
August 6, 1985, Forty Years Ago: Assam Voter List
The Union Cabinet has given its approval to increase the number of Supreme Court judges from 18 to 30, it is learnt. The Cabinet is also believed to have agreed to raise the strength of high court judges. The government will now bring a bill in Parliament to this effect. What was worrying the government was the accumulation of a large number of cases in high courts and the Supreme Court.
A conspiracy to cause disorder in Haryana and kill very important persons, including CM Bhajan Lal, family members of Gen R S Dayal, who led the military action in the Golden Temple last year, and the senior superintendent of police, Ludhiana, was unearthed by the Kurukshetra police following the arrest of five persons. One foreign-made .455 bore revolver, hand grenades, two guns and a large quantity of ammunition have been recovered.
The legendary Bob Marshall outclassed second seed Subhash Agrawal and Indian national champion Geet Sethi beat holder Michael Ferreira to set up a clash between experience and youth in the final of the 25th World Amateur Billiards Championship on August 6. The 75-year-old Marshall beat Agrawal in all departments of the game to record a convincing 2809-1872 win while Sethi forged ahead in the last hour to topple holder Ferreira 2513-2379.
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Hans India
6 minutes ago
- Hans India
Owaisi says fresh US tariffs on India will hurt Indian exporters, deter FDI, hit jobs hard
Hyderabad: AIMIM president Asaduddin Owaisi on Thursday said US President Donald Trump's decision to impose 50 per cent tariff on Indian goods will hurt Indian exporters, MSMEs, manufacturers and will disrupt supply chains, deter FDI, and hit jobs hard. A day after Trump imposed a penalty of another 25 per cent on India for buying Russian oil, Owaisi said Trump just slapped another 25 per cent tariff on India, taking it to 50 per cent, because 'we bought oil from Russia'. In a post on X, the Hyderabad MP said 'This isn't diplomacy, it's bullying by the buffoon-in-chief who clearly doesn't understand how global trade works". These tariffs will hurt Indian exporters, MSMEs, and manufacturers. It'll disrupt supply chains, deter FDI, and hit jobs hard. But why will Narendra Modi care? Where are those BJP muscle-flexers now?" the AIMIM chief asked. "Last time I'd asked if Modi ji would show his 56-inch chest when Trump imposed 56% tariffs. Trump stopped at 50%. Maybe he's scared of our non-biological PM? Was selling out our strategic autonomy worth filling your friends' billionaire coffers?" he further said. Trump on Wednesday slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued purchase of Russian oil, a move that is likely to hit sectors such as textiles, marine and leather exports hard. Trump signed an executive order - Addressing Threats to the US by the Government of the Russian Federation - imposing the additional tariff over and above the 25 per cent levy, which comes into effect from August 7. After this order, the total tariff on Indian goods, barring a small exemption list, will be 50 per cent.
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First Post
6 minutes ago
- First Post
If not Russia, from where can India buy its oil?
India has been receiving flak from the US for buying oil from Russia. Trump has even imposed a 25 per cent tariff. If the penalties continue, India will have no option but to halt the crude oil imports from Russia. In such a case, what are its options? read more US President Donald Trump has warned that countries purchasing Russian exports could face sanctions if Russia fails to reach a peace deal with Ukraine. File image/AP India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the West Asia and Africa and other regions if it is forced to cut Russian imports due to possible US penalties. Why is India importing Russian oil? India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in 2022. Russia has become the top supplier to India, accounting for about 35 per cent of India's overall supplies, up from less than 2 per cent before the war in Ukraine. Global crude prices surged to $137 ( approx. Rs 12,000) per barrel on supply shortage fears in the wake of the Western-led sanctions before stabilising. The discounted Russian crude has reduced Indian refiners' costs. India imports more than 85% of its oil needs. STORY CONTINUES BELOW THIS AD How much Russian oil does India buy? The world's third-biggest oil importer and consumer received about 1.75 million barrels per day of Russian oil in the first half of this year, up 1 per cent from a year ago, trade data showed. A view of reservoirs of Russian state-controlled oil giant OAO Rosneft at Priobskoye oil field Near Nefteyugansk in western Siberia, Russia. File image/AP While Indian state refiners buy Russian oil from traders, private refiners Nayara Energy and Reliance Industries Ltd, operator of the world's largest refining complex, have long-term supply deals with Rosneft. Why does Trump want Indians to cut Russian oil imports? US President Donald Trump has said he would raise the tariff charged on goods imported from India substantially from 25 per cent, in view of New Delhi's continued purchases of Russian oil. He has warned that countries purchasing Russian exports could face sanctions if Russia fails to reach a peace deal with Ukraine. New Delhi has resisted the pressure, citing its longstanding ties with Russia and its economic needs. However, the country's state refiners have paused buying Russian oil. What are India's options if it can't buy Russian oil? Besides Russia, India buys oil from Iraq - its top supplier before the war in Ukraine followed by Saudi Arabia - and the United Arab Emirates. Indian refiners mostly buy oil from West Asian producers under annual deals with the flexibility to request more supply every month. Since Trump's sanctions warning, the refiners have bought crude from the United States, the West Asia, West Africa, and Azerbaijan. India has diversified its sources of supply to about 40 countries, Oil Minister Hardeep Singh Puri says, adding that more supply is coming onto the market from Guyana, Brazil and Canada.
