Do we switch off our economy? Indian envoy's clapback on Russian oil question
After Russia invaded Ukraine in 2022, it faced a host of sanctions from the West. To drive its economy, Russia started offering crude oil at cheaper rates - an opportunity lapped up by high-oil-consuming nations like India, much to the chagrin of the West.Presently, oil imports from Russia meet around 40-45% of India's energy requirements. Last month, India's crude oil imports from Russia climbed to their highest in nearly a year.- Ends
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
17 minutes ago
- Hindustan Times
Decoding India-China climate and energy interests
In the third high-level Indian visit to China in recent weeks, external affairs minister S Jaishankar called for the 'continued normalisation of ties' between the two countries. Jaishankar once again reiterated that the bilateral approach should be based on 'mutual respect, mutual sensitivity, and mutual interests.' A strategic vision between India and China that takes into consideration these mutuals is the need of the hour on energy and climate issues. Today, China has emerged as the dominant supplier of green technologies and critical minerals while also vying for leadership in global climate governance. China's role in the global green economy, combined with the backsliding of Western economies towards their climate commitments, has geopolitical implications for India's green energy ambitions. At the Leaders' Summit on Climate and Just Transitions held by the United Nations and the Brazil COP Presidency in April 2025, President Xi Jinping made a strong pitch for China to remain committed to global climate goals. First, Xi criticised some 'major countries' for their unilateralism and protectionism, iterating China's support for international climate cooperation through multilateral governance platforms like the United Nations Framework for Climate Change. Second, in what was essentially a reference to the trade and tariff restrictions on Chinese-manufactured EVs and solar modules, Xi called for free circulation of high-quality green products and promotion of technological innovation and industrial transformation through cooperation. Third, Xi has labelled China as a 'doer', taking strong action for tangible results. However, China's narrative doesn't wholly reflect today's reality, climate action for the country is not only about protecting the global commons but also impacts economic growth, trade, investments, and national security. In fact, UN Secretary-General António Guterres also calls the transition to renewable energy the 'economic opportunity of the century.' China presently dominates key green technologies: Over 75% of global lithium-ion battery manufacturing, almost 80% of solar module production, and a majority share of the world's electric vehicle output. Further, China's rising global leadership in providing climate adaptation and mitigation strategies in the Global South is aimed at expanding its influence. If China truly seeks to become a climate leader, championing energy transitions in the Global South, it will need to constructively engage with India. India is the world's most populous country, with a strong economic growth and ambitious renewable energy policies. India aims to double its renewable energy capacity and quadruple electric vehicle penetration by 2030. Even as India attempts to become more self-sufficient in manufacturing green technologies and building resilient supply chains for raw materials, in the short-term, the country will still be reliant on China. As Prime Minister Narendra Modi said at the BRICS summit earlier this month, it is beneficial for countries to jointly work together on minerals supply chains, rather than weaponising them. The restriction of rare earth minerals has caused the Indian government and auto manufacturers to rethink the country's EV strategy, potentially impacting the phase-out of conventional fossil fuel cars. If China's policies are resulting in the deceleration of energy transition in India, this punctures China's narratives of promoting the 'free flow of green technologies' and 'industrial transformation through cooperation'. Rather, it encourages countries to accelerate their protectionist policies, diversify supply chains, and look towards alternative cooperative partners. In fact, a decade ago, our mapping of India-China bilateral climate engagement shows that between 2005 and 2015, there was a flurry of plans, agreements, and joint statements. These plans were diverse, covering a broad range of climate mitigation and adaptation issues. Environmental conservation, sustainable urbanisation, and water governance were the most discussed topics. Traditional energy issues, such as coal and energy security, and newer issues, such as energy efficiency and renewable energy, were also key points of discussion. The interactions involved active participation from government officials, the scientific community, as well as the private sector. Site visits, trainings, capacity building, standards, and regulation setting complemented knowledge exchanges on governance and data sharing. Yet, despite such a wide agenda and density of engagements, there was limited project implementation. Today, engagement between the two countries may benefit from pragmatism, strategically identifying key areas of engagement such as technology and knowledge exchange, and climate resilience of shared resources. Initially, low-risk, small-scale engagements that encourage trust-building and understanding of modalities of operation can then lead to larger-scale engagement. If direct bilateral engagement proves difficult, the two countries can explore coordination through multilateral development organisations, smaller groupings, or in triangular agreements with a third country. At the same time, India needs to carve out its own credibility as an economic and developmental partner. This doesn't mean merely playing 'catch-up' with China or positioning itself as an alternative, but relying on its own strengths. For instance, in the critical minerals sector, India can build partnerships at the processing stage of the supply chain. On technology and knowledge exchange in the Global South, India must continue to focus on developing low-cost, effective solutions for climate adaptation and mitigation, such as climate resilient agriculture, artificial intelligence for disaster risk management, and renewable energy applications for health, education, and rural livelihoods. It is important for both countries to have clear strategies on the role that they can play, cooperatively and competitively, in the global green economy. Pooja Ramamurthi is an expert on climate change and energy transitions. Shruti Jargad works on Chinese domestic governance and China-South Asia relations. The views expressed are personal.
