Latest news with #US-IndiaStrategicPartnershipForum
India Gazette
4 days ago
- Business
- India Gazette
Global South feels strong desire for change in the world order
S. Jaishankar has said there are rising voices in the BRICS+ nations condemning the unfairness of global affairs Indian Foreign Minister S. Jaishankar has said that "strong sentiments" in the Global South regarding the perceived unfairness of the present international order are fueling a desire for change, according to the news agency AFP. Jaishankar's statement, made on Sunday, came ahead of the G7 Summit in Canada where Indian Prime Minister Narendra Modi is one of the invitees representing the Global South. "There are very strong feelings in the Global South about the inequities of the international order, the desire to change it, and we are very much part of that," he said. The Indian foreign minister added that it is important for New Delhi to make its presence felt at the Canada summit. "We have been an outreach country in the G7 for many years, and I think it brings benefits to the G7," he said. The G7, or Group of Seven, is an informal intergovernmental forum which was established in the mid-1970s consisting of seven of the world's most advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. While not a member, India plays an important role in the G20, an expanded group which was established in 1999. BRICS, an intergovernmental organization established in 2009 by Brazil, Russia, India, and China (as BRIC), with South Africa joining in 2010, is widely seen as representative of the Global South. The group later expanded to include Egypt, the United Arab Emirates, Ethiopia, Indonesia and Iran. Vietnam recently joined the bloc as a partner country. The original five countries are all members of the G20, where they are seen as a counterweight to the G7. India's active trade involvement with Russia and other members of BRICS, particularly in sectors such as oil and defense, has drawn the ire of G7 countries such as the US. Recently, US Secretary of Commerce Howard Lutnick said while addressing the eighth US-India Strategic Partnership Forum that India's participation in the group, which challenges the hegemony of the US dollar, is "not really the way to make friends and influence people in America." The original five BRICS countries overtook their G7 counterparts in share of the world's total gross domestic product (GDP) in terms of purchasing power parity in 2018, according to the German online platform Statista. The current BRICS members now account for 35 percent of the world's GDP, compared to 30 percent held by the G7 countries, according to Statista.
Indian Express
04-06-2025
- Business
- Indian Express
Defence equipment, oil, cars: Where India could lower tariffs to reach deal with US
With US trade negotiators set to reach India Thursday for a two-day visit, the India-US trade deal negotiations are entering their final stage and could soon see Delhi opening its market and lowering tariffs on a range of American products – from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocal tariffs and improved access to the US market for India's labour-intensive sectors such as textile and leather products. The White House said Tuesday that the US had asked countries to make their best offers on trade negotiations by Wednesday, as the July 8 deadline for reciprocal tariffs is just five weeks away. 'I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House spokesperson Karoline Leavitt said. Improving market access for US exports such as oil, armaments, soybeans, corn, whisky and automobiles could help address Washington's concerns over its goods trade deficit with India and high tariff barriers. US Secretary of Commerce Howard Lutnick said Tuesday that the US aimed to bring back advanced manufacturing and bridge the trade deficit by increasing exports to India, adding that both sides had 'found a place that really works' for them. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest and sourcing more from the US could also significantly help bridge the goods trade gap, as India's refining capacity has been increasing alongside oil import dependency, which surged to 90 per cent in April 2025. India's oil import mix has already undergone a significant shift since the Ukraine war, with Russia emerging as the top supplier, replacing Iraq and Saudi Arabia. Official trade data showed that India had already stepped up oil purchases from the US. India's import of crude oil from the US jumped 11.49 per cent to $63 billion in March 2025 compared to the previous year. India has had long standing defence ties with Russia, owing to its reliability during times when Western countries imposed sanctions. However, the US now appears to be leveraging its position as the world's largest market to boost defence equipment exports to India and reduce Delhi's dependence on Russia. Speaking at the US-India Strategic Partnership Forum (USISPF) in Washington DC, Lutnick said: 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia.' He said India is already 'addressing' this issue. According to the Stockholm International Peace Research Institute (SIPRI), the largest share of India's arms imports between 2020 and 2024 still came from Russia at about 36 per cent. However, this was significantly lower than the 55 per cent recorded in 2015-19 and 72 per cent in 2010-14. SIPRI's report released in March suggested that India has increased domestic manufacturing and is shifting its arms supply relations towards Western suppliers – most notably France, Israel and the US – at a time when Russia is prioritising domestic production amid the ongoing Ukraine war. US arms exports grew by 21 per cent between 2015-19 and 2020-24. The US share of global arms exports rose from 35 per cent to 43 per cent – nearly equal to the combined