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NEW DELHI, April 2 (Reuters) - India has abolished import tax on petrochemicals used for making plastics and pharmaceutical goods after the government invoked emergency powers and diverted local chemicals for production of cooking gas due to shortages caused by the Iran war. The import tax exemption, opens new tab on 40 products is valid till June 30, according to a government statement on Thursday. "The government's decision to grant customs duty exemption on select petrochemical products ap ...Read More >
The temporary easing of U.S. sanctions on Russian crude has rapidly redrawn global oil flows, with India stepping back in as the dominant buyer of previously distressed barrels. Even as overall imports are about to ease seasonally, Russian volumes into Asia are surging -- tightening the market and pushing Urals to a rare $8/bbl premium over Brent. Washington's March 12 decision to allow sales of oil already loaded onto tankers had an immediate impact. Almost all of Russia's floating storage was ...Read More >
India's foreign policy objectives are clear: to hedge with the great powers by adopting its own multi-alignment and strategic autonomy. Prime Minister Narendra Modi's decision to rely on Russia for nuclear submarines and civil nuclear cooperation indicates that India is strengthening its ties with Moscow on critical high-end technological cooperation, despite Western criticism, Rahul Pandey writes. Russian President Vladimir Putin visited New Delhi for 27 hours on December 4-5, 2025. This was h ...Read More >
NEW DELHI (AP) -- Russian President Vladimir Putin landed in India Thursday on a state visit aimed at bolstering bilateral and economic ties between the two countries. Indian Prime Minister Narendra Modi received the Russian leader at an airport in New Delhi, giving a bearhug and a tight handshake with the gusto of an old friend. Modi will host Putin for a private dinner tonight at his decked-up official residence. On Friday, the two leaders will hold talks as part of the 23rd India-Russia Su ...Read More >
. NEW DELHI: External affairs minister S Jaishankar inaugurated two new Consulates General of India in Russia on Wednesday, in Yekaterinburg and Kazan. Jaishankar hailed the moment as an important day for bilateral ties.Speaking at the event, he said, "I am confident that with the opening of the two new consulates, there will be a further strengthening of India-Russia ties, and this will surely mark a new phase in our relationship." The external affairs minister also said that the two new missio ...Read More >
India's state-owned Hindustan Aeronautics Ltd (HAL) has signed a memorandum of understanding with Russia's United Aircraft Corporation (UAC) to co-produce civil commuter aircraft a landmark step toward manufacturing India's first passenger jet. The deal, signed in Moscow, focuses on producing the SJ-100 twin-engine, 100-seater aircraft for India's domestic market. HAL and UAC already share a long-standing defense partnership, having collaborated on India's Sukhoi Su-30MKI fighter jets. Why It ...Read More >
New Delhi: After a gap of about three years, Russia is back among India's top five sources of steel, as Western sanctions force Moscow to reroute exports to Asia. The discounted shipments underscore the stress on Russian exports and India's rising demand for electrical steel used in transformers and electric motors. India imported the highest quantum of electrical sheets -- a kind of speciality steel -- from China, followed by Russia, for the six months ended September, steel ministry data show ...Read More >
India faces a dilemma: Should it continue buying Russian oil one way or another, or cease its imports altogether? For sure, the US has no right to dictate how two sovereign nations conduct their bilateral trade. While Russian companies have been sanctioned by the US, Moscow has no intention of stopping its oil exports. It is for the importing countries, such as India and China, to decide whether they are willing to risk potential secondary sanctions from the US for doing business with the sancti ...Read More >
Indian rupee (left) and US dollar currency notes are held by a foreign exchange employee. File/AFP India will not accept limits on its trading choices or rush to sign agreements, Trade Minister Piyush Goyal said on Friday, even as a senior government official said a bilateral trade deal with Washington was "very near." "India will not sign any trade deal in a hurry," Goyal said during a speech at the Berlin Global Dialogue, referring to European Union and the US concerns over India's continued ...Read More >
Gold Price Today: The price of 24-carat gold fell ₹10 in early trade on Saturday, with ten grams of the precious metal trading at ₹1,24,360, according to the GoodReturns website. The price of silver stumbled ₹100, with one kilogram of the precious metal selling at ₹1,54,900. The price of 22-carat gold decreased by ₹10, with ten grams of the yellow metal selling at ₹1,13,990. The price of ten grams of 24-carat gold stood at ₹1,24,360 in Mumbai, Kolkata, and Chennai. In Delhi, the ...Read More >
