logo
This Week in Explainers: Can India do without Russian oil amid Trump threats?

This Week in Explainers: Can India do without Russian oil amid Trump threats?

First Posta day ago
US President Donald Trump has threatened India with a 'penalty' for buying Russian crude. As bilateral trade talks continue, America has imposed a 25 per cent tariff on Indian imports. But what are India's options? All this and more in our weekly wrap read more
India is staring at a 25 per cent tariff on its goods exported to the United States. Announcing higher rates for India than more than 50 other countries, President Donald Trump has also threatened New Delhi with a 'penalty' for buying Russian crude.
The Indian government has confirmed that the three terrorists killed in Operation Mahadev were behind the Pahalgam terror attack. Hashim Musa, the reported mastermind of the April 22 massacre, was among those killed by Indian security forces in a joint operation this week.
STORY CONTINUES BELOW THIS AD
Nisar, an Earth-observation satellite built by India and the US, was launched into space. The mission will study minute changes on the Earth's surface.
Here's all this and more in our weekly wrap from India.
1. The US imposed 25 per cent tariffs on Indian imports from August 1. American President Trump has been railing against India's 'high tariffs' and the massive trade deficit between the two countries.
Trump's high tariffs against India come even as New Delhi and Washington continue to negotiate a bilateral trade deal. As the taxes on Indian goods imported to the US come into effect, Americans will face the brunt immediately. India's GDP could also take a hit. We take a look at the impact in this report.
2. Trump has threatened a 'penalty' tariff on India for buying Russian crude oil. The US president has so far failed to achieve a ceasefire between Russia and Ukraine. India has maintained a neutral stance in the war and continued to buy discounted fuel from Moscow despite pressure from the West.
Russia accounted for just 0.2 per cent of India's imports of crude oil before the Ukraine war began in February 2022. Today, India is among the top buyers of Russian oil. How did this shift happen? And can India do without Russian crude? Here's our report.
3. The week that the Parliament held a discussion on Operation Sindoor, reports came that three terrorists who carried out the Pahalgam attack had been killed. Home Minister Amit Shah told the Parliament that those killed were indeed the Pahalgam attackers and this was established with the aid of forensic and ballistic tests.
STORY CONTINUES BELOW THIS AD
He also confirmed that all three terrorists were Pakistani citizens, who were killed in Operation Mahadev, a joint effort by the Indian Army, Jammu and Kashmir Police and Central Reserve Police Force (CRPF). The encounter between the security forces and the terrorists took place in the upper reaches of Dachigam Forest, which is in Srinagar's Harwan area. Read our report to know more.
4. Nisar, or Nasa-Isro Synthetic Aperture Radar, was launched into a 747 km sun-synchronous polar orbit this week. It lifted off from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh, onboard Isro's GSLV Mk-II rocket.
Weighing 2,392 kilos, Nisar was jointly developed by Isro and Nasa. It has two frequencies — Nasa's L-band and Isro's S-band, which will equip the mission to observe changes more accurately than any other satellite. Nisar will scan the globe every 12 days, providing detailed images of the Earth's surface. We take a look at what makes it special.
STORY CONTINUES BELOW THIS AD
5. A special National Investigation Agency (NIA) court announced its verdict in the 2008 Malegaon blast case, acquitting all seven accused, including former BJP MP Pragya Singh Thakur and Lieutenant Colonel Prasad Purohit. The explosion near Bhikku Chowk in Maharashtra's Malegaon town had killed six people and injured 101 others.
Pragya Singh Thakur has been acquitted in the Malegaon blast case. File Photo/PTI
The Maharashtra Anti-Terrorism Squad (ATS) had arrested the accused nearly 17 years ago. However, all have been out on bail for years. The special NIA court has now acquitted all the accused. But why? Here's our detailed report.
STORY CONTINUES BELOW THIS AD
6. An elderly woman accused of the murder of her husband had recently gone viral after her video defending herself in a courtroom with the help of science surfaced. Mamta Pathak, 65, made headlines again this week after the Madhya Pradesh High Court upheld her life sentence for killing her husband by electrocution.
Dr Neeraj Pathak was found dead at his Loknathpuram house in Madhya Pradesh's Chhatarpur in April 2021. But how did the police arrest his wife, a former chemistry professor? Why did she murder her husband? Here's our story.
This is all we have for you this week. If you like how we analyse news, you can bookmark this page.
PS. In a highly rare pregnancy, the foetus of a woman in Uttar Pradesh is growing in her liver instead of the uterus. Read this report to know more.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India-UK trade deal: How will it benefit luxury car buyers in India? Explained in detail
India-UK trade deal: How will it benefit luxury car buyers in India? Explained in detail

