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Indian Express
14 minutes ago
- Indian Express
Inside Track: Wheeling in Circles
At the start of 2025 we were led to believe that we were Donald Trump's special friend and that India would probably be the first to conclude a trade tariff agreement with the US. Now we are not just back of the queue, but could be blackballed! A close observer of Trump-India relations has a different take from others for the mysterious fallout. It was not initially about Russian oil, Pakistani perfidy or thwarting Trump's Nobel Peace Prize ambitions. Trump was infuriated with India's dilatory tactics in signing a deal, which goes back to his first presidency. His joint appearance with Modi in Texas in 2019 was meant to help seal an agreement, but talks fell through a day later in New York. Time and again, as in Gujarat February 2020, like the traditional smooth-talking Indian trader, our officials assured that a deal was almost through, without confessing candidly that some portions of the deal concerning agriculture and dairy products were non-negotiable. Unfortunately, Trump is focused on just this sector, since his Republican supporters come from the farm belt. As US Commerce Secretary Howard Lutnick remarked angrily, 'You claim to be such a big country and you can't accept a bushel of American corn.' After being re-elected, President Trump was even willing to overlook past slights. (PM Modi did not call or even telephone Trump during his three visits to the US during the Biden presidency.) But in 2025, once again, despite the head-start in negotiations, the deal has not materialised! Retired IAS officer Subhash Chandra Garg's new book is titled No Minister. The former Finance Secretary does not hold back in recalling riveting encounters with his ministerial bosses, some of whom, in fact, refused to take no for an answer, despite bureaucrats citing the rules and the wishes of the incumbent PM. Garg names P Chidambaram among the naysayers who, as finance minister, threatened then PM Manmohan Singh with his resignation unless his proposal that 60-70 secretary level-posts were allotted to the Indian Revenue Service cadre. In Garg's view, this unbalanced the bureaucratic structure without improving tax collection. Similarly, Andhra CM Chandrababu Naidu, on whom the Vajpayee government was dependent for survival, cornered more than 40 % of the portfolios of Indian projects approved by the World Bank in 1999 and 2000. Despite objections from the government, Naidu forced them to agree to his audacious demand, in disregard of fair Central resource distribution. Similarly, Kamal Nath bullied his way so that 5% of the total pool of government houses in Delhi was part of his discretionary quota, which largely included newly constructed category type VII and VIII bungalows in Moti Bagh. Considering it is an intra-party contest to elect the fairly modest position of secretary (administration) of the Constitution Club, it is surprising that the poll has attracted intense national interest and media scrutiny. In contrast, Rajeev Shukla (Congress) has been elected unopposed as secretary (sports) and Tiruchi Siva (DMK) as secretary (culture) without any rancour. There seems more than meets the eye in the fierce tussle between the two ill-matched adversaries for the post of administrative secretary. The jocular, down-to-earth ex-MP and UP Jat leader Sanjeev Balyan, who only joined the club eight years ago, appears to have been pitch forked into the contest, while Rajiv Pratap Rudy, the suave Bihar MP who has been the guiding spirit behind the club for the last 25 years, is credited with upgrading its facilities, including gyms, saunas, lounges and sports facilities. Balyan's most vocal campaigner is controversial Bihar MP Nishikant Dubey, who is fighting with all the vehemence and caste calculations of a panchayat election and throwing names of powerful central politicians. Pratap, more discreet, is believed to be backed by an influential regional satrap, who has not shown his hand openly. Amidst constant reports of Air India's slipping standards, I am pleased to report my recent personal experience of the airlines, which demonstrates that the staff's spirit of service beyond the call of duty, the hallmark of JRD Tata's original Air India, has not vanished. While flying back from Kenya on an AI flight, the senior air hostess noticed my distress as I rummaged through my carry bag and under the seat for my missing iPad, which had obviously been left behind in Nairobi. I presumed resignedly that recovering my iPad was like looking for a needle in a haystack, but I had not reckoned with the resourcefulness of the very helpful air hostess and the AI Nairobi manager. The latter, with the assistance of his counterpart at the Nairobi airport lounge, located the missing iPad, got it identified through WhatsApp photos and arranged to have it returned to Delhi within a week.
New Indian Express
14 minutes ago
- New Indian Express
J&K statehood may find mention in I-Day speech
NEW DELHI: Political circles are buzzing with speculation about a potential major announcement regarding restoration of statehood to Jammu and Kashmir during Prime Minister Narendra Modi's Independence Day speech on August 15. This speculation follows the Centre's call for citizens to share ideas for the PM's Independence Day speech. As per tradition, the Prime Minister hoists the national flag at the Red Fort in Delhi and addresses the nation every year on the occasion. Following the appeal on the NaMo app, one individual, among many others, suggested that the PM consider strengthening ties with neighbouring countries. Several recommended the promotion of indigenous agriculture-based activities in trade. Padmini Narasimha suggested prioritising the export business while placing importance on women's development, while Naresh Mandrekar proposed that the government think about fostering better relations with neighbouring countries. Amid growing tensions over tariffs with the United States, one Nitin Gupta urged the PM to deliver a reassuring message in his address, supporting the Make-In-India movement. Harimohan Reddy Middela, responding to the PM's appeal, called on him to reaffirm his commitment to safeguarding national interests, particularly in relation to farmers' welfare, given the recent conflicts sparked by the US's unilateral tariffs. Meanwhile, sources here from power corridors hinted that this year's Independence day is expected to touch upon various issues, including the country's growth, the defence sector, Operation Sindoor, India's stance on combating terrorism, and its evolving strategy on the issue, among others. It is also expected that PM Modi might unveil special initiatives for youth and women.