(The Center Square) - Indian conglomerate Reliance Industries said Friday it will adjust its refining operations to abide with U.S. and European sanctions on purchases of Russian crude oil. Reliance, India's largest oil importer, said in a statement posted on X that it is assessing the impact of restrictions announced in recent days by the European Union, United Kingdom and United States. The company said it will fully comply with applicable regulations while maintaining relationships with supp ...Read More >
NEW DELHI -- Indian oil refiners can shift away from Russian crude after United States President Donald Trump imposed sanctions on Moscow's two largest oil companies, but the move will come at a cost, analysts said on Friday. Trump has claimed that Indian Prime Minister Narendra Modi has agreed to cut its Russian oil imports as part of a prospective US trade deal -- something New Delhi has not confirmed. Relations between the two countries plummeted in August after Trump raised tariffs on Indi ...Read More >
Mumbai (Maharashtra) [India], October 24 (ANI): Reliance Industries said on Friday that it is assessing the implications, including the new compliance requirements, of the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe and will comply with the EU's guidelines on the import of refined products into Europe. A Reliance Spokesperson said in a statement that whenever there is any guid ...Read More >
New Delhi: Indian refiners are likely to ramp up crude oil purchases from the Middle East, Latin America and the US to compensate for reduced imports from Russia, following Washington's sanctions on two major Russian producers, sources and analysts said. The US government, on October 22, imposed sanctions on Russia's two largest crude oil producers, Rosneft and Lukoil, barring all American entities and individuals from conducting business with them. Non-US firms could also face penalties if fou ...Read More >
NEW DELHI: Indian oil refiners can shift away from Russian crude after US President Donald Trump imposed sanctions on Moscow's two largest oil companies - but the move will come at a cost, analysts said Friday. Trump has claimed that Indian Prime Minister Narendra Modi has agreed to cut its Russian oil imports as part of a prospective US trade deal - something New Delhi has not confirmed. Relations between the countries plummeted in August after Trump raised tariffs on Indian exports to the US ...Read More >
[BENGALURU] Gold prices rose on Friday (Oct 24), supported by lingering geopolitical worries and US-China trade tensions, as investors awaited key US inflation data due later in the day for further cues on the interest rate path. Spot gold was up 0.3 per cent at US$4,138.52 per ounce, as at 9.20 am. However, bullion was on track for its worst week since May, down 2.7 per cent so far this week. US gold futures for December delivery rose 0.2 per cent to US$4,152.30 per ounce. US President Donal ...Read More >
For India -- whose dependence on cheaper Russian crude has risen significantly over the past three years -- these two firms account for about 60% of Russian oil supplies The fresh sanctions announced by the United States on Russia's two largest oil companies, Rosneft and Lukoil, are expected to raise India's crude oil import bill by around 2%, according to industry experts. Analysts noted that the two companies are among the world's major crude exporters, together supplying around 4 to 5 milli ...Read More >
Mumbai, Oct 23 (PTI) Equity benchmark indices Sensex and Nifty ended marginally higher on Thursday, helped by robust buying in IT and tech stocks amid growing optimism on the US-India trade deal front. After hitting a 52-week high, indices reversed most of their intra-day gains on fag-end profit-taking after sentiment turned cautious amid concerns over US sanctions against Russia's two largest oil companies. Besides, an over one per cent decline in heavyweight Reliance Industries also pulled t ...Read More >
NEW DELHI: Indian Prime Minister Narendra Modi confirmed he held a conversation with Donald Trump on Wednesday. The US president stated they discussed trade as both countries negotiate a potential deal to mend strained relations. Bilateral ties deteriorated in August when Trump increased tariffs on Indian exports to the United States to 50%. US officials had accused India of financing Russia's war in Ukraine through purchases of discounted Moscow oil. Trump mentioned the phone call with Modi ...Read More >
By Jarrett Renshaw and Nidhi Verma WASHINGTON/NEW DELHI (Reuters) -India has halved its purchases of Russian oil, a White House official said, but Indian sources said no immediate reduction had been seen, as President Donald Trump's administration presses New Delhi and other nations to buy less Russian crude. Russian oil is a main irritant for Trump in prolonged trade talks with India - half of his 50% tariffs on Indian goods are in retaliation for those purchases. His administration says Mosc ...Read More >
