Why trade matters for India's economy
A cargo ship anchored at the Adani Group-owned Mundra port in Gujarat.(PTI)
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Mint
an hour ago
- Mint
Trump aide slams India for buying Russian oil, says Delhi needs to act like strategic partner of US
London, Aug 18 (PTI) President Donald Trump's trade adviser Peter Navarro has slammed India for what he dubbed as an "opportunistic" purchase of crude oil from Russia and said New Delhi needs to act like a strategic partner of the US. In a column for 'The Financial Times' on Monday, the White House counsellor for trade and manufacturing accused India of acting as a global clearinghouse for Russian oil by converting embargoed crude into high-value exports. "India's dependence on Russian crude is opportunistic and deeply corrosive of the world's efforts to isolate Putin's war economy,' writes Navarro. 'In effect, India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,' he claims. Opening with the so-called 'mathematics' of Russia-India ties, Navarro claims American consumers buy Indian goods, and then those dollars are used to buy discounted Russian crude oil. "That Russian crude is refined and resold around the world by Indian profiteers in league with silent Russian partners — while Russia pockets hard currency to fund its war machine in Ukraine. As Russia continues to hammer Ukraine, helped by India's financial support, American (and European) taxpayers are then forced to spend tens of billions more to help Ukraine's defence. Meanwhile, India keeps slamming the door on American exports through high tariffs and trade barriers,' he writes. In his Op-Ed, Navarro goes on to attack India for imposing what he claims are some of the highest average tariffs in the world, along with a dense web of non-tariff barriers that 'punish' American workers and businesses. 'As a result, the US runs a massive trade deficit with India, nearing USD 50 billion annually. And here's the kicker: India is using those US trade dollars to buy Russian oil,' he states. According to the White House adviser, the surge in India's crude imports since February 2022 has not been driven by domestic oil consumption needs but by 'profiteering' of the country's 'Big Oil lobby'. 'Refining companies have turned India into a massive refining hub for discounted Russian crude. The refiners buy oil at a steep discount, process it, and then export refined fuels to Europe, Africa, and Asia — all the while shielding India from sanctions scrutiny under the pretence of neutrality,' he writes. While defending Trump's recent executive order hitting Delhi with exorbitant trade tariffs, his aide goes on to allege that India keeps slamming the door on American exports through barriers. Navarro claims that while Delhi has increasingly turned to the US, France and Israel to meet its defence needs, those deals often come with strings attached. He concludes: 'The Trump administration is confronting it. A recent executive order issued by the President will impose a 25 per cent national security tariff on Indian goods to address the threat posed by India's continued importation of Russian oil. This new tariff is in addition to the 25 per cent reciprocal tariff already in place. "This two-pronged policy will hit India where it hurts — its access to US markets — even as it seeks to cut off the financial lifeline it has extended to Russia's war effort. If India wants to be treated as a strategic partner of the US, it needs to start acting like one.' Trump has imposed tariffs totalling 50 per cent on India, including 25 per cent for Delhi's purchases of Russian oil that will come into effect from August 27. India, responding to the tariffs, said that the targeting of India is unjustified and unreasonable.
Mint
an hour ago
- Mint
ACs to get cheaper? Here's how much costs can reduce if GST reforms come into force
modeThe Finance Ministry on August 15 (India's 79th Independence Day), said that it has proposed reforms to the country's goods and services tax (GST) regime, with aim to simplify the process and rationalise rates. Later, on August 17, Prime Minister Narendra Modi added that the Centre has circulated the draft GST reforms among states and sought their cooperation to implement the proposal before Diwali. Electronic makers think so, they expect that the government will mark down electronics from the current 28 per cent GST bracket to the 18 per cent slab, thus allowing for reduction in costs by ₹ 1,500-2,500 depending on the AC models, PTI reported. The cost cuts take into account the proposed GST revisions and repo rate impact, it added. Apart from ACs, your televisions could also come cheaper, when applying the same principle of lower GST slab. At present, TV screens over 32 inches are taxed at 28 per cent — this could come down to 18 per cent. B Thiagarajan, MD of Blue Star feels the GST reforms are a 'great move', adding that the price benefit to the customer on the final pricing would be around 10 per cent, PTI reported. Manish Sharma, Chairman of Panasonic Life Solutions India said it would be 'phenomenal' if electronics and appliances are brought into the 18 per cent bracket, as 'there will be a straight 6 to 7 per cent odd price reduction in the market' that will 'result in reduction of ₹ 1,500 to ₹ 2,500', depending on the cost of the models. Among the sectors likely to see costs reduction due to the proposed GST reforms include everyday essentials such as groceries (food, fruits, vegetables), medicines, electronics (including ACs, TVs, fridges, washing machines), agricultural equipment, bicycles, insurance and education services. In groceries, items such as condensed milk, dried fruits, frozen vegetables, sausages, pasta, jams, namkeens including bhujiya, tooth powder, feeding bottles, carpets, umbrellas, bicycles, utensils, furniture, pencils, handbags made of jute or cotton, and footwear under ₹ 1,000 are currently taxed at 12 per cent GST, but will be brought under the 5 per cent umbrella, allowing for cost reductions. As of August 18, the effective GST rate slabs in India are 5 per cent, 12 per cent, 18 per cent, and 28 per cent, on most goods and services, except commodities such as gold and silver. The reforms propose new tax slabs of: 5 per cent (collapsing the 12 per cent slab into it), 18 per cent (collapsing the 28 percent slab into it), and 40 per cent for select 'sin' category goods such as tobacco and alcohol products. Notably, since GST is a consumption-oriented tax, PTI reported most experts agreeing that it is the final consumers who will ultimately benefit from these reforms, as lower GST means lower final cost.
News18
an hour ago
- News18
IIT Bombay launches women-only certificate course on Generative AI for business
Agency: Mumbai, Aug 18 (PTI) Indian Institute of Technology Bombay on Monday said its Desai Sethi School of Entrepreneurship (DSSE) is rolling out a beginner-level course exclusively designed to empower women professionals, entrepreneurs, and managers with practical skills in generative AI. The special edition of 'GenAI for Business: A Hands-On Introduction" will be conducted online from September 11 to 13, and the last date of registration is September 9, IIT Bombay said in a statement. This will give an opportunity to the women participants to explore the fast-evolving world of GenAI in a supportive, collaborative learning environment. Over the course of three days, participants will gain hands-on experience with tools like ChatGPT, Claude, Gemini, Co-Pilot, DALLE, Perplexity, Flux1, Grok, and Notebook LM through live demos, exercises, and real-world examples. PTI SM NSK view comments First Published: August 18, 2025, 22:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
