How should India respond to Trump's tariff war? Experts debate on Rajdeep Sardesai's show

5 months ago

The big talking point of this edition of News Today is US President Donald Trump's decision to impose an additional 25% tariff on India, raising the total to 50%, over its oil imports from Russia.

Transcript

00:00Good evening, hello and welcome. You're with the news today, your prime time destination news,

00:04newsmakers, talking points, the big talking point. Donald Trump has raised tariffs on India now to

00:1050%. How should India respond to Trump's weaponization of tariffs? Tonight, Prime

00:18Minister, some of the Prime Minister's top economic advisors, part of his Economic Advisory Council

00:23will join us. That exclusive coming up with them tonight. We'll have more for you on the show.

00:30But first, as always, it's time for the nine headlines at nine. Donald Trump slams additional

00:37tariffs as penalty of 25% on India for buying oil from Russia, says there will be a bigger hike if

00:45India chooses to retaliate, cites a threat to US foreign policy behind his tariff war.

00:53India hits back over Trump's additional tariffs. The MEA calls the hike unfair, unjustified

01:02and unreasonable. Government says New Delhi will take all actions necessary to protect

01:09its national interests.

01:10amidst the Trump tariff strike over Russian oil, NSA Ajit Doval in Russia likely to hold

01:22a meeting with Vladimir Putin.

01:24Dead destruction and deluge in Dharali village of Uttarkashi. Over 190 rescued so far in the

01:34Joint Rescue Ops. Chief Minister Pushkar Dhami to stay overnight in affected area. Official

01:40debt toll is five.

01:42Supreme Court asked the Election Commission to furnish details of 65 lakh deleted voters in

01:50Bayar's draft electoral rolls. Top Court threatens to strike down the entire process if illegality

01:56found. Opposition to march on the EC's office on the 11th of August.

02:00Double whammy for actor Vijay Devrakonda, enforcement director, questioned Vijay an illegal betting app

02:11case. Protests against actors' film Kingdom. Film accused of portraying Tamils in bad light.

02:17Prime Minister Modi to make a two-day visit to China at the end of the month. First Prime

02:25Ministerial visit since Galwan. He will also visit Japan for a bilateral dialogue this month.

02:30Air India to fully resume international flights by the 1st of October. 100% off since Air India

02:38Ahmedabad crash on June 12th.

02:40Maharashtra Chief Minister Devendra Fattavits meets the Bantara team over the elephant Madhuri

02:48relocation. Says it will join the government's plea in the Supreme Court to bring back the elephant.

03:05But the big story that we are breaking tonight. U.S. President Donald Trump has announced an

03:10additional 25% tariff on India. The total U.S. tariff now on India has reached 50% among the highest in

03:18the world. The government says the U.S. actions are unfair, unjustified and unreasonable. The

03:25government of India has said we will take all actions necessary to protect national interests.

03:30Government says oil imports from Russia are designed to ensure an energy security of 1.4 billion people.

03:38So clearly the tariff war if anything tonight has escalated between India and the United States. How is

03:45India now intending to respond as Trump escalates tariffs once again? Karishma Asudhani from Business

03:52Today, Pranay Upadhyay who tracks the Ministry of External Affairs and Rohit Sharma and Washington are joining

03:58us at the moment. I want to come to you Pranay first because we've just got a Ministry of External

04:04Affairs response. Can you tell us exactly what the MEA intends to do? Lots of fine words in their

04:11response. But they are still not naming the U.S. President anywhere.

04:14Definitely Rajdeep, you are absolutely right. Government of India, if you see the consecutive

04:19responses from Government of India, the Ministry of External Affairs, there is a caution. A carefully

04:25crafted statement where there seems to be no direct engagement with the U.S. President,

04:30no engagement at the level of leadership in terms of his verbal, you know, verbal attacks. But if you

04:35see the points, it's a five-point statement. Earlier we have seen the six-point statement issued by

04:41government of India and now this is a five-point statement in response to the executive order

04:45issued by the U.S. President Donald Trump. Clearly, there are two important things. One,

04:49what India did in terms of purchase of crude oil from Russia is actually driven by the market factors

04:56and also to ensure the energy security for 1.54 billion people. If you see, India's daily oil

05:03import is around 52 lakh barrel and at the highest peak, the contribution of the Russian oil or Russian

05:09crude was only 40% which comes to around 20 lakh barrels per day. So, if you see that thing,

05:18India wanted to make this point here is that what we did with the market factors, we did at the time

05:25when U.S. wanted the market to be stabilized and that's why India went to being the big importer of

05:30energy, we wanted to buy oil from Russia. Second, very important point that India will take all actions

05:37necessary to protect the national interest. So, India has linked it with the energy security and

05:40the national interest of India, the way we are purchasing oil and this statement has come at a

05:45time when India's national security advisor Rajiv Doval is in Moscow and he will be holding important

05:50talks and Russian President Vladimir Putin is also expected to visit India. So, clearly, the message of

05:56strategic autonomy, the message of India's trade independence and in a way, you rightly pointed out,

06:02Rajdeep, that this is an escalatory tone from the either side because India has also given out a

06:08message that we are not going to buckle down to or succumb to this pressure.

06:12Let's bring in Karishma Asudhani. Karishma Asudhani, what are India's options in terms of

06:17retaliatory trade? Is India at all speaking about any retaliatory tariffs or just waiting for the

06:23situation to cool down in the Commerce Ministry in particular?

