You'll sit there for next 20 years: Shah
"I have an objection that they (Opposition) don't have faith in an Indian Foreign Minister, but they have faith in some other country," Amit Shah said.
"I can understand the importance of foreign in their party. But this doesn't mean that all the things of their party should be imposed here in the House.
This is the reason why they are sitting there (Opposition benches) and will remain sitting there for the next 20 years," the Home Minister added.
Jaishankar was speaking about India's stand and response to Pahalgam attack during the debate on Operation Sindoor in Parliament. But with the Opposition making several interruptions during his speech, Amit Shah had stepped in. "Will you not believe your own foreign minister," Amit Shah said amid boos from the Opposition leaders.
Jaishankar had reiterated that India had shot down Donald Trump's claims that he had mediated between India and Pakistan during Operation Sindoor and his offer to help reach a settlement on Pakistan's continued illegal occupation of Jammu and Kashmir.
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First Post
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Indian imports bill could rise buy $14 billion after stopping Russian oil imports
If India were to stop buying Russian crude oil, Indian imports bill could rise by up to $14 billion as a result of expensive imports from elsewhere. But the true impact on India —and Western nations as well— could be larger as India's purchase of Russian oil has kept international prices low so far. read more Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia. India's imports bill could rise by up to $14 billion after stopping Russian crude oil imports. In addition to slapping India with 25 per cent tariff, US President Donald Trump has threatened additional penalties over the trade with Russia, mainly the purchase of Russian oil — India has bought discounted Russian oil since Russia launched the war on Ukraine in 2022. The true cost of India replacing Russian oil imports in the wake of Trump's threats would be much higher than $14 billion for India and the world. STORY CONTINUES BELOW THIS AD The true cost of replacing Russian oil for India — and the world India stopping the purchase of Russian oil could raise the price of oil by up to $10 per barrel, raising the country's import bill by around $13-14 billion, according to Prashant Vasisht, the Senior Vice President and Co-Group Head of Corporate Ratings at ICRA. Vasisht suggested the true cost could be higher as prices of gas and other petroleum products and derivatives will also rise. 'Additionally, domestic gas and LNG imports linked to dated Brent prices would also become dearer thereby impacting all gas consumers such as fertiliser, city gas distribution etc. A $10/barrel increase in Brent prices could increase the cost of LNG purchased annually under the RasGas contract by Rs 3,900 crore,' Vasisht told The Financial Express. Between May 2022-2025, India saved around $17.2 billion with the purchase of discounted Russian oil, according to ICRA's calculations. However, that may now change — and not just for India. With the purchase of discounted Russian oil, India and China have so far stabilised oil prices in the international market by absorbing Russian over-supply and easing the pressure on global prices. But, if and when India would stop importing Russian oil, the competition for non-Russian oil would rise and prices will rise as demand will rise in proportion to supply. Western nations will also feel the pinch. Firstly, prices of oil will also rise for them owing to greater demand and limited supply of non-Russian oil. Secondly, since 2022, Indian refiners had been processing Russian crude and selling finished products to Western nations at cheaper rates. As such discounted purchases would end, their bills will rise as well.
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Trump new tariffs: How India stacks up against rest of Asia
US President Donald Trump's sweeping new tariffs — reaching up to 41 per cent — have redrawn global trade lines. India now faces a 25 per cent duty as negotiations stall, while Japan, Thailand and others negotiated reductions. With Asian markets wobbling and currencies sliding, what's next for the region? read more A customer holds hundred rupees Indian currency notes near a roadside currency exchange stall in New Delhi, India, May 24, 2024. File Image/Reuters United States President Donald Trump has launched one of his most sweeping trade actions, formalised in an executive order just hours before the August 1 deadline Trump himself had set. His new set of tariffs, aimed to 'rebalance' trade ties and reduce US deficits — are already prompting sharp responses from Asian governments and global markets. The executive order, which uses the president's emergency trade powers, outlines tariff rates as high as 41 per cent on selected imports. STORY CONTINUES BELOW THIS AD — including major economies like India, Japan, Taiwan, and South Korea — will see a surge in duties on products entering the US Goods from nations not covered in the directive will automatically face a 10 per cent tax. Trump's latest order spells out rates ranging from 10 per cent to 50 per cent across 69 countries, making it one of the largest single tariff changes in decades. The directive also imposes a 40 per cent tariff on goods rerouted through third countries to circumvent duties, sending a clear warning to companies relying on transshipment strategies. This provision builds on an earlier tariff order issued in April, which had already rattled trade routes. In explaining the move, Trump's order bluntly stated that some countries, 'despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.' On the eve of the deadline, Trump reinforced the tone on social media, writing: 'THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!' India's unresolved US trade fight India finds itself squarely in the spotlight. Despite