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US Ambassador Sergio Gor said India and the United States must work closely to maintain global energy market stability, as political debate continues in India over Russian oil purchases and US policy decisions.

US envoy Gor hails India as 'great partner' in stabilising oil prices amid West Asia crisis

US Ambassador Sergio Gor said India and the United States must work closely to maintain global energy market stability, as political debate continues in India over Russian oil purchases and US policy decisions.

India is one of the largest consumers and refiners of crude oil and it is essential for New Delhi and Washington to work "hand-in-hand" to ensure stability of the energy market, US ambassador Sergio Gor said on Wednesday.
His reconciliatory overture came as the Congress maintained pressure on the government, alleging that Washington influences India's energy policy.
The opposition party has been targeting the government after the US provided a 30-day waiver for Indian refiners to purchases Russian crude oil in view of the disruptions in the energy market following the West Asia crisis.
"India has been a great partner in maintaining stable oil prices around the world. The United States recognizes ongoing purchases of Russian oil are a part of this effort," the US ambassador said.
"India is one of the largest consumers and refiners of oil and it is essential for the United States and India to work hand in hand for market stability for Americans and Indians," he said on social media.
The Congress on Wednesday took a fresh swipe at the BJP-led government after White House spokesperson Karoline Leavitt said in Washington that the US has "temporarily permitted" India to procure Russian oil.
President Donald Trump, Treasury Secretary Scott Bessent and the whole national security team "came to this decision because our allies in India have been good actors and have previously stopped buying sanctioned Russian oil", Leavitt told a press conference on Tuesday.
The US last week said it was issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil in the backdrop of the escalating West Asia conflict.
Trump, while announcing a trade deal with New Delhi last month, claimed India has agree to not procure crude oil from Russia.
In an executive order, Trump had rolled back an additional 25 per cent tariffs on India that he imposed last August regarding India's procurement of crude oil from Russia.
In the order, the US said it would monitor whether India resumed Russian oil purchases directly or indirectly and that would determine whether a 25 per cent tariff would again be re-impose.
India has been maintaining that it will procure oil from multiple sources and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement.

Opposition MPs staged a protest in Parliament against the India-US interim trade deal, accusing the government of surrendering national interests, as Rahul Gandhi intensified his criticism in the Lok Sabha.

Opposition Protests Against India-US Interim Trade Deal

Opposition Criticizes India-US Trade Deal

Opposition MPs staged a protest in Parliament against the India-US interim trade deal, accusing the government of surrendering national interests, as Rahul Gandhi intensified his criticism in the Lok Sabha.

Opposition MPs on Thursday staged a protest in Parliament House complex over the India-US interim trade deal, accusing the government of "surrendering" Indian interests.
Congress president Mallikarjun Kharge, AICC general secretaries K C Venugopal and Jairam Ramesh, DMK's TR Baalu, SP's Dharmendra Yadav and Jaya Bachchan, CPI-ML's Sudama Prasad, among others, participated in the protest near the Makar Dwar of Parliament.
With a huge banner that read "trap deal" and carrying 'Narender Surrender' posters, the MPs raised slogans such as "US deal hai atyachari" and "desh ko bechna bandh karo".
Later, Congress general secretary Priyanka Gandhi Vadra, along with other Congress MPs, including those who have been recently suspended, stood on the steps of Makar Dwar and protested against the government over the deal.
Earlier in the day, Leader of Opposition in the Lok Sabha Rahul Gandhi alleged that the government ignored the voices of workers and farmers while making decisions concerning their future and asked whether Prime Minister Narendra Modi will listen to them now or if there is a "grip" on him too strong.
Gandhi's attack on the government came a day after he alleged that the India-US interim trade deal was a "wholesale surrender", with India's energy security handed over to America and farmers' interests compromised.
In a no-holds-barred attack on the Modi government, Gandhi, while participating in the debate on the Union Budget in the Lok Sabha on Wednesday, claimed that Indian interests had been "surrendered" under the trade deal to protect the BJP's financial architecture.
Slamming the Indo-US deal, Gandhi drew an analogy of how in martial arts after securing a grip, the next step is a chokehold, and then the opponent taps to give up.
Gandhi underlined the need to protect the country's people, data, food supply and energy system.
He said that had an INDIA bloc government negotiated the trade agreement with the US, it would have told President Donald Trump that he must treat India equally.

Congress leader Rahul Gandhi accused the government of ignoring workers and farmers while negotiating the India-US interim trade deal, questioning whether Prime Minister Narendra Modi will heed their concerns.

Rahul Gandhi Critiques Modi Amidst Farmer and Worker Protests

Rahul Gandhi Criticizes Modi Over Farmer Protests

Congress leader Rahul Gandhi accused the government of ignoring workers and farmers while negotiating the India-US interim trade deal, questioning whether Prime Minister Narendra Modi will heed their concerns.

Congress leader Rahul Gandhi on Thursday alleged that the government ignored the voices of workers and farmers while making decisions concerning their future and asked whether Prime Minister Narendra Modi will listen to them now or if there is a "grip" on him too strong.
Gandhi's attack on the government came a day after he alleged that the India-US interim trade deal was a "wholesale surrender", with India's energy security handed over to America and farmers' interests compromised.
In a post on X in Hindi, Gandhi said, "Today, lakhs of workers and farmers across the country are on the streets to raise their voices for their rights."
He said that the workers fear that the four labour codes will weaken their rights.
"Farmers fear that the trade agreement (with the US) will harm their livelihoods. And weakening or eliminating MNREGA could take away the last source of support for villages," the Leader of Opposition in Lok Sabha said.
&nbsp;
<blockquote class="twitter-tweet">
आज देशभर में लाखों मजदूर और किसान अपने हक़ की आवाज़ बुलंद करने सड़कों पर हैं। मजदूरों को डर है कि चार श्रम संहिताएँ उनके अधिकारों को कमजोर कर देंगी। किसानों को आशंका है कि व्यापार समझौता उनकी आजीविका पर चोट करेगा। और मनरेगा को कमजोर या खत्म करने से गांवों का आख़िरी सहारा भी&hellip;
&mdash; Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/2021776910980960598?ref_src=twsrc%5Etfw">February 12, 2026</a></blockquote>
&nbsp;
&nbsp;
"Will Modiji listen now? Or is there a 'grip' on him that is too strong? I stand firmly with the issues and struggles of workers and farmers," Gandhi said.
In a no-holds-barred attack on the Modi government, Gandhi, while participating in the debate on the Union Budget in the Lok Sabha on Wednesday, claimed that Indian interests had been "surrendered" under the trade deal to protect the BJP's financial architecture.
Slamming the Indo-US deal, Gandhi drew an analogy of how in martial arts after securing a grip, the next step is a chokehold, and then the opponent taps to give up.
Gandhi underlined the need to protect the country's people, data, food supply and energy system.
He said that had an INDIA bloc government negotiated the trade agreement with the US, it would have told President Donald Trump that he must treat India equally.