06:26Rajdeep, our tone does not look like we are going to retaliate. In fact, if you see, we've been

06:34composed, we've been measured and calm in our responses. By the way, this has been the quickest

06:39that we have responded to the US for the comments that President Donald Trump has been giving us in

06:45the last few weeks pertaining to especially our trade with Russia. And if you look at this, this is a very

06:51classic Trump trade tariff theatrics where he punishes and then he offers a floor of negotiations

06:59saying that if you align with us, we'll roll it back. And he's done this with China, he's done this with

07:04EU and he's now doing it with us. Now, Ministry of Commerce and of course, Ministry of External Affairs,

07:12in total, the government is keeping a strong eye on it. Officials in PMO have also been doing regular

07:18meetings regarding this and especially pertaining to oil from Russia. Let's bring in data, Rajdeep.

07:25It's going to be very difficult to take an overnight decision of cutting off our trade with Russia

07:31when it comes to oil because 40% of our dependence and import is from Russia and we cannot cut it

07:38overnight because that's going to put us in a lot of problem. And more than that, it's going to increase

07:42the crude oil prices, which I'm sure the US will also not like because they'll also have to buy oil

07:47expensive from wherever they are buying from different countries that they are sourcing it from.

07:51So, in a way, we are playing the role of a mediator. I think it's just a clash of ego that's happening,

07:58a one-sided clash of ego, a lock-sided chessboard that is being played and I'm sure with negotiations,

08:05this could be solved via proper diplomatic means.

08:09Let me bring in Rohit Sharma from Washington. He's the one who broke that story earlier this evening.

08:14Rohit, what's the mood in Washington? Is Donald Trump in a mood to give India room to negotiate

08:21after a cooling-off period, as some are suggesting? Or is he likely to simply go for the jugular at the

08:26moment? Is he trying to bully India in a way?

08:29Well, definitely is Rajdeep negotiating, you know, from that standpoint.

08:33He wants to send a message not only to India, but if you read the executive order to all other

08:39nations also, he's putting them on notice as well. The silver lining, although, is that it's going to

08:44take, in fact, 21 days from now and the deadline of this executive order, when the additional 25%

08:50tariffs will take place, it would probably coincide with the end of the month, which is when the next

08:55trade-level talks are scheduled to happen. So, I think there is that breathing window of another

09:00three, three and a half weeks, where India might be able to get back on the negotiating table and

09:05try to, you know, offer something to Donald Trump. Like, we already know, you know, can't negotiate on

09:10dairy and those products, but what else can India offer? And I think that's why, you know, he's put in

09:16those 21 days in there to ensure that the negotiation can continue. And as far as President Trump is

09:22concerned, we've seen him on U.S. media. He's been going on and talking about how Russia has been

09:27enabled or India has enabled Russia to fight this war by purchasing oil. He did that yesterday.

09:33His NEC this morning said the same thing. So, I think it's going to be interesting to see how this

09:39pans out in the next couple of weeks. We leave it there. Our reporters joining us from different

09:45parts of India and the world, covering the ministries. I want to now turn to two very special

09:50guests. The Prime Minister's Economic Advisory Council is a very high profile economic advisory

09:56council and two members, part-time members are joining us. I'm joined by Dr. Sajid Chinoy,

10:01Managing Director, Chief India Economist at JB Morgan. He's a member of that Economic Advisory

10:07Council. Neelkan Mishra, Research Analyst, Chief Economist, Axis Bank, Head of Global Research

10:12Axis Capital, also joins us, also someone who's been part of that Economic Advisory Council. Thank you

10:17both very much for joining me at this moment. First to you, Sajid, how are you reading what Donald Trump

10:23has gone and done today? A further 25 percent tariff. Are we heading into a very, very dangerous

10:28tariff war territory? Weaponization of tariffs by the U.S. President, your first reaction?

10:37This is unfortunate that Mr. Trump has to come to these levels because, you know, if you step back,

10:42Rajdeep, at some level what's happened over the last few weeks with high tariffs in different countries is

10:47not surprising. We're seeing a dramatic transformation of the global trading order in the last six months

10:53under the Trump presidency. It's important to recognize that the effective tariff rates that

10:59the U.S. has imposed on other countries, you know, is now about 16 percent and if Mr. Trump follows

11:06through on his promises will go to 20 percent. This is the highest level of effective tariffs in the U.S.

11:11since the 1930s under the Smoot-Hawley Act. So you're seeing a lot of global trade disruption

11:18with high tariffs in the U.S. as a result of which we're going to see, you know, China dumping a lot

11:24of its excess capacity to other economies, you know. And so if you're a country like India or other

11:29emerging markets, you're now facing the twin threat of a much more protectionist global economy,

11:36much more economic balkanization and potentially a China shock 2.0, where all this manufacturing

11:44capacity from China, which was headed to the U.S., think of the U.S. putting up a tariff wall like a

11:49dam. It kind of floods adjoining areas. So these are troubling times. These are worrying times. The

11:54hope is, however, and we've seen this in the case of other countries, that what Mr. Trump has done today

11:59is used as negotiating leverage. Remember, you know, with China, the tariffs had gone to 145 percent.

12:07And then when things got dialed down, the tariff in China is 42 percent. Europe was threatened with

12:11a higher tariff and has come down. So let's hope that these tariffs only go into place 21 days from

12:17now, that over the next three weeks, some common ground can be found. And that today's announcements

12:22really are really a negotiating strategy. How do you see it, Neelkan Mishra? Your first reactions to

12:28what Donald Trump has done really over the last 24 hours? Well, I agree with Sajid and some of

12:36your colleagues who were earlier speaking that this is a negotiating tactic. Whenever the pattern is

12:42that whenever you see negotiations stalling, where both sides have kind of drawn the red line,

12:48say we're not going to cross it, President Trump tends to escalate matters. And it's one of those,

12:57you know, I'll hurt myself just to hurt you. And it'll keep escalating it till the time that

13:03both parties start talking and some red lines are breached. So I would use this as, I would see this

13:11as one of those measures. And remember that his own tactics keep changing. So it seemed when he came to

13:17power that he was going to do a reverse Nixon, that he was going to get closer to Russia so as to corner

13:24China. Now that he's seeing that he signaled, despite his art of the deal, he signaled too early

13:31that he was going to be pro-Russia. And so the Russians are demanding their own pound of flesh.

