Reliance Industries (RIL) has been granted a general licence by the Donald Trump administration that will allow the company to crude oil directly from Venezuela without breaching any existing sanctions, a Reuters report has said.According to the report, this general licence permits the acquisition, export, and sale of oil sourced from Venezuela that has already been produced, as well as its refining. Reliance had submitted its licence application in early January.Recently, US President Donald Trump removed the 25% punitive tariff on India and said that New Delhi would increase its purchases of oil from the United States and possibly from Venezuela as well.Earlier this month, after US authorities detained Venezuelan President Nicolas Maduro, officials in Washington indicated that sanctions on Venezuela’s energy sector would be relaxed. The move is intended to support a proposed $2 billion oil supply arrangement between Caracas and the United States, along with a broader $100 billion initiative aimed at rebuilding the nation’s oil infrastructure.

Venezuelan oil to replace Russian supply?

Issuing such approval to Reliance may accelerate Venezuela’s crude shipments while potentially lowering feedstock expenses for the company, which operates the world’s largest refining complex, the Reuters report said.Earlier this month, Reliance bought 2 million barrels of Venezuelan crude from trading firm Vitol. The trader, along with Trafigura, had been given US approvals to market and sell large volumes of Venezuelan oil following the capture of President Nicolas Maduro.Buying Venezuelan crude directly would allow Reliance to substitute Russian supplies in a more economical manner, as heavy oil from Caracas is typically available at discounted prices, the report said.Also Read | Trump removes 25% penal tariff: What happens if India stops buying Russian crude oil?Refining and trading sources said Indian refiners, including Reliance, are refraining from securing Russian oil cargoes for April delivery and are likely to continue avoiding such deals for some time. Reliance has in the past been a consistent buyer of Venezuelan crude for use at its sophisticated refining facilities but suspended imports in early 2025 after US sanctions were imposed. The company currently operates two refineries with a combined processing capacity of roughly 1.4 million barrels per day.

New Delhi: An employee has claimed on social media that the office misled them into believing that they were in line for a promotion and made them put in more work when they had already given the position to another colleague. This story highlights how employees are being asked to prove themselves for a promotion and how openly the office offers that position to others.

The employee wrote on Reddit that six months ago the manager went on parental leave and the employee was put in the manager’s role. Their manager explicitly said that after coming back he would not resume his role because he was not enjoying the role. When the employee got a temporary promotion, the office informed that the employee would be offered the position permanently if the performance was good for the coming six months. 

The employee put in extra hours, assumed greater responsibility and worked extremely hard to achieve the best position. At the end of the six months period, the employee kept asking the management for confirmation but the office did not give any confirmation. 

The employee later called the manager who was on parental leave and asked him about the job confirmation. The manager explained that the post was promised to another colleague who was employed at the same time as the employee. It was informed that the role would be given to the other colleague. 

The employee said that despite working hard and putting in extra hours, the work was not rewarded. The employee felt used as they worked hard and delivered way beyond their targets and said that there was a feeling of taking revenge.

Netizens Reaction

The post quickly gained traction with several users suggesting that the employee find another job since this office did not value their effort. 

One user said, “Be exactly on time, leave exactly on time. Do what exactly you’re supposed to do and nothing more. Don’t volunteer for any other work, don’t work overtime and meanwhile find another job because this one does not value you. When you find something else, quit without notice.”

Another user said, “Managers do this all the time and I don’t think they understand how much it screws with motivation and trust once you realize what they’re doing.”

One user commented, “The second you return to work, immediately start looking for a new job and resign with no notice once you get an offer. Until then just keep your head down and act like everything is just Peaches & Herb.”

“Act your wage, don’t go above and beyond. Decline to train the new person since they don’t think you’re qualified for the role they can hardly pretend you’re qualified to train someone for it. And find a new job as soon as you are able to,” said one user.

One user said, “You got played, it sucks but it happens. It just shows you the company has no loyalty to you. Its up to you what you want to do with that information but might be time to look for a different job. Every place is like this though, its how the world works and its why everyone is so miserable.”