New Delhi: The United States has long been pressuring India to stop purchasing Russian oil. The Donald Trump-led administration has even imposed a 50 per cent tariff on India. Trump has also consistently claimed that India could soon stop buying Russian oil. On Wednesday, October 15, he even said that Prime Minister Narendra Modi had personally agreed to stop these purchases "in a short time." Russian Ambassador to India Denis Alipov stated that Russian oil is "very beneficial to the Indian eco ...Read More >
Illustration: Donald Trump and Narendra Modi amid US-India-Russia oil tensions over Ukraine President Donald Trump announced on 15 October that Indian Prime Minister Narendra Modi had committed to halting oil purchases from Russia, a step Trump said would make it easier to pressure Moscow to end Russia's war against Ukraine, now in its fourth year. India has been one of Russia's key economic partners since Western sanctions targeted Russian energy exports following the February 2022 invasion. ...Read More >
NEW DELHI: India on Thursday firmly rejected the United Kingdom's latest sanctions on Russia's oil sector, criticising the move as unilateral and warned against "double standards" in global energy trade. Among the entities targeted was Indian refiner Nayara Energy, which London accused of facilitating Russian oil exports. "We have noted the latest sanctions announced by the UK. We do not subscribe to any unilateral sanctions," said External Affairs Ministry spokesperson Randhir Jaiswal. "The Go ...Read More >
Russia's energy ties with India are in tune with New Delhi's national interests, Russian envoy Denis Alipov said on Thursday, asserting that overall bilateral trade relations are on an upswing. Alipov's remarks came hours after US President Donald Trump claimed that Prime Minister Narendra Modi assured him that New Delhi will stop procuring Russian crude oil. "This is a question for the Indian government (to answer)," the envoy told reporters when asked if India will continue to procure Russia ...Read More >
New Delhi, Oct 16 (PTI) Russian crude oil remains the most cost effective option on the global market and Russia's energy ties with India are in tune with New Delhi's national interests, Russian ambassador Denis Alipov said on Thursday. Alipov's remarks came hours after US President Donald Trump claimed that Prime Minister Narendra Modi assured him that New Delhi will stop procuring Russian crude oil. "Russian energy remains the most cost-effective option on the global market, and Russia has c ...Read More >
"India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective. Ensuring stable energy prices and secure supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions," the statement read. On Wednesday night, Trump told reporters at an Ova ...Read More >
New Delhi, Oct 16 (PTI) Congress leader Rahul Gandhi on Thursday claimed that Prime Minister Narendra Modi is "frightened" of US President Donald Trump, saying that he allowed the American leader to "decide and announce" that India will not buy Russian oil and "keeps sending congratulatory messages despite repeated snubs". His assertion came after Trump claimed that his "friend" PM Modi has assured him that India would stop purchasing oil from Russia, a move he described as a big step toward in ...Read More >
NEW DELHI: A team of Indian officials led by commerce secretary Rajesh Agarwal is once again headed to the US for talks on the proposed bilateral trade deal, amid indications that Trump administration is keen to move ahead.Officials indicated that delegation would visit Washington this week itself as the two sides seek to thrash out a deal in a few weeks. The move comes just a day after US ambassador-designate Sergio Gor met PM Modi and held discussions with Agrawal. "During my visit to India, I ...Read More >
New Delhi, Sep 26: India has strongly rejected a remark by NATO Secretary-General Mark Rutte suggesting that Prime Minister Narendra Modi had spoken to Russian President Vladimir Putin about U.S. tariffs on India. Responding to media reports, Ministry of External Affairs spokesperson Randhir Jaiswal dismissed the claim as "factually incorrect and entirely baseless." "We have seen the statement by NATO Secretary-General Mr. Mark Rutte regarding a purported phone conversation between Prime Minist ...Read More >
NEW DELHI, Sept 15 (Reuters) - Russian-backed Indian refiner Nayara Energy is seeking Indian government help to source equipment and materials needed for maintenance as European Union sanctions make it difficult to secure key items, three people familiar with the matter said. The private refiner has approached the Centre for High Technology, an advisory body under India's oil ministry, seeking assistance in sourcing specialised equipment, catalysts, and other raw materials, the sources said. N ...Read More >
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