Russian Embassy installs plaque to recognise Biju Babu's significant contribution during World War II
The 80th anniversary of Russia's victory over Nazism in World War II is being celebrated on May 9.
To mark the occasion, a commemorative event was held at the Russian Embassy in New Delhi.
During World War II, the legendary Biju Patnaik displayed extraordinary bravery by participating in the Stalingrad Campaign.
He supplied weapons to the besieged Red Army, contributing significantly to their eventual victory.
Former Odisha Chief Minister Naveen Patnaik, son of Biju Patnaik, attended the event at the invitation of Russian Ambassador Denis Alipov.
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What we know about six Indian companies sanctioned by Donald Trump's administration for trade with Iran
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Now, that tailwind is diminished. So, I would expect a short-term negative impact on FII inflows, as investors trim their India allocations due to a less attractive risk-reward setup. Adrian Mowat suggests Indian markets can quickly absorb a 25% tariff impact, though it might weaken the rupee and limit the RBI's flexibility. He highlights the geopolitical motivations behind potential US penalties on India and China's oil imports from Russia. This situation could negatively affect foreign investment inflows into India due to a less favorable risk-reward scenario. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads "We should be cautious—there's a real possibility the U.S. could impose stricter penalties on both India and China regarding oil imports . That would drive up energy costs. Combine that with a weakening rupee, and the RBI's ability to cut rates and stimulate the economy gets constrained. These are significant developments, and it's often the second-order effects that matter more than the immediate, easily quantifiable impacts," says Adrian Mowat, EM-Equity Strategist,I agree with your assessment. The market can quickly price in the worst-case scenario of a 25% tariff. It will impact certain companies, but for the broader benchmark, given its composition, the impact doesn't appear too difficult to absorb. It's not a direct hit on the earnings of most benchmark we do need to consider capital flows into India. Does this situation suggest that the recent weakness in the Indian rupee may persist? That's certainly a possibility, and it could reduce the Reserve Bank of India's flexibility. So yes, we should acknowledge the seriousness of this trade policy move, but also focus on its second-order effects, which may be more clear frustration in Washington regarding the ongoing war in Ukraine. Despite sanctions, Russia's balance of payments and cash flow have remained relatively strong. If the U.S. wants to exert real pressure, it needs to stop countries from buying Russian oil—and the two biggest buyers are India and this is more of a geopolitical issue than an India-specific one. The Trump administration's stance on Ukraine has been quite fluid, but it now appears they're adopting a tougher approach with more aggressive sanctions on Russia. President Trump seems increasingly frustrated with Vladimir Putin's should be cautious—there's a real possibility the U.S. could impose stricter penalties on both India and China regarding oil imports. That would drive up energy costs. Combine that with a weakening rupee, and the RBI's ability to cut rates and stimulate the economy gets constrained. These are significant developments, and it's often the second-order effects that matter more than the immediate, easily quantifiable the margin, yes, it does. The delta here is negative. As I mentioned, it feeds into a weaker INR and slightly higher imported inflation, which, again, reduces RBI's flexibility. A few months ago, we had a strong rupee and favorable inflation data, which gave the central bank room to stimulate the economy—this was a bullish backdrop for that tailwind is diminished. So, I would expect a short-term negative impact on FII inflows, as investors trim their India allocations due to a less attractive risk-reward setup.
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"We should be cautious—there's a real possibility the U.S. could impose stricter penalties on both India and China regarding oil imports. That would drive up energy costs. Combine that with a weakening rupee, and the RBI's ability to cut rates and stimulate the economy gets constrained. These are significant developments, and it's often the second-order effects that matter more than the immediate, easily quantifiable impacts," says Adrian Mowat, EM-Equity Strategist, ADVERTISEMENT Tell me, how quickly do you think the Indian markets will digest the news of the worst-case scenario—a 25% tariff? While it seems like negotiations are still ongoing, many are still hoping for a compromise, but it's unclear what the outcome will be. Adrian Mowat: I agree with your assessment. The market can quickly price in the worst-case scenario of a 25% tariff. It will impact certain companies, but for the broader benchmark, given its composition, the impact doesn't appear too difficult to absorb. It's not a direct hit on the earnings of most benchmark constituents. However, we do need to consider capital flows into India. Does this situation suggest that the recent weakness in the Indian rupee may persist? That's certainly a possibility, and it could reduce the Reserve Bank of India's flexibility. So yes, we should acknowledge the seriousness of this trade policy move, but also focus on its second-order effects, which may be more meaningful. We were just talking about India's recalibration of its oil strategy. What do you think the outcome could be? Do you believe this move could have the kind of impact Trump is hoping for on Russia, or is it more likely that Russia remains largely unaffected while the Middle East benefits? What's your view on this penalty India faces due to its oil imports? Adrian Mowat: There's clear frustration in Washington regarding the ongoing war in Ukraine. Despite sanctions, Russia's balance of payments and cash flow have remained relatively strong. If the U.S. wants to exert real pressure, it needs to stop countries from buying Russian oil—and the two biggest buyers are India and this is more of a geopolitical issue than an India-specific one. The Trump administration's stance on Ukraine has been quite fluid, but it now appears they're adopting a tougher approach with more aggressive sanctions on Russia. President Trump seems increasingly frustrated with Vladimir Putin's actions. ADVERTISEMENT We should be cautious—there's a real possibility the U.S. could impose stricter penalties on both India and China regarding oil imports. That would drive up energy costs. Combine that with a weakening rupee, and the RBI's ability to cut rates and stimulate the economy gets constrained. These are significant developments, and it's often the second-order effects that matter more than the immediate, easily quantifiable impacts. ADVERTISEMENT I'd like your take on potential changes to allocation strategies if the 25% tariff remains in place. Would this prompt you to recalibrate your approach? And more broadly, given that other emerging markets like the Philippines, Vietnam, and now even South Korea are in focus—does the tariff itself shift FII deployment strategy? Adrian Mowat: At the margin, yes, it does. The delta here is negative. As I mentioned, it feeds into a weaker INR and slightly higher imported inflation, which, again, reduces RBI's flexibility. A few months ago, we had a strong rupee and favorable inflation data, which gave the central bank room to stimulate the economy—this was a bullish backdrop for that tailwind is diminished. So, I would expect a short-term negative impact on FII inflows, as investors trim their India allocations due to a less attractive risk-reward setup. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