Time of India
17 minutes ago
- Time of India
This Bezos-backed EV startup is betting you'll pay extra for a stereo in your petite pickup
When Will Haseltine saw images online of a small, boxy electric pickup from startup Slate Auto this past spring, he got on the waitlist right away. The sparse interior and crank windows reminded him of the no-frills pickups he grew up around in Memphis, Tennessee - but he was most enamored with the sub-$20,000 price tag. That price, though, factored in a $7,500 federal tax break, which is set to expire Sept. 30, a casualty of the budget package U.S. President Donald Trump signed into law earlier this month. Now Haseltine isn't sure the truck will fit his budget when it comes out, expected late next year. "The Slate was the first time that I looked at a car, wanted it, and could also really make it happen," said Haseltine, a 39-year-old musical instrument technician. Without the tax credit, he said: "That's just plain too much." Michigan-based Slate has raised $700 million from investors, including founder Jeff Bezos, and has racked up more than 100,000 reservations for its cars. But the company is launching into a tough U.S. market. A few years ago, the electric-vehicle space was awash in hopeful entrepreneurs looking to cash in on the global transition to electric cars. But U.S. EV sales growth has cooled as consumer interest has faded. The loss of federal tax breaks will further hurt demand, auto executives and analysts predict. Like other EV startups, Slate likely faces a long road to profitability. The EV business has proven to be a money loser for most industry players, partly because batteries remain relatively expensive. Even in China, where smaller, inexpensive EVs have proliferated and companies enjoy a cost advantage over Western automakers, most are unprofitable. Slate founders believe the company can overcome those obstacles by offering something that is in short supply in today's U.S. car market: affordability. The average new-vehicle selling price is above $45,000. "We are building the affordable vehicle that has long been promised but never delivered," Slate CEO Chris Barman said at a Detroit conference in July. The company has a chance to fill a void left by Tesla, which has backtracked on plans to introduce a mid-$20,000s electric vehicle. The startup has taken a bare-bones approach to its two-seat pickup, which is slightly smaller than a Honda Civic hatchback. How bare-bones? A stereo and power windows will cost extra. Slate hasn't disclosed the cost of such add-ons. 'It's a cool idea' Slate's creation started with an idea from Miles Arnone, the CEO of Re:Build Manufacturing, a Massachusetts-based startup that includes several former Amazon employees. Arnone believed workers needed better access to affordable vehicles. Arnone shared his idea with Jeff Wilke, the company's chairman and a former Amazon executive, and eventually, a small team was formed. The group hired Barman, who spent most of her career as an engineering executive at Fiat Chrysler, now part of Stellantis. Barman told Reuters recently that Slate will be able to absorb the loss of the $7,500 tax credit because the truck's price still will undercut competitors. The company plans to build the pickup at an old catalog factory in Warsaw, Indiana. Executives are taking steps to hold down costs, starting with a simplified design that uses about 500 parts in the truck's assembly, compared with a few thousand for a traditional truck. The plan to build all of its trucks in a basic package - what the company calls a "SKU of one" - allows customers to choose to add a stereo, center console, special lighting, and other features later. The pickup will be built with composite body panels in gray, with an option for a vinyl wrap. That will sidestep the need for a paint shop, which is one of the most expensive investments in a typical car factory. Slate's minimalist approach is a leap of faith that Americans will forgo creature comforts they have been increasingly willing to splurge on. Last year, U.S. buyers spent 33per cent above the base price on average, springing for higher-end trim packages and extra features, according to . That was up from 28per cent in 2014. But there is mounting evidence that new cars are becoming out of reach for many Americans. That could worsen under the effects of the Trump administration's tariffs, which threaten to increase prices on popular budget cars imported from Mexico, Korea and elsewhere. From that standpoint, Slate's price-conscious pickup might be hitting at the right time, said Paul Waatti, director of industry analysis at AutoPacific. "There's a growing appetite, especially among younger drivers, for vehicles that are more honest, more modular and less over-engineered," he said. "Slate taps right into that." Traditional automakers and startups have found mixed success rolling out larger electric pickup trucks in recent years. Now, startups like Slate and California-based Telo are focusing on smaller electric pickups. In a town hall meeting in early May, Ford CEO Jim Farley and Executive Chair Bill Ford told employees they admired the company's customer-centered ethos and focus on affordability. Tim Kuniskis, Stellantis' head of American brands, called Slate "super interesting" at a June event, while also questioning how affordable it would be for some shoppers once they added all the options they wanted. "The idea behind it, we've talked about that idea a million times," he said. "It's a cool idea."
