Russian oil drives OPEC share in India’s imports to record low, data shows

India’s oil imports saw a shift in fiscal year 2024-25, with OPEC’s share hitting a record low as Russian oil imports surged. Refiners favored discounted Russian crude, making Russia the top supplier for the third consecutive year. Consequently, imports from Saudi Arabia and Iraq declined significantly due to pricing and geopolitical factors.

India and the United States have finalised a roadmap to begin negotiations on a Bilateral Trade Agreement (BTA), following meetings between Prime Minister Narendra Modi and US Vice President JD Vance. The move comes as Washington enforces new tariffs under President Trump’s trade agenda, including a 26% rate on Indian imports. With key sectors exempt […]

Prime Minister Narendra Modi’s visit to Saudi Arabia marks a significant milestone as the first Indian prime minister in four decades to visit Jeddah. The visit, at the invitation of Crown Prince Mohammed bin Salman, aims to strengthen the India-Saudi partnership through the Strategic Partnership Council.

Think tank GTRI advises India to maintain strategic autonomy while engaging with both China and the US, prioritizing economic interests and global trade principles. This comes amid China’s warning of retaliation against nations aligning with US trade efforts. India’s trade deficit with China widened to USD 99.2 billion in 2024-25, even as the US remains […]

India is actively pursuing a bilateral trade agreement with the US, aiming to finalize the first phase by fall. Finance Minister Sitharaman emphasized the government’s commitment during her US visit, highlighting discussions with the US administration and the Prime Minister’s engagement. India is also focusing on becoming a developed nation by 2047, prioritizing key sectors […]

India’s leather, non-leather footwear, and product exports surged by approximately 25% to $5.7 billion in 2024-25, according to the Council for Leather Exports (CLE). Driven by healthy demand in developed and developing nations, shipments are projected to exceed $6.5 billion in the current fiscal year.

India has a significant opportunity to export rapeseed meal to China, potentially worth Rs 1000 crore, due to the ongoing trade tensions between China and Canada. China’s retaliatory tariffs on Canadian rapeseed meal, coupled with EU shortages, have created a favorable environment for Indian exports.

Prime Minister Modi’s Saudi Arabia visit aims to strengthen energy ties, with Saudi Arabia seeking to increase crude supplies to India amid Chinese market challenges. Riyadh may offer concessional rates and invest in Indian refineries. Saudi Arabia’s ‘Vision 2030’ faces financial constraints, presenting opportunities for Indian companies.

Indian trade negotiators will visit Washington DC this week to explore an “early tranche” of a proposed bilateral trade deal with US, which may include a limited set of mutually beneficial issues. The broader agreement spans 19 chapters, covering regulatory matters like digital tax, tariffs, and customs rules, with detailed offers to come later.

India and US trade negotiations are progressing. Discussions will begin on April 23 in Washington. India aims for an early agreement during the 90-day tariff pause. Both countries have finalized the agreement’s terms. They want to double trade to USD 500 billion by 2030. The US seeks concessions on industrial goods and agriculture. India wants […]