13:37And now he's trying to corner the Russians by getting closer to China and also pressuring India. So

13:42this is, this is pure diplomacy. I don't think we should extrapolate this as tariffs, say six months down the

13:49line on India.

13:50Very interesting your, your viewpoint. Uh, Sergeant Chinoy, uh, let's look at, uh, the economic impact,

13:57if any. Uh, Nomura has flagged a potential 0.2 percent point downside risk to growth.

14:03Ikhra on Monday revised India's, uh, FY26 GDP growth forecast from 6.2 percent to 6, citing, uh, U.S.

14:11tariffs and uncertainty. What kind of impact do you see on Indian growth rates in the short and medium

14:16term? Well, it's undeniable that there's gonna be some impact on growth. The fact is about 2.3 percent

14:25of GDP of India's exports go to the U.S. The U.S. is India's largest export destination. Having said

14:32that, you know, 25 percent of those are exempt because they're pharmaceuticals, electronic goods.

14:38The value addition, one would argue, is even lower. So it's closer to about 1.2 or 1.3 percent of GDP

14:45in terms of what's value added that's exposed to the U.S. So there is going to be some impact and,

14:49and, and that's, uh, inevitable. Uh, for me, however, the, the real issue is in, in the near

14:55term that, you know, if, if we can over the next few weeks try and reach some agreement with the U.S.,

15:01you know, if, if these 25 percent tariffs last for a month or so, I think India can absorb the hit

15:07given what's at risk. What we don't want to do is to, for this to linger on, you know, for too long,

15:13because the real cost to the economy for me is not the impact on exports. The real cost really is

15:19that, you know, until recently, India was being seen as a real viable China plus one alternative.

15:25You know, seven years ago, China plus one meant, uh, investments were going to ASEAN economies,

15:31the Vietnam, Indonesia, Thailand. Now with those economies, you know, in the crosshairs as well,

15:37they've been accused of transshipment. There's a sense that to really diversify away from China,

15:42you have to go to economies like India. So that is the real opportunity for India in all of this.

15:47So I think the balancing act here is that, you know, there could be a short term cost. However,

15:53if we can use the next few weeks or the next couple of months to negotiate what we think is a fairer,

15:59more equitable deal, then we can avoid the larger cost, which for me is investment animal spirits,

16:07the signalling cost of India being an attractive, viable China plus one destination.

16:12But how should, uh, uh, uh, Neelkan Mishra, India respond? Uh, there are those who've been talking

16:20about retaliatory tariffs. There are others who are saying allow for a cooling off period. There's

16:24also a view that maybe India should reduce some of its, uh, oil imports from Russia, uh, which has become

16:30the sticking point for Donald Trump. How do you think is what is the best way to respond according

16:36to you? So the first thing first, um, buying oil from Russia, whatever president Trump may say, or,

16:42uh, Western media may say, uh, is not a very big advantage for India, uh, in the sense that the gap

16:50between Brent crude, which is India's standard grade and the euros grade, which is what Russia exports

16:56generally, uh, it used to be $30 in 2022. It fell to, uh, $20 in 24, $10 last year, uh, uh, and then

17:06about $5 right now. Landed price adjusted for the higher insurance, et cetera, is now $2 difference.

17:14So India is saving one or $2 billion a year. So I think this whole economic impact, and frankly,

17:20given that we were importing so little from Russia till three years back, switching back to other grades

17:24is maybe take a few months, but it's not really going to break the bank. So I don't think that's

17:30what we should do, uh, uh, Dr. Mishra. Are you saying that we should sort of look to diversify

17:35beyond Russia? Um, I don't think president Trump even intends. I think this is just a

17:42luse in my view to, uh, uh, just get India back to the negotiating table. He wants an excuse.

17:48You must have seen that video that was circulating where he was asked that, look, you are also buying

17:52so much from Russia. And he said, so the point is he is, I think, deliberately raising the stakes

18:00so that trade negotiation can happen. Uh, I think we have to also, uh, see this as an opportunity

18:07on taking some hard decisions, uh, which we had earlier, uh, uh, been unwilling to take because,

18:14you know, frankly, it is pressure like this where you feel isolated, uh, which brings the country

18:20together. And so if there are tough economic decisions that need to be taken, uh, I think

18:25those decisions, uh, uh, perhaps this is an opportunity for us to undertake reform, uh, build

18:32more domestic demand, uh, uh, you know, uh, accelerate, uh, monetary transmission. So there are many

18:38economic measures. Frankly, I believe that the, the path to six and a half, seven percent

18:45sustained growth over the next three to five years lies purely in, in, uh, in the domestic

18:50markets. And this may need diplomacy, different types of levers to be pulled. Frankly, uh, it is

18:58not just an economic discussion. So, so I would suggest that we use this opportunity to dial down,

19:04uh, or dial up on the, on the domestic reform process, uh, and take some tough economic decisions,

19:10which actually trade, uh, on a higher pedestal going forward. Interesting. Uh, Sahaj, you know,

19:16your view, should we be doing what the Brazilians are doing at the moment, virtually looking, uh,

19:21Mr. Trump in the eye, what the Chinese are doing, who are also holding firm. Is that the way to deal

19:28with, uh, uh, uh, uh, Donald Trump and hope that he will back off or should India sort of retaliate?

