Business

New Delhi: India is set to import the highest volume of crude oil from Saudi Arabia in six years this February, overtaking Russia temporarily. The shift comes amid US pressure on India to reduce purchases of Russian oil. Record Imports from Saudi Arabia According to reports, India’s crude oil imports from Saudi Arabia in February reached approximately 1–1.1 million barrels per day (bpd), the highest since November 2019. On 20 February, data from global analytics provider Kpler indicated that Saudi shipments touched 1.3 million barrels, surpassing Russia’s roughly 1.1 mbd. Historically, Saudi Arabia ranked third or fourth among India’s crude suppliers, behind Russia, Iraq, and the UAE. Russian Supply Declines After Russia’s invasion of Ukraine in 2022, India became a major buyer...

New Delhi: Following a major setback for US President Donald Trump by the US Supreme Court, the tariff rates on India have now been revised. India will now face only a 10% US tariff temporarily, replacing the earlier 18% rate. New Global Tariff Order The Trump administration has issued a new global tariff order, which will temporarily impose a 10% duty on India. This move comes after the Supreme Court struck down tariffs based on the International Emergency Economic Powers Act (IEEPA). A White House official clarified that the 10% tariff replaces the recently invalidated IEEPA-based duties. Earlier this month, following an interim trade framework agreement between India and the US, tariffs on India were reduced from 25% to 18%. With the new order, the White House confirmed that, t...

New Delhi: The Indian government has taken a strict stance against the online sale of anti-drone systems, drone jammers, and GPS jammer devices. The Central Consumer Protection Authority (CCPA) has issued notices to six e-commerce platforms and companies for allegedly providing misleading information and failing to comply with regulations. Companies Asked for Detailed Information The CCPA has asked platforms including Everse, Indiamart, Xboom, Javiat Aerospace, AirONE Robotics, and Maveric Drones & Technologies Pvt Ltd to provide detailed information about the sourcing and sale of these devices. The companies must submit import licenses, purchase receipts, and other necessary documents, along with the complete details of buyers who purchased such equipment. Allegations Against...

Mumbai: Shapoorji Pallonji Real Estate (SPRE) has announced the launch of its latest residential project, ‘Oyster’, in the prime Pokhran Road 2 area of Thane, Maharashtra. The project is part of the company’s larger ‘Northern Lights’ development spread across 4.8 acres, designed for buyers seeking a modern, high-quality lifestyle. Prime Location Advantage ‘Oyster’ is strategically located in one of Thane’s fastest-growing neighbourhoods. The area offers seamless access to major business hubs, schools, colleges, and shopping malls, making it ideal for both work and lifestyle needs. Its connectivity and developing infrastructure have made Pokhran Road 2 a highly sought-after residential address. Project Highlights According to reports from industry sources, ‘Oyster’ will feature ...

New Delhi: From a school dropout to South India’s “Flower King,” Bollapalli Srikant, founder of Vensai FloriTech, has rewritten the rules of success. At just 16, he left school due to family debts and poverty. Today, his company boasts an annual turnover of ₹70 crore, exporting flowers worldwide, proving that determination and hard work can outperform formal education. Early Struggles: Daily Wages and Hard Lessons Srikant’s journey began in 1995, when he moved to Bangalore to support his family financially. He worked 18-hour days in flower farms for just ₹1,000 per month, learning not only cultivation techniques but also marketing and sales. By the age of 18, he pooled savings and borrowed from friends to invest ₹20,000 in a small venture called Om Shri Sai Flowers, achieving a turno...

Mumbai: India’s foreign exchange reserves surged by $8.66 billion in the week ending February 13, 2026, breaking previous records and marking a strong recovery after a $6.71 billion decline the prior week. The boost comes as India receives relief following the recent U.S. Supreme Court ruling on tariffs. Dual Boost from Gold and Forex Assets Gold Reserves: The Reserve Bank of India’s (RBI) gold reserves rose by $4.99 billion, taking the total value to $128.466 billion, with physical holdings now exceeding 880 tonnes—approximately 15% of India’s total forex reserves. The increase follows a week in which international gold prices saw notable gains. Foreign Currency Assets (FCA): RBI’s FCA holdings grew by $3.55 billion, bringing the total to $573.603 billion. FCA includes U.S. doll...

New Delhi: The U.S. Supreme Court has dealt a major legal blow to former President Donald Trump’s tariff policy, declaring it unlawful and raising significant questions about the future of U.S. trade strategy. Trump described the ruling as “insulting” and indicated that his administration is already working on a backup plan. Key Highlights of the Ruling The Supreme Court, in a 6-3 decision authored by Chief Justice John Roberts, ruled that the use of emergency powers under the International Emergency Economic Powers Act (IEEPA) of 1977 to impose broad tariffs is illegal. The verdict clarified that the President does not have unilateral authority to levy tariffs; such measures require explicit approval from Congress. The ruling has wide-reaching implications for global trade, i...

New Delhi: Gold prices witnessed a sharp rise on Friday, with the precious metal gaining ₹850 in the national capital’s Sarafa market. Gold closed at ₹1,59,500 per 10 grams, while silver remained unchanged at ₹2,64,000 per kilogram, maintaining its previous levels despite recent volatility. Domestic Market Movement According to market sources, 99.9% pure gold was priced at ₹1,58,650 per 10 grams (all-inclusive) on Thursday. On Friday, it jumped ₹850 to close at ₹1,59,500 per 10 grams. In contrast, silver remained steady at ₹2,64,000 per kilogram, showing no change. International Trends Global markets also saw an uptick in precious metals. Spot gold rose 0.62% to $5,027.13 per ounce, while silver gained 2.55% to trade at $80.50 per ounce. Kainaat Chenwala, Assistant Vice Pres...

New Delhi: The U.S. Supreme Court has delivered a major blow to former President Donald Trump’s tariff regime, declaring it illegal and sharply limiting presidential authority to impose unilateral trade tariffs. In a 6-3 ruling, the Court clarified that the International Emergency Economic Powers Act (IEEPA) of 1977 does not grant the President the power to levy tariffs. The law only allows regulation or restriction of certain international transactions during a national emergency. The verdict strikes at the heart of Trump’s aggressive trade strategy, which affected countries including India, China, Canada, Mexico, Brazil, and several others, subjecting them to high reciprocal tariffs. Why This Ruling is a Major Setback The Trump administration argued that IEEPA’s provisions allow...

New Delhi: India and the United States are deepening their economic and strategic relationship, reshaping key geopolitical dynamics. Following the announcement of a bilateral trade deal, India has joined the U.S.-led strategic alliance Pax Silica, signaling closer cooperation in critical minerals and supply chains. This growing India-U.S. partnership is likely to be viewed differently by Russia and China. Commerce and Industry Minister Piyush Goyal announced that an interim trade agreement between India and the U.S. is expected to be signed in March and implemented by April. Earlier this month, both countries released a framework for the first phase of the bilateral trade deal, and final negotiations will be held in Washington from February 23 for three days. The accelerated pace of ...