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There has not been a single case of engine failure or breakdown reported since E20, or petrol blended with 20% ethanol, became a base fuel 10 months ago, Petroleum Minister Hardeep Singh Puri said on the sidelines of the Pioneer Biofuels 360 Summit, according to a release from the Ministry of Petroleum and Natural Gas. Read more
Exporters, in consultations with the commerce ministry after the US announced a 50% tariff on Indian goods, communicated to the government that they don't want a trade deal with the US at the cost of India's national interests, a top official from the ministry said. Indian goods in the US are now subject to 25% duty, which is set to rise to 50% from Aug. 27. Read more
By Pallavi Singhal India faces a growing energy dilemma as pressure mounts from the US and Europe to reduce imports of Russian crude oil and global tariffs and sanctions threaten to upend its finely balanced oil procurement strategy. With Russian oil accounting for over a third of India's import basket, recent moves by US President Donald Trump to raise tariffs on Indian exports to a combined 50%, citing continued oil purchases from Russia, have brought India's drive for affordable and secure energy into the spotlight. Read more
India exported tea worth INR 10.23 billion in Apr-May, over 6% higher than INR 9.63 billion a year ago, according to provisional data released by Tea Board India. In volume terms, however, exports fell nearly 9% on year to 34.50 million kilograms during the period. During Jan-May, India exported tea worth INR 30.20 billion, up over 15% from a year ago, according to the data. Read more
Adding fuel to the unravelling relationship between India and the US over New Delhi's economic ties with Moscow, Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday reaffirmed their commitment to further deepen the "special and privileged strategic partnership". In a "very good" and "detailed" telephonic conversation, the two global leaders also reviewed the progress on the bilateral agenda, Modi wrote in a post on X. Read more
By Akash Mandal Options data showed the Nifty 50 is likely to fall further in the near term on jitters among market participants about the US increasing tariffs on India to 50% and doubts about earnings growth. Market sentiment was hit after the Nifty 50 breached its immediate support level Friday with options showing the index can drop to 24000 points next week, indicating a fall of 1.5%. Read more
The Union Cabinet approved INR 120.60 billion for providing subsidy to beneficiaries under the Pradhan Mantri Ujjwala Yojana in 2025-26 (Apr-Mar). The scheme, which provides a subsidy of INR 300-per-14.2-kg cylinder for up to nine refills in a year, will benefit 103.3 million households, the government said in a release Friday. Read more
By Gopika BalasubramaniumThe benchmark equity indices closed at a three-month low Friday, weighed down by negative sentiment in the market after the US doubled its tariff on Indian imports in an attempt to force the country to stop buying Russian crude oil. Market participants said there is uncertainty in the market as to when and how India and the US will come to an agreement with respect to the import duties and Russian oil imports. India and the US only begin their next round of negotiations on Aug. 25, two days before the ad valorem duty of 25% comes into effect. Read more
The US' decision to double tariffs on India to 50% increases risks to the Indian economy, Moody's Ratings said Friday. How India responds to these tariffs will determine the ultimate effects on its growth, inflation and external position, the rating agency said. Read more