19:33Uh, what's your view?

19:35No, I don't think it's wise to, uh, to go in for retaliatory tariffs. Uh, I think the first

19:42thing is to understand what it is that Mr. Trump wants, because what we've seen over the last few

19:47weeks is a moving target. You know, the original ask was that India's tariff levels are high and

19:52India should reduce tariffs. Now the ask is, well, we should buy less Russian crude. And that's

19:58ostensibly why the additional tariffs have gone in. Well, I think, you know, someone also has to explain

20:04to the U S team that India imports 1.7 million barrels from Russia. If we were to slowly diversify

20:10away from Russia, the macroeconomic impact on India is, is modest. The current account is extremely,

20:16uh, benign. Inflation is low. The premium or the discount that we get from Russia is only about four

20:22to $5 a barrel. So the impact on India from moving away from, uh, you know, Russian purchases to other

20:29countries is not large, but we mustn't forget the, the, the general equilibrium impact. If India

20:34stops buying 1.7 million barrels from Russia, uh, right. And, uh, supply doesn't increase, uh,

20:41commensurately, and there's no reason to believe why it will. I don't think either us shale production

20:47or us, uh, or OPEC can increase supply to that extent, then global crude prices will rise dramatically.

20:54And that's going to affect everybody adversely. Most of all, the U S consumer. So I think that

20:59the idea should be, what is it that the Americans want at this point in time? How can we with cooler

21:04heads with wiser council on the U S side, you know, reach a win-win situation? Trade is all about win-win.

21:10There are deals to be had where, you know, India can use this opportunity to bring some import

21:15tariffs down, which will help Indian consumers can use this opportunity to reform, uh, and the U S will

21:21get something as a specific and find a win-win. I think that would be the advisable, uh, uh,

21:26end game for now. I think, you know, we need a cooling off period where hopefully things can deescalate.

21:31You know, it's interesting. Both of you are actually seeing an opportunity in, in what Donald Trump is

21:37doing, particularly to reform. You have a specific reform, uh, Dr. Chinoy, uh, if I may ask, which you

21:42could see as an opportunity amidst all this noise of tariff war, a specific area.

21:47So, you know, the budget, uh, the economic survey earlier this year had passionately, uh, called for

21:55deregulation. Uh, the budget, uh, had announced the deregulation commission. The prime minister

21:59has spoken about this a few times. This would be a wonderful way to actually announce a deregulation

22:04commission. And, you know, with the broad mandate, uh, to actually say that we want to genuinely

22:11ease, uh, you know, the cost of being business in India, because the signal we want to send Raji,

22:16I mean, the whole point of this trade deal, the reason we have a deal with the UK, the reason we

22:20want to have a deal with the US, the reason we want to have a deal with the Euro area is to give

22:25the sense that India is very much open for business. And if you relocate in India and manufacture over

22:32here and create jobs over here, you will have a frictionless access to global markets. Now,

22:37in addition to that frictionless access, what is attractive to foreign companies and domestic companies

22:44is that, you know, setting up firms, starting firms, doing businesses is, is, is, is more costless.

22:50And so I think the deregulation commission for one, you know, or for example, you know, uh, actually

22:55implementing the labor laws, we can go ahead with privatization, which will send a powerful reform

23:01signal and generate fiscal resources to the buffer, the impact of, uh, you know, of, of, of this,

23:07the US, uh, tariff. There are any number of reforms one can think of. This would be an opportune moment.

23:13We have, we'll, uh, our history is littered with examples where adverse global shocks have induced,

23:19uh, you know, more, more reforms at home.

23:22Interesting. The way both of you are putting it, you know, Neelka and Mishra, you, uh, Dr. Mishra,

23:26you mentioned Donald Trump's reaction at that press conference. I just want to play what he was

23:31asked when, when he was asked about America importing from Russia. What did he have to say when,

23:36when that question was asked in the context of uranium? Listen in and I'll come to you, Dr. Mishra,

23:41in a moment. India says that the US imports, uh, Russian uranium chemicals, fertilizers,

23:48while criticizing, uh, their energy imports. Your response to that, sir? I don't know anything about

23:53it. I'd have to check, but we'll get back to you on that. Yeah, please. Should we then, uh, be, uh,

23:59exposing, uh, American double standards, you, you believe, uh, Dr. Mishra, or just stay out of that

24:05and focus, as you said, on just getting our act together when it comes to reform so that we are

24:11more prepared, uh, for, uh, for, uh, this more uncertain world around us?

24:16No, absolutely. And I think, uh, uh, as we think about even the US India, uh, uh, relationship, uh,

24:25remember that it is, uh, it is going to be a complex relationship. Um, uh, as, as you look

24:32at what the US is doing to Canada, uh, look at what it is doing to Mexico, uh, look at,

24:37look at what it was trying to do to the UK before they finally sort of bend the knee and came to an

24:43agreement. Um, uh, it is, you know, as the diplomats say, uh, we have to, uh, forget the binaries.

24:50So there will be, uh, like, you know, the day where the 25% tariffs were announced, uh, the

24:58newspaper headlines right next to that had the launch of NISAR, which is ISRO and NASA working

25:03together. Uh, as you, as you talk to some of the, uh, the US diplomats in India, uh, there is a very

25:10deep rooted commitment to, to helping India get access to the right technologies, uh, assure India's, uh,

25:17stature up, uh, build India's economy. And it may be selfish, but at this stage, that commitment is

25:23very deep rooted. So, uh, to, to use this and start getting into a street fight and, oh, you know,

25:29you punched me, I'm going to counter punch you. I think stable heads, calm heads, think about, uh,

25:35what is it that, uh, uh, what is, what has triggered this, this decision, uh, and try to address it,

25:42see what concessions can be given and come to a transaction or come to make it, make a deal.

