Addressing a rally in Uttar Pradesh, Modi emphasized the importance of economic self-reliance, urging citizens to support domestically produced goods.
India, the world's third-largest oil importer, has significantly increased its intake of Russian crude, which now accounts for approximately 35% of its total oil imports. This strategic partnership has provided India with cost-effective energy solutions amid global market volatility.
The U.S. administration, however, views India's continued engagement with Russia as undermining efforts to isolate Moscow economically due to its actions in Ukraine. Trump has indicated that nations maintaining trade relations with Russia may face additional tariffs, potentially up to 100%, if a peace agreement is not reached.
Despite these warnings, Indian officials have not issued directives to halt Russian oil imports, maintaining that procurement decisions remain commercial and are essential for national energy security.
Analysts caution that a forced pivot away from Russian oil could increase India's annual import bill by 9 to11 billion, leading to inflationary pressures and economic strain.
As geopolitical tensions rise, India's firm stance underscores its commitment to safeguarding national interests and energy independence, even in the face of international pressure.
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