US President Trump calls the US-India trade deal historic, promising increased coal exports and a $500 billion trade framework covering energy, industrial goods, and technology over five years.

US President Trump hails trade deal with India as 'historic'

US President Trump calls the US-India trade deal historic, promising increased coal exports and a $500 billion trade framework covering energy, industrial goods, and technology over five years.

US President Donald Trump has hailed the trade deal with India as &ldquo;historic&rdquo; and said America will increase its coal exports dramatically to the country and to others with which it has trade agreements.
&ldquo;And under our leadership, we're becoming a massive energy exporter. In just the past few months, we've made historic trade deals with Japan, Korea, India and others to increase our coal exports dramatically,&rdquo; Trump said Wednesday during an event titled &lsquo;Champion of Coal&rsquo;.
"We're now exporting coal all over the world, and the quality of our coal is supposed to be...the finest anywhere in the world,&rdquo; he said.
Last week, the US and India announced they have reached a framework for an interim agreement on trade, under which New Delhi will eliminate or reduce tariffs on all American industrial goods, a wide range of food and agricultural products, as well as purchase USD 500 billion of US products over the next five years.
A joint statement issued by the two countries on Friday said they have reached a framework "regarding reciprocal and mutually beneficial trade.&rdquo;
It said that India &ldquo;intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.&rdquo;
It added that the framework reaffirms the countries&rsquo; commitment to the broader US-India Bilateral Trade Agreement (BTA) negotiations, launched by President Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.

Rahul Gandhi accused the government of “selling Bharat Mata” and said the India-US interim trade agreement harms farmers and Indian textile industry during Union Budget debate.

Govt sold Bharat Mata, it's a wholesale surrender: Rahul Gandhi on India-US trade deal

Rahul Gandhi accused the government of &ldquo;selling Bharat Mata&rdquo; and said the India-US interim trade agreement harms farmers and Indian textile industry during Union Budget debate.

In a no-holds-barred attack, Leader of Opposition Rahul Gandhi on Wednesday alleged that the government has "sold Bharat Mata" through the India-US interim trade deal, and that it was a "wholesale surrender" with India's energy security handed over to America and farmers' interests compromised.
Participating in the debate on the Union Budget, Gandhi said he does not believe that any Indian prime minister, including Narendra Modi, would agree to such a deal unless there is a "chokehold" on him.
"Why has he (Modi) sold India -- because they (the US) are choking him. They have a grip on his neck," said Gandhi, who began his address with an analogy of how in martial arts after securing a grip, the next step is a chokehold, and then the opponent taps to give up.
The Congress leader noted that Prime Minister Narendra Modi and NSA Ajit Doval had stated some time back that the era of war is over. "In fact, we are moving into the era of war. War is there in Ukraine, war was there in Gaza, war is there in the Middle East, threat of war is there in Iran, we had Operation Sindoor."
"We are moving into a dangerous world. We have to understand our strengths, and the central strength of our country is our people," he pointed out. He underlined the need to protect the country's people, data, food supply, and energy system.
Gandhi said that had an INDIA bloc government negotiated the trade agreement with the US, it would have told President Donald Trump that he should treat India as an equal.
"The first thing we would say (to Trump) is that the most important asset in this equation is Indian data. If the US wants to protect the dollar, it must recognise that Indian data is the biggest asset. Second thing, we would say to President Trump is that 'if you want access to it, then you will talk to us as an equal, not talk to us as if we are your servants'," Gandhi said.
He said an INDIA bloc government would have told Trump that India's energy security is non-negotiable and "we are going to protect our energy security."
"The third thing, we would have told President Trump is that 'we understand you have agricultural voter base, you need to protect farmers, but we will also protect our farmers'," the former Congress chief said.
"An INDIA bloc government would say that data is our biggest strength, and now let us talk. We will go there (for negotiating) as an equal. We will not be made equal to Pakistan. If President Trump decided that Pakistan Army chief will have breakfast with him, we will have something to say about it," he added.
The LoP claimed that India's energy security was gone under the India-US interim trade deal, and the US will decide "who we buy oil from." "They will decide who we buy oil from, our PM will not decide. They will monitor, and if India buys oil (from where they don't want us to), they will punish us and take tariffs to 50 per cent," Gandhi said.
In a scathing attack on the government, Gandhi said it talks of energy and financial weaponisation, and yet, it has allowed the Americans to weaponise "our finance and our energy against us."
"How can you come to this House and defend this? Are you not ashamed of what you are giving away?" Gandhi said, slamming the treasury benches.
"I am saying you have sold India. Are you not ashamed of selling India? You have sold our mother -- Bharat Mata. Do you have no shame?" he added.
MPs from the treasury benches repeatedly got up and accused Gandhi of making "baseless" allegations and asked him to authenticate his claims, to which Gandhi responded that he is willing to comply.
Gandhi also referred to a case against a businessman in the US. Jagdambika Pal, who was chairing the session, asked Gandhi not to name those who are not members of the House.
"I do not believe any Indian PM, including Modi, would sign such a deal unless there is a chokehold on him," he said.
Gandhi claimed that through this deal, the interests of farmers have been compromised, textiles have been wiped out, and energy security has been "handed over" to the US.
"This is a wholesale surrender," he alleged. "It is a tragedy because it is not just a surrender of the PM; he has surrendered the future of 1.5 billion Indians. He has surrendered because he wanted to protect the BJP's financial architecture on which there is a case in the US," Gandhi said.
"We are heading into turbulent times, and the nation has been sold out. Its data has been sold, its farmers have been sold, all our software engineers have been sold out. Small and medium business have been sold out, our forces and our energy security has been sold out," Gandhi alleged.
Criticising the Indo-US deal, Gandhi claimed that the Modi government has given up control over digital trade rules, removed data localisation, allowed free flow of data to the US, limited digital tax and waived source code disclosure, while offering 20-year tax holidays to big tech companies.
On tariffs, at the beginning, there was a 3 per cent average, but it has now gone up to 18 per cent, he said. US imports would go up from USD 46 billion to 146 billion, he said, adding that this is absurd. While our tariff has gone up from 3 per cent to 18 per cent, theirs has come down from 16 to zero, he said.
"For the first time in Indian history, our farmers are facing a storm. You have opened the door to mechanised American farms spanning thousands of acres, effectively crushing our small farmers. It is disgraceful, and no Prime Minister before you has done this or after you will ever do this," Gandhi said.

Commerce Secretary Rajesh Agrawal said India has safeguarded sensitive agricultural and dairy sectors in the interim trade agreement with the US, with the pact expected to be finalised by March.