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Business Standard
6 minutes ago
- Business Standard
India's Russian oil puzzle: Higher cost, drying offers, and tariff pressure
What was once a transactional energy relationship with Russia has now become the focal point of a growing diplomatic storm. India's decision to continue purchasing discounted Russian crude, seen by the US as a lifeline to Moscow's war economy, is now under direct scrutiny from US President Donald Trump. In remarks that have rattled policymakers in Delhi, Trump has imposed a sweeping 25 per cent tariff on Indian goods along with 25 per cent additional penalties for using Russian oil. Indian refiners, once flush with cheap Russian oil, are now struggling to secure shipments as Western sanctions tighten, shipping insurance becomes harder to access, and intermediaries begin to vanish from the spot market. While India publicly stands its ground, the geopolitical tightrope is growing thinner. Behind the scenes, the country is racing to recalibrate its strategy, one that balances energy security, economic pragmatism, and a fraught global order. West tightening the noose on Russian oil shipments India currently relies on Russian crude for approximately 35 to 40 per cent of its oil imports, or roughly 1.9 million barrels per day as of mid-2025. But purchasing Russian oil comes with growing complications. US 'secondary' sanctions now target over 180 vessels, Russian exporters like Gazprom Neft, and shadow tanker fleets, reducing sanctioned shipping capacity and dramatically increasing freight costs. Indian refiners have attempted to build a 'sanctions-proof' supply chain using alternate insurers and discreet shipping arrangements. However, many Indian companies remain exposed to US financial norms, and even sanctioned-compliant cargoes can carry operational risks. Costs rise, discounts shrink, offers disappear In January this year, freight surcharges made shipping Russian oil to India especially costly: Aframax tanker deliveries surged to $9–10 million per load, compared to $6.5–7.5 million for China-bound deliveries. Discounts on Russian crude have narrowed significantly, weakening the economic rationale. Major state-owned refiners have paused new Russian spot buys, citing reduced discounts and mounting US pressure. Even discounted Russian crude, once profitable, is now offset by rising insurance and freight costs, eating into refinery margins. Spot-market intermediaries and traders have suspended new offers since March. Indian refiners like BPCL and IOCL, which typically import 16–17 Russian cargoes monthly, covering roughly 35 per cent of their needs, have reported being unable to secure shipments due to tightened sanctions. With cargo offers drying up and insurance options constrained, refiners like BPCL are floating tenders for West Asian (e.g. Abu Dhabi's Murban) and US crude to offset lost Russian volumes. Some are exploring six-month US supply agreements, though at higher landed costs, which significantly reduces margins. Private players like Reliance and Nayara Energy maintain longer-term Russian contracts but also face EU sanctions. Nayara is now under EU restrictions on export of refined products. India's alternatives if Russian crude disappears Last month, energy minister Hardeep Singh Puri affirmed India's ability to secure crude from other sources, pointing to diversification from 27 to 40 countries in recent months — including Brazil, Canada, and Guyana — along with higher volumes from OPEC members. However, analysts caution that replacing 1.8 to 2.0 million barrels per day of Russian oil quickly is difficult. Alternative sources are generally $4–5 per barrel more expensive and may not match the Urals-grade compatibility with Indian refinery output streams. Extended logistics and rigid contracts further complicate a fast switch. Analysts have warned that exiting Russian crude could inflate India's oil import bill by $9–11 billion annually, potentially pressuring fuel prices and headline inflation. RBI Governor Sanjay Malhotra, however, expects macroeconomic effects to remain manageable. If India exits, China becomes Russia's only major buyer If India exits the Russian crude market, only China will remain as a primary buyer. India and China together consume around 80 per cent of Russian seaborne exports, with India accounting for roughly 36 to 38 per cent and China about 45 to 47 per cent. Moscow could respond by shutting the CPC pipeline, potentially cutting global flows by 3 to 3.5 per cent of world supply. OPEC+ has already agreed to raise output by 547,000 barrels per day in September to stabilise markets. Yet, analysts warn that if Russian barrels are removed, global prices could leap to $80–90 per barrel and temporarily spike above $100–200 if disruptions escalate. Brent crude has already responded to tariff threats, rising to around $68.60 per barrel on August 6. India's strategic dilemma grows sharper India sits at a critical crossroads: surrender to US pressure to cease Russian oil purchases or cling to an import strategy that shields domestic fuel prices but risks escalating trade retaliation. Although Indian officials claim there has been no instruction to cut imports and emphasise the long-term nature of contracts, the suspension of imports by public-sector refineries signals real operational shifts.