Business
Trump sanctions fail to dent flow? India’s oil imports from Russia top cross 1 million barrels a day; show resilience – The Times of India
Donald Trump’s sanctions on Russian oil majors don’t seem to have deterred Indian refiners from procuring crude – though non-sanctioned – from Russia. India’s crude oil imports from Russia are showing resilience in December, days after Trump’s sanctions on Russian firms Lukoil and Rosneft kicked in. The bilateral relationship has remained robust despite Western sanctions pressure.India’s imports of Russian oil are expected to cross 1 million barrels per day this December, according to trade and refining sources quoted in a Reuters report. This is against expectations of a significant reduction, as refiners continue purchasing from non-sanctioned entities that provide deep discounts.
India-Russia Crude Oil Trade Intact
* Data from trade sources quoted in the report indicates that India, the world’s third-largest crude importer, received 1.77 million bpd of Russian oil in November, showing a 3.4% increase from October. * Despite expectations of a significant decrease due to Trump’s sanctions on two major Russian producers, December deliveries are anticipated to surpass 1.2 million bpd, based on initial LSEG trade flow data.
Russia continues to be top oil supplier to India
* This figure could reach an average of 1.5 million bpd by month-end, according to a trade source quoted in the report. It is important to note that the surge in India’s December imports from Russia is attributed to buyers rushing to complete transactions before Washington’s November 21 deadline for deals with Rosneft and Lukoil. LSEG data confirms recent arrivals of such shipments at Indian ports.* However, in January, trade sources indicate that import levels might maintain December volumes as new entities not affected by sanctions begin supplying Russian oil cargoes.* Indian refiners find January prices attractive, with discounts of approximately $6 per barrel to dated Brent, which is two to three times larger than in August, according to sources.According to refining sources, January volumes are expected to be below 1 million bpd since Reliance Industries has stopped purchases. LSEG data shows Reliance is receiving at least 10 Russian oil cargoes this month.
Share of various regions in India’s oil imports
Regarding state refiners, Indian Oil Corp maintains Russian oil purchases at pre-sanctions levels, sources told Reuters. Bharat Petroleum has increased its January acquisitions to at least six cargoes, up from two in December, whilst Hindustan Petroleum is negotiating January loadings, sources were quoted as saying.Private refiner Nayara Energy, with majority Russian ownership including Rosneft, exclusively purchases Russian oil after other suppliers withdrew following EU and British sanctions.Reliance and HPCL Mittal Energy have announced that they will not procure Russian oil. Additionally, Mangalore Refinery and Petrochemicals are not procuring Russian oil for January, the report said.India emerged as Russia’s primary seaborne crude purchaser following Western sanctions imposed on Moscow over the Ukraine invasion. However, these purchases became problematic during trade negotiations with the US, as President Donald Trump raised import tariffs on Indian products to 50%.“Thanks to President Trump’s leadership, Russia has been forced to accept deep discounts and fewer buyers for its oil,” a US official said. “These pressures are limiting the Kremlin’s revenues and increasing the financial strain of sustaining its war.”Russian producers are utilising domestic market swaps to maintain oil flows to India whilst adhering to sanctions. This involves exchanging oil intended for local refineries with export volumes handled by non-sanctioned companies, Reuters said.These swaps are a standard practice in Russia for managing domestic supply constraints whilst maintaining export obligations.“There is a possibility that non-sanctioned entities can increase their crude output and shift supplies to export markets and sanctioned barrels can meet Russia’s local demand,” said Prashant Vashisth, vice president at Moody’s affiliate ICRA.
India’s budget focuses on infrastructure and defence spending and tax breaks for data-centre investments.
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Business
New Income Tax Act 2025 to come into effect from April 1, key reliefs announced in Budget 2026
New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time, and the Income Tax Act 2025 will come into effect from April 1, 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, for) ease of living,” she said while presenting the Budget 2026-27
In a move that directly eases cash-flow pressure on individuals making overseas payments, the Union Budget announced lower tax collection at source across key categories.
“I propose to reduce the TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. I propose to reduce the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent,” said Sitharaman.
She clarified withholding on services, adding that “supply of manpower services is proposed to be specifically brought within the ambit of payment contractors for the purpose of TDS to avoid ambiguity”.
“Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only,” she mentioned during her Budget speech.
The Budget also proposes a tax holiday for foreign cloud companies using data centres in India till 2047.
Business
Budget 2026 Live Updates: TCS On Overseas Tour Packages Slashed To 2%; TDS On Education LRS Eased
Union Budget 2026 Live Updates: Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026-27 in Parliament, her record ninth budget speech. During her Budget Speech, the FM will detail budgetary allocations and revenue projections for the upcoming financial year 2026-27. Sitharaman is notably dressed in a Kanjeevaram Silk saree, a nod to the traditional weaving sector in poll-bound Tamil Nadu.
The budget comes at a time when there is geopolitical turmoil, economic volatility and trade war. Different sectors are looking to get some support with new measures and relaxations ahead of the budget, especially export-oriented industries, which have borne the brunt of the higher US tariffs being imposed last year by the Trump administration.
On January 29, 2026, Sitharaman tabled the Economic Survey 2025-26, a comprehensive snapshot of the country’s macro-economic situation, in Parliament, setting the stage for the budget and showing the government’s roadmap. The survey projected that India’s economy is expected to grow 6.8%-7.2% in FY27, underscoring resilience even as global economic uncertainty persists.
Budget 2026 Expectations
Expectations across key sectors are taking shape as stakeholders look to the Budget for support that sustains growth, strengthens jobs and eases financial pressures:
Taxpayers & Households: Many taxpayers want practical improvements to the income tax structure that preserve simplicity while supporting long-term financial planning — including broader deductions for home loan interest and diversified retirement savings options.
New Tax Regime vs Old Tax Regime | New Income Tax Rules | Income Tax 2026
Businesses & Industry: With industrial output and investment showing resilience, firms are looking for policies that bolster capital formation, ease compliance, and expand infrastructure spending — especially in manufacturing and technology-driven sectors that promise jobs and exports.
Startups & Innovation: The startup ecosystem expects incentives around employee stock options and capital access, along with regulatory tweaks that encourage risk capital and talent retention without increasing compliance burdens.
Also See: Stock Market Updates Today
The Budget speech will be broadcast live here and on all other news channels. You can also catch all the updates about Budget 2026 on News18.com. News18 will provide detailed live blog updates on the Budget speech, and political, industry, and market reactions.
We are providing a full, detailed coverage of the union budget 2026 here, with a lot of insights, experts’ views and analyses. Stay tuned with us to get latest updates.
Also Read: Budget 2026 Live Streaming
Here are the Live Updates of Union Budget 2026:
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