All key sensitive sectors protected under India-US Interim trade pact: Commerce Secretary

Commerce Secretary Rajesh Agrawal said India has safeguarded sensitive agricultural and dairy sectors in the interim trade agreement with the US, with the pact expected to be finalised by March.

India has always negotiated with a "clear mindset" on sectors that are "very" sensitive for the country in trade pacts and has protected all those key segments under the interim trade agreement with the US, Commerce Secretary Rajesh Agrawal said.
He also said that both teams are working to convert the joint statement into a legal agreement, which is expected to be finalised and signed before the end of March.
"India has always negotiated all agreements with a clear mindset, anything that is very sensitive to India, anything where we feel our farmers, fishermen, dairy, they are going to be impacted, we have been very clear to our partner countries that India can not open up or provide access," he told reporters here.
"If you look at all the agreements that we have done in the last year, five trade agreements that we did -- all the sensitive sectors have been protected. In the US, all the key sensitive sectors have been protected. Wherever there is a little sensitivity, we have used tariff rate quota mechanisms to ensure that any market access is limited in nature and it doesn't impact our farmers," he added.
Under the interim trade pact, which was announced earlier this month, India has fully protected sensitive agricultural and dairy products such as maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables and meat, as no duty concessions have been granted to the US on these goods under the pact.
These goods are sensitive because they involve the livelihoods of small and marginal farmers in the country.
In other Free Trade Agreements (FTA), India has not extended any import duty concessions on sensitive agri and dairy products. It has recently finalised FTAs with the European Union, the UK and Australia.
Agriculture and allied activities such as animal husbandry form the backbone of India's rural economy, employing over 500 million people. Unlike in developed economies, where agriculture is highly mechanised and corporatised, in India, it is a livelihood issue.
India's agriculture sector is currently protected by moderate to high tariffs or import duties and regulations to shield domestic farmers from unfair competition.
The US agri exports to India were USD 1.6 billion in 2024. Key exports include Almonds (in shell, USD 868 million); Pistachios (USD 121 million), Apples (USD 21 million), Ethanol (ethyl alcohol, USD 266 million).
The secretary is here for the Biofach 2026 show, where over 100 Indian exhibitors from about 20 states are showcasing their organic products. The European Union (EU) is a big market for these goods.
"The teams are working on it, and by March, we are hopeful to make it (interim trade pact with the US) official," Agrawal said.
Talking about the labour-intensive sectors, he said the pact with the US will give them an edge as compared to the competitor nations, which are facing higher tariffs than India in the American market.
The reciprocal tariffs on India will be reduced to 18 per cent, while it is 35 per cent for China and 20 per cent for Vietnam.
"Since the US has been a strong market for the labour-intensive sector, with this interim agreement, there will be an advantage to our labour-intensive sectors. They will be able to grow unhindered.
"So my sense is that Indian exporters will be able to compete with their competitors, revive and rejuvenate the supply chains that they might have missed out during the Christmas time and see that Indian exports not only grow but do well as they were doing last year, and also grow in the coming years," the secretary said.
Labour-intensive sectors such as textiles, apparel, marine, gems and jewellery were impacted due to the steep 50 per cent tariffs imposed by the US.
The Trump-administration has removed the 25 per cent punitive tariffs and will cut down the reciprocal tariffs to 18 per cent from 25 per cent.
Agrawal also said that stakeholders and exporters are happy with the outcome, and they have given a "thumbs up" to the overall agreement.
"What we have been able to achieve in the interim agreement is good for India and our exports. I don't see any major red line in this," he said.

The Congress has criticised the India-US interim trade agreement, calling it a “steal” and an “abject failure” of Prime Minister Narendra Modi’s political and economic diplomacy, claiming India conceded more than it gained.

'No deal but US steal': Congress's dig at govt over Indo-US trade agreement

The Congress has criticised the India-US interim trade agreement, calling it a &ldquo;steal&rdquo; and an &ldquo;abject failure&rdquo; of Prime Minister Narendra Modi&rsquo;s political and economic diplomacy, claiming India conceded more than it gained.

The Congress on Wednesday took a swipe at Prime Minister Narendra Modi over the India-US interim trade agreement, saying the deal is a steal by the "PM's good friend in Washington" and reflects an "abject failure" of our "political huglomacy" as well as economic diplomacy.
Congress general secretary in-charge communications Jairam Ramesh said no matter what spin the "PM and his lie-brigade" may give, the hard reality is that the US has extracted more from India than it has conceded.
"It is significant that a number of independent analysts and commentators -- who have not been Modi-unfriendly -- have criticised the India-US trade deal as a capitulation, an asymmetrical set of commitments, a sell-out, and a humiliating cave-in," Ramesh said.
&nbsp;
<blockquote class="twitter-tweet">
It is significant that a number of independent analysts and commentators - who have not been Modi-unfriendly - have criticised the India-US trade deal as a capitulation, an asymmetrical set of commitments, a sell-out, and a humiliating cave-in. Whatever the spin that the PM and&hellip;
&mdash; Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/2021429307785334941?ref_src=twsrc%5Etfw">February 11, 2026</a></blockquote>
&nbsp;
&nbsp;
"Whatever the spin that the PM and his lie-brigade may give, the hard reality is that the US has extracted more from India than it has conceded. This is inspite of Mr. Modi's aggressive wooing of President Trump, including campaigning for him in September 2019," the Congress leader said.
PM Modi also managed to be among the first to greet the re-elected President Trump in February 2025, he pointed out.
The prime minister's public demonstrations of his personal friendship with President Trump have not yielded the desired results, Ramesh said. President Trump too has given full expression to his friendship with Modi but while doing so has dealt India big blows, he claimed.
"This is an abject failure of our political huglomacy and economic diplomacy. The spin will, of course, continue. But facts are facts. The trade deal is a steal -- by the PM's good friend in Washington who has also claimed close to hundred times that he halted Operation Sindoor on May 10, 2025," Ramesh said.
The Congress on Tuesday claimed the India-US trade deal is not a "calibrated opening", but a "coerced opening" and India has been "forced to concede" more than what it has got.
In a post on X, Ramesh had said, "It did not take long for President Trump and his team to puncture the tall claims being made by the PM and his many megaphones on the Indo-US trade deal."
Clearly, the US' understanding of the deal is very different from the propaganda that is being put out by the Modi government, he had said.
"This is not a calibrated opening but a coerced opening. India has been forced to concede more than what it has got. And now our much-touted advantage over Bangladesh in textile exports to the US has vanished with the details of the US-Bangladesh trade deal also having just been announced," Ramesh had said in his post on Tuesday evening.
Last week, India and the US announced in a joint statement the framework for an interim agreement regarding reciprocal and mutually beneficial trade.
Under this, the US has agreed to reduce the 25 per cent reciprocal tariffs on Indian goods to 18 per cent. It has already eliminated the punitive 25 per cent tariff on India, which was imposed in August last year for purchasing Russian crude.
The Congress has alleged that the interim Indo-US trade pact is "not a deal but a surrender" of the country's self-esteem and interests, and is a betrayal of India and its people.

