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Economic Times
11 minutes ago
- Economic Times
Indian drugmakers seek exemption for generics from US supplies probe
Mumbai: A US government probe into pharmaceutical imports and their implications on national security must exclude generic drugs from its purview, a business delegation from the Indian pharmaceutical industry told Union commerce minister Piyush Goyal at a meeting held last local industry's contention assumes significance in the backdrop of the impending India-US bilateral trade agreement and the uncertainty over reciprocal tariffs being imposed by the US government. So far, the US has exempted pharmaceutical imports from the proposed tariffs of 50%, half of which are to kick in on August 27. Experts said that the issues related to supplies of medicines from India to the US are critical given the plans of Prime Minister Narendra Modi to visit China for the upcoming Shanghai Cooperation Organisation meeting later this month in Tianjin. In April, under Section 232 of the Trade Expansion Act, 1962, the US government had initiated an investigation into imports of medicines to the country, sparking concerns over potential supply chain disruptions and pricing volatility there. The law grants authority to the US President to impose restrictions on such imports if those are deemed to threaten US national security. People familiar with the mater told ET that the meeting with the pharmaceutical industry was called by the commerce ministry to discuss a range of issues, including ways to tackle abrupt disruptions and to strengthen the industry with closer attention to new research and innovation. A note in May from global consulting firm EY said that historically, Section 232 has been used to justify tariffs on steel, aluminium and automobiles.
Economic Times
26 minutes ago
- Economic Times
Peter Navarro to India: Act like a US partner or pay the price
Synopsis Peter Navarro has criticized India's crude oil imports from Russia, deeming them "opportunistic" and warning of consequences for the US-India strategic partnership. He alleges India's actions are financing Russia's war in Ukraine and jeopardizing access to US markets. These remarks precede a postponed US trade negotiation visit and potential tariffs on Indian goods due to continued Russian oil purchases. Reuters Peter Navarro, Senior Counselor for Trade and Manufacturing for U.S. President Donald Trump, speaks to the media outside the White House in Washington, D.C., U.S., April 30, 2025. REUTERS/Evelyn Hockstein/ File Photo New Delhi: US President Donald Trump's trade adviser Peter Navarro on Monday criticised India's crude oil imports from Russia, calling the move "opportunistic" and warning that if India "wants to be treated as a strategic partner of the US, it needs to start acting like one".In an opinion piece in the Financial Times, Navarro alleged that India was "now cosying up to both Russia and China" and argued that New Delhi's Russian crude purchases must stop as they were financing Moscow's war in Ukraine. His comments come ahead of Prime Minister Narendra Modi's meeting with Chinese President Xi Jinping later this month, even as Chinese foreign minister Wang Yi visits New Delhi for talks on the disputed border. "This two-pronged policy will hit India where it hurts-its access to US markets - even as it seeks to cut off the financial lifeline it has extended to Russia's war effort," Navarro said India's reliance on Russian crude was "opportunistic and deeply corrosive of global efforts to isolate Putin's war economy". The remarks assume significance as US trade negotiators have postponed their planned August 25-29 visit for the sixth round of Bilateral Trade Agreement talks, the first tranche of which is targeted for conclusion by autumn. Trump has already imposed a 50% tariff on Indian goods, including a 25% penal levy for continued purchases of Russian oil, despite the external affairs ministry's assertion that India is being unfairly singled out while the US and EU continue to source energy from the 25% tariff on Indian goods entering the US took effect on August 7, the additional 25%, announced as penalty for crude and defence imports from Russia, will kick in on August 27. "India acts as a global clearing house for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro wrote, adding that it was risky to transfer cutting-edge US military capabilities to a country "cosying up to both Russia and China".
India Today
30 minutes ago
- India Today
India remains dynamic, not a 'dead economy': CEA V Anantha Nageswaran
In this episode of Newstrack, watch Chief Economic Adviser Dr V Anantha Nageswaran's exclusive interview as he speaks on next-generation GST reforms, US-India trade talks and the impact of tariffs and on a slew of issues. Responding to US President Donald Trump's 'dead economy' remark on India, Dr V Anantha Nageswaran said, "By no stretch of imagination or argument or evidence can India be classified as a dead economy. Far from it. It is a dynamic economy." The conversation also explores the government's push for 'Atmanirbharta' or self-reliance in sectors like defence and semiconductors, and the plan for job creation through the PM Viksit Bharat Rojgar Yojana, in light of India's S&P credit rating upgrade.
