Government Restores RoDTEP Benefits for AA, SEZ, and EOU Exports
The decision comes as part of the government's sustained efforts to boost India's export competitiveness in global markets. The benefits under RoDTEP for these categories were previously available until 5th February 2025, and their reinstatement is expected to provide a level playing field for exporters across sectors.
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India.com
an hour ago
- India.com
BIG concern for India as Trump's 50 pc tariffs could lead to 6% GDP slowdown in…; Moody's issues big warning, says India's manufacturing sector could…
Representational Image Trump Tariffs: India's GDP growth will likely slow down to 6 percent in the current financial year if the 50 percent tariffs imposed by US President Donald Trump on Indian imports come into effect from August 27, while its budding manufacturing will also take a severe hit, Moody's Ratings said Friday. What did Moody's say? 'Should India continue to procure Russian oil at the expense of the headline 50 per cent tariff rate on goods it ships to the US, which is currently its largest export destination, we project that real GDP growth may slow by around 0.3 percentage points compared with our current forecast of 6.3 per cent growth for fiscal 2025-26 (ending March 2026),' Moody's said. The US-based ratings agency noted that the strain caused by Trump tariffs could be mitigated by India's strong services sector, and resilient domestic demand, however, India's response to high US tariffs will ultimately determine the effect on its growth, inflation and external position. Trump tariffs on India On August 6, Donald Trump signed an executive order imposing an additional 25 percent tariffs on Indian goods, raising the total levy to 50%. The US President called the additional tariffs on India as a 'punishment' for purchasing Russian oil and weapons, as he accused New Delhi of 'funding' Moscow's war on Ukraine. 'I find that the Government of India is currently directly or indirectly importing Russian Federation oil. Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent,' the order read. The additional 25 percent tariffs will come into effect from August 27. Why Trump tariffs could dent India's manufacturing sector? Meanwhile, Moody's also warned that the high tariffs will also negatively impact India's growing manufacturing sector, including high-value products like electronics, because of lower tariffs on other Asia-Pacific countries. 'Beyond 2025, the much wider tariff gap compared with other Asia-Pacific countries would severely curtail India's ambitions to develop its manufacturing sector, particularly in higher value-added sectors, such as electronics, and may even reverse some of the gains made in recent years in attracting related investments,' it said. The US has imposed 15-20 percent import duty on other Asia-Pacific countries, while slapping with a 50 percent tariff rate. The ratings agency said Asia-Pacific countries are vying for a greater share of trade and investment flows amid a restructuring of supply chains triggered by US policy shifts. How India could absorb impact of tariffs? Moody's noted that India has managed to 'procure at least some of its purchases of Russian oil at below global prices, which has helped insulate India's inflation from the pass-through of global commodity price movements, while preempting pressures on its current account deficit.' Since 2022, India has increasingly ramped up its crude oil imports from Russia as demand from the latter's traditional offtakers dried up amid sanctions tied to its invasion of Ukraine. In 2024, India's imports of Russian crude rose to USD 56.8 billion from USD 2.8 billion in 2021. Moody's said India retains sufficient foreign-reserve currency buffers to weather external volatility. 'The magnitude of the drag on growth from tariff obstacles will influence the government's decision to pursue a fiscal policy response, although we anticipate the government will adhere to its focus on gradual fiscal and debt consolidation,' said the US-based rating agency. India-US trade deal Notably, India has been negotiating a bilateral trade agreement (BTA) with the United States since March. The two countries have held five rounds of talks, while a US teams is scheduled to visit India on August 25 for the sixth round. However, a trade deal seems unlikely as Donald Trump has categorically said that India-US trade talks will not resume until the dispute over tariffs is resolved. 'No, not until we get it resolved,' Trump told reporters in the Oval Office on Thursday when asked whether he expected the talks to resume. (With inputs from agencies)
Time of India
3 hours ago
- Time of India
'Not an era of war': India welcomes US-Russia meet in Alaska; calls it step toward ending Ukraine conflict