US President Donald Trump has again claimed that he prevented a potential nuclear conflict between India and Pakistan last year by using tariffs, a claim consistently denied by India.

India and Pakistan war could have been nuclear, 10 planes were shot down: Trump

US President Donald Trump has again claimed that he prevented a potential nuclear conflict between India and Pakistan last year by using tariffs, a claim consistently denied by India.

US President Donald Trump repeated the claim that he stopped the war between India and Pakistan last year, which he said could have turned nuclear, through tariffs.
"I settled eight wars. Of the eight wars, at least six were settled because of tariffs. In other words, I said, &lsquo;if you don't settle this war, I'm going to charge you tariffs, because I don't want to see people getting killed,&rdquo; Trump said in an interview to Fox Business Tuesday.
"And they said, &lsquo;Well, what does this have to do?&rsquo; I said, &lsquo;you're going to be charged&rsquo;. Like India and Pakistan. It would have been a nuclear war, in my opinion. They were really going at it, 10 planes were shot down. They were going at it,&rdquo; Trump said.
He added that the Prime Minister of Pakistan said, &lsquo;President Trump saved at least 10 million lives when he got us to stop fighting&rsquo;. Because they were going to go nuclear, (in) my opinion. Without tariffs, that wouldn't happen,&rdquo; Trump said.
Trump has claimed credit for stopping the India-Pakistan conflict for more that 80 times since May 10 last year, when he announced on social media that the two neighbours had agreed to a &ldquo;full and immediate&rdquo; ceasefire after talks mediated by Washington.
India has consistently denied any third-party intervention.
India launched Operation Sindoor on May 7 last year, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the April 22 Pahalgam attack that killed 26 civilians.&nbsp;

The White House has removed “pulses” from the list of American products facing tariff reductions by India in a revised fact sheet on the interim trade deal, also changing India’s commitment to an intention to buy US goods.

White House drops reference to 'certain pulses' in revised fact sheet on trade deal with India

The White House has removed &ldquo;pulses&rdquo; from the list of American products facing tariff reductions by India in a revised fact sheet on the interim trade deal, also changing India&rsquo;s commitment to an intention to buy US goods.

The White House has removed &ldquo;pulses&rdquo; from a list of American products on which it said India will eliminate or reduce tariffs, in a revised fact sheet issued on the interim trade deal.
On Monday, the White House had issued a fact sheet on &lsquo;The United States and India Announce Historic Trade Deal (Interim Agreement),&rsquo; days after India and the US announced in a joint statement the framework for an Interim Agreement regarding reciprocal and mutually beneficial trade.
An initial version of the fact sheet had highlighted key terms of the agreement, including that India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers&rsquo; grains, red sorghum, tree nuts, fresh and processed fruit, &ldquo;certain pulses&rdquo;, soybean oil, wine and spirits, and additional products.
The fact sheet had also said that India committed to buy more American products and purchase over USD 500 billion of US energy, information and communication technology, agricultural, coal, and other products.
The revised fact sheet issued on Tuesday removed the reference regarding pulses and changed the word &ldquo;committed&rdquo; used for India to &ldquo;intends.&rdquo;
&ldquo;India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers&rsquo; grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
&ldquo;India intends to buy more American products and purchase over $500 billion of US energy, information and communication technology, coal, and other products,&rdquo; the revised fact sheet said.
The joint statement issued last week on the trade deal had made no mention of &ldquo;pulses&rdquo; in items on which India will eliminate or reduce tariffs for American products.
The joint statement had also maintained that &ldquo;India intends to purchase $500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.&rdquo;

The government told a parliamentary panel that India will continue importing affordable, high-quality crude oil from non-sanctioned sources, while discussions also focused on India-US and India-EU trade agreements.

India will continue to buy oil from countries where it is cheap, of best quality: Govt to Parl. panel

The government told a parliamentary panel that India will continue importing affordable, high-quality crude oil from non-sanctioned sources, while discussions also focused on India-US and India-EU trade agreements.

The government on Tuesday informed a parliamentary panel that India will continue to import crude oil from the countries where it is cheap and of the best quality, and the Indian oil companies will purchase oil considering the geopolitical situation and non-sanctioned sources.
This was conveyed by top officials of the ministries of External Affairs and Commerce to the Parliamentary Standing Committee on External Affairs headed by Congress leader Shashi Tharoor, sources said.
Tharoor said it was an "extremely effective" meeting which lasted for over three hours and where 28 of the 30 members attended.
"The officials have responded to each and every question in great detail with confidence. It was an extremely effective meeting and an example of what the committees can do," he told reporters after the meeting.
Those who spoke to the MPs from the government side included Foreign Secretary Vikram Misri.
Tharoor said most of the time of the meeting was devoted to the Indo-US trade deal and India-EU Free Trade Agreement (FTA), and all subjects including Russian oil and agricultural products were discussed.
He said that the officials conveyed to the committee that India will work on finalising the interim agreement with the US and people will have to wait for its finer details.
On the reciprocal tariff of 18 per cent to be levied by the US, the Congress MP said trade has been weaponised in international commerce.
According to the report, while India will give access to some American products without any tariff, Indian products will be charged an 18 per cent tariff by the US. Before the trade deal, the US tariff on all Indian products was 25 per cent and an additional 25 per cent for buying Russian oil -- a total 50 per cent. It has been reduced to 18 per cent now.
"India is among the countries which got the lowest rate. Even EU products will face a 15 per cent tariff, products from the UK will face a 10 per cent tariff in return for a zero tariff," he said.
Tharoor said the bulk of the discussions focused on the India-EU and India-US trade agreements and the foreign secretary and the chief negotiator from the commerce ministry fully briefed the members.
"They responded in great detail to our questions and concerns. There is a rule of confidentiality. The most important is, given what they told us, we are looking forward to the interim agreement being finalised by the middle of next month, when that comes, the doubts may be addressed.
"This will also be discussed in Parliament. Some details we will have to wait for, particularly with regards to the US. We have to wait for the interim agreement. It will come next month," he said.
On the purchase of goods worth USD 500 billion from the US in five years, he said, "It was talked in detail, how USD 500 billion will be achieved. But there are answers.
"We do about USD 42 billion worth of imports now, they are saying it will not be difficult to double it. USD 500 billion is not a hard and fast commitment; we will be trying. There won't be a sanction, we will be trying to achieve that," he said.
On India-Bangladesh relations, Tharoor said the Indian government is in touch with all concerned in Bangladesh and the panel will call the foreign secretary again for a Bangladesh-specific discussion when the election results are out in the neighbouring country.
Sources said the officials informed the MPs that India will continue to import crude oil from the countries where it is cheap and of the best quality and the Indian oil companies will purchase oil considering the geo-political situation and non-sanctioned sources.
Indian oil companies can now buy oil from the US as well as Venezuela, where sanctions on energy have been lifted after the regime change.
AAP MP Raghav Chadha said the officials have given a detailed presentation on the India-US interim trade agreement and the India-EU FTA and their key aspects.
"It was very informative and we asked many questions. I do not want to discuss what transpired in the meeting but one thing I must note is that officials from the foreign ministry, including the foreign secretary, provided a detailed explanation and addressed our questions.
"There are some aspects we need to see unfold in the coming days as these trade deals take time to come into effect," he said.