Hindustan Times

time27 minutes ago

  • Hindustan Times

India-UK trade deal: How will it benefit luxury car buyers in India? Explained in detail

The Indian government has signed a comprehensive Free Trade Agreement (FTA) with the United Kingdom, which is being considered as one of the landmark trade deals between the two major global economies. When it comes to the auto industry, the India-UK FTA is expected to boost the luxury car market in India, as the deal will reduce the import costs on CBU (Completely Built Unit) luxury cars and electric vehicles that are manufactured in the UK. The FTA introduced a detailed Tariff Rate Quota (TRQ) system, which allows for a progressive quota-based customs duty reduction system, which will be effective over a span of 15 years. This could significantly lower the prices of luxury cars made in the UK, including Rolls-Royce, Bentley, Jaguar, Land Rover, Aston Martin, and McLaren, for Indian buyers. While the luxury car market in India is currently dominated by German auto majors like Mercedes-Benz, Audi, and BMW, the market share of the British brands may increase in the country owing to the benefits arising from the FTA. Also check these Cars Find more Cars Aston Martin DB11 5198 cc 5198 cc Petrol Petrol ₹ 3.29 Cr Compare View Offers Bentley Bentayga 3996 cc 3996 cc Petrol Petrol ₹ 4.10 Cr Compare View Offers UPCOMING Jaguar Epace 1999 cc 1999 cc Diesel Diesel ₹ 50 - 60 Lakhs Alert Me When Launched Land Rover Discovery Sport 1997 cc 1997 cc Multiple Multiple ₹ 67.90 Lakhs Compare View Offers Lamborghini Huracan Evo Spyder 5204 cc 5204 cc Petrol Petrol ₹ 3.54 Cr Compare View Offers Lotus Emira 1998 cc 1998 cc Petrol Petrol ₹ 3.22 Cr Compare View Offers India-UK FTA to further propel India's luxury car sales growth The luxury car market in India, despite still holding a minuscule market share in the overall industry pie, is witnessing fast growth. In FY25, while the rising food inflation and falling wages prompted the urban consumers to hold back their car purchase plans, the wealthy class continued their luxury car shopping spree. This resulted in the luxury cars registering strong demand throughout the last fiscal, while the mass-market segment recorded muted sales. The luxury car manufacturers sold 51,406 units in FY25, marking a three per cent year-on-year (YoY) growth compared to 49,862 units in FY24, and setting a record for the highest sales in any financial year. This growth came even as the Indian economy struggled. Mercedes-Benz led the market with 18,928 units sold, marking its best-ever fiscal performance. BMW, on the other hand, secured the second position with 15,810 units sold, recording a five per cent rise from 14,562 units sold in FY24. Jaguar Land Rover (JLR) experienced a 40 per cent YoY growth, selling 6,183 units in the last financial year. Among others, Lexus, the luxury vehicle brand of Japanese automaker Toyota, reported a 19 per cent YoY growth in FY25. While this growth momentum is expected to continue in this financial year, the recently signed India-UK FTA is expected to further fuel this story. Speaking about this, Arun Surendra, Chairman and Group Managing Director at VST Group, a multi-brand luxury car seller, said that the luxury segment is still a small part of India's overall car market, around one to two per cent, but it's growing faster than the mass segment. 