Will boost domestic demand: Industry
Hemant Jain, President of PHD Chamber of Commerce and Industry (PHDCCI), said the persistent softening of wholesale inflation since December 2024 is encouraging and reflects improving macroeconomic conditions. He noted that WPI inflation declined from 2.57 per cent in December 2024 to (-)0.13 per cent in June 2025 -- strengthening business sentiment across sectors.
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India.com
9 hours ago
- India.com
Trump Tariffs: MEA says India-Russia relations based on..., shouldn't be viewed from...
(File) Trump Tariffs: The Ministry of External Affairs (MEA) on Friday defended India's long-standing relationship with Russia, calling it 'steady and time-tested,' amid growing criticism from the US. MEA spokesperson Randhir Jaiswal, during the weekly media briefing, emphasised that India's relations with any country are based on their own merit and shouldn't be viewed through the lens of third countries 'Our ties with any country stand on their merit and should not be seen from the prism of a third country. As far as India-Russia relations are concerned, we have a steady and time-tested partnership,' he said. Jaiswal's comments came after a series of statements from the US, including from President Donald Trump and Secretary of State Marco Rubio, criticizing India for continuing to import discounted Russian oil despite Western sanctions over the Ukraine war. Trump, while announcing a 25% tariff on Indian goods starting August 8, had cited India's purchase of Russian oil and military equipment as one of the reasons for the punitive move. Rubio also called India's Russian oil imports a 'point of irritation' in bilateral ties, suggesting that such purchases were helping fund the war in Ukraine. Jaiswal clarified that India's energy purchases are guided by market dynamics and national interests, adding that the government is unaware of any specific developments regarding Indian oil companies pausing Russian imports. 'You are aware of our broad approach to energy sourcing requirements, that we look at what is available in the market and the prevailing global situation. We are not aware of any specifics,' he said. MEA made it clear that India's partnership with the United States remains strong and resilient. Jaiswal stressed that the India-US relationship is rooted in shared values and interests and is capable of weathering external challenges. 'India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has weathered several transitions and challenges. We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward,' he added. Earlier this week, Commerce and Industry Minister Piyush Goyal told Parliament that the government is assessing the impact of the new US tariffs and will take all necessary steps to protect the national interest. (Only the headline has been reworked by Copy comes from an agency feed)
Hindustan Times
10 hours ago
- Hindustan Times
India sets sail for Arctic waters with Russian partnership
Maritime transport is the backbone of international trade and the global economy. Over 80% of the volume of international trade is carried by sea, and the percentage is even higher for most developing countries. The ever-increasing volume of global maritime trade and the related increased global competition that can have a significant impact on the stability of maritime transportation demonstrate a reasonable need to improve the global transportation security. One of the most relevant ways to achieve these goals is to develop additional routes for the transit of goods. Indian Maritime(HT_PRINT) Countries worldwide are currently exploring alternative routes to supplement traditional shipping corridors and stabilize global supply chains. Recognising these trends, India, a nation reliant on maritime transportation due to its geographical location, has begun to actively pursue opportunities in Arctic shipping. According to the ministry of commerce and industry, in 2024, the volume of trade between Russia and India exceeded a record $70.6 billion, which is 9.2% higher than in 2023. Specifically, India imports unique crude oil blends from Arctic fields such as ARCO and Novy Port, diversifying its energy sources and reinforcing national energy security. The Northern Sea Route is of key importance to India's steadily growing economy. The development of this promising area of cooperation between the two countries has already received an impetus in the form of an initiative to create a sea corridor from the Indian port of Chennai to Vladivostok and back. The logical continuation of the initiative will be its interlinking with projects on the development of transit container transportation along the Northern Sea Route, implemented by Rosatom State Corporation with the active support of the State. The addition of India's key companies in maritime transportation and port operations will give a strong impetus to the project and allow India to develop existing as well as gain unique competencies to operate and maintain the Arctic Sea Container Line. This momentum also was further solidified in 2024 when India and Russia jointly established a working group focused explicitly on cooperation on the Northern Sea Route. Their collaboration includes