weeks of discussions, New Delhi and Washington were unable to secure a tariff-reducing agreement. As a result, Indian goods will now face a 25 per cent duty — a rate that has caused immediate economic ripples. A senior US official, speaking to Reuters, summarised Washington's frustration: 'Our challenges with India, they've always been a pretty closed market… there are a host of other kind of geopolitical issues.' STORY CONTINUES BELOW THIS AD The official also linked the trade impasse to broader foreign policy considerations, noting, 'You've seen the president express concern about, you know, membership in Brics, purchases of Russian oil and that kind of thing.' A 3D-printed miniature model of US President Donald Trump, the Indian flag and the word 'Tariffs' are seen in this illustration taken July 23, 2025. File Image/Reuters The tariffs have already shaken Indian markets. The rupee slipped, opposition parties voiced outrage, and business groups warned about pressure on export-oriented sectors. Indian Commerce and Industry Minister Piyush Goel reassured Parliament that talks are still underway, saying the goal is to reach a trade pact by October-November this year. He stated that 'the government gives great importance to protecting farmers, entrepreneurs, and medium and small enterprises, and will take all needed steps to safeguard its national interest.' Yet US trade insiders caution that a breakthrough will not come quickly. India's refusal to open its agricultural sector — long considered one of the most sensitive areas of its economy — remains a sticking point, as does its continued purchase of Russian oil. STORY CONTINUES BELOW THIS AD Asia's responses — who gained, who lost The tariff changes have reverberated across Asia, with outcomes ranging from relief to frustration. Some nations secured reductions from earlier proposed rates, while others were saddled with some of the highest tariffs in the world. US President Donald Trump holds a chart next to US Secretary of Commerce Howard Lutnick as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, US, April 2, 2025. File Image/Reuters Japan negotiated one of the most significant rollbacks. Tariffs on Japanese goods will now sit at 15 per cent, down from the 25 per cent previously flagged, including critical relief for the auto sector. Chief Cabinet Secretary Yoshimasa Hayashi called the shift a stabilising step, saying the lower tariffs 'will reduce uncertainty regarding U.S. trade policy and lower the risk of a downturn in our economy and the global economy,' according to NHK. He pledged additional government financing support for small and medium-sized firms facing cost pressures. Thailand also saw its rate lowered — now 19 per cent, compared to an earlier proposed 36 per cent. Finance Minister Pichai Chunhavajira posted on X that the tariff figure 'reflects the close friendship and partnership between Thailand and the United States.' At the same time, he acknowledged the pain for exporters and farmers, promising 'comprehensive support measures,' including loans, subsidies, and tax breaks to help the economy adjust. STORY CONTINUES BELOW THIS AD Malaysia benefitted from a cut too. Prime Minister Anwar Ibrahim noted that tariffs would fall from 25 per cent to 19 per cent, telling Parliament, 'Tomorrow's [Aug. 1] general tariff rate will ease and not burden our economy.' Taiwan is now facing a 20 per cent temporary tariff. President Lai Ching-te said that if negotiations progress further, 'it can be expected that the tariff rate will be further reduced.' He also flagged that future discussions with Washington will address supply chain cooperation and the controversial Section 232 tariffs that were imposed years ago on 'national security' grounds. Cambodia, once facing one of the harshest penalties, became an unexpected winner. Its duty has been reduced dramatically from 49 per cent to 19 per cent. Prime Minister Hun Manet called the outcome 'good news for the citizens and economy of Cambodia,' while also publicly thanking Trump for 'initiating and pushing for ceasefire between [the] Cambodian army and Thai army' after recent border clashes. STORY CONTINUES BELOW THIS AD But not every Asian country escaped heavy hits. Syria tops the list with a crushing 41 per cent tariff. Laos and Myanmar are each staring at 40 per cent duties, rates that could disrupt their fragile export sectors. How India compares to the rest of Asia Trump's executive order includes an extensive list of Asian nations and the duties they now face on exports to the US: Afghanistan – 15 per cent Bangladesh – 20 per cent Brunei – 25 per cent Cambodia – 19 per cent Fiji – 15 per cent India – 25 per cent Indonesia – 19 per cent Iraq – 35 per cent Israel – 15 per cent Japan – 15 per cent Jordan – 15 per cent Kazakhstan – 25 per cent Laos – 40 per cent Malaysia – 19 per cent Myanmar (Burma) – 40 per cent Pakistan – 19 per cent Papua New Guinea – 15 per cent Philippines – 19 per cent South Korea – 15 per cent Sri Lanka – 20 per cent Syria – 41 per cent Taiwan – 20 per cent Thailand – 19 per cent Turkey – 15 per cent Vietnam – 20 per cent Vanuatu – 15 per cent The range shows how selectively Washington applied the policy — some countries, like Israel and South Korea, are at the low end with 15 per cent, while others like Syria and Myanmar sit at the top with 40-41 per cent. How Asian markets reacted Indian stocks slipped early on Friday: the Nifty 50 fell 0.35 per cent, and the BSE Sensex dropped 0.34 per cent. Across Asia, tech companies bore the brunt of investor jitters. In Japan, Tokyo Electron saw a staggering 17 per cent plunge, with Lasertec (– 4.67 per cent), Advantest Corp (– 2.51 per cent) and SoftBank Group (– 2.07 per cent) also in the red. South Korea's SK Hynix shed 5.12 per cent, and Samsung Electronics dropped 1.92 per cent. Taiwan's TSMC slid 1.72 per cent, while Hon Hai Precision Industry (Foxconn) managed to gain 1.12 per cent, bucking the downward trend. A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan. File