RBI has held the repo rate steady at 5.25% citing benign inflation, stable growth, and easing external pressures after trade deals.

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI has held the repo rate steady at 5.25% citing benign inflation, stable growth, and easing external pressures after trade deals.

The Reserve Bank of India kept its benchmark interest rate unchanged on Friday, as expected, as inflation remained at manageable levels and growth concerns eased following increased government spending in the Budget and reduced tariff pressures after a trade deal with the United States.
The central bank's six-member Monetary Policy Committee (MPC) voted unanimously to keep the repurchase or repo rate at 5.25 per cent.
RBI retained its neutral policy stance, signalling that it is likely to remain on hold for now.
US President Donald Trump earlier this week announced a cut in tariffs on Indian goods to 18 per cent from 50 per cent, easing a key pressure point on India's economy and markets.
Announcing the decisions of the MPC, RBI Governor Sanjay Malhotra said external headwinds have intensified, but the successful completion of the trade deal with the United States bodes well for the economy.
The RBI has cut rates by a total of 125 basis points since February 2025, marking its most aggressive easing cycle since 2019.
It reduced rates by 25 basis points at its previous meeting in December.
While inflation remains benign, economic activity remains resilient.
"Amidst heightened geo-political tensions and elevated uncertainty, the Indian economy is in a good spot with strong growth and low inflation. Inflation remains below the tolerance band and its outlook continues to be benign," he said.
"With the signing of a landmark trade deal with the European Union and the US trade agreement in sight, growth momentum is likely to be sustained for a longer period."
Inflation is expected to average close to 2 per cent in the current financial year, below the central bank's target of 4 per cent.
GDP growth for the current fiscal year ending March 31 is forecast at 7.4 per cent.
The RBI raised real GDP growth projections for the first two quarters of the next fiscal to 6.9 per cent (April-June) and 7 per cent (July-September) but deferred full-year projection to April as the new GDP series will be released later this month.
Announcing additional measures, Malhotra said RBI will issue three draft guidelines relating to mis-selling, recovery of loans and engagement of recovery agents, and on limiting liability of customers in un-authorised electronic banking transactions.
"It is also proposed to introduce a framework to compensate customers up to an amount of Rs 25,000 for loss incurred in small-value fraudulent transactions," he said.
It will also publish a discussion paper on possible measures to enhance the safety of digital payments.
Such measures may include lagged credits and additional authentication for specific classes of users like senior citizens.
He also proposed doubling the limit for collateral-free loans to MSMEs Rs 20 lakh and allowing banks to lend to REITs to promote financing to the real estate sector.
Also, NBFCs having no public funds and customer interface, with asset size not exceeding Rs 1,000 crore, are proposed to be exempted from the requirement of registration.
The requirement for certain NBFCs to obtain prior approval to open more than 1,000 branches is also to be dispensed with.
For financial markets, Malhotra said RBI proposes to remove the limit of Rs 2.5 lakh crore for investments under the Voluntary Retention Route (VRR).
Investment through the VRR in each category of securities will be subject to the investment ceiling for the respective category under the General Route.
"The Indian economy continues to register high growth despite a challenging external environment clouded by geo-political uncertainties. Benign inflation provides the leeway to remain growth-supportive while preserving financial stability. We remain committed to meet the productive requirements of the economy and sustain the growth momentum," he added.
Commenting on the MPC decisions, Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank said, "The MPC delivered completely in line with expectations across rates and stance. The inflation outlook in H1,FY27 has been revised up marginally."
Inflation projection for H1,FY27 has been revised slightly higher to 4.1 per cent from 3.95 per cent but inflation outlook has remained benign.
"While uncertainty remains on the growth-inflation figures as we await the new series, the uptick in commodity prices and weaker currency may pose upside risks to inflation. We therefore see limited room for additional easing on the repo rate front, with RBIs focus expected to be on ensuring stability on the liquidity front in the year ahead," Bhardwaj said.

India and the US are set to sign a joint statement on the first tranche of their trade agreement, paving the way for tariff cuts and a legal pact by mid-March.

India, US likely to finalise, sign joint statement on bilateral trade deal in 4-5 days: Piyush Goyal

India and the US are set to sign a joint statement on the first tranche of their trade agreement, paving the way for tariff cuts and a legal pact by mid-March.

India and the US are expected to finalise and sign a joint statement on the first tranche of the bilateral trade agreement in 4-5 days, Commerce and Industry Minister Piyush Goyal said on Thursday.&nbsp;
After the joint statement is signed, the US will come out with an executive order on reducing tariffs on India to 18 per cent.&nbsp;
At present, Indian goods attract a 25 per cent reciprocal tariff and a 25 per cent additional tariff for buying Russian crude oil.&nbsp;
Goyal told reporters that a legal agreement for the first tranche of the pact is expected to be signed by mid-March.&nbsp;
The joint statement will be followed by an exhaustive legal agreement, he said.&nbsp;
Goyal also said that there is no investment commitment in this pact. Once the statement is signed, it will be converted into a legal agreement and mid-March, "We are hopeful of signing that legal agreement," Commerce Secretary Rajesh Agrawal said.&nbsp;
The signing of the legal text will lead to a cut in tariffs by India on certain US goods.

Reports suggest India told US officials it could delay a trade deal until the end of Trump’s term, resisting pressure on tariffs and agricultural concessions.

Ajit Doval told US India wouldn’t be bullied, could wait out Trump term on trade deal: Reports

Reports suggest India told US officials it could delay a trade deal until the end of Trump&rsquo;s term, resisting pressure on tariffs and agricultural concessions.

