India invites BRICS nations to boost startup cooperation
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New Delhi: India has invited all BRICS member countries to enhance cooperation in the startup sector to promote innovation, the commerce and industry ministry said Monday.It was suggested by India at the 9th BRICS Industry Ministers' meeting on May 21 at Brasilia. BRICS is an intergovernmental organisation comprising 10 countries-Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the UAE.India will assume the BRICS presidency in 2026.India launched the BRICS Startup Knowledge Hub on January 31, 2025, under the aegis of the BRICS Start-Up Forum.This is the first-of-its-kind dedicated platform for BRICS nations, aimed at enhancing cross-border collaboration and strengthening startup ecosystems across member countries.
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Time of India
12 hours ago
- Time of India
'Fueling Putin's war machine': Will India, China face tariff heat over Russian oil? US senators call for 500%
Richard Blumenthal and Lindsey Graham (AP photo) US Senators Lindsey Graham and Richard Blumenthal have warned that countries like India, China, and Brazil, all members of Brics -- could face economic sanctions if they continue trading with Russia. This comes at a time when US President Donald Trump has announced that he will impose 100 percent "secondary tariffs" on Russia if President Vladimir Putin does not agree to end the war in Ukraine within 50 days. Senators Graham and Blumenthal, who belong to different political parties, have introduced a bill in the US Congress earlier this year. It has support from 85 other lawmakers and proposes tough sanctions on Russia. They say the bill could act as a "sledgehammer" to pressure Putin into ending the war. Senator Blumenthal posted on X, "We'll continue to push for Senator Graham & my Russia Sanctions bill with even tougher penalties to deter India, China, Brazil & others from fueling Putin's war machine. Congressional action sends a powerful message of support." According to a joint statement by the two Senators, countries like India, China, and Brazil are helping Russia by buying cheap oil and gas, which they believe is helping Putin continue the war. The bill suggests imposing tariffs as high as 500 percent on any country that supports Russia in this way. Trump announced the idea of secondary tariffs during a meeting with Nato Secretary General Mark Rutte on Monday. Senator Blumenthal praised the move, calling it a 'breakthrough step' and described Putin as a 'thug.' Blumenthal also said on X, "The President's announcement is a breakthrough step--committing to both substantial military aid & strong sanctions. It recognizes the urgency of showing sledgehammer strength--because peace through strength is the only viable strategy with a thug like Putin." The joint statement from Graham and Blumenthal welcomed Trump's announcement and said it was a strong step to push for peace talks. It read, "The ultimate hammer to bring about the end of this war will be tariffs against countries, like China, India and Brazil, that prop up Putin's war machine by purchasing cheap Russian oil and gas. President Trump's decision to announce the implementation of 100 percent secondary tariffs on countries that buy Russian oil and gas if a peace agreement is not reached in the next 50 days is a real executive hammer to drive the parties to the negotiating table. The goal is not more tariffs and sanctions - the goal is to entice Putin to come to the peace table." They also added, "Finally, as President Trump indicated, we will join our colleagues in continuing to work with the White House on our bipartisan Russia sanctions legislation that would implement up to 500 percent tariffs on countries that buy Russian oil and gas and do not help Ukraine." During his meeting with the Nato chief, Trump said, "One of the reasons that you're here today is to hear that we are very unhappy - I am - with Russia. But we will discuss that maybe another day. But we're very, very unhappy with them, and we're going to be doing very severe tariffs if we don't have a deal in 50 days. Tariffs at about 100 percent. You'd call them secondary tariffs. But today, we're going to talk about something else. " India has responded to these developments. External affairs minister S Jaishankar recently said that Indian officials have been in contact with Senator Graham regarding the proposed sanctions bill. Speaking at a press conference, Jaishankar said, "Regarding Senator Lindsey Graham's bill, any development which is happening in the US Congress is of interest to us if it impacts our interest or could impact our interest. So we have been in touch with Senator Lindsey Graham. The embassy, ambassador have been in touch. Our concerns and our interests on energy, security have been made conversant to him. So we'll then have to cross that bridge when we come to it. If we come to it." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
14 hours ago
- The Hindu
The View From India newsletter: Trump vs BRICS
(This article is part of the View From India newsletter curated by The Hindu's foreign affairs experts. To get the newsletter in your inbox every Monday, subscribe here.) The 17th BRICS summit, held in Rio de Janeiro, Brazil, triggered an angry response from U.S. President Donald Trump, after the grouping criticised his tariffs and condemned U.S.-Israel's attack on Iran. BRICS, which began as an economic acronym referring to Brazil, Russia, India and China (South Africa joined later), has evolved as the main institutional voice of the Global South. Last year, BRICS added five new members — Egypt, Ethiopia, the UAE, Iran and Indonesia. This year's summit had assumed greater significance because of the global faultlines. It took place just weeks after Iran, a member country, was attacked. In the summit, the member countries, often pulled into different foreign policy directions, showed unity on two issues — on Mr. Trump's tariff threats and the attack on Iran. The group's July 6 declaration raised 'serious concerns' about the tariffs, which it said were 'inconsistent with WTO rules'. The 10-member grouping also termed the strikes on Iran, which started on June 13 triggering the 12-day Israel-Iran war, 'a violation of international law and the Charter of the United Nations'. Member countries also 'expressed serious concern over any attacks against peaceful nuclear installations that are carried out in violation of international law and relevant resolutions of the International Atomic Energy Agency' and pledged to 'remain seized of the matter'. Mr. Trump lashed out at BRICS as 'anti-American' and threatened to impose an additional 10% tariffs on countries aligning with the policies of the grouping. 