A conflicting stance: Indian authorities seem to be in no mood to bow down
While several countries have rushed to make trade deals with the Trump administration, India has taken a strong stand, saying it is being treated unfairly and that the new measures are not reasonable.
Prime Minister Narendra Modi also hit back at the steep tariffs on Thursday, saying that he is going to protect the farmers whatever may be the cost. India’s Ministry of External Affairs has defended its Russian oil purchases, saying they are important for the country’s energy needs. It also criticised the US for its hypocrisy, pointing out that other nations are doing the same.
India depends heavily on Russian crude oil to support the fast-growing economy and population. As the world’s most populous country, India is already the third-largest oil consumer. With demand continuing to rise quickly, it is expected to overtake China by 2030, according to Reuters. At present, Russian oil makes up about 36% of India’s total oil imports, making Russia its biggest supplier, according to Muyu Xu, a senior oil analyst at trade data firm Kpler, who shared figures with CNN for the first half of this year.
Despite growing pressure from the US, India is not likely to give in immediately. The Modi government may increase its focus on buying more oil from the Middle East. However, reducing reliance on Russian oil is less likely and cannot happen all at once.
