&w=3840&q=100)
‘We will buy oil from wherever we have to': India minister Puri on Trump's secondary sanctions threat
While commenting on US President Donald Trump's secondary tariff threat against India, Minister of Petroleum and Natural Gas of India, Hardeep Singh Puri, said that India diversified its sources of buying oil and is not facing pressure over Trump's new threat. The remarks from Puri came when Firstpost's Managing Editor, Palki Sharma, asked him about Trump's secondary sanctions threat and the kind of impact it can have on the Indian oil industry.
STORY CONTINUES BELOW THIS AD
On Tuesday, Trump announced a whopping 100 per cent tariffs on Russian exports, including oil, expressing his displeasure with Russian President Vladimir Putin's reluctance to negotiate a peace deal. Apart from this, Trump also introduced equivalent secondary tariffs on countries importing Russian shipments, with India being one of them.
Trump warned that the tariffs would be imposed after a 50-day deadline for Moscow to end the war against Ukraine. When asked about the secondary tariff warning, Puri said at the Thursday event, that right now he does not have 'any pressure' in his mind.
India is one of the biggest consumers of Russian oil
Since February 2022, Indian refiners have been lapping up Russian oil at discounted rates while the West has shunned Russia by imposing sanctions. Russia currently accounts for a third of India's oil imports, compared to less than 1 per cent before the war.
Hence, if Trump carries through with his threats, India might take a significant hit. According to reports floated by Western media, a secondary tariff will apply to the country and affect all merchandise exports, unlike in the case where only the entities doing business with sanctioned Russian entities are penalised.
If something like this happens, Indian refiners will have no other option but to pivot towards West Asian suppliers and new suppliers such as Brazil to make up for the lost supply. However, these barrels will come at a higher cost. In light of this, the government had already approached two major West Asian oil producers to examine additional supplies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
Monsoon Session Kicks Off On A Stormy Note: LS Adjourned Amid Sindoor Row, Demands For PM Statement
The Monsoon Session 2025 began with high drama in Parliament as the Opposition disrupted Lok Sabha proceedings, demanding an urgent discussion on Operation Sindoor, the Pahalgam attack, and Donald Trump's ceasefire claim. Speaker Om Birla was forced to adjourn the House till 12 PM, calling for calm and urging MPs to follow procedure. The BJP asserted that the government is ready to answer all queries but criticized the Opposition for 'creating drama'. PM Modi had earlier hailed Operation Sindoor as a 'Vijay Utsav', triggering further demands from the Congress for a full-fledged debate and a PM statement. While the Speaker assured ample time for all MPs under the rules, Congress MPs insisted this is not just a national security issue, but a matter of parliamentary accountability.#pmmodi #loksabha2025 #operationsindoor #modivsopposition #pmmodistatement #sindoorrow #parliamentprotest #monsoonsessionlive #adjournmentdrama #kcvenugopal #ombirla #toi #toibharat #bharat #trending #breakingnews #indianews Read More
&w=3840&q=100)
First Post
22 minutes ago
- First Post
In numbers: How women lead India's startup revolution
Women entrepreneurs are driving a transformative wave across India's startup ecosystem, putting the country prominently on the global map of startup ventures read more India is witnessing a quiet yet powerful transformation — one that is being led by women entrepreneurs across the length and breadth of the country. Union Minister Jitendra Singh has said that of the 1.7 lakh startups currently operating in India, nearly 76,000 are led by women. This milestone is more than symbolic as it signals a structural shift in how innovation, economic participation and leadership are being reshaped across India's entrepreneurial landscape. Collectively, these startups have generated over 17 lakh jobs, contributing meaningfully to India's employment base and economic development. STORY CONTINUES BELOW THIS AD This transformation is not limited to India's metropolitan hubs. The Indian minister pointed out that smaller towns, particularly in Tier 2 and Tier 3 urban clusters in poorer states such as parts of Bihar, are emerging as fertile grounds for women-led ventures. These new entrepreneurial hotspots show the expanding reach of India's startup ecosystem into areas that were historically left out of the