A recent Bloomberg report has revealed that during early September 2025, the Modi government informed US officials that India was prepared to wait out President Donald Trump&rsquo;s term before finalising a trade deal, challenging the narrative of a quick bilateral victory promoted by the Trump administration.
According to Bloomberg, Indian National Security Adviser (NSA) Ajit Doval met with US Secretary of State Marco Rubio to convey India&rsquo;s firm stance amid growing tensions over high American tariffs, which had reached 50 per cent on Indian exports &mdash; among the highest globally.
The meeting came as the Trump administration repeatedly criticised New Delhi and pressed for concessions, particularly on agricultural and dairy products.
The report quoted Doval as saying, &ldquo;India wouldn't be bullied by US President Donald Trump and his top aides, and would be willing to wait out his term, having faced other hostile US administrations in the past.&rdquo;
Bloomberg cited anonymous officials in New Delhi who were aware of the private meeting. Both India&rsquo;s Ministry of External Affairs and the US State Department declined to comment on the matter.
The meeting reportedly aimed to de-escalate tensions, with Doval asking Rubio that Trump and his aides reduce public criticism of India to help restore bilateral relations.
Following the meeting, there was some softening of rhetoric from the US, including a birthday call from Trump to Prime Minister Modi later in September.
Earlier, Trump and his aides, including Peter Navarro, had publicly criticised India. Navarro described India&rsquo;s handling of the Russia-Ukraine war as &ldquo;Modi's war&rdquo; over India&rsquo;s continued purchase of Russian crude and commented that &ldquo;India is getting in bed with the authoritarians.&rdquo;
He also used imagery of a meditating Modi in saffron robes, with a red tilak and Thiruneeru, drawing attention to India&rsquo;s civilisational roots in a critical context.
Tensions escalated further after New Delhi dismissed Trump&rsquo;s claims of having brokered a ceasefire between India and Pakistan during the four-day conflict in May 2025. India-US relations, which had been strengthening over two decades, reportedly nosedived after these incidents.
Despite the simmering tensions, Trump announced the India-US trade deal unilaterally on his social media platform Truth Social, stating that he had spoken with PM Modi. Modi acknowledged the call but did not directly comment on the deal.
Commerce and Industry Minister Piyush Goyal said that the two sides had managed to finalise the deal, which had been under negotiation since February 2025.
Observers note that Trump&rsquo;s early announcement opened the Modi government to domestic scrutiny, particularly as details of the deal remain undisclosed. Critics in India have expressed concerns that the US may have pushed New Delhi to accept terms on oil and agricultural products that are more favourable to Washington.
The Bloomberg report also highlights that India was prepared to wait until the end of Trump&rsquo;s first presidential term &mdash; until 2029 &mdash; if necessary, before agreeing to terms not conducive to India&rsquo;s interests. This suggests that, despite the public portrayal of a swift trade victory in the US, New Delhi had maintained a cautious approach during negotiations.

Kremlin says India can diversify oil suppliers; Russia denies India agreed to stop buying Russian oil despite Trump's claims.

India free to buy oil from any supplier: Kremlin

Kremlin says India can diversify oil suppliers; Russia denies India agreed to stop buying Russian oil despite Trump's claims.

India is free to buy oil from any country, and there is nothing new about its decision to diversify its crude suppliers, the Kremlin said on Wednesday.
"We, along with all other international energy experts, are well aware that Russia is not the only supplier of oil and petroleum products to India. India has always purchased these products from other countries. Therefore, we see nothing new here," Kremlin Spokesman Dmitry Peskov said while responding to a question.
He was asked about US President Donald Trump's claim that Prime Minister Narendra Modi had agreed to stop buying Russian oil and switch to purchasing crude from the United States and, potentially, from Venezuela.
A day earlier, Peskov said that Russia has not received any statements from India regarding the cessation of Russian oil purchases.
Foreign Ministry Spokesperson Maria Zakharova on Wednesday said that the hydrocarbons trade is beneficial for both India and Russia.
"We remain convinced that India's purchase of Russian hydrocarbons is beneficial to both countries and contributes to maintaining stability in the international energy market. We are ready to continue close cooperation in this area with our partners in India," Zakharova said at a press briefing.
Private Kommersant FM business radio noted that, unlike President Trump, PM Modi did not mention any agreement on stopping Russian oil imports.
Igor Yushkov, a leading expert at the National Energy Security Fund, said that Indian refiners cannot fully stop the import of Russian crude.
"The American shale oil they export is light grades, similar to gas condensate. Russia, on the other hand, supplies relatively heavy, sulfur-rich Urals. This means India will need to blend US crude with other grades, which incurs additional costs, meaning a simple substitution won't be possible," he said.
"Russia typically exports 1.5 million to 2 million barrels per day to the country. America won't be able to cover that volume. So, one gets the sense that Trump is simply trying to show that he won these trade negotiations and the deal was concluded entirely in line with US demands," he said.
Last time, when Russia switched to the Indian market from European and American markets in 2022, it cut production by 1 million barrels per day. This led to prices rising to $120 per barrel, and the US set an all-time high for gasoline and diesel prices, Yushkov recalled.
Trump last year imposed 50 per cent tariffs on India, among the highest in the world, including 25 per cent levies for its purchases of Russian energy.
India buys about 88 per cent of its crude oil, which is converted into fuels like petrol and diesel, from overseas.
Russian oil made up hardly 0.2 per cent of all crude oil that India imported till 2021. India, the world's third-largest oil importer, became the largest buyer of discounted Russian crude after Western countries shunned Moscow following its February 2022 invasion of Ukraine.
India's import of Russian crude oil dropped to around 1.1 million barrels per day in the first three weeks of January, from an average of 1.21 million bpd in the previous month and over 2 million bpd imports in mid-2025, according to data from real-time analytics company Kpler.

Congress president Mallikarjun Kharge raises concerns over Indo-US trade deal announced during Parliament session, questioning tariffs, farmer security, and transparency.

Has India compromised under US pressure: Kharge on India-US trade deal

Congress president Mallikarjun Kharge raises concerns over Indo-US trade deal announced during Parliament session, questioning tariffs, farmer security, and transparency.

Congress president Mallikarjun Kharge on Wednesday questioned the manner in which the Indo-US trade deal was announced at a time Parliament was in session, and asked whether India had compromised in any manner under US "pressure".
He also asked whether India has agreed to zero tariffs on American imports, as claimed by US President Donald Trump. In a post on X, he also asked whether the country's farmers were secure and whether India has opened the agriculture sector for the US agriculture market.
He said India and the United States enjoy a comprehensive global strategic partnership driven by shared values since several years now. "The Indo-US Nuclear Deal signed under former PM, Dr Manmohan Singh was a prime example of our commitment to mutual progress. The Congress-UPA government was transparent in its approach in regularly taking Parliament into confidence while inking the various agreements of the landmark deal.
"Contrast this with the present scenario, where the nation does not know any aspect of the trade deal, announced by President Trump," he said in his post.
Kharge said Prime Minister Narendra Modi's tweet was on thanking him for reducing tariffs to 18 percent, but did not mention anything about the deal. "Parliament is in session, but the Modi government used an outside platform to talk about the deal, without divulging any details.
&nbsp;
<blockquote class="twitter-tweet">
India and the United States enjoy a comprehensive global strategic partnership driven by shared values since several years now. The Indo-US Nuclear Deal signed under Former PM, Dr Manmohan Singh was a prime example of our commitment to mutual progress. The Congress-UPA Govt&hellip;
&mdash; Mallikarjun Kharge (@kharge) <a href="https://twitter.com/kharge/status/2018939384662573145?ref_src=twsrc%5Etfw">February 4, 2026</a></blockquote>
&nbsp;
&nbsp;
"Three key questions, among others remain unanswered - Has India compromised in any manner under US pressure? Have we agreed to ZERO tariffs on American imports, as claimed by Mr. Trump? Would our farmers be secure? Have we, fully or partially opened up our agricultural sectors for the US Agri market?" he asked in his post.
"Would India stop buying oil from Russia? What has India conveyed to Russia in this regard?," he also asked. "Parliament and 140 crore people of India have the right to know," the Congress chief stressed.
India and the US have agreed on a framework for a trade deal under which Washington will bring down tariffs on Indian goods to 18 per cent from the current 50 per cent.

