Uttarkashi Cloud Burst: 10+ Indian Soldiers Missing As Spine-Chilling Flash Flood Wreaks Havoc
India has reportedly declined the U.S. F-35 offer, leaving Russia's Su-57 as its only near-term 5th-gen fighter option. But with U.S. pressure and new tariffs linked to India's defense ties with Russia, the Su-57 deal is also in doubt. Meanwhile, India's AMCA project is still a decade away.
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Ahead of Trump–Putin talks, Zelenskyy urges support for US ceasefire efforts
Ukrainian President Volodymyr Zelenskyy said on Friday that Ukraine and its allies should work together to back all constructive steps by the United States aimed at reaching a ceasefire. 'There have been many calls in recent days, many contacts at various levels,' Zelenskyy said on the Telegram app after speaking with the Czech prime minister. 'All are united by the understanding that the war must be brought to an end and that Europe must develop a common position on every important security aspect.' Zelenskyy's comments came ahead of a planned meeting between US President Donald Trump and Russian President Vladimir Putin 'in the coming days', as a US deadline approaches for Russia to agree to a ceasefire in its war on Ukraine or face economic penalties. On Thursday, Putin had named the United Arab Emirates as one of the possible venues for a meeting with Trump, calling it a 'suitable' location for high-level talks.
The Hindu
25 minutes ago
- The Hindu
Doubled U.S. tariffs to increase risks to India's growth, inflation, says Moody's
The 50% tariff imposed by U.S. President Donald Trump is expected to increase risk to India's growth and inflation, rating agency Moody's said on Friday. 'Should India continue to procure Russian oil at the expense of the headline 50% tariff rate on goods it ships to the U.S., 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% growth for fiscal 2025-26,' Moody's said. On the other hand, a decision to curtail Russian oil imports to avoid the imposition of the penalty tariff could pose difficulties in procuring alternative sources of crude petroleum in sufficient amounts and in a timely fashion, proving disruptive to economic growth if the overarching supply of oil to the economy is interrupted, it stated. 'Since India is among the world's largest oil importers, a shift toward non-Russian oil would tighten supply elsewhere, raise prices and pass through to higher inflation. The consequently larger import bill would also contribute to a wider current account deficit against the backdrop of weaker tariff competitiveness that potentially undermines investment inflows,' it said. However, since India retains sufficient foreign-reserve currency buffers it could 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,' the rating agency said. While India has been imposed with 50% tariff, other countries in Asia-Pacific are bearing 15-20% tariff rates and this will provide them competitive advantage. India has been able to purchase Russian oil capped at ($60 a barrel) 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. If India stopped oil imports from Russia during the rest of FY26, then India's fuel bill might increase by only $ 9 billion in FY26 and $11.7 billion in FY27, according to estimates by SBI Research. Russia accounts for 10% of global crude supply, if all the countries stopped buying from Russia the crude price may increase by 10% if no other countries increase their production, the research arm of State Bank of India (SBI) said. India's imports of Russian crude rose to $56.8 billion in 2024 from $2.8 billion in 2021, corresponding to a rise in India's share of total crude oil imports to 35.5% from 2.2%. Today India is Russia's biggest oil importer. In terms of volume, India imports 88 MMT from Russia in FY25 from the total import of 245 MMT, SBI said adding besides Russia, India buys oil from Iraq - its top supplier before the war in Ukraine followed by Saudi Arabia and the UAE. Since Mr Trump's executive order stipulates an effective date of 21 days after the signing of the order, it indicates room for negotiations in coming weeks. 'India's response to these developments will ultimately determine the effect on its growth, inflation and external position,' Moody's said. 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. According to Moody's 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.'
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Business Standard
25 minutes ago
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India must not yield to US pressure in trade talks: Amitabh Kant
India should never lose its strategic autonomy, never yield to pressure while negotiating trade deals with the US, former G20 Sherpa Amitabh Kant said on Friday, while suggesting that the country should look at a long-term perspective and behave in a calm and collected manner. Speaking at the Business Today India@100 event, Kant said India should use trade-related uncertainties as a unique opportunity to carry out very vigorous reforms in the economy. "We still have 20 days for these (US) tariffs to kick in. We should never yield to pressure, but we should negotiate in a very rational manner, in a sensible manner, and I think there is plenty of time to be able to arrive at an agreement," he said. On August 6, the United States announced an additional 25 per cent tariff on all Indian imports, on top of an existing 25 per cent duty, taking the total duty to 50 per cent effective August 27. The White House said the measure was in response to India's continued purchase of Russian oil. "My view is that we should never lose our strategic autonomy. We have never lost that strategic autonomy, even during the Cold War period. "And India should never bend, but we should behave in a very cool, calm and collected manner, as is being done at present. And we should look at a long-term perspective on this," Kant said. The former NITI Aayog CEO also said there is a critical need to simplify the goods and services tax (GST) regime and eliminate unnecessary rules and procedures -- especially at the state level. "Even startups are taking too long just to register. My key message: no rules, no policies, no laws more than two pages," he said. Kant also pitched for radically improving the personal income tax on which a lot of work has already been done. US President Donald Trump's "dead economy" jibe, he said India is anything but a dead economy because India is the fastest-growing large economy. "We are the fourth largest economy in the world. "We will shortly be the third largest economy in the world, more than anything else, India has carried out very major structural reforms in its economy," Kant said. Kant suggested that the government should give a massive thrust to travel and tourism, because it is tariff proof. "We should be getting tourists from abroad, because... there is no tariff," he pointed out. Noting that India is bigger than 24 countries of Europe, Kant said every state of India must have its brand and every state must push for tourism. Kant emphasised that India needs just 12 champion states growing at 10 per cent to lift national growth to 9 per cent. "You already have growth coming from the south and west. Now the opportunity lies in the east... These are mineral-rich states. There's no reason they should not be growing at 9-10 per cent per annum," he said.
