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.

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.)

Last Updated:February 13, 2026, 10:52 IST

Jane Street operates trading subsidiaries in India and also manages offshore funds in Hong Kong and Singapore that are registered as FPIs

Jane Street Case

New York-based trading firm Jane Street has moved the Supreme Court of India amid a dispute with Indian tax authorities over the scope of legal privilege for certain internal communications, according to an Economic Times report on Friday.

The private quantitative trading firm, currently under scrutiny from both the Income Tax Department and capital markets regulator SEBI, has filed a review petition seeking judicial clarity on what constitutes “legal privilege.”

The case could have wider implications for Jane Street’s operations in India as well as for other corporate entities navigating the boundaries of privileged legal communications.

The Economic Times noted that the plea has reignited debate over whether confidential legal advice—including guidance from in-house legal teams acting in a legal advisory capacity—is protected under the Bharatiya Sakshya Adhiniyam, 2023, which replaced provisions of the Indian Evidence Act, 1872.

The filing is reportedly linked to enquiries by the Income Tax Department, which sought access to certain internal emails of Jane Street’s overseas operations as part of its investigation.

Jane Street operates trading subsidiaries in India and manages offshore funds in Hong Kong and Singapore, which are registered as foreign portfolio investors (FPIs) with SEBI.

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