By Neetu VinayekIndia’s effort to strengthen its manufacturing foundation has steadily progressed over the past decade through a series of significant policy measures. A major milestone was the launch of the Make in India initiative in 2014, designed to encourage investment, spur innovation, and improve ease of doing business. Labour reforms also moved forward with the rollout of the four Labour Codes on 21 November 2025, merging 29 Central labour laws to streamline compliance and create a modern, resilient workforce framework. Complementing these domestic reforms, India has simultaneously intensified its global trade engagement through a renewed focus on Free Trade Agreements (FTAs). Together, these reforms laid the foundation for the renewed manufacturing push outlined in Union Budget 2026.The Budget 2026 places manufacturing as a strategic and frontier sector for sustaining economic growth. The government framed the Budget as a continuation of structural reforms aimed at improving productivity, boosting competitiveness, and strengthening resilience against global disruptions.

In light of the rapid progress under the Electronics Components Manufacturing Scheme, the Budget proposes expanding its allocation to ₹40,000 crore, reaffirming India’s ambition to enhance domestic value addition and secure its place in global electronics supply chains. To compliment this, income tax holiday is being provided for five years to non-residents providing capital goods, equipment, or tooling to contract manufacturer operating in customs-bonded zones. This will help reduce costs which were being incurred on specialised equipment. Safe harbour provisions have been extended to non-residents for component warehousing in a bonded warehouse at a profit margin of 2 percent of the invoice value with a resulting tax incidence of 0.7 percent. This will harness efficiency of just-in-time logistics for the sector.A key highlight is the India Semiconductor Mission (ISM) 2.0, to produce equipment and materials, design full-stack Indian IP, and fortify supply chains signalling the country’s ongoing commitment to building a robust domestic semiconductor ecosystem. There is tremendous potential for the aviation sector with rise in airports and regional connectivity under the UDAN schemes. To build sustainable ecosystem it is important to manufacture aircrafts and undertake MRO activities within the country. With this vision basic customs duty is exempted on parts and components imported for manufacture of aircraft. Further, basic customs duty on raw materials imported for manufacture of parts used in maintenance, repair or overhaul requirements in defence units is also exempted. The government has also proposed a seaplane VGF scheme to support operations and indigenise manufacturing of seaplanes.A Scheme for Rare Earth Permanent Magnets, launched in late 2025, is now complemented by proposed support for Rare Earth Corridors across mineral-rich states to promote mining, processing, research and manufacturing.The Budget also introduces Biopharma SHAKTI—a five-year, ₹10,000 crore programme to position India as a global hub for biopharma manufacturing by strengthening capabilities in biologics and biosimilars.To boost the chemicals sector, the government has launched a scheme supporting States in developing chemical parks to expand domestic production. The capital goods sector, often the silent driver of productivity, receives a comprehensive support package. This includes the establishment of Hi-Tech Tool Rooms by Central Public Sector Enterprises (CPSEs) as digital service hubs for precision components, a scheme for advanced construction and infrastructure equipment. ₹10,000 crore over five-years is also allocated to develop a competitive container manufacturing ecosystem. These interventions aim to reduce import dependence, shorten supply chains, and lower costs.Beyond advanced manufacturing, the Budget extends support to labour-intensive sectors such as textiles. It also introduces a dedicated thrust to develop India into a global centre for high-quality, affordable sports goods.A Scheme has been proposed to revive 200 legacy industrial clusters to improve their cost competitiveness and efficiency through infrastructure and technology upgradation.Impetus to the manufacturing sector is also provided through taxes. Basic customs duty exemptions have been extended across emerging sectors, including lithium-ion cell battery storage systems, critical mineral processing equipment, raw material for wind turbines and nuclear power plants. In essence, the Union Budget 2026 represents a holistic manufacturing-led growth strategy. It marries structural reforms with targeted fiscal incentives, embraces both advanced and traditional industries, and puts exports and global competitiveness at the centre of its vision. The new set of measures and focus on emerging sectors has the potential to deepen the country’s industrial capabilities and strengthen its position in global value chains. On ground execution and collaboration could mark a transformative chapter in India’s industrial journey.(Neetu Vinayek is Partner, Tax Infrastructure and Oil & Gas Leader, EY India . Manmay Chandawalla, Director-Tax, EY India also contributed to the article.)