&w=3840&q=100)
Pharma firms get one-month extension to submit declarations under UCPMP
In a circular dated July 31, the Department of Pharmaceuticals (DoP) granted pharma associations a one-month extension until August 31 to file the self-declaration undertaking. This undertaking must be signed by the executive head of the company, assuring compliance with the marketing practices code.
The signatory could be the Managing Director or the Chief Executive Officer (CEO) of the company.
Previously, these declarations were required to be submitted within two months after the end of every financial year, i.e., by June 30. The deadline was first extended to July 31 after some firms requested more time, citing difficulties in meeting the deadline. The deadline has now been further extended to August 31.
The extension comes as a relief for these companies, as failure to meet the requirements would have led to government action.
The circular, reviewed by Business Standard, also instructed pharma companies to disclose their marketing expenditure according to UCPMP rules.
The UCPMP, launched in March 2024, aims to bring transparency and ensure ethical conduct by pharmaceutical companies in their marketing practices. The code prohibits firms from offering gifts, travel, hospitality, or monetary benefits to doctors in exchange for prescribing specific medicines.
While the code also bars pharma firms from providing free drug samples to individuals who are not qualified to prescribe them, it also regulates events, seminars, and workshops involving the pharmaceutical industry and doctors.
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Time of India
11 minutes ago
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Donald Trump has made a lot of noise about India's oil trade with Russia, calling it profiteering and threatening to 'substantially raise' tariffs on Indian goods. But New Delhi isn't blinking. As reported by TOI, a senior Indian government official put it plainly, 'We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?' The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources told TOI. The economic logic is straightforward. Russian oil has been cheaper than what's available from West Asia or the US. India's refiners are not just cutting costs—they're helping stabilise fuel prices at home. And here's the kicker: Europe benefits too, as Indian refiners export refined fuels like diesel and jet fuel, some of which reach European markets. Trump's pressure tactics and the political showmanship Trump's frustration is spilling over into tariff threats. His core accusation? 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine .' He followed that with, 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' No actual figures were given. But just last week, he'd already slapped a 25 per cent tariff on Indian goods and floated a possible jump to 100 per cent unless India stops buying Russian oil. Trump's new deadline is August 7. If Russia doesn't agree to a ceasefire in Ukraine, he's hinted at secondary sanctions on countries that continue trading energy with Moscow. That includes India, China, and Brazil. But these threats are running into hard economic and political realities. Why Russian oil imports still makes sense for India After the West sanctioned Moscow in 2022, Russia started offering deep discounts on its oil. That's when India stepped in. It now buys around 1.7 million barrels a day of Russian crude, according to Bloomberg data. India isn't just stockpiling it. In the first half of this year, it exported 1.4 million barrels a day of refined fuels. About 40 per cent of that was diesel or gasoil, and 30 per cent was petrol and blending components. Refiners blend multiple sources of crude before producing fuels, so it's not always clear which exports came from Russian barrels. But the volume speaks for itself. And the trade hasn't slowed down. Over the weekend, at least four tankers delivered millions of barrels of Russian crude to Indian ports. India pushes back: No apologies, no shift in strategy India's Ministry of External Affairs had a sharp response. 'The targeting of India is unjustified and unreasonable,' it said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' It also pointed out that the US and EU themselves continue to trade with Russia, even when there's no national compulsion. India's position has been consistent. The decision to buy Russian oil was triggered when traditional suppliers diverted their barrels to Europe. It was the US, in fact, that nudged India to continue those purchases—albeit within the G7's price cap. Energy Minister Hardeep Singh Puri told CNBC in July that the Russian crude trade helped global prices stay in check, saying India was advised by Washington to keep buying—'but within the price cap.' NSA Doval heads to Moscow National Security Adviser Ajit Doval is heading to Moscow this week. The visit is expected to offer clarity on how India plans to navigate what officials call a 'geo-economic trilemma': cheap energy, political pressure, and long-term security interests. India has not made any move to scale back Russian imports. If anything, officials are eyeing additional discounts in light of Trump's bluster. Even business circles in Delhi are calling out the former US president's rhetoric. A statement from trade research body GTRI summed it up, 'India's oil trade with Russia has taken place with full transparency and broad understanding with the US… Trump's decision to raise tariffs on India citing oil trade is not only unjustified—it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' The BRICS factor and Dollar alternatives This isn't just about oil. Trump has also slammed India's involvement in BRICS and the bloc's discussions around alternatives to the US dollar. He's claimed India has the 'most strenuous and obnoxious non-monetary trade barriers' and is using tariffs as leverage to open up Indian markets to US agriculture and dairy—an area where India has refused to budge. One official noted that despite discussions, India would not allow imports of genetically modified American corn and soybean. Nor would it revise its stand on farm and dairy tariffs, which Trump has repeatedly criticised. India's energy alternatives, but only if needed If forced to diversify, India could boost imports from Iraq, Saudi Arabia, the UAE, and the US. In fact, last week saw India's largest refiner suddenly snap up several million barrels from the US and UAE—moves widely interpreted as precautionary, not strategic shifts. India had, during trade talks, shown interest in ramping up imports of American gas, fertiliser, and defence equipment to improve the trade balance. But there are limits. Modi has refused to open up sensitive sectors like dairy, even as the US pushes hard. Trump and Modi were once seen as political allies. That relationship has cooled. The current standoff is the latest in a string of Trump-led escalations over oil, trade barriers, and foreign policy. From threatening to block access to US markets over India-Pakistan tensions, to taking credit for peace deals India denies happened, Trump's combative posture has worn thin in Delhi. His latest push threatening penalties on anyone still paying for Russian oil reflects growing frustration with Putin's unwillingness to compromise. Trump's nuclear submarine move last week, reportedly in response to Dmitry Medvedev's rhetoric, only adds to the volatility. But India, for now, isn't shifting course. As one Indian official summed it up, 'We are guided by what's best for Indian consumers, not what's best for Washington politics.' And that might be the line that defines this whole saga.