Time of India
2 hours ago
- Time of India
Crude awakening for Nayara as geopolitics sounds alarm; symbol of Indo-Russian ties hit hard by West penalty
Mumbai: In August 2017, nine months after a consortium led by Russia's Rosneft bought Essar Oil's 20-mtpa refinery in Vadinar (Gujarat), it was renamed Nayara Energy . The name derives from the Hindi word 'Naya' (new) and 'Era.' It was chosen to signify its shareholders' vision of bringing a new era of development to the asset. Nayara was born at a time India's petroleum sector was undergoing reform - the government had deregulated fuel retail prices, giving private fuel retailers such as Nayara an equal footing to expand their outlets. The reform gave sleepless nights for state-run oil marketing companies, which had hitherto dominated fuel retailing. Now, they feared losing market share to private players Nayara and Reliance Industries . All was well with Nayara and it was on a growth trajectory until it was hemmed in by both the US and the European Union (EU), as they stepped up efforts to target Russia over its invasion of Ukraine. Its oil and energy revenue was low-hanging fruit. The company, once seen as a symbol of India-Russia economic cooperation, is now navigating a perfect storm - sanctions, global shipping disruptions, domestic regulatory pressure, a leadership churn and a digital infrastructure scare. Nayara did not respond to ET's emailed query as of press time. Russian Link For a company that accounts for nearly 8% of India's refining output and 7% of its retail petrol pump network, these challenges are testing Nayara's resilience as well as long-term strategy. Russia's national energy firm and a consortium of international investors Trafigura and UCP Investment Group had acquired the Essar asset for $12.9 billion. This was Rosneft's largest foreign investment in India's refining sector, providing it an entry into one of the fastest-growing world markets. Nayara Energy owns the second-largest private refinery in India, as well as an oil depot terminal, a port, infrastructure and a chain of more than 6,000 fuel stations. It is this spate of expansion that is now threatened. On July 18, the EU unleashed its 18th package of sanctions on Russia, which included restrictions on import of fuels refined from that nation's crude, slashing the price cap on Russian oil to $47.6 per barrel from $60 and targeting the shadow fleet involved in its transport. The price cap will take effect on September 3. Separately, US President Donald Trump has put 50% tariffs on Indian imports, accusing India of funding Moscow's war on Ukraine via its oil purchases. Though Nayara is not directly sanctioned, its significant Russian ownership has triggered cascading effects. Sanctions Biting Within a week of the latest EU sanctions, Nayara Energy chief executive Alessandro Des Dorides resigned and was replaced by Sergey Denisov, who had been with the company since 2017. On July 28, Microsoft restricted Nayara Energy's access to its own data, proprietary tools and products, despite these being acquired under fully paid-up licences, according to the oil retailer. The US firm later restored services, once Nayara began legal actions against it. But the episode underscored the seriousness of the situation. 'Nayara's troubles have just begun. It is not only barred from exporting refined products to Europe, but fearing penalties, shipping companies are pulling back from transporting its products. Insurers and trade finance providers are wary,' said a trader familiar with the matter, on condition of anonymity. 'This is restricting the company's ability to move product to its export markets—Europe, Southeast Asia and parts of Africa.' As per a Care Ratings note in July, exports constituted 25-30% of Nayara's total revenue, while the balance was domestic sales in India. Nayara has negligible direct exports to the EU, while its majority exports are via traders who, in turn, sell to multiple markets. That hasn't stopped Nayara from seeking alternative arrangements for payments as EU's sanctions threaten to bite. It is reportedly seeking a local bank to finance and wire payments for crude oil imports and to help it receive payments for refined fuel product exports. Potential Sale Burdened by the heft of sanctions, Rosneft has not been able to repatriate earnings from Nayara Energy in recent years. The lack of repatriation of earnings from the company is believed to be one of the key reasons it has been mulling selling the Indian unit, said people with knowledge of the matter. But the latest bunch of sanctions has impeded this too. Talks have been held with Indian conglomerates, with the company being valued at more than $20 billion. Separately, UCP Investment Group, one of the largest financial investment groups in Russia, is also looking to sell its stake in Nayara Energy for over $5 billion. This, after Swiss-headquartered commodity trader Trafigura sold its 24.5% stake to Hara Capital Sarl, a wholly owned subsidiary of Italian energy investment firm Mareterra Group Holding, in January 2023. Industry players, however, said that due to the sanctions, Nayara's valuation could come down, making it an attractive asset for international buyers. New Strategies Global roadblocks have forced Nayara Energy to look inwards. Last week, it reached out to state-run refiners, offering them its export volumes of petrol and diesel to prevent a build-up of unsold inventory. While the pivot to domestic markets offers near-term relief, it also squeezes margins. Export markets, especially Europe, historically offered better realisations. Domestic competition, more so from state-owned oil marketing companies, limits pricing power and flexibility. Ironically, all of this comes at a time when Nayara Energy was planning massive growth investments. It had announced plans to invest over ₹70,000 crore in the long term across petrochemicals, ethanol plants and marketing infrastructure expansion, among other projects. It had invested over ₹14,000 crore since August 2017 in various projects in India, including upgrading existing refining facilities, a new petrochemical plant and other infrastructure projects. But thanks to the sanctions, the company now risks losing technical support from European technology licensors, which is crucial to its refinery operations. The key question is whether Nayara can continue to push forward on diversification while its core refining-export engine sputters under the weight of western pressure.