25:47And therefore, do we, do we have the kind of leverage, uh, sorry, do we have the kind of

25:52leverage, Dr. Mishra, to do that kind of deal, uh, a comprehensive deal, uh, let's say China has

25:59greater leverage with the US. Do we have, uh, any kind of leverage you believe with the US to strike a

26:05broader trade deal? Look, uh, if you want to look for leverage, you can look for leverage. Uh,

26:12uh, you can, you can get a lot of leverage, uh, you know, there are many things that, uh, for

26:17example, India supplies 50% of drugs by volume, uh, to the US. You stop shipments, uh, they may have

26:25three, four months of, uh, inventory. I think the US will start running out of medicine. So,

26:30you know, frankly, we shouldn't be even thinking of going down that path. Uh, I don't think this is,

26:35uh, a sign of a strategic break from India. Uh, this is, as I said, uh, a ruse, a stratagem

26:42to break a deadlock in the trade negotiations. Uh, and so we have to treat it like that. I don't

26:47think going down the, oh, we will block rare earths. Frankly, if you think about it, 50% of

26:53drugs by volume come from India in the US. And, and, and they don't go to China. I don't think

27:00there's any other place where you can make drugs at that volume. The fact that we are not even

27:04thinking of those things is a very important factor. And I think, don't think we need to go

27:08down that path. Okay. So I think we've got two economists telling us very, very clearly fine

27:14economic minds telling us, play it cool, be focused, and importantly, use this as an opportunity

27:20to fix our own economy and bring in the crucial reforms that we need for our own growth rates

27:27at the moment. I appreciate Dr. Neelkan Mishra and Dr. Sajid Chinoy for you, both of you for

27:32joining me here at the top of the news tonight. Thank you very much. I think having got that

27:37economic perspective, let's turn to the politics because politicians are now using the opportunity

27:42to score political points. Leader of the opposition, Rahul Gandhi, has already reacted

27:48to this additional 25% tariff by the US, calling it an attempt to bully India into an unfair trade deal.

27:55Rahul Gandhi, remember earlier today, had also claimed that Trump is leveraging an ongoing

28:00investigation against Indian industrialist Gautam Adani to get India to agree to a trade deal

28:07on the US's terms. The BJP has lashed out pointing out that the Modi government is resisting American

28:14actions. Take a look at the politics behind Trump's actions.

28:18US President Donald Trump's tariff war on India is becoming ammunition for Prime Minister Narendra Modi's

28:29political adversaries. Leader of opposition Rahul Gandhi on Wednesday in a post on X claimed that the

28:36Prime Minister was not standing up to President Trump despite his repeated tariff threats. The Congress

28:42leader claimed this was due to the ongoing US investigation into industrialist Gautam Adani.

28:49He also claimed that there was a threat to expose the links between PM, AA and Russian oil deals.

28:55Trump nahi. Trump nahi moji ji ka ap maan kiya. Toh, destore k disability. Toh Jain

29:01Narek Rahul Gandhi ji ka abhi akspur post ayya ki moji ji is libe raihu hai, chub hai,

29:08sahamat hai, sahami hui hai ki adani ke khilaap mein karūwahi ya jahan chal nahi ammerika

29:15The BJP hit back at the Congress leader.

29:30He intentionally made such type of statement in outside the parliament and through the

29:37social media because he less understands the issue of common people.

29:44Rahul Gandhi had made similar claim on the day Trump imposed 25% tariff and described

29:50the Indian economy as dead.

29:53Everybody knows that the Indian economy is a dead economy.

29:56I'm glad that President Trump has stated a fact.

30:09The leader of opposition had faced criticism for parroting Trump's line on the state of

30:14the economy.

30:15When the International Monetary Fund in its recent report had described India as a bright

30:19spot and the fastest growing large economy.

30:23While Trump's announcement of tariffs could be a negotiating tactic to put the Modi government

30:24under pressure.

30:25It has shaken up the domestic politics here in India.

30:32Bureau Report, India Today.

30:33Bureau Report, India Today.

30:34Let's raise some big questions ahead of our political face-off now on Donald Trump tonight.

30:39Should the government opposition now unite on the tariff war that's building up?

30:46Should the government of India be tackling Donald Trump head-on?

30:47Should the government of India be tackling Donald Trump head-on?

30:48What should be India's political response?

30:53That's the question we want to raise.

30:54That's the question we want to raise.

30:55Joining us now, Sanju Varma is National Spokesperson BJP.

30:56Salman Soh, Spokesperson Congress.

30:57I want to come to you, Mr. Soh, first.

30:58I want to come to you, Mr. Soh, first.

30:59Because, uh.

31:00I want to come to you, Mr. Soh, first.

31:01political face-off now on Donald Trump

31:03tonight? Should the government opposition now

31:05unite on the tariff war

31:07against that's building up?

31:10Should the government of India be

31:11tackling Donald Trump head-on?

31:14What should be India's political

31:16response? That's the question

31:17we want to raise. Joining us now, Sanju

31:19Varma is National Spokesperson BJP,

31:22Salman Soh, Spokesperson

31:23Congress. I want to come to you, Mr. Soh

31:26first, because

31:26Rahul Gandhi has once again

31:29stirred it up by claiming that

31:31India doesn't want to take on

31:33Donald Trump because Prime Minister Modi

31:35wants to protect Gautam Adani

31:37who has legal cases against him

31:39in the United States. Now, there will be

31:41those who will suggest that that is again making

31:43an allegation without any evidence.

31:46Is Rahul Gandhi

31:47simply trying to somewhere again, yet

31:49again, link Modi and Adani?