total of the next eight largest exporters, according to SIPRI. From high tariffs on agricultural imports to restrictions on genetically modified (GM) seeds and products, the US has criticised several Indian trade policies that have limited US exports. Under the new trade agreements, the US is seeking increased market access for its agricultural products, especially soya and corn – two of its top export items to China. Amid the likelihood of a protracted trade tussle with China, the US deal with India is likely to ensure greater market access for these two products. Additionally, the US may also secure improved access for its apples. A NITI Aayog working paper in May stated that India could offer some concessions on 'soybean oil imports' to reduce the trade imbalance, without harming domestic production. India is the largest importer of edible oil globally, and the US has a surplus of soybean exports. 'We should also explore the option of importing soybean seed and using it for extracting oil in coastal areas, then selling the oil in the domestic market and exporting the meal, for which there is adequate overseas demand. This will avoid genetically modified (GM) feed entering the Indian market,' the paper, authored by Senior Adviser at NITI Aayog Raka Saxena and Member Ramesh Chand, said. 'Similarly, corn may be imported for ethanol blending, and its by-products – like Distiller's Dried Grains with Solubles (DDGS) – can be entirely exported to avoid GM feed in the country. US corn is cheaper and can be used to meet India's biofuel targets without disrupting local food and feed markets,' it said. Notably, soybeans and corn are among the top exports of US to China and according to a Reuters report, US soybean exports could drop 20 per cent and prices may plunge if the US-China trade dispute remains unresolved. If the trade agreement with the UK is any indication, India is likely to open its highly protected automobile and alcoholic beverage sectors to the US, its largest trade partner. Even before negotiations with the US began, India slashed duties on bourbon whisky to 50 per cent from the earlier 150 per cent. Bourbon whisky is primarily produced in the US, with about 95 per cent made in Kentucky. Under the UK deal, India cut tariffs on automotive imports from over 100 per cent to 10 per cent – although the reduction is phased over 10 to 15 years. A similar, if not more favourable, deal could be offered to the US. President Donald Trump had previously stated that high tariffs in India made it difficult for companies like Harley-Davidson to operate in the country.
Time of India
04-06-2025
- Business
- Time of India
Trump's Big China Fear Over Harvard: Millions In Funds, Communist Influence And More
India's Russia Arms Ties 'Rubs US Wrong Way', Says Official | S-400 Deal Still On US Commerce Secretary Howard Lutnick has stated that India's military reliance on Russia 'rubbed America the wrong way' in the past, affecting strategic ties. Speaking at the US-India Strategic Partnership Forum, he said things are now changing as India moves towards purchasing more US arms. His remarks come shortly after Russia confirmed delivery of the final S-400 missile system units to India by 2026. Is India walking a tightrope between Moscow and Washington? And what does this mean for Indo-US ties, BRICS diplomacy, and arms purchases going forward? #s400 #indiaustradetalks #howardlutnick #usindiastrategicforum #indiausdefence #brics #russiaindiaarmsdeal #dollarhegemony #indiausrelations #modibiden #militarygear #indiarussia #usarmsdeal #toi #toibharat 1.4K views | 1 day ago
India Today
04-06-2025
- Business
- India Today
Despite US objections, 5 reasons why India-Russia partnership will endure
US Commerce Secretary Howard Lutnick said India's military purchases from Russia had "rubbed the United States the wrong way" while speaking at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit."There were certain things that the Indian government did that generally rubbed the US the wrong way... for instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia," Lutnick commerce secretary's understanding of the India-Russia relationship is limited. India buys Russian weapons because Russia does not attach strings to these sales. It willingly shares technology and co-produces weapons with India and allows technology transfers in areas no country will collaborate with. THE SOVIET UNION SOLD WEAPONS NO ONE ELSE DID When India began its rearmament in the mid-1960s after the defeat in the 1962 war with China, it first turned to the West. It wanted submarines and warships for the Navy and fighter jets for the Air Force. These were not Soviet Union stepped in with sales of frontline Foxtrot class submarines, first-of-its-class missile boats, anti-submarine corvettes and MiG-21 supersonic fighter aircraft. These platforms were used with devastating effect in the 1971 India-Pakistan war. The US, UK and China supported Pakistan in that Soviet Union sent its submarines in pursuit of the USS Enterprise carrier battle group that President Nixon sent into the Indian Ocean to intimidate India. This relationship continued through the 1980s. In 1987, the Soviet Union transferred to India on a three-year lease the K-43, the world's first nuclear-powered attack submarine that could fire anti-ship missiles from CONTINUES THE SOVIET LEGACYThis strategic partnership continued after the dissolution of the Soviet Union. The successor state, Russia, sold to India the BrahMos supersonic cruise missiles in the late 1990s. This weapon now equips all three services and was used with devastating effect during Operation Sindoor in smashing Pakistani airbases and radar installations. Russia has shared all the technology for this radical missile it developed during the Cold leased a second nuclear submarine, the Chakra-2, in 