By Admin 
US Russia Oil Tariff India: A relief news is coming out regarding the economic relations between India and America. During talks in Davos, US Finance Secretary Scott Besant indicated that the 25 percent tariff imposed on India on purchasing crude oil from Russia can now be removed soon. He has called it a major success of America’s policy.
Also said that India will benefit economically from this. This statement has come at a time when India is gradually changing its energy sources. Dependence on Russian oil is decreasing. Talking about the current situation, the dispute between America and Greenland seems to be creating distance between Trump’s American government and Europe.
However, after the discussion in Davos and Trump’s statement, the situation is definitely expected to become normal. Meanwhile, some part of the trade between Europe and America is expected to come to India. Let us know about this…
Why did the expectation of removing tariffs increase?
According to US Finance Secretary Scott Besant, after the imposition of the tariff, India has clearly reduced the purchase of crude oil from Russia. Which America is considering as the success of its policy. He says that due to this change the possibilities of removing the tariff have now become stronger.
After this statement, it is believed that the Trump administration may soon take a major decision regarding 25 percent tariff.
Big benefit to India from removal of tariff
If the US government formally decides to eliminate 25 percent tariff, then India can get a benefit of about 5 billion dollars i.e. about 50 thousand crore rupees.
India is largely dependent on Russia for its energy needs. In such a situation, removal of tariff will reduce the cost of refineries. Which can have a direct impact on fuel prices and the country’s foreign exchange reserves will also be expected to get strengthened.
Trump’s statement regarding India in Davos
During a conversation with the media in Davos, Donald Trump had described Prime Minister Narendra Modi as his close friend. He also said that he respects the PM a lot. Trump expressed confidence that despite differences over tariffs, the trade deal between India and America will be great.
Trump has also spoken before on India’s oil purchases from Russia. He has said that after American pressure, India has reduced its imports.
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