This is the end of Make in India. They wanted to leverage US-China trade war to get factories to move to India. Now those factories will stay put or move to other countries but not India.
So the total tariff is actually 60% because there is additional 10% for being a member of BRICS,
Someone tell Tim apple that it might be better to just assemble iphones in China again.
There is still time for some capitulation, tariffs will go into affect aug25th,
The worst part about the buying russian oil stuff is that India isnt even using the cheap oil to benefit itself/people.
Oil in india didnt get cheaper when they started buying, it kept parity with global oil rates, now they are even doing 10-20% ethanol mixture in their oil (with much backlash from car community as its bad for the engines)
Majority of the crude is bought by Ambani and some refineries, refined and 100% sold to the world and they pocket the profits.
Meanwhile people are still paying the high price.