AI-academia tango: The global leaders
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While the research to product path is less trodden in India, shifts are underway. With starting up becoming increasingly popular and young people having a growing appetite for both research, innovation and risk, things may be changing. For instance, IIT Madras researchers-turned-startup founders Vivek Raghavan and Pratyush Kumar of Sarvam AI were recently selected to build Indian language foundational models under the IndiaAI Mission. ET looks at AI researchers from top universities around the world who went from lab to launch, starting and supporting AI businesses
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Economic Times
27 minutes ago
- Economic Times
Trump hits pause on trade talks with India, plays up tariff issue
Donald Trump has refused trade talks with India until tariff issues are settled. This follows the US raising tariffs on Indian imports to 50%. The US trade negotiators are still expected to visit New Delhi later this month for trade agreement talks. An Indian official confirmed that the visit is still on schedule. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads US President Donald Trump has ruled out the possibility of trade negotiations with India until the issue of tariffs is resolved.'No, not until we get it resolved,' Trump told reporters in the Oval Office on Thursday, replying to a question on whether he expects increased trade negotiations with India after raising the tariffs on the country to 50%.His statement comes ahead of the scheduled visit of US trade negotiators to New Delhi later this month for the sixth round of the Bilateral Trade Agreement (BTA) talks. 'There is no fresh communication from the US. The visit stands as of now,' said an Indian on Wednesday signed an executive order doubling the tariffs on US' imports from India to 50%.It is the highest duty levied on any country and on a par with Brazil, in a move marking an escalation of trade tensions between the two the initial 25% duty came into effect Thursday, the additional 25% is effective August India-US BTA talks have faced turbulence as Washington wants greater market access for its farm products including genetically modified corn and soyabean, apples, almonds and ethanol as well as dairy Delhi is resisting the demand as it will have a direct bearing on local farmers.'The interests of our farmers are our topmost priority. India will never compromise the interests of its farmers, its cattle rearers and fisherfolk,' Prime Minister Narendra Modi said at an event in New Delhi on Thursday, without directly referring to the upcoming round is an opportunity for the two sides to find a middle ground so that the tariffs can be rolled back. Around half of India's goods exports to the US—worth $86.5 billion in fiscal 2025—will be directly hit by the tariffs.
Hindustan Times
27 minutes ago
- Hindustan Times
Donald Trump's tariffs may hand Pakistan's basmati market advantage
The 50% tariff imposed by the Trump administration has left Punjab and Haryana basmati growers and exporters deeply worried, fearing severe impact on aromatic grain exports to the US as neighbouring Pakistan gains a significant competitive advantage. Unlike sectors such as smartphones and pharmaceuticals that remain exempt from Trump's tariff offensive, basmati rice faces the full burden of America's punishment for India's energy relationship with Russia. (HT PHOTO) The punitive tariff rate — among the highest imposed on any US trading partner — stems from Trump's August 7 executive order adding a 25% penalty for India's Russian oil purchases on top of an existing 25% reciprocal tariff, with the combined levy taking effect August 28. 'It's a double whammy,' said Ranjit Singh Jossan, vice-president of the basmati exporters association, explaining that India exports nearly 300,000 tonnes (worth $350 million) to the US annually and the steep tariffs will hit exporters hard while giving Pakistan—another major producer, with a 19% levy on its goods —a crucial edge. Unlike sectors such as smartphones and pharmaceuticals that remain exempt from Trump's tariff offensive, basmati rice faces the full burden of America's punishment for India's energy relationship with Russia. While Trump raised the rate on Indian imports from an initially planned 26% to 50%, he lowered tariffs on Pakistani imports from 29% to 19%, making Indian grain 31% costlier. 'India's loss is Pakistan's gain,' Jossan said. 'Traders from the neighbouring country have already started taking orders from the US, but Indian traders are unable to negotiate because of the cost disparity.' A tonne of basmati purchased in the US at $1,200 will cost an additional $600 if imported from India, compared to just $228 extra from Pakistan. 'At this moment we do not stand a chance to sell our produce in the US,' Jossan added. The new tariff comes at a particularly vulnerable time for the sector, as basmati prices are already sliding. Popular varieties such as 1121 and 1509 have dropped from ₹4,500 per quintal in 2022-23 to ₹3,500-3,600 in 2023-24, and could fall further to ₹3,000, industry sources fear. The decline threatens to push farmers away from basmati cultivation altogether. 