'What's interesting is how wide the base is getting. It's no longer just metros. We are seeing solid traction from Tier-2 cities, especially in the SUV and EV space. The aspiration is real, and it's backed by buying power," he said, while also adding, 'There's a clear rise in affluence, especially in South India. We are seeing more HNIs (High Net-Worth Individuals) choosing cars that reflect their lifestyle and values. It's not just about performance anymore. Design, technology, and brand experience are equally important." India-UK FTA: How ICE cars will benefit Under the India-UK FTA, internal combustion engine (ICE) powered cars are classified in three segments for duty relief. These are - entry-level vehicles under 1500 cc, mid-segment vehicles between 1500 cc and 3000 cc for petrol or up to 2500 cc for diesel and vehicles with engines larger than 3000 cc for petrol and 2500 cc for diesel. In the first year of FTA, cars in the mid and lower engine segments, which faced a pre-FTA base duty of 66 per cent, will be taxed at 50 per cent in the first year and 10 per cent by the fifth year. Cars in the highest engine capacity segment that attracted a base customs duty of 110 per cent in the pre-FTA regime will see the in-quota duty drop to 30 per cent. By the fifth year, this customs duty rate will come down further to just 10 per cent. There is a clear volume cap for each year under this FTA that will ensure the concessional tariffs apply to a fixed number of cars. In the first year, a total of 20,000 ICE cars from the UK will be allowed into India at discounted rates. This will comprise 5,000 each in the entry-level and mid-level segments, and 10,000 high-end models. These numbers will gradually increase, peaking at 37,000 units in the fifth year, before slowly tapering to 15,000 units annually from the 15th year onward. Any car imports beyond these volumes will still attract reduced out-of-quota tariffs compared to the pre-FTA base rates, but the benefits will be less pronounced. The out-of-quota duties on low-engine and mid-engine cars will stabilise at around 45 per cent and 55 per cent, respectively, by the 10th year. The out-of-quota duties on large-engine cars will reduce from 95 per cent in the first year to 50 per cent by the 10th year. India-UK FTA: How EVs, hybrids and hydrogen cars will benefit Under the India-UK FTA, electric cars, hybrids, and hydrogen fuel-cell cars are also included, under a separate TRQ (Tariff Rate Quota) structure. However, only cars with a CIF (Cost, Insurance, and Freight) value above 40,000 pounds will receive preferential treatment. Electric cars priced below 40,000 pounds are excluded entirely from any customs duty relief. For cars priced between 40,000 pounds and 80,000 pounds, the duty will drop sharply from the base 110 per cent to 50 per cent in the sixth year of implementation, and further to 10 per cent by the 10th year. The high-end electric cars priced above 80,000 pounds will benefit even more, with the duty reduced to 40 per cent in the sixth year and then to 10 per cent by the tenth year. Starting from the sixth year, 4,400 electric and hybrid cars will be allowed annually at the reduced rates. The quota expands over time, reaching 13,200 units by the 10th year and stabilising at 22,000 units annually from the 15th year. Interestingly, unlike the ICE models, there is no preferential duty on electric cars imported beyond the quota. This means high duties will apply to surplus shipments. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date:

India opens new consular application centre in Dallas to serve growing diaspora
India opens new consular application centre in Dallas to serve growing diaspora

