India responds to US President Trump's claim that PM Modi assured him of halting Russian oil imports, stating it is diversifying energy sources to meet market conditions and safeguard consumer interests.
United States President Donald Trump on Wednesday said Prime Minister Narendra Modi had assured him that India would stop purchasing oil from Russia, describing it as "a big step" in efforts to increase global pressure on Moscow.
Indian rupee slipping below the record 88 level against the US dollar will enhance price competitiveness of Indian products in global markets and help exporters diversify beyond the US market, say exporters. However, import-dependent sectors such as gems and jewellery, petroleum and electronics may see lower benefits due to a rise in input costs, they stated.
The Supreme Court is considering relaxing the ban on firecrackers in Delhi-NCR ahead of Diwali, citing practical concerns and the need to balance environmental and livelihood interests.
The Supreme Court rejected a PIL challenging the nationwide rollout of 20% ethanol-blended petrol (EBP-20), citing benefits to sugarcane farmers. The plea alleged incompatibility issues with older vehicles.
The National Company Law Tribunal (NCLT) on Wednesday deferred the hearing on Vedanta Ltd's proposed demerger to September 17, as market regulator Sebi is yet to complete the scrutiny of the proposal, while the central government has raised certain objections. The matter, which was part-heard earlier, had been adjourned to August 20.
Reliance Industries' refining earnings will remain steady, supported by its position as India's largest importer of Russian crude and favourable global supplies, according to analysts at JM Financial and Goldman Sachs. Reliance imported more Russian barrels than any other Indian refiner in the past eight months, according to data from Bloomberg/Kpler.
The Supreme Court has allowed certified manufacturers to produce green crackers, but restricted their sale in Delhi-NCR without approval. The court has asked the Centre to review the ban on firecracker manufacturing in the region.
The United States has imposed sanctions on at least half a dozen Indian companies accused of trading in Iranian petroleum and petrochemicals as part of broader action targeting 20 entities worldwide.
Despite a strong 7.8 per cent growth in the first quarter, the Indian economy is expected to grow at 6.5 per cent in the current financial year as the impact of US tariffs on Indian exports will reduce prospects, particularly in the second half, ADB said on Tuesday.
'The E20 usage accrues the huge benefit to the nation, to the society, to the farmer, to the environment, to the exchequer and all of us'
The Congress party has accused Union Minister Nitin Gadkari of conflict of interest, alleging his sons' companies have benefited from the government's ethanol blending policy. The BJP has rejected the allegations.
'What we need to watch is how Saudi Arabia's financial assistance will be used by Pakistan. If the funds go to build their military hardware and operations, it should worry us.'
The government is working to make India's automobile industry number one in the world within five years, Union Minister Nitin Gadkari said on Monday. Inaugurating the 'International Value Summit 2025', Gadkari said the automobile sector pays maximum GST revenue to the government and generates employment opportunities.
A post by the oil ministry featuring V.D. Savarkar alongside Mahatma Gandhi and other freedom fighters has drawn criticism from the Congress party, accusing the BJP of distorting history.
India, the biggest contributor to world demand for oil, will bring into effect in an overhaul of its drilling policy. This comes after more than a year of preparation and will boost the exploration and development of India's oil and gas sector along with increased participation by foreign drillers
The latest decision of the Organisation of Petroleum Exporting Countries and its allies, commonly known as Opec+, to boost output is being seen as an attempt to regain market share lost to the US, Brazil, and other oil producers, who have been increasing production recently.
Wholesale price inflation (WPI) stayed in negative territory for the second consecutive month at (-) 0.58 per cent in July, as prices of food articles and fuel saw deflation, even though prices of manufactured items increased, government data showed on Thursday.
The Congress party has criticized Prime Minister Narendra Modi's handling of GST reforms, calling them inadequate and demanding an apology for the tax imposed on essential items. They argue that the reforms are merely a 'band-aid' solution and that the government should address the states' demand for extended compensation.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
'The petrol lobby is very rich and strong.'
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
GST, net of refunds, now yields close to 20 trillion to both the Centre's and states' exchequer.
'The state governments of Gujarat, Maharashtra and Tamil Nadu will be encouraged to consider measures of their own as the employment and economy in such export-oriented states will be affected.'
External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
Gor underlined that President Trump has a "deep friendship" with Prime Minister Narendra Modi, and that is something that is unique.
Merchandise exports to the US jumped 23.5 per cent year-on-year (Y-o-Y) to $8.3 billion in June, even as India's overall outbound shipments witnessed contraction during the month, according to the data released by the commerce department on Tuesday. The increase in outbound shipments to the US was largely driven by the rush among exporters to utilise America's pause on its plans to impose country-specific reciprocal tariffs.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
Kerala General Education Minister V Sivankutty has urged the Election Commission of India (ECI) to conduct a re-election in the Thrissur Lok Sabha constituency, citing reports of widespread voters' list manipulation. The allegations follow BJP's victory in the constituency, with Suresh Gopi winning by a significant margin.
'Trump does have a master plan in mind to put pressure on India with the additional tariff of 25 per cent to get Modi to persuade Russian President Vladimir Putin to freeze the Ukraine war.' 'It has not worked so far. By end-September only we'll know for sure the future trajectory of India's oil purchases from Russia,' observes Ambassador M K Bhadrakumar.
The US did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday. The US has maintained that these measures were introduced on the grounds of national security, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha.
Former White House trade advisor Peter Navarro accuses India of being an 'oil money laundromat' for Russia, alleging that India's oil purchases are funding Putin's war in Ukraine. The accusations come amid existing trade tensions and tariffs imposed by the US.
"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.
The government is likely to give a subsidy of Rs 30,000-35,000 crore to state-run oil companies - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to compensate for losses incurred from selling LPG at below cost over the past 15 months, according to a senior official.
The United States did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday.
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
'While the President has been critical of India, he has gone out of his way to compliment PM Modi. They have an incredible relationship.'
'The background for the Saudi-Pakistan agreement is the fact that the regional security order has collapsed due to the Israeli attack on Doha.' 'The Americans have largely abandoned their security guarantee for West Asia and the region has no choice but to look at alternatives.'
Wholesale price inflation (WPI) declined to (-) 0.13 per cent in June as prices of food articles and fuel saw deflation, along with easing in manufactured product costs, government data showed on Monday. WPI-based inflation was 0.39 per cent in May. It was 3.43 per cent in June last year.
The crisis may not be as visible this time, but the stakes are just as high, points out Rajeswari Sengupta.
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