31:54Rajiv, I think we really have

31:55to follow a timeline here.

31:58On both

31:59politics, foreign policy

32:01and also economics. On economics,

32:03I can tell you that since 2018,

32:07the Indian economy

32:08has become far more

32:09protectionist and the government

32:11and BJP will claim that they're doing it for

32:13the farmers and

32:15the dairy industry, but it is all rubbish.

32:17Basically, they're protecting some

32:19of the biggest conglomerates in India who need

32:21no protection. Our big

32:23industrial powerhouses, the giant

32:25companies that Mr. Modi wants

32:27to create national champions out of.

32:29They should be competing on the global stage

32:31and they should be exporting a lot to the world.

32:33But what are they doing?

32:34They basically have a stranglehold

32:36on the Indian economy

32:37and that is what

32:39Mr. Modi and the BJP protectionist.

32:42No, no, no.

32:43Salman, so you're making a...

32:45India's tariffs...

32:46How is Modi protecting

32:49India's corporate interests?

32:50You know, let's be more specific.

32:52Let's not make generality.

32:53How is he protecting India?

32:55No, I'm basically telling you

32:57that India has, among the large economies,

33:01India has the highest weighted average tariffs

33:03of all countries, right?

33:05India's average tariff rate is 12%.

33:08Check any other country in the G20

33:10and you'll see where India is.

33:12And why are we doing this?

33:13Because we're protecting the big conglomerates

33:16in this country.

33:17Now, second, Mr. Modi has made diplomacy...

33:20He tried to do personal diplomacy.

33:23He did this Howdy Modi event.

33:25He got Mr. Trump there,

33:27said, Abdi Baal, Trump, Sarkar.

33:29In 2020, he went to Ahmedabad,

33:33fated Prime Minister President Trump.

33:37Namaste, Trump.

33:39Then he was the first to go to President Trump

33:42when he announced these tariffs

33:45and he rushed to America.

33:47And then we made a big deal

33:48about Foreign Minister Jai Shankar

33:50sitting in the front row.

33:51Remember, I don't know if you remember that.

33:53Then Mr. Modi went and met Elon Musk

33:56as if he was some sort of a head of state.

33:58He wasn't.

33:59He was one of the most reviled people in America.

34:02So Mr. Modi has basically, you know,

34:05tried to kind of personalize diplomacy.

34:08And the result is that right now

34:10we're in deep trouble

34:11because almost 18% of our exports go to America.

34:16And don't for a moment think that we can just say,

34:18so what, let America do what we want

34:21because we lose lots and lots of jobs in this country

34:23where jobs are already a problem.

34:25One final thing I'll ask you.

34:28I've heard you.

34:29On Russian oil.

34:30On Russian oil, let me just add one point

34:32then Sanju can respond at leisure.

34:36I'm going to ask a very simple question

34:39on behalf of the Indian people.

34:42If America encouraged India to buy oil from Russia

34:47to stabilize global markets,

34:48as the government statement says,

34:50and I want to ask who benefited from that

34:54if we got cheap Russian oil and sold it,

34:58who made money?

34:59Because the Indian people did not get any savings

35:03on petrol and diesel.

35:05Somebody made money.

35:06Who was it?

35:08That should be made clear to the people of the country.

35:10I've given you two and a half minutes uninterrupted.

35:14Sanju Verma, respond.

35:15Let's start with the last point

35:16because that is becoming contentious.

35:18The government again has responded saying,

35:21look, we've been importing oil from the Russians

35:23to ensure the energy security of our people.

35:26The opposition is saying this is being done

35:28to benefit a few corporates

35:30who made windfall profits.

35:32Respond to that and then the other points

35:33that are made by Salman Sos

35:35saying that Modi's diplomacy towards Trump

35:38was personalized and has failed.

35:41You know, Rajdeep,

35:43I was looking at my watch.

35:45Salman Sos spoke for three and a half minutes.

35:49But be that as it may,

35:50I will go with your watch.

35:52You know, first and foremost,

35:53I want to know if my audio is clear

35:55because, you know, your voice is...

35:57It's very clear, madam.

35:57It's very clear.

35:59Okay.

35:59Glad to hear that.

36:01Now, let me debunk the lies by Rahul Gandhi

36:05and the entire Darbari ecosystem.

36:07First point.

36:08You know,

36:09the Congress spokesperson mentioned

36:10India's tariffs are on the higher side

36:12and hence Trump is retaliating.

36:15This is in the public domain.

36:16You can have your fact checkers

36:18do the fact check.

36:20India's average tariffs,

36:22as far as USA goes,

36:25are 4.6%.

36:26The EU has tariffs of 5%.

36:29Vietnam has tariffs of 5.1%.

36:32Then you have Bangladesh, 10.6%.

36:37Indonesia, 5.7%.

36:39Why have I named these countries?

36:40Because these are some of the biggest trading partners

36:42of the United States of America.

36:45The second point,

36:46that Russian oil has come cheap,

36:49but the Modi government has not passed the benefit.

36:51November 2021,

36:54the Modi government reduced central excise

36:56on petrol and diesel

36:57by 5 rupees and 10 rupees per liter, respectively.

37:02Come May 2022,

37:04the Modi government reduced excise duty

37:06on petrol and diesel

37:07by 8 and 6 rupees, respectively.

37:09Now, what happened?

37:11Opposition rule states,

37:13which have the freedom

37:14to levy value-added tax VAC,

37:16they refuse to give any respite to customers.

37:20And you can have your fact checkers,

37:23you know,

37:23correct me if I'm wrong.

37:25Let me read out some of the VAT,

37:27VAC rates on petrol and diesel

37:29in opposition rule states.