Image/Reuters Currency markets reflected the same uncertainty. The US dollar index inched up 0.11 per cent to 100.73, showing traders' cautious shift into the greenback. The South Korean won dropped 0.53 per cent, dipping below 1,400 per dollar for the first time in nearly three months. STORY CONTINUES BELOW THIS AD The Taiwanese dollar fell 0.35 per cent, and China's offshore yuan weakened by 0.11 per cent to 7.2083, approaching a two-month low. Other Southeast Asian currencies also softened: the Thai baht lost 0.24 per cent, the Philippine peso fell 0.49 per cent, and the Malaysian ringgit dropped 0.42 per cent. The Singapore dollar remained steady at 1.284, and the Japanese yen was flat at 150.75. US data suggest these tariffs could ripple through consumer prices. The US Commerce Department reported that prices for home furnishings and durable household equipment rose 1.3 per cent in June, the sharpest increase since March 2022. Recreational goods and vehicles saw a 0.9 per cent rise — the highest since February 2024 — and clothing and footwear climbed 0.4 per cent. China, India and future trade battles While tariffs for most nations are now locked in, negotiations are ongoing for some of America's biggest trading partners. China has until August 12 to finalise what officials describe as a 'durable' tariff agreement. US Treasury Secretary Scott Bessent, speaking after trade talks in Stockholm, said that while progress has been made, the discussions 'still require President Trump's approval.' He noted that US negotiators 'pushed back quite a bit' on Chinese proposals. STORY CONTINUES BELOW THIS AD India's situation is more uncertain. The 25 per cent tariff is now in place, and US officials have hinted that more concessions will be necessary for any reduction. The gap between the two countries reflects both trade disputes and broader political concerns — including India's balancing act between Western partners and members of Brics, as well as its ongoing energy ties with Moscow. Trump, for his part, struck a confident tone, hinting at undisclosed deals. 'We have made a few deals today that are excellent deals for the country,' he told reporters, though he did not name which countries were involved or when announcements would be made. With inputs from agencies
The Hindu
a minute ago
- The Hindu
Indian economy devastated by five Modi-inflicted shocks: Congress
The Congress on Friday (August 1, 2025) claimed that the Indian economy has been well and truly devastated by a series of "five Modi-inflicted shocks", and said the government, as well as its cheerleaders, are being economical with the truth of the real state of the economy. Congress general secretary in charge of communications, Jairam Ramesh, said the Modi government, its drumbeaters and cheerleaders are living in a make-believe world. The Opposition party's assertions came a day after former Congress President and Leader of Opposition in the Lok Sabha Rahul Gandhi, said everybody except Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman knows that the country's economy is "dead". Over the past decade, the Indian economy has been well and truly devastated by a series of five Modi-inflicted shocks. Nobody else can be held responsible. Demonetisation completely disrupted our growth momentum and destroyed the livelihoods of crores of Indians. A… — Jairam Ramesh (@Jairam_Ramesh) August 1, 2025 In a post on X, Mr. Ramesh said, "Over the past decade, the Indian economy has been well and truly devastated by a series of five Modi-inflicted shocks. Nobody else can be held responsible." He said demonetisation completely disrupted our growth momentum and destroyed the livelihoods of crores of Indians. "A fundamentally flawed GST--that is a Tax that is neither Good nor Simple--has wreaked havoc on thousands of business enterprises across the country, except the large companies who can afford to pay the cost associated with GST compliance," Ramesh said. He further claimed that the record imports from China have led to the closure of lakhs of MSMEs across the country in — Gujarat alone, around a third of the MSMEs in the stainless steel industry have shut down their operations. Exports in key areas are dependent on imports of raw materials, components, and intermediates from China, he said. Mr. Ramesh pointed out that private investment has lost the buoyancy it demonstrated during 2004-14. "Indian industrialists are acquiring citizenship of other countries in an ever-increasing measure. The politically motivated and extortionist Raid Raj, coupled with the proliferation of Modani's tentacles, has led to a loss of confidence in the Indian economy," Mr. Ramesh alleged. He argued that wages for the majority of Indians have stagnated in the last decade, across sectors and across classes. "This is particularly so in rural India. Household savings have fallen sharply just as household debt has ballooned. Private mass consumption, one of the key drivers of growth, is sputtering just as luxury consumption has not ebbed, clearly pointing to sharpening economic inequalities," the Congress leader said. "The Modi government, its drumbeaters and cheerleaders are living in a make-believe world. They are being economical with the truth of the real state of the economy," Mr. Ramesh said. On Thursday, Mr. Gandhi had alleged that the BJP-led government has destroyed the country's economic, defence and foreign policies, and is "running the country to the ground". Speaking with reporters in the Parliament House complex, Mr. Gandhi had also claimed that a trade deal with the US will happen and US President Donald Trump will define it. Asked about Trump calling the Indian economy "dead", the Congress leader had said, "He is right, everybody knows this except the prime minister and the finance minister. Everybody knows that the Indian economy is a dead economy. I am glad that President Trump has stated a fact." He had alleged that the BJP has destroyed the Indian economy.