Time of India
an hour ago
- Time of India
Why Trump's tariff move isn't likely to shake India's oil ties with Russia
Donald Trump has made a lot of noise about India's oil trade with Russia, calling it profiteering and threatening to 'substantially raise' tariffs on Indian goods. But New Delhi isn't blinking. As reported by TOI, a senior Indian government official put it plainly, 'We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?' The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources told TOI. The economic logic is straightforward. Russian oil has been cheaper than what's available from West Asia or the US. India's refiners are not just cutting costs—they're helping stabilise fuel prices at home. And here's the kicker: Europe benefits too, as Indian refiners export refined fuels like diesel and jet fuel, some of which reach European markets. Trump's pressure tactics and the political showmanship Trump's frustration is spilling over into tariff threats. His core accusation? 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine .' He followed that with, 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' No actual figures were given. But just last week, he'd already slapped a 25 per cent tariff on Indian goods and floated a possible jump to 100 per cent unless India stops buying Russian oil. Trump's new deadline is August 7. If Russia doesn't agree to a ceasefire in Ukraine, he's hinted at secondary sanctions on countries that continue trading energy with Moscow. That includes India, China, and Brazil. But these threats are running into hard economic and political realities. Why Russian oil imports still makes sense for India After the West sanctioned Moscow in 2022, Russia started offering deep discounts on its oil. That's when India stepped in. It now buys around 1.7 million barrels a day of Russian crude, according to Bloomberg data. India isn't just stockpiling it. In the first half of this year, it exported 1.4 million barrels a day of refined fuels. About 40 per cent of that was diesel or gasoil, and 30 per cent was petrol and blending components. Refiners blend multiple sources of crude before producing fuels, so it's not always clear which exports came from Russian barrels. But the volume speaks for itself. And the trade hasn't slowed down. Over the weekend, at least four tankers delivered millions of barrels of Russian crude to Indian ports. India pushes back: No apologies, no shift in strategy India's Ministry of External Affairs had a sharp response. 'The targeting of India is unjustified and unreasonable,' it said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' It also pointed out that the US and EU themselves continue to trade with Russia, even when there's no national compulsion. India's position has been consistent. The decision to buy Russian oil was triggered when traditional suppliers diverted their barrels to Europe. It was the US, in fact, that nudged India to continue those purchases—albeit within the G7's price cap. Energy Minister Hardeep Singh Puri told CNBC in July that the Russian crude trade helped global prices stay in check, saying India was advised by Washington to keep buying—'but within the price cap.' NSA Doval heads to Moscow National Security Adviser Ajit Doval is heading to Moscow this week. The visit is expected to offer clarity on how India plans to navigate what officials call a 'geo-economic trilemma': cheap energy, political pressure, and long-term security interests. India has not made any move to scale back Russian imports. If anything, officials are eyeing additional discounts in light of Trump's bluster. Even business circles in Delhi are calling out the former US president's rhetoric. A statement from trade research body GTRI summed it up, 'India's oil trade with Russia has taken place with full transparency and broad understanding with the US… Trump's decision to raise tariffs on India citing oil trade is not only unjustified—it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' The BRICS factor and Dollar alternatives This isn't just about oil. 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India had, during trade talks, shown interest in ramping up imports of American gas, fertiliser, and defence equipment to improve the trade balance. But there are limits. Modi has refused to open up sensitive sectors like dairy, even as the US pushes hard. Trump and Modi were once seen as political allies. That relationship has cooled. The current standoff is the latest in a string of Trump-led escalations over oil, trade barriers, and foreign policy. From threatening to block access to US markets over India-Pakistan tensions, to taking credit for peace deals India denies happened, Trump's combative posture has worn thin in Delhi. His latest push threatening penalties on anyone still paying for Russian oil reflects growing frustration with Putin's unwillingness to compromise. Trump's nuclear submarine move last week, reportedly in response to Dmitry Medvedev's rhetoric, only adds to the volatility. But India, for now, isn't shifting course. As one Indian official summed it up, 'We are guided by what's best for Indian consumers, not what's best for Washington politics.' And that might be the line that defines this whole saga.
Indian Express
2 hours ago
- Indian Express
Cloud over MGNREGS restart in Bengal as Centre yet to clear labour budget
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