Hindustan Times
an hour ago
- Hindustan Times
Forget Cartier: Made-in-China Luxury Captivates Chinese Consumers
Well-off Chinese used to chase Western luxury bags and jewelry as symbols of status. Now, in a challenge to the likes of Cartier and Yves Saint Laurent, they are turning to homegrown brands. Little-known in the West, names such as Laopu, Mao Geping and Songmont are winning over Chinese customers with a pitch that combines locally inspired designs and cultural pride. Beijing auditor Zhou Linanfang, 35, noticed long lines outside a store selling Laopu gold jewelry from her hospital room last year when she was about to give birth. Her social-media feeds added to the buzz around the brand. Zhou, like many in her generation, considered gold jewelry unfashionable but changed her mind after seeing the filigree flower rings, gourd-shaped pendants and phoenix hairpieces in Laopu designs. Soon after the arrival of her baby boy, her husband lined up at a Laopu store in Beijing for an hour to buy her a butterfly-shaped pendant for $1,600. 'It's just stylish,' Zhou said. 'Now that we have luxury gold pieces, as someone who loves fashion, how could I not get one?' Also taking notice are Western luxury-brand CEOs such as Johann Rupert, chairman of Cartier parent Richemont. He was asked in May whether Laopu was a threat. The brand is 'tied to nationalism and tied to patriotism, and they have a lot of wins in their favor,' Rupert said. However, he added, 'Cartier is universal.' For Hermès, the resale value of its bags remains an advantage over Chinese rivals. Sales of luxury products in mainland China, mostly Western brands, fell around 20% last year to less than $50 billion, according to consultants at Bain. They said China accounted for about one in eight dollars spent on luxury globally. For the year ended March 2025, Richemont's sales in China fell 23%. Laopu listed its shares in Hong Kong last year and its stock surged, giving the company a market capitalization of more than $15 billion. By contrast, shares of Gucci owner Kering have declined more than 20% compared with a year earlier as the China growth hopes that formerly drove luxury shares have faded. In June, NBA player Victor Wembanyama was seen wearing Laopu's signature gourd-shaped pendant at a sports-card show in New York after visiting China. Uncertain economy Zhou said she liked the idea of buying gold jewelry because it might retain its value better in an era of growing economic uncertainty. She said she no longer bought a luxury handbag or jewelry every six months like she used to. 'I might lose my job tomorrow, so I definitely need to cut back,' she said. Laopu's chairman, Xu Gaoming, told shareholders in April that the company has carved out a niche with little direct competition. Chinese gold jewelry makers aim for the mass market, while European fine jewelers don't specialize in gold. Laopu's black-and-white stores offer a minimalist ambience, while pampering customers as they wait with Evian water and Godiva chocolate. A Laopu store in Beijing. As those perks suggest, European brands still have a cachet that is hard to match. People in the luxury business said the Chinese brands might even serve as a feeder to get younger consumers interested in luxury. Vanessa Piao, a luxury-bag reseller in China, said more buyers are treating their purchases as an investment, and they often prefer prestigious names such as Hermès, Chanel and Louis Vuitton. 'They are happy to pay $20,000 for a Birkin 25 because they can resell it in a few years without losing much,' Piao said, referring to the Hermès bag. 'They won't pay that money for a luxury bag or any fashion item from a domestic brand, no matter how exquisite and rare it is, because that, to some, is the equivalent of throwing $20,000 down the drain.' Big names, big prices Sophia Zhang, 32, was a loyal customer of Lancôme and Estée Lauder until she became a fan of Mao Geping, the namesake brand of a Chinese makeup artist. Its cream and foundation typically cost half or less the price of the international brands. A 100-gram jar of its signature moisturizer costs $139, compared with $280 for a smaller jar of a top-of-the-line Lancôme moisturizer. 'In the past I figured I'd splurge on skin care, believing those big names were the best, and I'd dismiss local products just because they were cheaper,' said Zhang, who, like Zhou, said she still buys some European brands. Now that she has found a less-expensive alternative that suits her, she said, 'it'll be tough to go back.' Backstage at a Mao Geping show during Beijing Fashion Week. China is also developing some accessible luxury brands priced comparably to Coach and Michael Kors. One is Songmont, known for its simple and modern designs in products such as a $529 shoulder bag. Twelve-year-old Songmont was co-founded by Fu Song and Wang Jie, designers who graduated from China's top art schools. Some of their first products, with Chinese brocade linings depicting auspicious Chinese motifs like dragons, phoenixes and butterflies, were fashioned by Fu's grandmother and other craftspeople in western Shanxi province. Like many other niche brands around the world, Songmont emphasizes sustainability and its sourcing of threads and oils for its leather bags from Germany and Italy. Its stores incorporate pine trees and rocks, and it brought on tennis star Li Na to promote the brand to channel a bold vibe. The next question is whether the Chinese brands can go global. Shein and Temu have succeeded in e-commerce with rock-bottom prices on mostly Chinese-made goods, and some Americans have taken to Labubu, the viral troll-like toy from China's Pop Mart. Laopu, the jewelry retailer, opened its first overseas store in Singapore in June and will venture to Japan next, but a person close to the company questioned whether Western consumers were ready to embrace marketing based on traditional Chinese culture and aesthetics. Bain consultant Claudia D'Arpizio said Labubu's success suggested Gen-Z consumers were open to buying Chinese. However, she said, 'for more of the core high-end luxury customers in the U.S. and in Europe, made-in-Europe is still very important.' Write to Shen Lu at Forget Cartier: Made-in-China Luxury Captivates Chinese Consumers Forget Cartier: Made-in-China Luxury Captivates Chinese Consumers
