India refutes Trump’s claim on halting Russian oil purchase

India’s Ministry of External Affairs has refuted US President Donald Trump’s claim that Prime Minister Narendra Modi assured him of ending Russian oil purchases. The MEA stated no such telephonic conversation occurred, emphasizing India’s consistent priority to safeguard consumer interests in volatile energy markets.

US tariffs have impacted Indian exports, causing a sharp decline. However, India is actively diversifying its export markets and striking new trade deals. This strategy is showing positive results, with some sectors experiencing growth. While challenges remain, this situation presents an opportunity for India to build a more robust and balanced export portfolio for long-term […]

India’s latest import regulations see the prohibition of roasted Areca nuts valued below ₹351 per kilogram, a step aimed at stabilizing the market. Notably, this ban does not extend to imports by fully export-oriented firms in SEZs or those operating under the Advance Authorisation framework.

US President Trump claimed India will halt Russian oil buys, but Indian refiners await government clarity. Russia remains India’s top oil supplier, offering significant discounts. Abruptly stopping these imports is near impossible, with deliveries contracted months ahead. Refiners face economic and strategic trade-offs if Russian oil becomes inaccessible.

India and Brazil agreed to expand their existing preferential trade pact with Mercosur to boost economic ties. The two nations aim to conclude negotiations for a full-fledged agreement within one year, targeting a significant increase in bilateral trade to USD 20 billion over five years.

In a strategic move towards economic collaboration, India is seeking a trade agreement with the United States that promises reciprocal advantages. Current negotiations are prioritizing the resolution of tariff discrepancies while enhancing energy trade.

India and China remain significant buyers of Russian fossil fuels. In September, India’s imports of Russian crude oil saw a decline. This comes as the United States urges India to reduce its reliance on Russian energy. China leads as the top importer of Russian crude, LNG, and coal. Turkiye also features prominently in these energy […]

China has lodged a complaint with the World Trade Organization against India’s electric vehicle and battery subsidies. Beijing claims these measures violate global trade rules and unfairly benefit Indian industries. This move comes as China seeks to increase EV exports to India. India’s trade deficit with China has also widened.

September was a promising month for India’s exports, showcasing their vibrancy amid global turbulence. However, with imports climbing at a quicker rate, the trade deficit has widened. Ongoing discussions surrounding U.S. tariffs are under scrutiny, while negotiations for a free trade agreement with the EU are in their final stages.

In a fresh twist to international trade, Russia is poised to become a major player in the banana market, turning its gaze towards India for imports. The Russian agricultural oversight body, Rosselkhoznadzor, has revealed plans to source anywhere from 300,000 to 500,000 metric tonnes of bananas annually.