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Hindustan Times
9 minutes ago
- Hindustan Times
US accuses India of ‘profiteering' from Russian energy purchases
WASHINGTON: US Treasury Secretary Scott Bessent on Tuesday accused India of 'profiteering' by purchasing Russian energy cheaply and reselling refined energy products in global markets while defending Washington's decision not to punish China for similar trade with Russia. FILE PHOTO: U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol (REUTERS) Bessent said in a television interview that Beijing's longstanding purchases of Russian oil were in contrast to India's rapid increase in imports after the war in Ukraine broke out. Bessent was asked why Washington had not placed tariffs on China for purchasing Russian energy, after imposing a 25% penalty, on top of a 25% reciprocal tariff, on India for the same. 'China importing Russian oil is sub-optimal. But if you go back and look, before the 2022 invasion, 13% of China's oil was already coming from Russia and now it's 16%. So China has a diversified input of their oil. If you go back and look back, India had less than 1% of their oil (coming from Russia) and now it's up to, I believe, 42%. So India is just profiteering,' Bessent said . 'They (India) made $16 billion in excess profits. Some of the richest families in India. This is a completely different thing. This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product, has just just sprung up during the war - which is unacceptable,' Bessent added.. Bessent's comments come just a day after White House trade advisor Peter Navarro levelled similar accusations against New Delhi. Navarro claimed India's purchases of Russian energy were 'opportunistic' and 'corrosive' to global efforts being made to isolate Russia's economy. 'As Russia continues to hammer Ukraine, helped by India's financial support, American (and European) taxpayers are then forced to spend tens of billions more to help Ukraine's defence. Meanwhile, India keeps slamming the door on American exports through high tariffs and trade barriers. More than 300,000 soldiers and civilians have been killed, while Nato's eastern flank grows more exposed and the west foots the bill for India's oil laundering,' Navarro wrote in an opinion column for the Financial Times. The top trade advisor welcomed a 'two-pronged policy' of restricting Indian access to US markets and forcing India to reduce oil imports from Russia. 'If India wants to be treated as a strategic partner of the US, it needs to start acting like one,' Navarro added. Tensions between India and the United States have risen considerably in recent weeks over deadlocked trade talks and Indian purchases of energy from Russia. A planned visit to advance trade negotiations by a team from the office of the United States Trade Representative was put off amid wider difficulties in the relationship. New Delhi has refused to grant greater market access for US companies to India's agriculture, dairy and micro, small and medium enterprises (MSME) sectors. It has also defended purchases of Russian oil as essential to guaranteeing national energy security. India has also called US tariff penalties 'unreasonable' and 'unjustified' by pointing to continued US and EU trade with Russia in energy and other sensitive materials.
News18
19 minutes ago
- News18
Indian shooter Anjum Moudgil hails National Sports Governance Bill
New Delhi [India], August 20 (ANI): Indian shooter Anjum Moudgil praised the recently passed National Sports Governance and the National Anti-Doping (Amendment) Bill in the Parliament last week. The bill was introduced by Union Youth Affairs and Sports Minister Mansukh Mandaviya to provide a robust legal framework for sports governance in India, promoting transparency, accountability, and athlete speaking to ANI, Moudgil said, 'I'm really happy with the national sports bill that has been recently passed because of the you know proper gender equality and also there were so many positive changes in terms of policies and how federations will be run, so I think it's a very positive change." The National Sports Governance Bill paves the way for a new standard of transparency, accountability, and ethical management in sports. The legislation sets clear expectations for National Sports Federations and the Indian Olympic Association, ensuring mechanisms for fair elections, financial openness, and inclusive it mandates athlete commissions, a strong voice for players in governing bodies, and at least thirty per cent women's representation to promote gender equality in sports administration. With robust structures to safeguard athlete welfare–particularly for women and minors–and strict anti-doping and safe sport regulations, the bill puts the needs and rights of athletes at the heart of Indian on Subroto Cup International Football Tournament Moudgil said, 'I feel immense pleasure and honour to be here because of the crowd and the energy here and it's so good to see such young kids competing at such a big level, you know almost 40,000 schools signed up so I think it's such a positive impact it will have on the grassroot level." The 64th edition of the Subroto Cup International Football Tournament commenced in spectacular fashion on Tuesday at the historic Dr BR Ambedkar Stadium. Govt Higher Secondary School, Nari, Arunachal Pradesh, got the better of Sainik School, Sambhalpur, in the featured match in Group A in the Junior Girls (Under 17) category, which got underway earlier in the day. The score ended 1-0 in favour of Govt Higher Secondary School, with jersey no. 9, Luky Liam Tamin, scoring in the 9th minute to help the team take the lead, as per a release from Subroto tournament was declared open after a grand opening ceremony by the Chief Guest, Air Marshal S Sivakumar VSM, Air Officer-in-Charge Administration and Vice Chairman, Subroto Mukherjee Sports Education Society. Anjum Moudgil, an Arjuna Awardee member of the Indian Shooting team, was also present as the Guest of Honour. (ANI)
Economic Times
27 minutes ago
- Economic Times
InCh by InCh, New Delhi & Beijing unveil big steps for LAC stability
Ahead of PM Modi's China visit for the SCO summit, India and China have announced confidence-building measures to stabilize the Line of Actual Control. This includes expert and working groups for boundary delimitation and border management. Tired of too many ads? Remove Ads Boundary delimitation Tired of too many ads? Remove Ads Flight connectivity, yatra Diplomatic summit New Delhi: Ahead of Prime Minister Narendra Modi's China visit to attend the Shanghai Cooperation Organisation (SCO) summit, India and China on Tuesday announced several confidence building measures (CBMs), including setting up expert group, working group and general level mechanisms, to stabilise the Line of Actual Control following the special representative (SR) mechanism meeting sides agreed to reopen border trade through the three trading points - Lipulekh Pass, Shipki La Pass and Nathu La Pass. They also agreed to facilitate trade and investment flows through concrete measures. NSA Ajit Doval and Chinese foreign minister Wang Yi held candid talks on India-China boundary question and agreed to seek a "fair, reasonable and mutually acceptable framework" to settle the matter in accordance with the Agreement on Political Parameters and Guiding Principles for Settlement of the India-China Boundary Question signed in was decided to set up an expert group under the Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC) to explore early harvest in boundary delimitation, set up a working group under WMCC to advance effective border management to maintain peace and tranquillity in border areas and create general level mechanisms in eastern and middle sectors in addition to the existing general level mechanism in the western decided to use border management mechanisms at diplomatic and military levels to carry forward the process of border Yi and external affairs minister S Jaishankar agreed to resume direct flight connectivity between Chinese mainland and India at the earliest and finalise an updated Air Services Agreement. They also agreed on the facilitation of visas to tourists, businesses, media and other visitors in both directions. Both sides agreed to continue and further expand the scale of the Indian pilgrimage to Mt. two sides exchanged views on trans-border rivers and agreed to give full play to the role of India-China expert level mechanism on trans-border rivers and keep communication on renewal of the relevant MoUs. The Chinese side agreed to share hydrological information during emergency situations based on humanitarian considerations, officials sides agreed to support each other in hosting successful diplomatic events. The Chinese side will support India in hosting the 2026 BRICS summit. The Indian side will support China in hosting the 2027 BRICS summit.
