buying US dollars at higher levels and FII outflows continued.
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.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
On the table are additional batches of S-400 surface-to-air missile systems from Russia, which India used with immense success during Operation Sindoor. India could buy at least two squadrons of Su-57 fighter jets plus joint production of S-500 air defence systems.
'America is adopting the typical 'my way or the highway'/'Either you are with us or against us' stance.' 'This is a policy India is not going to accept.'
The rupee plunged 38 paise to close at an all-time low of 90.32 against the US dollar on Thursday amid uncertainty over the India-US trade deal. Forex traders said the rupee is expected to trade with a negative bias as the delay in the trade deal between India and the US may continue to dent investor confidence.
Stock markets are likely to trade in a range-bound manner in a holiday-shortened week where trading activity of foreign investors, currency movement and global macroeconomic data announcements are expected to drive sentiments, analysts said. Several global markets may see subdued activity on account of Christmas and New Year holidays, an expert said.
The Indian rupee, swaying through multiple headwinds, tiding over global trade disruptions and massive foreign fund outlfows, is unlikely to arrest its descent until tariff impact overhangs, notwithstanding robust domestic macroeconomic tailwinds. The Reserve Bank of India (RBI), which sees the rupee's depreciation as a silver bullet to offset the tariff shock, expects the currency to find its stable course once India reaches a trade deal with its largest trading partner, the US.
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
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.
India and Russia have solidified a five-year plan to enhance their economic and trade partnership, while also addressing the ongoing conflict in Ukraine and the threat of terrorism.
Democratic Senator Jeanne Shaheen's comments came amid a major downturn between New Delhi and Washington after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 percent, including a 25 percent additional duties for India's purchase of Russian crude oil.
The first phase of the proposed India-US bilateral trade agreement (BTA) is 'nearing closure' and would address the hefty 50 per cent tariffs imposed by the Trump administration on Indian goods, in addition to resolving America's market access issues, a government official said on Monday.
The basket of crude oil India imports averaged $99 a barrel on Tuesday, the lowest level since April 2, a petroleum ministry official said. It had averaged $96.52 a barrel on April 1 and crossed the $100 mark on April 7.
India's oil import bill for the first quarter of the current fiscal has climbed to $4.72 billion while petroleum product exports totalled $706 million.
Crude oil import surged 15.4 per cent to 51.88 million tonnes as against 44.97 million tonnes in April-August and oil product exports jumped 35.7 per cent to 16.61 million tonnes.
India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.
India and Russia are poised to sign multiple agreements to bolster cooperation in various sectors, including trade and healthcare, during Russian President Vladimir Putin's visit to New Delhi. Discussions will also address the Ukraine conflict and efforts to increase Indian exports to Russia.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
United States representative Sydney Kamlager-Dove while talking about the famous car selfie of Prime Minister Narendra Modi with Russian President Vladimir Putin said that it spoke a thousand words.
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