37:31The VAT on fuel is 34.7%.

37:36The VAT on fuel is 34.7%.

37:49Telangana,

37:50Congress-ruled state,

37:5135.2%.

37:53Himachal Pradesh,

37:55Congress-ruled state,

37:5733.4%.

37:59Kerala,

38:00a left-ruled state,

38:0237.6%.

38:04So, next time you accuse the Modi government,

38:07you need to introspect and ask yourself,

38:09Rahul Gandhi,

38:10Telangana,

38:12average VAT on fuel,

38:1535.2%.

38:18You have average VAT on fuel in one minute.

38:21Himachal Pradesh,

38:2233.4%.

38:23Ma'am,

38:24you've made this point.

38:26You've raised these states.

38:27May I therefore,

38:28because we have limited time,

38:29also ask you.

38:30No, you bear it.

38:31Just a minute.

38:33Ma'am,

38:33for the last five months,

38:34the Modi government has been involved

38:36in intense trade regulation.

38:37The Prime Minister himself went to Washington

38:39and many are saying that he thought

38:41his personal chemistry with Donald Trump

38:43would be enough

38:44to get India a win-win trade deal.

38:47Has the government miscalculated?

38:49Did the government of India

38:50get Trump 2.0 badly wrong?

38:53Are you willing to accept that or not?

38:56You know, Rajdeep,

38:57I'm a keen follower of your tweets

39:00when you say a big story that caught my eye.

39:03Now when you write next time

39:04a big story that caught your eye,

39:07please don't fail to mention this

39:08and don't interject me.

39:10It's my humble request.

39:12What Donald Trump says,

39:14what the Darwai ecosystem says,

39:16what dead wood Rahul Gandhi says,

39:18I couldn't get two hoots

39:20because I will go as per facts

39:22and the facts are these.

39:23For the same Rahul Gandhi

39:25who shamelessly says,

39:26India is a dead economy,

39:28Rajdeep Charvesai,

39:29in 10 seconds,

39:30I will debunk those lies.

39:32We are the world's fourth largest economy.

39:34We have the world's fourth largest forex reserves.

39:36We have the world's seventh largest gold reserves.

39:39We are the world's sixth largest stock market

39:41in terms of market capitalization.

39:43We are the world's second largest smartphone market.

39:45We are the world's third largest card producer.

39:49We are the world's third largest solar energy producer.

39:51I asked you whether Narendra Modi has misread Donald Trump,

39:55you've gone in another direction.

39:57No, no, no, no.

39:58I asked you a question.

39:59No, you must answer my question.

40:01Did Narendra Modi get Donald Trump wrong?

40:04Yes or no?

40:05No, please wait.

40:07Please wait.

40:08Rajdeep, I am not here to teach you your job.

40:11Ideally, I have never seen you asking Rahul Gandhi

40:15when we are talking about a sensitive issue like tariffs.

40:20Adani Ambani, where did I come from?

40:21I want to tell you something.

40:23Rajdeep, please bear me for 30 seconds without heckling

40:25because my answer will actually expose the hypocrisy

40:29of Dharbari ecosystem including Dharbari journalists.

40:32When was Adani's commodity trading business established?

40:361988 when Congress was in power in both Gujarat

40:38and in the center.

40:401993, Adani's flagship enterprises were set up

40:43when Congress was in power in center.

40:45And 2005, Adani got controlling state of Munra 4

40:49when Congress was in power.

40:512006, Adani was given.

40:53I hope you will mention this.

40:54Adani was given approval for his SEZ

40:58and land was given to Adani by the Congress

41:01at 10 rupees per square meter, my friend.

41:03Yes, 10 rupees per square meter.

41:06And by the way, my final point, my final point, please.

41:10Do you remember, Rajdeep?

41:11I have done a lot of debates with you.

41:13Do you remember we did a debate where you told me,

41:15you know, Sanju Verma, Adani is saying

41:17that SBI and LIC are going to go bankrupt.

41:19Rajdeep, I will tell you about it all.

41:21I will be happy to know all the time.

41:21Last year, SBI reported a net profit of almost 71,000 crore,

41:27the highest it has ever done in post-independent India.

41:31And LIC posted a net profit of 48,000 crore.

41:35Do you have the guts to us, Rahmat Ali?

41:36What is it?

41:37Madam, I have heard you.

41:40I will give Salman Sos, therefore, a final word.

41:43Salman Sos, why not have a more serious,

41:46considered debate on what's going on?

41:47It's not just India, but Trump is using tariffs as a weapon across the world.

41:52Therefore, to use this to once again single out Adani in some way,

41:57that there is some Adani factor, that's why Trump is not being mentioned.

42:00What do you want Prime Minister Modi to do?

42:02To confront Donald Trump on a daily basis?

42:05Is that what you want?

42:06Your voice has been mute.

42:13Rajdeep, I just want to say that there are many things to talk about

42:16because Sanju, you know, Sanju Verma keeps talking, talking, talking,

42:21and, you know, she'll talk about a lot of data,

42:23but I think people must understand that she's using data selectively.

42:27When she talks about opposition rule states,

42:29she will not say, for example, that Madhya Pradesh and Rajasthan

42:32have the highest, among the highest petrol and diesel prices in this country.

42:37Why is that?

42:38She will not say.

42:39She will say,

42:39she will not say,

42:41but there are a couple of things that we should,

42:44are coming to your question.

42:46We must keep in mind that Prime Minister Modi has backed himself into a corner,

42:51as far as Donald Trump is concerned.

42:53There is a failure.

42:54This is clearly not simply about Russian oil, Rajdeep.

42:58Something more is going on.