'BRICS is not, in my opinion, a serious threat. But what they're trying to do is destroy the dollar so that another country can take over and be the standard, and we're not going to lose the standard at any time,' he said. In addition to the threatened 10%, the Trump administration has slapped 50% tariffs on Brazil for the 'witch-hunt' against former Brazilian President Jair Bolsonaro, who faces charges of attempted coup. The U.S. has also imposed 30% tariffs on South Africa after accusing it of unequal trade. Besides, Republican Senators plan to bring a Bill called the Sanctioning Russia Act of 2025 that seeks to place 500% tariffs on imports of oil and sanctioned Russian products, which would hurt Russia, as well as India and China, its two biggest importers. This was not the first time Mr. Trump targeted BRICS. In January, immediately after he was sworn in for his second term, Mr. Trump called BRICS members 'seemingly hostile countries.' 'We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs,' he wrote in a social media post. He had made a similar comment in November 2024 as well. Why is Trump attacking BRICS? Mr. Trump's irritation, writes Suhasini Haidar in this explainer, appears to stem from BRICS declarations in South Africa in 2023 and Russia in 2024, where members discussed a BRICS Cross-Border Payments Initiative that aims to facilitate trade and investment within BRICS countries using local currencies and other mechanisms. The initiative built momentum due to the problems Western sanctions on Russia have meant for trading partners in the Global South.' India has dismissed Mr. Trump's criticism that BRICS is anti-American. In March 2025, External Affairs Minister S. Jaishankar had said that India had no plans to replace the U.S. dollar. The government's focus is now on clinching a trade agreement with the Trump administration seeking to resolve the tariff disputes. But at the same time, India remains committed to BRICS, which now represents about half the global population, around 40% of the global GDP and a quarter of global trade. 'Despite all the challenges, the Rio declaration underlined the basic cohesion and consensus within BRICS members on a range of issues,' The Hindu wrote in this editorial. 'As India prepares for its leadership of the BRICS grouping next year, it can move forward with this consensus, fulfilling the vision for the grouping's acronym that Mr. Modi recast as 'Building Resilience and Innovation for Cooperation and Sustainability'. The Top Five 1. Global South | From the margins to the centre The 17th BRICS Summit in Rio de Janeiro, which saw members navigating different relationships with both the U.S. and Russia as well as global conflicts, offered a striking reflection of both the promise and the challenges facing the idea of South-South cooperation in the world today, writes Srinivasan Ramani. 2. 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Time of India
14 hours ago
- Time of India
SCO meet: Jaishankar meets Chinese President Xi Jinping in Beijing; calls for ‘far-seeing approach' in India-China ties
NEW DELHI: External affairs minister S Jaishankar met Chinese President Xi Jinping in Beijing on Tuesday, his first visit to the country in six years, amid signs of improving relations between the two neighbours following years of border tension. Jaishankar was in China for the Shanghai Cooperation Organisation (SCO) foreign ministers' meeting, where he also met his counterpart Wang Yi. 'Called on President Xi Jinping this morning in Beijing along with my fellow SCO Foreign Ministers,' Jaishankar wrote on X. 'Conveyed the greetings of President Droupadi Murmu and Prime Minister Narendra Modi. Apprised President Xi of the recent development of our bilateral ties. Value the guidance of our leaders in that regard.' During his bilateral meeting with Wang Yi, Jaishankar said India and China had made 'good progress' over the past nine months in normalising relations, attributing it to the resolution of friction along the border and the maintenance of peace and tranquillity. 'This is the fundamental basis for mutual strategic trust and for smooth development of bilateral relations. It is now incumbent on us to address other aspects related to the border, including de-escalation,' he said. Jaishankar emphasised that both countries must continue to build on this positive momentum. 'We have earlier agreed that differences should not become disputes, nor should competition ever become conflict,' he said. 'Stable and constructive ties between India and China are not only to our benefit, but that of the world as well. This is best done by handling relations on the basis of mutual respect, mutual interest and mutual sensitivity. ' The minister also raised concerns about China's export controls that could hurt domestic manufacturing in India. He urged Beijing to avoid 'restrictive trade measures and roadblocks' and advocated steps to improve people-to-people ties, such as easing travel, resuming direct flights, and promoting exchanges. 'Measures towards normalising our people-to-people exchanges can certainly foster mutually beneficial cooperation,' he said. During the SCO meeting, Jaishankar also reiterated India's stance on terrorism, reminding Wang that the group's primary mandate was to combat terrorism, separatism and extremism. 'This is a shared concern and India hopes that zero tolerance for terrorism will be strongly upheld,' he stated, extending India's support to China's SCO presidency. He further stressed the need for cooperation on trans-border rivers, including the resumption of hydrological data sharing by China. He welcomed China's decision to allow the Kailash Mansarovar Yatra to resume after a five-year pause, a move agreed upon earlier this year. The visit follows a significant turning point in October 2023, when India and China resolved the prolonged military standoff in eastern Ladakh, clearing the way for Prime Minister Modi and President Xi to meet in Kazan on the sidelines of the BRICS summit. That meeting helped restart high-level diplomatic channels, with Modi expected to visit China in September for the SCO summit.