Economic Times

time28 minutes ago

  • Economic Times

India opens new consular application centre in Dallas to serve growing diaspora

Agencies The Consulate General of India in Houston has announced the launch of a new Indian Consular Application Centre (ICAC) in Dallas, Texas, bringing essential consular services closer to thousands of Indian-origin residents in the Dallas-Fort Worth region. The new centre, located at 8360 Lyndon B Johnson Freeway, Suite A-230, was virtually inaugurated by India's Ambassador to the United States Vinay Kwatra. The Dallas ceremony was led by Consul General D C Manjunath, who was joined by local elected officials and Indian-American community members. The Dallas ICAC is among nine such centres being opened across the United States to enhance accessibility to consular services. Other locations include Boston, Columbus, Detroit, Edison, Orlando, Raleigh, San Jose and an upcoming centre in Los Angeles. "The launch of these new consular application centres across the US is part of our mission to serve the Indian diaspora more effectively by bringing services closer to their homes," Ambassador Kwatra said during the virtual inauguration. "We remain committed to strengthening the ties between India and its global community." Consul General D C Manjunath said, "Dallas has a large and dynamic Indian community. Opening this ICAC means residents can now access vital consular services quickly without travelling to Houston. It's truly bringing the Consulate to your doorstep." Local elected officials also welcomed the move. Texas State Representative Vikki Goodwin commented, "This new consular centre is an important resource for our Indian-American neighbours, making government services more accessible and convenient." Dallas Indian Association president Rajesh Mehta said, "The ICAC is a game changer for Dallas-area residents. It shows India's dedication to its diaspora and makes a real difference in people's lives." The centre offers services including passport, visa, Overseas Citizen of India (OCI) applications, power of attorney, birth and marriage certificates, attestations, police clearance certificates for foreign nationals, No Obligation to Return to India (NORI), and life certificates, among others. The Dallas ICAC is open Monday through Saturday. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Zomato delivered, but did the other listed unicorns? US tariff hike to hit Indian exports, may push RBI towards rate cuts Will TCS layoffs open the floodgates of mass firing at Indian IT firms? Indian IT firms never reveal the truth hiding behind 'strong' deal wins Is Bajaj Finance facing its HDFC Bank moment? Tata Motors' INR38k crore Iveco buy: Factors that can make investors nervous Stock Radar: Strides Pharma stock hits fresh 52-week high in July; will the rally continue in August? F&O Radar| Deploy Short Strangle in Nifty to gain from Theta decay For investors who can think beyond Trump: 5 large-cap stocks with an upside potential of up to 36%

Doval, Jaishankar to visit Moscow this month amid Trump's 'dead economies' criticism and trade penalty
Doval, Jaishankar to visit Moscow this month amid Trump's 'dead economies' criticism and trade penalty

First Post

time28 minutes ago

  • First Post

Doval, Jaishankar to visit Moscow this month amid Trump's 'dead economies' criticism and trade penalty

NSA Ajit Doval and EAM S Jaishankar are set to visit Moscow this month. The visits come shortly after Trump slammed India's close ties with Russia as 'dead economies' and announced new tariffs and penalties read more Advertisement External Affairs Minister Dr S. Jaishankar met his Russian counterpart Sergey Lavrov on Thursday. X - @DrSJaishankar National Security Adviser Ajit Doval and External Affairs Minister S Jaishankar are expected to visit Moscow this month, The Economic Times reported. Doval could travel in early August, while Jaishankar is likely to visit around mid-month. This comes following harsh remarks by Donald Trump, who called India and Russia 'dead economies' and announced a 25 per cent tariff on Indian goods along with penalties. He also warned of penalties for countries maintaining strategic trade ties with Russia. STORY CONTINUES BELOW THIS AD Senior Indian officials clarified that the new penalties are aimed at India's growing energy and defence ties with Moscow. India's import of Russian crude has surged from just 0.2 per cent before the Ukraine war to nearly 40 per cent of its total oil purchases, making it Russia's second-biggest buyer after China. India has also continued to acquire advanced military equipment from Russia despite ongoing Western sanctions. Earlier, Trump on Thursday lashed out at both India and Russia, calling their economies 'dead' and saying he doesn't care about New Delhi's ties with Moscow. 'They can take their dead economies down together, for all I care,' Trump wrote on Truth Social, also accusing India of having 'some of the highest tariffs in the world,' which he claimed hampers US-India trade. In the same post, Trump took a swipe at Russia's Deputy Security Council chief Dmitry Medvedev, calling him a 'failed former President' and warning him to 'watch his words,' saying he is 'entering very dangerous territory.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store