innovation discourse. Where women found and flourished Data from the Startup India digital map reveals that states such as Maharashtra, Delhi, Karnataka, Tamil Nadu and Uttar Pradesh host the highest number of women-led startups. Maharashtra alone accounts for nearly 13,700 of these ventures, demonstrating how infrastructural advantages and capital access can fuel female entrepreneurship. Southern states such as Telangana and Kerala also show strong numbers, suggesting the influence of state-level policies designed to foster inclusive growth. However, the data also reflect disparities. Northeastern states and Union Territories such as Sikkim, Ladakh and Lakshadweep continue to lag in supporting women-led enterprises, largely due to limitations in market access, mentorship and funding. This regional imbalance highlights the need for more localised interventions tailored to the challenges of these underrepresented areas. A global powerhouse in women-led startup funding On the global stage, India ranks second only to the United States in terms of cumulative funding raised by companies with women founders. According to a recent report by Tracxn, women-led tech startups in India have collectively raised a staggering $26.4 billion to date. In 2024 alone, these ventures secured $1 billion in funding — representing 8.76 per cent of all tech startup capital raised in the country that year. Despite a 25 per cent decline from 2023's funding figures, the early-stage investment segment actually grew by six per cent, reflecting increased investor confidence in newer women-led ventures. Still, the need for sustained capital support remains critical, especially as fewer startups progress beyond Series A funding. Bengaluru: India's startup capital for women Among Indian cities, Bengaluru stands as the unequivocal leader in both the number of women-led startups and total funding secured. It is followed by Mumbai and the Delhi-NCR region. This dominance reflects not only access to capital and talent but also the presence of supportive ecosystems that encourage risk-taking and innovation by women founders. Bengaluru's startup culture — long heralded for its openness to diversity and experimentation — has provided a conducive environment for many prominent women-led companies further strengthening its position as a launchpad for entrepreneurial success. Sectoral impact: Beyond traditional boundaries Women-led startups are not confined to a narrow band of sectors. The Tracxn report reveals that these ventures span diverse industries, with the retail sector leading in cumulative funding at $7.8 billion. Edtech follows at $5.4 billion, while enterprise applications claim $5 billion. This diversification signals a maturity in the ecosystem—women founders are not just participating, they are innovating across verticals that were once considered male-dominated. Emerging sub-sectors such as fashion tech, Internet-first consumer brands and B2C ecommerce are seeing increased activity by women founders, redefining what entrepreneurial leadership looks like in India. STORY CONTINUES BELOW THIS AD Unicorns, IPOs and the journey ahead India's women-led startup ecosystem has already produced multiple unicorns, with notable spikes in 2021 when eight new unicorns emerged. While the pace has slowed — 2023 and 2024 saw no new unicorns — the groundwork for future growth continues to be laid. In terms of public market participation, five women-led startups went public in 2024, including notable names like MobiKwik and LawSikho. These successful IPOs mark important milestones, proving that women entrepreneurs are not only building scalable businesses but also ones that are investment-worthy at the highest levels. However, the path to unicorn status and public listing remains steep. Only 2.3 per cent of funded women-led startups have advanced to Series C or beyond. Addressing this requires more institutional backing, mentorship networks, and long-term funding strategies. Icons of innovation A number of women-led startups have emerged as industry benchmarks. Startups such as ACKO, LivSpace, Amagi and The Good Glamm Group are disrupting fields such as insurtech, proptech, SaaS and digital consumer goods. These ventures showcase the range, impact and ambition that characterise the new wave of women-led innovation in India. Government support and vision The government has not remained a passive observer in this evolution. At a recent conference on women's development in Bihar, Singh stressed upon the government's focus on empowering women through institutional and scientific avenues. Initiatives such as the WISE (Women in Science