Commerce Minister Piyush Goyal tells Lok Sabha that the India-US trade deal safeguards sensitive sectors, cuts tariffs to 18 per cent, and boosts exports and MSMEs.

Agriculture, dairy sectors completely protected in trade deal with US: Piyush Goyal

Commerce Minister Piyush Goyal tells Lok Sabha that the India-US trade deal safeguards sensitive sectors, cuts tariffs to 18 per cent, and boosts exports and MSMEs.

Commerce and Industry Minister Piyush Goyal on Wednesday told the Lok Sabha that the sensitive sectors of the country, like agriculture and dairy, are completely protected in the India-US trade deal.
He said that the US tariffs for Indian goods will be reduced to 18 per cent. It was 50 per cent earlier.
The tariff on India is among the lowest as compared to its competitor nations, Goyal said in the Lok Sabha.
"India has been successful in protecting the agricultural and dairy sectors," he said, adding the deal will help promote initiatives like &lsquo;Make in India&rsquo; and &lsquo;Design in India&rsquo;, and will make India self-reliant.
He added that labour-intensive sectors will get a major boost in exports after the reduction in the tariffs to 18 per cent.
He also said that the deal will open huge opportunities for skilled Indians and Micro, Small and Medium Enterprises (MSMEs).
He informed that both sides are working to complete the technical processes, and soon it will be announced.
Ensuring energy security for Indians are top priority of the government, Goyal said, adding India needs goods from sectors like aviation and nuclear, and the US is a major player in these segments.
The deal is in the national interest of India, he said.

The White House announces a major India-US trade deal as Prime Minister Narendra Modi agrees to stop buying Russian oil, invest $500 billion in key US sectors, and benefit from reduced tariffs.

India committed to no longer purchasing Russian oil, $500 billion of investments into US: White House

The White House announces a major India-US trade deal as Prime Minister Narendra Modi agrees to stop buying Russian oil, invest $500 billion in key US sectors, and benefit from reduced tariffs.

The White House has hailed a new trade agreement with India, saying the country has committed to &ldquo;no longer&rdquo; purchasing Russian oil, with Prime Minister Narendra Modi also agreeing on investments of USD 500 billion across key American sectors.
These remarks were made by White House Press Secretary Karoline Leavitt on Tuesday.
"The President struck another great trade deal with India. He spoke with Prime Minister Modi directly. They share a very good relationship. India is committed to not only no longer purchasing Russian oil, but buying oil from the United States, also perhaps from Venezuela too, which we know will now have a direct benefit on the United States and the American people,&rdquo; Leavitt told reporters Tuesday.
She further said that in addition to that, Prime Minister Modi &ldquo;committed to $500 billion of investments into the United States, including for transportation, for energy and for agricultural products as well. So this is another great trade deal thanks to President Trump.&rdquo;
Earlier, speaking to Fox News about the India-US trade deal, Leavitt said the two leaders had a &ldquo;great call&rdquo; on Monday, following which the bilateral trade deal was announced.
&ldquo;...when it comes to Prime Minister Modi, I know he (Trump) particularly enjoys their relationship and has a deep respect for the Prime Minister and for his country of India.
&ldquo;They had a great call. It was very productive yesterday, and they struck a deal in which India has agreed to stop purchasing Russian oil to buy more American oil from the United States of America, and potentially from Venezuela too,&rdquo; she said.
Leavitt added that Trump and his national security team are &ldquo;now dictating&rdquo; the commerce of Venezuela and those oil sales.
&ldquo;So this directly benefits the American people as well. And in addition, India has agreed to invest more in the United States because of President Trump's call to action on that phone call yesterday. Prime Minister Modi committed to USD 500 billion of purchases of US energy, transportation, and agricultural products,&rdquo; she said.
Leavitt said the US tariff on India will now be at 18 per cent, but American exports to India will face a tariff of 0 per cent, so this is a great deal and a huge win for American workers, businesses and consumers alike.&rdquo;
The Trump administration had imposed 50 per cent tariffs on India, including 25 per cent for Delhi&rsquo;s purchases of Russian oil.
In a Truth Social post on Monday, Trump had said that, effective immediately, the two sides agreed to a trade deal under which the US will lower its reciprocal tariff imposed on India from 25 per cent to 18 per cent.
India will also move forward to reduce its tariffs and non-tariff barriers against the United States to &ldquo;zero".
&ldquo;The Prime Minister also committed to &lsquo;BUY AMERICAN&rsquo;, at a much higher level, in addition to over $500 BILLION DOLLARS of US Energy, Technology, Agricultural, Coal, and many other products.
&ldquo;Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people who GET THINGS DONE, something that cannot be said for most,&rdquo; Trump said.
Modi said it was wonderful to speak with his &ldquo;dear friend" Trump.
"Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement,&rdquo; Modi said.
"When two large economies and the world&rsquo;s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump&rsquo;s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights,&rdquo; Modi said.

External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio welcomed the India-US trade deal and discussed formalising cooperation on critical minerals during talks in Washington.

Jaishankar, Rubio welcome trade deal; discuss energy, nuclear, defence, critical minerals

External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio welcomed the India-US trade deal and discussed formalising cooperation on critical minerals during talks in Washington.

