Textiles, pharmaceuticals, chemicals, engineering goods, gems and jewellery exports will receive a boost from the free trade agreement between India and the 27-nation European Union, according to exporters.
Vance also hinted that the US may drop additional tariffs on countries if the US make a deal with Russia, and also apply more tariffs on the countries to bring this war to a close.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
The proposed trade deal with the 27-nation European Union (EU) is expected to provide zero-duty access to the $95 billion European market for Indian textile and apparel manufacturers. Currently, India's share of the European market is just 6 per cent, or $5.5 billion.
'The longer India hangs out to dry, the worse the New Delhi-Washington relationship gets.'
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.
From the Sensex firms, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the laggards. However, NTPC, Titan, Trent, ITC and Bajaj Finserv were the gainers.
One of the most uncivilised characteristics of this war has been the total disregard for international law and the laws of armed conflict, asserts Vice Admiral Biswajit Dasgupta (retd).
Customs officials at Delhi's Indira Gandhi International Airport have thwarted two separate gold smuggling attempts, seizing over 3.17 kg of gold worth approximately Rs 4.35 crore and arresting three foreign nationals.
'The US slump could hit our hosiery market hard since 40 per cent of our exports go there.' 'Job losses could be severe if the government doesn't step in fast.'
India and the US have signed a framework agreement for defence cooperation for the next 10 years, enhancing their partnership and aiming for regional stability.
Chinese envoy Xu Feihong stated that China opposes the US imposing tariffs on India, amidst a thaw in Sino-India relations and concerns over global trade disruptions.
Despite India's electric passenger vehicle market experiencing an 83.6% year-on-year surge in FY26, new foreign entrants VinFast and BYD have significantly outpaced Tesla, which struggles with high import duties, a limited retail footprint, and a lack of local manufacturing commitment.
India has not been included in the list of countries issued tariff letters by the US, providing relief to Indian exporters as trade agreement negotiations continue. The US has issued tariff letters to about 20 countries so far.
The US House Foreign Affairs Committee Democrats stated that imposing tariffs on India will not deter Russian President Vladimir Putin or address Russia's invasion of Ukraine.
Congress general secretary Jairam Ramesh said Modi should take inspiration from former prime minister Indira Gandhi and stand up to the president of the United States.
The rupee, which was the worst performing Asian currency in 2025 and also in January, was the best performing Asian currency on Tuesday.
United States President Donald Trump has brushed aside French President Emmanuel Macron's call for an emergency G7 meeting amid escalating tensions over Washington, DC's push to acquire Greenland, while Europe has warned of retaliatory trade action against US tariff threats.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
The European Union (EU) has suspended export benefits to sectors such as textiles and plastics under a preferential scheme for India and two other countries from January 1, a move that will impact the country's shipment to the 27-nation bloc. The development is important as the two sides are likely to announce the closure of negotiations for a free tarde agreement (FTA) on January 27.
"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 US' move to raise the tariff on most Indian goods to 50 per cent could drag India's GDP growth for FY26 by 35 to 60 basis points, according to various economists. One basis point (bp) is equal to 0.01 per cent.
Indian equities on Dalal Street saw volatility. Track Sensex, Nifty50 movement and key market drivers for Feb 25, 2026.
US President Donald Trump expresses frustration with the lack of progress in trade talks with India, imposing a 25% tariff. The move comes amid concerns over trade deficits and India's reliance on Russian military equipment and energy.
'Uncertainty level A in the morning, uncertainty level B in the afternoon. If I answer about tariff rates now, I'll be outdated by the evening.'
Victory wrested from regime that only listens when forced, the TMC said on GST exemption on insurance.
Foreign Portfolio Investors (FPIs) remained in a selling mode in January, withdrawing nearly Rs 36,000 crore (about $3.97 billion) as global uncertainties persisted. Meanwhile, a higher securities transaction tax (STT) proposed in the Union Budget may weigh on overseas investor participation in the near future.
India should resist knee-jerk responses to tariff volatility in the US and instead use the current geopolitical churn to build manufacturing scale at home, former G20 Sherpa and former chief executive officer of NITI Aayog Amitabh Kant said on Wednesday.
Amid uncertainty over trade talks with the US, Prime Minister Modi asserts India's commitment to protecting the interests of farmers and fishermen, vowing no compromise on their behalf.
The defence minister also announced that India has taken up the challenge of developing a powerful indigenous aero-engine, adding that preparations for this critical project are now almost complete and the work will soon be visible.
India on Friday proposed imposing retaliatory duties under the WTO (World Trade Organisation) norms against the US over American tariffs on automobile sector in the name of safeguard measures. "The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States," according to a notification of the WTO being circulated at the request of India.
Jaguar Land Rover will begin assembling premium cars at its new Tamil Nadu plant on February 9, marking a step towards full-scale luxury car manufacturing in India.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
Since February 2025, the RBI has reduced the policy rate by 100 basis points. In its previous policy review in June, it had trimmed the repo rate by 50 basis points to 5.5 per cent.
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.
There's no change in Apple Inc's India strategy, said a top government source. 'It can only be enhanced'.
Russian President Vladimir Putin announced his upcoming visit to India in December and expressed his intention to address the trade imbalance between the two countries, particularly concerning India's crude oil imports from Russia. He also lauded India's independent stance on international issues and highlighted the strong relationship between the two nations.
India's shrimp sector was pushed into uncertainty following US President Donald Trump's decision to impose a 25 per cent tariff on all goods imported into the US from India.
Investors should tilt their portfolios towards domestic-facing defensive sectors, which should help provide stability and shield them from geopolitical and tariff risks.
