Ricky Chopra NEW DELHI: India is accelerating its efforts to secure critical mineral supply chains amid rising geopolitical uncertainty and continued global dependence on China, but structural challenges in production and processing remain significant hurdles. Critical minerals—particularly rare earth elements such as lanthanides, scandium, and yttrium—are essential for clean energy technologies, electric vehicles, and advanced electronics. While India has made major policy strides, its current production accounts for less than 1% of global output, underscoring the gap between ambition and capacity....more

India slashes excise duties on petrol, diesel

NEW DELHI, Mar 27: The government on Friday slashed excise duties for petrol and diesel by Rs 10 per litre each, bringing the centre-imposed taxes down to Rs 3 per litre of petrol and making it zero for diesel.

However, industry sources say the reduction is unlikely to translate into lower prices at fuel stations for most consumers as the cut will larely be absorbed by oil marketing companies (OMCs) to offset heavy losses on pump sales.

OMCs are currently losing Rs 48.8 per litre of petrol or diesel sold, in large part due to the surge in Brent crude prices; the global benchmark crossed US$100 per barrel red line after the US-Israel war on Iran and the Strait of Hormuz blockade.

In a long X post, Petroleum Minister Hardeep Singh Puri said: "International crude prices have gone through the roof in the last month, from around US$70 per barrel to around US$122 per barrel. Consequently, petrol and diesel prices for consumers have gone up all over the world. Prices have increased by around 30 to 50 per cent in South East Asian countries, 30 per cent in North American countries, 20 per cent in Europe, and 50 per cent in African countries."

"The Modi government had two choices - either increase prices drastically for citizens of Bharat as all other nations have done or bear the brunt on its finances so that Indian citizen is insulated from international volatility."

"... in keeping with the commitment of last four years, since the conflict in Russia-Ukraine started, the govvernment decided to take a hit on its own finances again to safeguard the Indian citizen," Puri said.

The excise duty cut also comes a day after Nayara Energy, the country's largest private fuel retailer with an 8.4 per cent market share and backing by Russian company Rosneft and Kesani Enterprises, hiked petrol and diesel prices by Rs 5.3 and Rs 3 per litre, respectively.

After 'Unfair Practice', India, US Trade Partners Face 'Forced Labour' Probe

WASHINGTON, Mar 13: The United States has launched a second round of Section 301 investigations against India and 59 other trading partners - this time over the alleged use of forced labour to produce goods imported by Washington - US Trade Representative Jamieson Greer's office said Friday morning on X.

Sixty of the US' largest trading partners are to be investigated to 'determine if they have taken sufficient steps to prohibit importation of goods produced with forced labour', Greer's office said.

"For too long, American workers and firms have been forced to compete against foreign producers who may have an artificial cost advantage gained from scourge of forced labour."

Apart from India, Pakistan, China, Bangladesh, Cambodia, Vietnam, and the European Union will be investigated. Israel, with whom Washington is engaged in war on Iran, is also on the list.

Canada, the US's second largest trading partner, has also been targeted.

Ambassador Greer launched Section 301 investigations into acts, policies, and practices of 60 economies to determine whether foreign governments have taken sufficient steps to prohibit the importation of goods produced with forced labor.

Section 301 of the Trade Act, 1974, gives the USTR office authority to investigate and retaliate against trade practices found to be 'unjustifiable', 'unreasonable', or 'discriminatory', and which 'restrict or burden US commerce'. As part of that retaliation, Trump can impose new tariffs.

The double whammy has been seen as US President Donald Trump's attempt to circumvent a Supreme Court ruling that struck down high tariffs by imposing fresh trade barriers. The probes offer Trump a route to rebuild a 'tariff threat' narrative against trading partners, and to enforce signing of trade deals the President believes will be more beneficial to the US.

The US Supreme Court had ruled Trump's original tariffs - which included a 50 per cent levy on India - exceeded the administration's authority, even under 'emergency economic powers'.

Trump - who has used tariffs as a stick to bully trade partners into submission, complaining US manufacturers face higher tariffs in foreign countries - ordered a 10 per cent temp tariff on all imports under a different law.

US grants 30-day waiver to India for Russian oil purchase as Iran conflict triggers energy concerns

WASHINGTON, Mar 6: The United States on Friday announced it was granting a 30-day “temporary” waiver to Indian refineries to continue its purchase of Russian energy. The development comes amid concerns of a spike in energy prices due to the ongoing conflict between Iran and the US-Israel that has also spilt over to other Gulf nations.

The announcement was made by US Treasury Secretary Scott Bessent on X, who clarified that the measure wouldn't help Russia make significant financial gains “as it only authorizes transactions involving oil already stranded at sea”.

There were 9.5 million barrels of Russian oil sitting in Asian waters as of last week, a Bloomberg report said, further adding that the waiver from the US only applies to Russian products loaded onto vessels before March 5 and expires April 4 at 12:01 a.m. Washington time.

The Trump official said that the temporary waiver to India was aimed at taking off global pressure as Iran aims to “take global energy hostage”. “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil,” the treasury secretary wrote on X.

Amid the raging global conflict, Iran recently claimed to have closed the Strait of Hormuz, sparking worry of a spike in fuel prices, inflationary pressures, and economic instability in countries reliant on Middle East crude.

Lying between Iran and Oman, the important strait connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. It reportedly facilitates roughly 20% of the world’s oil and gas supply, making it one of the strategically important trade arteries of the world.

As concerns over a likely hike in energy prices mounted, India shared an update on its existing oil reserves and how long they could last. India's strategic petroleum reserve can last 74 days to meet the demand arising out of any global turbulence, union minister Hardeep Singh Puri told the Rajya Sabha earlier this week.