'The trend of falling prices may push farmers to abandon basmati in favour of regular paddy, which now has a Minimum Support Price of over ₹2,400 per quintal,' said Gurbakshish Singh, a farmer from Tarn Taran, a border district of Punjab. Singh's family has cultivated basmati for many years, but he remains apprehensive about the lack of price stability. The uncertainty is already reflected in cultivation patterns. Punjab's basmati area has shrunk from 7.63 lakh hectares in 2015-16 to 6.39 lakh hectares in 2024-25. Popular varieties like 1509, 1121, and 1718 cover over 80% of the area but fetch declining prices. Haryana's cultivation area has fluctuated between 6.5-7.1 lakh hectares in recent years, standing at 6.8 lakh hectares in 2025. Punjab and Haryana produce premium quality grain with varieties such as 1121 and 1509 famous globally, accounting for 40% of India's total basmati exports. Punjab alone produces nearly 40% of the country's basmati rice. 'The quantity of basmati exports to the US is just a small portion of total exports from India, but it disturbs the overall trade and cropping pattern,' said Jagdeep Singh Aulakh, a farmer from Badshahpur village in Karnal district, Haryana. Jossan said smaller exporters with annual turnovers of about ₹100 crore are bearing the brunt. They have slashed procurement prices from ₹7,100 to ₹6,200 per quintal, pushing down wholesale domestic prices from ₹71 to ₹62 per kg, with retail prices likely to follow. Millers face huge losses due to unsold basmati stocks piling up. 'Exporters won't buy unless the situation improves,' Jossan said.
Hindustan Times
27 minutes ago
- Hindustan Times
No trade talks for now: Trump; Goyal says ‘not bowing down'
US President Donald Trump on Thursday rejected stepping up trade negotiations with India until the tariff dispute is resolved, clouding plans for discussions between officials of both countries later this month. President Donald Trump's initial 25% reciprocal tariff took effect on Thursday, and an additional 25% penalty for purchasing Russian energy is slated to kick in after August 27. (REUTERS) 'No, not until we get it resolved,' Trump said at the Oval Office when asked about increased trade negotiations with India, following his August 7 executive order that doubled tariffs on Indian goods to 50%—among the highest levied on any US trading partner. Assistant US Trade Representative Brendan Lynch is expected to visit India on August 25 for another round of trade talks, with both sides having invested months of intensive negotiations pursuing a bilateral agreement. Trump's initial 25% reciprocal tariff took effect on Thursday, and an additional 25% penalty for purchasing Russian energy is slated to kick in after August 27. Even as Trump closed the door on immediate negotiations, commerce minister Piyush Goyal delivered a defiant response, declaring India 'will never bow down in front of anyone' while vowing to protect farmers and small businesses from tariff impact. 'The country's morale is very high with immense domestic capabilities to convert adversities into opportunities,' Goyal said at the Business Today India@100 Summit in New Delhi, citing India's response to the Covid pandemic as an example of national resilience. 'When rich countries denied vaccines to India during the pandemic period, we not only manufactured our own vaccines and vaccinated 250 crore Indians free of cost but we also gave vaccines to the poor countries,' he said in tacit reference to current global disruptions from US punitive tariffs. Indian negotiators led by special secretary Rajesh Agrawal visited Washington from July 14-17 but left without concluding an agreement. The stalemate contrasts with Trump's recent diplomatic success, with his administration announcing trade agreements with the EU, Japan, and Indonesia while talks with India remained deadlocked. US trade representative Jamieson Greer and commerce secretary Howard Lutnick have stated Trump seeks wider market access commitments from India, particularly in agriculture and dairy sectors New Delhi has refused to open. Treasury Secretary Scott Bessent called India 'recalcitrant' on market access concessions while reiterating White House concerns about Russian energy purchases. The tariffs threaten most of India's $86.5 billion annual exports to the US, though exemptions for electronics, pharmaceuticals, and energy products protect an estimated 45-50% of bilateral trade. India has called the tariffs 'unjustified and unreasonable' whilst arguing Western countries maintain extensive trade relationships with Russia. Goyal dismissed deglobalisation concerns, arguing countries are 'restructuring their trade routes and partners.' 'I am quite confident this year, India will do more exports than we did last year,' he said, citing recent free trade agreements with the UK and European Free Trade Association as evidence of India's expanding global partnerships.
