Indian markets ignore global jitters: Is a bigger rally around the corner?

The US House of Representatives has passed legislation allowing President Donald Trump to impose tariffs of up to 100% on countries purchasing Russian oil and gas, sending the bill to Trump's desk. The proposed measures could directly affect India, where Russian crude accounted for 30.3% of oil imports in fiscal 2026, valued at nearly $41 billion. In July, Russia supplied more crude to India than the UAE, Saudi Arabia, Venezuela, Brazil, Oman, and the United States combined. New Delhi has stated it is monitoring developments while maintaining its focus on energy security. Sourcing replacement crude from alternative markets could result in changes to shipping distances, freight charges, insurance costs, and procurement prices. The development introduces fresh complexities into bilateral trade discussions between India and the United States, raising questions about potential tariff categories and broader strategic alignments amidst shifting global partnerships.

The United States House of Representatives has passed the Lindsey Graham Sanctioning Russia and Iran Act of 2026, sending legislation to President Donald Trump that enables tariffs of up to 100 percent on major buyers of Russian crude oil and natural gas, including India and China. In response, the Ministry of External Affairs affirmed India's commitment to securing energy supplies through diversified sources while communicating bilateral and market implications to US interlocutors. Amid geopolitical developments and Russian crude accounting for 51.1 percent of Indian oil imports in July 2026, Chief Economic Advisor Dr V Ananth Nageswaran and Union Minister Kiren Rijiju examined India's economic trajectory and governance roadmap toward Viksit Bharat by 2047. Discussion points included banking sector balance sheet reforms, capital expenditure expansion, the Production Linked Incentive scheme, trade agreements, and administrative strategies under Prime Minister Narendra Modi.

Prime Minister Narendra Modi turned 76 on Thursday, September 17, 2026. This is a hilarious take on the celebrations of PM Modi with his closest friends and colleagues.

Chief Economic Advisor to the Government of India, V. Anantha Nageswaran, discussed India's path toward Viksit Bharat by 2047, macroeconomic stability, and growth drivers. Highlighting the transformation over the past twelve years, he stated that Prime Minister Narendra Modi "is the architect of the economic policy" and credited structural reforms like the Goods and Services Tax, the Insolvency and Bankruptcy Code, and large-scale infrastructure expansion for repairing balance sheets and boosting potential growth. Addressing rural incomes and employment generation, Nageswaran emphasized that economic growth must directly impact citizens' lives, detailing fiscal initiatives, deregulation, free trade agreements, and credit expansion for micro, small, and medium enterprises. He also touched upon global headwinds, including geopolitical conflicts and manufacturing competition, noting that India's domestic capital formation and manufacturing share of gross value addition continue to rise steadily.