'Blood Money': Oppn Slams Govt, BCCI Over India-Pak Asia Cup Match Amid 'Ongoing Op Sindoor'
India may be negotiating a major trade deal with the US, but it isn't putting all its eggs in one basket. With services exports projected to reach $387.5 billion and strong gains in chemicals and apparel, India is building buffers beyond just one agreement. Strategic moves like reviewing the ASEAN pact and preparing for potential US tariffs on Russian oil further highlight India's diversified approach. While a final trade offer worth $150–200 billion is already on the table, key sectors like agriculture and dairy may be excluded to speed up the deal. Watch the video for India's full strategy in this shifting trade landscape.#indiaustrade #servicestrade #exportstrategy #economicresilience #trumptariffs #russianoilimports #aseantrade #indiaseconomy #globaltrade #diversification #toi #toibharat
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India Today
5 minutes ago
- India Today
Why US singled out India over Russia trade? Trump's 8-hour dodge fuels suspense
In a dramatic escalation of trade tensions, US President Donald Trump imposed steep tariffs on Indian imports, taking aim at a "good friend" for continuing oil purchases from Russia. While New Delhi pushed back, pointing out that several other countries are also trading with Moscow, Trump appeared to single out India. When questioned about the apparent double standard, he dodged with a vague '8-hour' response, leaving more questions than who initially announced a 25% tariff plus penalties, doubled down on Wednesday by signing an executive order imposing an additional 25% tariff, bringing the total to 50% on certain Indian goods. The move, he claimed, was a response to India's 'big purchases of Russian oil.''India has not been a good trading partner,' Trump declared, accusing New Delhi of ignoring US concerns and pursuing energy deals with Moscow in defiance of Western pressure. India, meanwhile, has remained unfazed, maintaining that its actions are in line with its national interest. India pointed out that the US itself buys from a journalist asked, 'Indian officials have said that there are other countries that are buying Russian oil, like China, for instance. Why are you singling India out for these additional sanctions?', Trump deflected with a warning."It's only been 8 hours. So let's see what happens. You're going to see a lot more... You're going to see so many secondary sanctions," he said, hinting at a wider crackdown on countries engaging in trade with Russia.#WATCH | On being asked, 'Indian officials have said that there are other countries that are buying Russian oil, like China, for instance. Why are you singling India out for these additional sanctions', US President Donald Trump says, "It's only been 8 hours. So let's see what ANI (@ANI) August 6, 2025INDIA'S RESPONSEThe Centre reacted sharply to the move and called the tariffs "unfair, unjustified and unreasonable", and vowed to "take all actions necessary to protect its national interests". India also called out Washington's double standards in singling it out for Russian oil imports while continuing to buy Russian uranium hexafluoride, palladium and Thursday, Prime Minister Narendra Modi reiterated that India would put its interests first, even if that means paying a heavy price. The remark was see as a direct response to US President Donald Trump, who slapped a 50 per cent tariff on India for its continued purchases of Russian at the MS Swaminathan Centenary International Conference, PM Modi made it clear that he would continue to stand by the country's farmers and bear the brunt of America's steepest us, the interest of our farmers is our top priority," the PM said. "India will never compromise on the interests of farmers, fishermen and dairy farmers. I know I will have to pay a heavy price for it personally, and I am ready for it. India is ready for it."- Ends
Economic Times
5 minutes ago
- Economic Times
India risks 1% GDP hit as Trump slaps 50% tariffs over Russian oil
Synopsis Trump 50% tariffs on India: Analysts predict India's GDP growth could decline by up to 1% due to the US doubling tariffs on Indian goods in response to continued Russian oil purchases. This move threatens to reduce Indian exports to the US significantly, impacting labor-intensive sectors and potentially forcing India to seek alternative markets. Agencies India could lose as much as a full percentage point of GDP growth following US President Donald Trump's latest move to double tariffs on Indian goods to 50%, analysts said. The new levies, imposed as punishment for India's continued purchase of Russian oil, could severely dent exports and unsettle an already slowing tariffs announced on Thursday will take effect in 21 days. Analysts say the move could push Indian goods out of competition in the US market, which is India's largest export destination. Bloomberg Economics estimates the hike could reduce India's outbound shipments to the US by up to 60%, potentially shaving off about 1% from GDP. The Reserve Bank of India has forecast the economy to grow at 6.5% in fiscal 2026 — the same pace as last year, but well below the 8% average growth India saw in previous years.'The overall hit to GDP could be even higher at 1.1% over the medium term' once tariffs on sectors such as pharmaceuticals and electronics are announced, wrote Chetna Kumar and Adam Farrar of Bloomberg hardest hit are expected to be labour-intensive sectors such as textiles, footwear, gems and jewellery. Analysts warn that many businesses in these industries could see exports to the US come to a halt, forcing India to urgently seek alternative markets. New Delhi has reacted strongly to the announcement. Calling the US move 'unfair, unjustified,' the Indian government criticised Trump for targeting India while other nations also continue buying oil from Russia. Sonal Badhan, an Economics Specialist at Bank of Baroda, told ANI, 'We had initially priced in approx. 