UCO Bank gets approval to work with sanctioned refiner Nayara

UCO Bank, an Indian lender, has received government approval to facilitate trade payments for Nayara Energy, which was sanctioned by the EU. This move comes after large financial institutions shunned Nayara due to its part-ownership by Russian oil major Rosneft.

India’s goods exports experienced a 6.7% increase in August, reaching $35.1 billion, driven by electronics, engineering goods, and gems and jewellery, while imports fell 10.1% to $61.6 billion. This led to a narrowed merchandise trade deficit of $26.5 billion. The government is actively identifying 100 products to reduce import dependency and enhance domestic capabilities, focusing […]

White House Trade Advisor Peter Navarro stated India is coming to the negotiating table, but raised concerns about high tariffs and the country’s increased purchase of Russian oil post-2022. He criticized India’s ties with Russia and China.

India’s exports to the US experienced a 14% month-on-month decline in August, totaling USD 6.86 billion, following the implementation of tariffs by the US. Despite this decrease, the US remained India’s top export destination for August and the preceding five months. Exports to the US saw a 7.15% increase compared to the same period last […]

Commerce Secretary Howard Lutnick criticized India’s trade practices, highlighting the imbalance where India sells extensively to the US but restricts American corn imports with tariffs. He asserted that India must lower its tariffs to ensure fair and reciprocal trade, aligning with President Trump’s stance. Lutnick warned of potential difficulties in US-India trade relations if these […]

India’s heavy reliance on US software, cloud, and social media creates strategic vulnerabilities, warns think tank GTRI. The report urges developing indigenous OS, cloud, cybersecurity, and AI through a “Digital Swaraj Mission” by 2030. Phased steps include sovereign cloud hosting, national OS, Linux adoption, and public-private cybersecurity consortia.

Vinay Mohan Kwatra also spoke with Congressman Greg Steube, briefing him on issues of mutual interest including bilateral trade, especially in energy, and spoke about India’s support to all efforts to bring an end to the conflict in Ukraine through dialogue and diplomacy.

India and the European Union are dedicated to swiftly achieving a balanced and mutually advantageous free trade agreement, according to Commerce and Industry Minister Piyush Goyal. The 13th round of negotiations saw EU Trade Commissioner Maros Sefcovic and European Agriculture Commissioner Christophe Hansen visiting New Delhi to advance the discussions.

India’s auto component industry anticipates minimal long-term effects from US and Mexico tariffs. Exports to these nations are currently modest. The industry expresses concern over tariffs on commercial and off-road vehicle parts. Industry leaders expect exports to recover, supported by India’s cost advantage. Opportunities exist in ICE powertrain parts and wiring harnesses.

The U.S. Treasury is urging G7 and EU allies to impose tariffs on goods from China and India to curb their Russian oil purchases, aiming to cut off funding for Russia’s war in Ukraine. An emergency G7 finance meeting is convened to discuss escalating pressure on Moscow.