and Engineering), CURIE and GATI schemes aim to build both skill and confidence among aspiring women innovators. Bihar, for instance, is being positioned as a model state in women-led development, thanks to programmes like the Lakhpati Didi scheme and 50 per cent reservation for women in Panchayats. These efforts reflect a strategic push to embed women-centric leadership into the country's developmental blueprint. Singh also emphasised how women are increasingly occupying leadership roles in traditionally male-dominated sectors. India now boasts over one-third of its CSIR laboratories headed by women scientists. Women are playing vital roles in space missions, defence and policy-making—reshaping perceptions and realities at the highest levels. STORY CONTINUES BELOW THIS AD Inclusive and bold India's women-led startup revolution is more than a statistical phenomenon. It is a powerful indicator of what inclusive, equitable growth can look like. From Bengaluru's tech corridors to the grassroots of Bihar, women are shaping a new economic narrative grounded in creativity, resilience and impact. Yet, the journey is far from complete. Funding gaps, regional disparities and a lack of late-stage capital remain significant hurdles. Closing these gaps will require not only public sector commitment but also proactive support from investors, incubators and industry leaders. As India looks toward its Viksit Bharat@2047 vision, one thing is increasingly clear: the future of Indian innovation is not just inclusive, it is female-led. And in that future, numbers don't just tell a story; they tell a revolution in progress.
Time of India
22 minutes ago
- Time of India
iGowise ties up with Elektrik Express to deploy 2,000 AI-enabled e-trikes for urban deliveries
Elektrik Express has partnered with iGowise Mobility to deploy 2,000 AI-integrated BeiGo 2.5-wheeler electric pickup trikes . The rollout will begin with a pilot phase starting on 15 August 2025 in Mumbai, Pune, Bengaluru, and Hyderabad. The deployment will continue in phases over the next 24 months, with plans to expand into Tier 1 and Tier 2 Indian cities and later into Southeast Asia, Africa, and Latin America. At the core of the initiative is MicroLogi, Elektrik Express's logistics intelligence platform . The system uses real-time IoT data, predictive analytics, and workflow optimisation to improve delivery network performance. During the pilot phase, selected fleets will be tested in partnership with quick-commerce operators. The collected operational data and rider feedback will be used to refine route planning, energy consumption, and fleet behaviour before full-scale deployment. Elektrik Express aims to address mid-range logistics categories involving loads between 50 and 150 kg and volumes between 100L and 500L, which it considers underserved by conventional two-wheelers and larger cargo vehicles. Smart fleet integration and operational efficiency The BeiGo 2.5-wheeler pickup trike developed by iGowise features a 100+ km range, swappable LFP batteries, and fast charging in 2.5 hours. The vehicle includes integrated smart telematics that communicate directly with MicroLogi to optimise routing, monitor fleet health, manage rider workloads, and oversee energy use. Chintamani Sardesai, Co-founder, Elektrik Express, said, 'EVs are no longer a novelty—they are a necessity. But electrification without intelligence is just a half-step. With this partnership, we're creating a delivery infrastructure that is not only zero-emission but also self-optimising.' Sravan Kumar Appana, CEO, iGowise Mobility, added, 'The BeiGo 2.5EV Pickup Trike is more than a vehicle. Our engineering has always been driven by real-world logistics pain points. Integrated with MicroLogi, our trikes become intelligent agents in a living, learning fleet capable of scaling smarter, safer, and more profitable delivery networks.' Commercial rollout model The full deployment of the 2,000 units will follow a two-phase model. The first is a pilot phase in collaboration with quick-commerce operators to assess AI performance through operational data. The second phase will be commercial deployment through a Partners Lease Program, which enables fleet operators, startups, and enterprises to adopt the vehicles without significant upfront investment. The initiative's core features include AI-assisted route learning, predictive maintenance, centralised fleet monitoring, and integration with existing delivery platforms through quick-commerce APIs. The aim is to create a scalable and responsive delivery network designed for the urban logistics needs of India and similar global markets.