External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio "welcomed" the trade deal reached between President Donald Trump and Prime Minister Narendra Modi, and discussed "formalising" bilateral cooperation on critical minerals exploration and mining during their meeting in Washington DC on Tuesday.
Rubio held bilateral discussions with Jaishankar at the State Department, ahead of the inaugural Critical Minerals Ministerial meeting being convened by the US on Wednesday.
"Delighted to meet US @SecRubio this afternoon. A wide ranging conversation that covered our bilateral cooperation agenda, regional and global issues," Jaishankar posted on X after the meeting.
"Facets of India-US Strategic Partnership discussed included trade, energy, nuclear, defence, critical minerals and technology. Agreed on the early meetings of various mechanisms to advance our shared interests," he wrote.
A readout of the bilateral meeting provided by State Department Principal Deputy Spokesperson Tommy Pigott said that Rubio and Jaishankar "welcomed the trade deal reached between President Trump and Prime Minister Modi. The two leaders emphasised the importance of our democracies working together to unlock new economic opportunities and advance our shared energy security goals."
Pigott further said that Rubio and Jaishankar "discussed formalising bilateral cooperation on critical minerals exploration, mining and processing."
Rubio and Jaishankar "concluded their meeting by expressing their commitment to expanding bilateral and multilateral cooperation through the Quad. They acknowledged that a prosperous Indo-Pacific region remains vital to advancing our shared interests," the readout said, referring to the four-nation grouping of Australia, India, Japan and the US.
In an X post, Rubio said he met with Jaishankar to "discuss our bilateral cooperation on critical minerals exploration and work together to unlock new economic opportunities between our two countries. We also commended the trade deal between the United States and India."
Jaishankar is on a visit to the United States from February 2-4 and will participate in the Critical Minerals Ministerial being convened by Rubio.
During the visit, he will also hold meetings with senior members of the US administration, the Ministry of External Affairs had said.
The meeting between Jaishankar and Rubio came a day after Trump announced on Truth Social that India and the US agreed to a trade deal under which Washington will bring down reciprocal tariff on Delhi from 25 to 18 per cent.
At the inaugural Critical Minerals Ministerial, the US will welcome delegations to advance collective efforts to strengthen and diversify critical minerals supply chains.
"This historic gathering will create momentum for collaboration to secure these critical components vital to technological innovation, economic strength, and national security," the State Department has said.
US Vice President J D Vance, Rubio, Special Assistant to the President of the United States and Senior Director for Global Supply Chains David Copley, and Under Secretary of State for Economic Affairs Jacob Helberg will deliver opening remarks at the ministerial.

The Indian rupee surged 122 paise to 90.27 against the US dollar after the India-US trade deal boosted market sentiment, supported by strong equities and expectations of foreign inflows.

Rupee jumps 122 paise to close at 90.27 against US dollar on India-US trade deal

The Indian rupee surged 122 paise to 90.27 against the US dollar after the India-US trade deal boosted market sentiment, supported by strong equities and expectations of foreign inflows.

The Indian rupee emerged as the best-performing Asian currency on Tuesday, registering a gain of 122 paise or 1.33 per cent in a single trading session to settle at 90.27 (provisional) against the US dollar, after India and the US agreed to a trade deal.
Forex traders said the Indian rupee rose to the highest levels in two and a half weeks and rallied by around 1.5 pc on the trade deal between India and the US.
Domestic indices also surged by around 2.75 per cent, boosting domestic market sentiments. Further, weakness in crude oil prices and expected foreign inflows also favoured investor sentiment.
India and the US agreed on a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent, lower than that for countries like China, Bangladesh and Vietnam.
At the interbank foreign exchange market, the rupee opened at 90.30 against the US dollar, then gained some ground to touch an intraday high of 90.05 and a low of 90.52 against the greenback.
At the end of the trading session on Tuesday, the rupee was quoted at 90.27 (provisional) against the greenback, registering a gain of 122 paise from its previous close.
The rupee gained 44 paise to close at 91.49 against the US dollar on Monday, a day after the Union Budget 2026-27 was presented.
Prime Minister Narendra Modi on Tuesday said the India-US trade deal is a "big decision" that will benefit everyone in the country, and asserted that his government always works in favour of the nation.
Forex traders said the India-US trade deal will reopen the door for FII participation, and if capital flows recover in CY26, it would ease some pressure on the rupee.
"With the 'reciprocal' tariffs on India's exports to the US now lowered, we estimate the current account deficit to narrow by around 0.25 per cent of GDP in CY26 to 0.8 per cent of GDP. In addition, if capital flows recover in CY26 on the conclusion of the India-US trade deal, which would ease some pressure on the INR, and result in downside risk to our current USD/INR 12-month forecast of 94," Goldman Sachs said in a research note.
However, things may not be completely smooth sailing for the INR, some experts believe.
"There could be hiccups along the way with this trade agreement &ndash; for example, it may not be easy for India to divert its Russian oil purchases quickly.
"The RBI's FX policy could also complicate things. The RBI has been intervening in a rather unpredictable way over the past few months to prevent one-sided speculative positioning &ndash; both short and long &ndash; in the INR," HSBC said in a research note, adding, "Our end-2026 forecast for USD-INR is 90".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 97.57.
Brent crude, the global oil benchmark, was trading lower by 0.14 per cent at USD 66.18 per barrel in futures trade.
On the domestic equity market front, the Sensex jumped 2,072.67 points to settle at 83,739.13, while the Nifty surged 639.15 points to 25,727.55.
Foreign Institutional Investors offloaded equities worth Rs 1,832.46 crore on Monday, according to exchange data.

The Kremlin on Tuesday said it has received no official communication from India on halting Russian oil imports, contradicting claims made by US President Donald Trump.

Russia has not received any message from India about stopping oil purchases: Kremlin spokesman

The Kremlin on Tuesday said it has received no official communication from India on halting Russian oil imports, contradicting claims made by US President Donald Trump.

Russia has not heard any statements from India about stopping Russian oil purchases, Kremlin spokesman Dmitry Peskov said on Tuesday.
His comments came a day after US President Donald Trump claimed that Prime Minister Narendra Modi has "agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela."
"We haven't heard any statements from New Delhi on this matter yet," Peskov said.
The Kremlin spokesman also said that Russia intends to continue to develop its relations with India in every possible way, according to Russian media reports.
Sources in Russia's energy ministry said they have not received any notice from Indian refiners to cancel contracts.
In a post on Truth Social, Trump, who spoke with PM Modi on Monday, announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
Trump last year imposed 50 per cent tariffs on India, among the highest in the world, including 25 per cent levies for its purchases of Russian energy.
India buys about 88 per cent of its crude oil, which is converted into fuels like petrol and diesel, from overseas.
Russian oil made up hardly 0.2 per cent of all crude oil that India imported till 2021.
India, the world's third-largest oil importer, became the largest buyer of discounted Russian crude after Western countries shunned Moscow following its February 2022 invasion of Ukraine.
India's import of Russian crude oil dropped to around 1.1 million barrels per day in the first three weeks of January, from an average of 1.21 million bpd in the previous month and over 2 million bpd imports in mid-2025, according to data from real-time analytics company Kpler.
Iraq is now supplying almost the same volumes as Russia, up from an average of 9,04,000 bpd in December 2025, according to Kpler.
Volumes from Saudi Arabia too have risen to 9,24,000 bpd in January, from 7,10,000 bpd in December and lows of 5,39,000 bpd in April 2025.

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