India ramping up Russian oil imports amid US trade talks \u2013 Bloomberg<\/a><\/figcaption><\/figure>\n<\/blockquote>\nHighlighting the maritime sector, Modi urged a revival of the domestic shipbuilding and high-tech industries. He noted that five decades ago, Indian ships were responsible for 40% of the country’s overseas trade, compared with just 5% today.<\/p>\n
The billions of dollars paid annually to foreign shipping companies now rival the country’s defense budget, he said, adding that this reliance has already caused significant harm.<\/p>\n
“Whether chips or ships, we need to make them in India,”<\/em> he said.<\/em><\/p>\nModi’s remarks come amid rising trade tensions with the US. Last month, Washington imposed a 25% tariff on most Indian imports over Russian oil purchases, which came in addition to comparable duties introduced after talks collapsed in August.<\/p>\n
The White House also announced a new $100,000 annual fee on H-1B visa applications, which the IT trade association Nasscom said would target skilled Indian workers.<\/p>\n","protected":false},"excerpt":{"rendered":"
The prime minister warned that reliance on other nations is detrimental to the national economy Indian Prime Minister Narendra Modi has said his country’s true enemy is not another nation but dependence on foreign powers. Speaking at an event in Gujarat, where he launched maritime projects worth over $40 billion,…<\/p>\n
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