2012. It is refurbishing a third unit, the Chakra-3, which will be transferred to India on a ten-year lease by the end of this decade. Sure, Russia charges a hefty fee for this refurbishment and lease - over $3 billion - but with the exception of the US-UK partnership, no country has sold or transferred nuclear-powered submarine technology to another country. It has offered India advanced hypersonic weaponry and long-range missile systems and fifth-generation fighter FOR STRATEGIC WEAPONS PROGRAMMESadvertisementNuclear-powered ballistic missile submarines are the third leg of the triad of air, land and sea-based nuclear weapons. They are also the most secure leg of the triad because submarines can hide deep under the ocean beyond the reach of the helped India build its fleet of four Arihant class nuclear-powered ballistic missile submarines. India began constructing these submarines after the Pokharan nuclear tests in 1998. Today, two Arihant-class submarines have been commissioned and two more will be commissioned in the next four are the most complex defence platforms ever built by India. Then Prime Minister Manmohan Singh acknowledged Russia's support for the programme while speaking at the 2009 launch of the INS Arihant in STRINGS ATTACHEDThis is among the most important aspects of the relationship. The US imposed sanctions and embargoed the sale of military equipment to India because of the Pokharan-2 nuclear tests in 1998. President Donald Trump spoke of using trade as a tool to coerce India into negotiating a ceasefire during Operation Sindoor (a fact denied by India).This has led to fears that the sales of US weapons to India could be similarly used in a crisis. Russia has never attached such strings to its weapons sales to India. It has never imposed embargoes or restricted transfers of LIMITED ONLY BY IMAGINATIONThe sky is the limit when it comes to the Russia-India strategic partnership. Russia has provided technical assistance for India's Matsyayan ocean bed expedition that aims to send Indians to the deepest point of the Indian has also provided help for the Gaganyaan expedition, which aims to launch India's first astronauts in an Indian-built space vehicle. The India-Russia relationship is limited only by the imagination of the two partner Watch
&w=3840&q=100)
Business Standard
04-06-2025
- Business
- Business Standard
Trump's $5 million 'Gold Card' may succeed in India, but faces legal test
The Trump administration's proposed 'Gold Card' visa, which offers US permanent residency in return for a $5 million investment, could be especially popular among wealthy Indian nationals, US Commerce Secretary Howard Lutnick said on Monday. Speaking at the US-India Strategic Partnership Forum (USISPF) Leadership Summit 2025, Lutnick said the new visa model would offer affluent Indians a unique path into the American economy. 'I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,' said Lutnick. 'We are going to be incredibly successful in India.' What is the Trump Gold Card? The 'Gold Card' is pitched as a replacement to the existing EB-5 investor visa. The current EB-5 scheme allows foreign nationals to secure permanent US residency through a minimum $800,000 investment that creates or preserves 10 full-time jobs. In contrast, the Gold Card proposes: A $5 million investment threshold Immediate US permanent residency, similar to a green card A streamlined route to US citizenship No obligation to create jobs Lutnick described it as 'the equivalent of a green card' but with options for tax planning. 'You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets,' he said. 'No inheritance tax, and none of that kind of stuff either.' He added, 'That's what we're going to call it—an international entrepreneur. I think it will be very well received amongst the great people of India who want to participate and have the means to participate in America.' Lutnick credited Indian entrepreneurs for their growing presence in the US business world. 'They're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way,' he said. Application process and availability Interested applicants can visit to register and learn more about the process. Some cards have reportedly already been purchased in the Middle East. The Trump administration expects the initiative to raise considerable revenue. Trump has said, 'We could sell maybe a million of these cards, maybe more than that.' He projected that if 10 million cards were sold, the US could generate $50 trillion. Lutnick offered a more conservative estimate, suggesting the US could still raise $1 trillion if 200,000 people invested. But is the Gold Card visa legal? The programme has triggered legal questions over whether the President can bypass Congress to change immigration law. Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises, said, 'From its inception, the EB-5 program has been legislated by Congress, and under the EB-5 Reform and Integrity Act of 2022 (RIA), it was reauthorised through September 30, 2027. Any changes to the program would require congressional approval.' The American International Lawyers Association echoed this view in a March blog post. 'As a matter of law, it is important to remember that the President cannot unilaterally end or change the EB-5 program,' the group wrote. 'Unless Congress repeals it, or passes a new or amended law,' the existing scheme is expected to remain in place. US holds the wealth crown The US has over 6 million millionaires, accounting for 37% of the world's total 10,800 centi-millionaires (with $100 million+ net worth) More than 850 billionaires From 2014 to 2024, the US millionaire population grew by 78%—the highest in the world. The Gold Card, if implemented, would put the US in line with other countries that offer investment-based residency, but with a much higher entry bar.