initiatives to improve navigation safety, the possibility of training Indian sailors in polar navigation and the creation of joint projects in the field of Arctic shipbuilding. The Northern Sea Route is Russia's national transportation link in the Arctic which represents a compelling opportunity, offering substantial reductions in the transit distance between Europe and Asia—shortening the conventional 21,000 km journey to approximately 13,000 km. The first reference to the Northern Sea Route dates back to 1525, when the Russian envoy Dmitry Gerasimov came up with an idea of a shipping route through the Arctic Ocean. This proposal paved the way for maritime shipping between Russia and China and marked the start of Russia's endeavour to develop the Northern Sea Route, which celebrates its 500th anniversary in 2025. The route is extremely important for ensuring further development of the economy being the element of the creation of Russia's unified logistical space stretching from Murmansk to Vladivostok, uniting waters from Russia's western maritime border to the borders of the Asia-Pacific region. By shortening travel distances, the NSR supports global efforts toward decarbonising maritime logistics, contributing positively to environmental sustainability including through the use of the nuclear icebreakers, which are virtually no carbon dioxide emissions into the atmosphere. It is important to note that Russia is the only country in the world with a nuclear-powered icebreaker fleet. The fleet is operated by Atomflot, an enterprise of Rosatom State Corporation. Today, the Russian nuclear icebreaker fleet has taken on and multiplied all the advantages of the world's first nuclear icebreaker. Such infrastructure not only ensures safe maritime transit but aligns perfectly with global goals aimed at reducing environmental impact and enhancing sustainability in shipping. India has long understood the importance of its participation in Arctic projects and has confirmed its interest in cooperation in the region. According to India's strategic planning documents, including the country's vision in the context of participation in global maritime trade, India is analysing both current and possible future trends in global maritime trade to formulate objectives and guidelines for the present including in the Arctic. India's Arctic Policy (2022) document explicitly recognises the importance of NSR. The cargo traffic along the NSR is growing rapidly as well. Since 2018, when Rosatom took over the responsibility for operating the NSR infrastructure, the NSR cargo traffic has more than tripled reaching a new record in 2024 with approximately 37.9 million tonnes of cargo shipped along the route. This exceeds the previous maximum by 1.6 million tonnes. The volume of transit cargo exceeded three million tonnes. The increasing activity in the Arctic region underscores the importance of balancing economic gains with environmental stewardship. Furthering its commitment, India announced its Arctic Policy, clearly defining objectives related to climate research, infrastructure development, and international cooperation. India's ongoing scientific presence, particularly through the Himadri research station established in Svalbard in 2008, has significantly advanced global understanding of Arctic weather patterns, ocean chemistry, and biodiversity. Another important project in this context is the comprehensive environmental monitoring program initiated by Rosatom in 2021. The project uses advanced technologies to monitor the Arctic's marine and terrestrial ecosystems. Working with international experts, including from India, the programme systematically collects and analyses data through marine sampling, atmospheric sampling, and satellite monitoring. This holistic approach ensures that the Arctic is developed responsibly. Thе burgeoning partnership underscores India's role in promoting sustainable development. As global trade continues to expand, India's active involvement in Arctic maritime logistics supported by robust collaboration with Russia exemplifies a forward-looking approach, one that harmonises economic ambitions with global responsibility, paving the way for sustainable and resilient international trade networks. This article is authored by Sitakanta Mishra, Dean, School of Liberal Studies, Pandit Deendayal Energy University, Gujarat.
Hans India
18 hours ago
- Hans India
US tariffs work as opportunity for India's supply chain: Industry
New Delhi: The United States' decision to impose a 25 per cent tariff on India should be seen not just as a challenge, but also as a major opportunity for the country, industry leaders said on Thursday. Speaking on the development, Ranjeet Mehta, CEO and Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI) said that the higher duty is not limited to India, but also targets other major exporting nations such as China, Vietnam, and Bangladesh, with China and Vietnam facing even steeper tariffs. He noted that the US is recalibrating its trade policy, leading to a shift in global supply chains. Mehta admitted that Indian MSMEs and industries may face short-term difficulties due to the tariff, but in the long run, it could help India strengthen its position as a trusted global partner.