0.2 per cent impact (on GDP growth) of 25-26 per cent tariffs imposed by the US on imports from India. The additional 25 per cent hike will come into effect after 21 days. During this time or in the coming months, there is a likelihood that lower rates may be negotiated.'Also Read: Trump's additional 25% tariffs may dent India's FY26 growth by 0.4% She added that the final impact on GDP growth would depend on the trade agreement that emerges. 'The total impact of these tariffs on GDP growth may range between 0.2-0.4 per cent,' she said, adding that the garments, precious stones, electronics, pharma, auto parts, and MSME sectors are likely to be hit. 'There appears to be downside risk to our growth forecast of 6.4-6.6 per cent if lower rates are not negotiated,' she and trade experts are also alarmed. Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), said the high tariffs could make Indian goods significantly costlier and reduce exports to the US by as much as 40–50%.A report by Morgan Stanley warned that unless offset by decisive government policies and reforms, the move could shave off as much as 80 basis points from India's GDP growth over the next 12 months. According to the report, a full-scale tariff of 50% on all Indian exports would have a direct impact of 60 basis points on growth, while indirect effects could push the total loss to 1.2 percentage points. If only 67% of goods are subject to the full tariff, the combined direct and indirect impact would still be around 80 basis points. Also Read: India braces for a growth hit with US tariffs going up to 50% The foreign bank expects Indian policymakers to respond if tariffs stay high for a year. The Reserve Bank of India could cut interest rates by up to 75 basis points — including 50 bps more than currently planned — to support domestic demand. RBI had left rates unchanged on August 6. The government might also ease up on fiscal consolidation and raise public investment to offset export losses, Morgan Stanley Sonal Varma and Aurodeep Nandi at Nomura Holdings described the 50% tariff as similar to 'a trade embargo,' warning that it would cause 'a sudden stop in affected export products.' They said that many small and medium enterprises may struggle to survive, given their low margins and limited value US currently accounts for nearly 20% of India's total exports. Citigroup's Samiran Chakraborty warned that with the tariffs, exports could become 'economically unviable' and said that using a simple estimate might understate the actual damage. Chakraborty also said the move could hit both current and capital account flows. With the rupee already near its record low, the RBI may have to step in to prevent a sharp fall, he said. Citigroup expects a 0.6-0.8 percentage point downside risk to GDP growth from the tariff officials, however, appear less worried. Dammu Ravi, Secretary for Economic Relations at the Ministry of External Affairs, said India will explore new export markets if the US becomes 'difficult to export.' He mentioned South Asia, Africa and Latin America as potential destinations. 'It's very natural for countries to look for alternatives when you are affected by a wall of tariffs in any part of the world,' he analysts say that if the high tariffs continue, policy support will be necessary from both the government and the Reserve Bank of India to keep growth on track.
Indian Express
5 minutes ago
- Indian Express
‘Capable of making our own decisions. No need for third person': Uddhav Thackeray on alliance with Raj
Amid speculation over a possible alliance between the Shiv Sena (UBT) and Raj Thackeray's Maharashtra Navnirman Sena (MNS), Uddhav Thackeray said Thursday any decision about joining hands would be taken only by him and his cousin. Speaking to reporters in Delhi during his ongoing visit for the INDIA bloc meeting, the former Maharashtra chief minister said, 'We… are capable of making our own decisions. Whatever we have to do, we will do. There is no need for any third person.' Uddhav Thackeray's remarks came in response to questions about whether Raj Thackeray would attend the INDIA bloc meeting or meet Congress leader Rahul Gandhi during his stay in the capital. The comments have added fuel to the ongoing speculation about a Sena UBT-MNS alliance ahead of the Brihanmumbai Municipal Corporation (BMC) elections. This comes weeks after Uddhav and Raj Thackeray shared a platform – their first in nearly two decades – where both leaders targeted the BJP-led governments at the Centre and in Maharashtra, particularly over issues related to the Marathi language. While no formal announcement has been made, the possibility of an alliance between the Thackeray cousins has triggered debate about the future composition of the Maha Vikas Aghadi (MVA) and whether the MNS might be integrated into the broader INDIA alliance. Uddhav Thackeray also used the occasion to criticise the Narendra Modi government on several fronts. Referring to former US President Donald Trump's tariff hike on Indian goods, he said, 'Trump mocks India and imposes 50 per cent tariffs, yet Prime Minister Modi remains silent. Who is running the country?' He also questioned Modi's upcoming visit to China, saying, 'After the Galwan clash, there was a campaign to boycott Chinese goods. Now the PM is visiting China – is this for the benefit of his industrialist friends?' On ties with Pakistan, the Sena UBT chief took aim at continued cricket diplomacy, remarking, 'As long as terrorism continues, there should be no relations with Pakistan. Watching cricket in Dubai is not patriotism.' The comment was seen as a veiled dig at ICC chairman Jay Shah, son of Union Home Minister Amit Shah. Responding to PM Modi's recent remarks that he is willing to pay a personal price to protect farmers' interests, Uddhav Thackeray said the statement was opportunistic. 'When farmers marched to Delhi, they were labelled Naxals. Some even died. Now, with elections approaching, they are being remembered,' he said. He also recalled that his father, the late Bal Thackeray, was once stopped from coming to Delhi during a hunger strike. 'He was met with barricades, bullets, and was called a Naxal too,' Uddhav Thackeray said. 'But now the Centre's lies are slowly being exposed.' Meanwhile, the INDIA bloc meeting, hosted at Rahul Gandhi's residence, is expected to focus on key poll issues, coordination for upcoming elections, and the Vice Presidential race.