NEW DELHI: India on Saturday welcomed the agreement between US President Donald Trump and Russian President Vladimir Putin to hold a summit in Alaska on August 15, 2025, describing it as a possible breakthrough in ending the war in Ukraine. In a statement, the ministry of external affairs (MEA) said, 'India welcomes the understanding reached between the United States and the Russian Federation for a meeting in Alaska on 15th August 2025. This meeting holds the promise of bringing to an end the ongoing conflict in Ukraine and opening up the prospects for peace.' "India, therefore, endorses the upcoming Summit meeting and stands ready to support these efforts," it further added. Washington has long accused India of supporting Moscow's 'war machine' against Ukraine by buying Russian oil. US had earlier announced 25% additional duties on Indian imports in the country, on the top of an already 25% tariff, taking the total to 50%. The order specified that "The ad valorem duty be in addition to any other duties, fees, taxes, exactions, and charges applicable to such imports..." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Women 60+ Are Ditching Pads For A Better Alternative DryGuard Underwear Learn More Undo The implementation timeline shows the base duty taking effect from August 7, whilst the additional charge begins from August 27, following a 21-day period. The order said, "I find that the Government of India is currently directly or indirectly importing Russian Federation oil. Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25%." US President Donald Trump will be meeting Russian President Vladimir Putin in Alaska on August 15, in an effort to negotiate a peace deal to end the war in Ukraine, which began with Russia's invasion in February 2022 and has seen numerous failed rounds of talks. It will be Putin's first visit to the United States in a decade, his last being in 2015 for the UN General Assembly in New York. For Trump, the meeting marks his most direct attempt yet to fulfil his campaign pledge to end the war 'within 24 hours,' a promise that has faced repeated setbacks despite phone calls, peace talks and diplomatic visits. The choice of Alaska is has symbolic importance as Russia sold the territory to the US in 1867, and its western tip sits just across the Bering Strait from Russia's easternmost point. The Kremlin confirmed the meeting after US envoy Steve Witkoff met Putin in Moscow. During his visit, Witkoff proposed a trilateral meeting with Ukrainian President Volodymyr Zelenskyy, but Russia did not respond to the idea. 'The Russian side left this option completely without comment,' Kremlin spokesperson Ushkov said. Earlier, Trump had told reporters he would likely meet Putin face-to-face 'very soon.' His efforts to halt Russia's military offensive have so far yielded little progress, with three rounds of direct talks between Moscow and Kyiv ending without a breakthrough.
The Hindu
3 hours ago
- The Hindu
Saudi Aramco likely to have 20% stake in BPCL's Ramayapatnam refinery
The BPCL's greenfield refinery-cum-petrochemical complex (RcPC) at Ramayapatnam in Nellore district is likely to have Aramco, the Saudi Arabia-based energy and chemicals behemoth, as a partner with 20% stake. Talks for it are under way between the governments of India and Saudi Arabia, which, according to highly-placed State government sources, are working out the terms and conditions of an agreement. It is poised to be ready by the year-end. The RcPC will be close to the Ramayapatnam seaport, which is in advanced stages of construction, for the sake of synergy and is being taken up in pursuance of the fledgeling trade between India and Saudi Arabia. It is one of the multiple projects in which Saudi Arabia is investing in India to the tune of about $100 billion. Through the Government of India, the BPCL is said to be negotiating with Aramco for a long-term crude oil supply agreement for the RcPC at Ramayapatnam. The BPCL RcPC is intended to meet India's burgeoning energy demand, and the State government has agreed to provide 6,000 acres. Being a massive project with a refining capacity of nine Million Metric Tons Per Annum (MMTPA) and entailing a capital expenditure of nearly ₹1 lakh crore, the RcPC is expected to take at least four years for commissioning once the requisite approvals are given. The BPCL had sanctioned ₹6,100 crore for pre-project activities, which include various initial studies, identification of land and its acquisition, preparation of detailed feasibility report, environmental impact assessment, basic design engineering package and front-end engineering design. The State government had offered three sites for the project, namely Machilipatnam, Ramayapatnam and Mulapeta in Srikakulam district and the BPCL zeroed in on Ramayapatnam due to its relatively superior logistics and multimodal connectivity. Depending on the market dynamics, the oil PSU may expand the capacity of the Ramayapatnam RcPC to 12 MMTPA.