42:59Now, he's putting, he's basically turning the screws on Prime Minister Modi,

43:03and he has, to my mind, and to the minds of many,

43:07forget what, forget what,

43:09No, no, madam, madam, please, no.

43:10Take me finish.

43:11You got a lot of time.

43:12There, there, there is,

43:13a lot of people already are talking about

43:16that there are certain weaknesses

43:18because of this monopoly,

43:20kind of oligopolies that Prime Minister Modi has created in India.

43:25Now, there are weaknesses.

43:26Why did Mr. Adani resign just yesterday?

43:31Please don't, please don't, please don't interrupt me.

43:35He resigned as the, you know,

43:37from Adani ports as the executive chair.

43:39He's now the non-executive chair.

43:41Something is happening with the Russia oil deal.

43:44Why?

43:44Because some people made money.

43:46We, we have to understand.

43:47So, the question is, the question is,

43:51if our foreign policy,

43:53if our own economy is being held hostage

43:56to promote the interests of a few big business establishments,

44:00what does that do for the Indian people?

44:02And by the way, I want to ask,

44:04I want to ask BJP one question.

44:06How is India's economy strong

44:08if 800 million people are on free food?

44:12You have basically...

44:13I want to answer that.

44:14Okay, I've run, we will have a separate debate

44:17on the state of the Indian economy.

44:19I wanted responses to what Donald Trump has done.

44:22Sanju Verma and Salman Sos,

44:24appreciate your joining us.

44:25Thank you very much.

44:26And Sanju Verma, do go back home

44:28and see how much time you got

44:30and how much time Salman Sos got

44:31before accusing me next time on Twitter

44:34of giving more time to Mr. Sos.

44:36Let's turn to tonight's ground report

44:38and our ground report comes from Uttarkashi

44:40where a devastating flash flood

44:42in Dharali region has unleashed chaos in the Himalayas,

44:46swallowing homes,

44:48sweeping away everything in its past.

44:51Now, officially at least five people have died

44:53but many are still missing.

44:56Round-the-clock rescue ops are being conducted

44:58to provide relief.

44:59It's our ground story tonight.

45:01Flash floods bury large chunks of Dharali village.

45:17A day later, at ground zero,

45:19rescue work is badly affected.

45:21The village is almost cut off

45:23from the rest of the state.

45:28Moving the heavy machinery to the epicenter

45:30to remove the debris

45:31is proving to be a struggle.

45:35The national highway to Gangotri

45:37has suffered heavy damage

45:38at multiple points

45:40which means many rescue workers

45:42have had to walk through the forests.

45:45This is point number one

45:47and then about a kilometer ahead

45:49there is point number two

45:51where there is damage again

45:53and that's a much longer damage.

45:55This is about 60 meters

45:56as we were just told by the PWD official

45:58and then beyond that

46:00is about a hundred meter

46:02or a 150 meter long crack

46:06or sinking of the road

46:08that we have seen.

46:09So, we are hoping

46:10that this will be fixed soon.

46:11We are constantly in touch with BRO

46:14and we are chalking out plan.

46:17Like, first, what we are trying to do is

46:23we are, you know,

46:26that initial choke point

46:28which is there

46:29beyond which the heavy vehicles

46:31are not able to come.

46:32We are trying to send up

46:35a plane there

46:36and, you know,

46:38after back cutting

46:39maybe the heavy vehicles

46:42will be able to come to this point.

46:44we are trying to get

46:46the heavy vehicles

46:48that are not able to come to this point.

46:48We are trying to get

46:49the heavy vehicles

46:49from the helicopter

46:50which is here.

46:51This is the first one.

47:21Helicopters are doing the heavy lifting, bringing stranded people to the nearest army base.

47:51Three places were hit by flash flood, Dharali, Harsil and Sukhi Taw.

48:04The route to reach these passes through Bhatwari and Gangwani.

48:08Roads have caved in at both locations.

48:10A bridge near Gangwani has washed away by the floods.

48:14Now here, this was the main connectivity and the entire concrete bridge.

48:22Now see the concrete bridge structure.

48:24So on the Khisoo top, when the cloud burst happened, the cloud burst that was triggered,

48:28top of the hill, the flow of the water and the power that, the kind of energy that it had,

48:34it destroyed everything and all these are the footprints of the devastation, everything.

48:39It brings the devastating images all across Gangwani.

48:43All we see, when the water started coming down from here,

48:46look at those size of the boulders and the stone, rocks, everything that came out.

48:49And when that hit this large, one of the largest bridge that was connecting Uttarkashi,

48:54to rest prior to Abdanali and further to Gangotri, to Harsil district, Harsil city.

49:01Now everything, the entire connectivity has been washed away.

49:05We are going to get rid of the water, but in the past,

49:08there was no back-up pull here.

49:10But the NDRF team reached here in Gangwani.

49:15But they have built their rooms.

49:17They have set their rooms.

49:18But they have not built their back-up pull here.

49:21With the internet connection lost, many villagers are awaiting word from their loved ones.

49:39More than 24 hours after the flash floods, there is still no clarity on possible casualties.

50:03What caused the flash floods also remains a mystery, with Met officials ruling out any cloudbursts in the region.

50:11Experts now believe a glacier breach or lake breach could be the reason.

50:16With Anjali Stawal, Omkar Bahuguna, Manjit Meghi and Ashutosh Mishra, Bureau Report, India Today.

50:25Our thoughts and prayers there with the people of Uttarkashi.

50:28Let me turn to another ground report tonight.

50:31A shocking story.

50:33Hate politics that has hit a school in Karnataka.

50:36In Karnataka's Belgavi district this weekend, the drinking water at a government school was allegedly poisoned

50:43in a targeted attempt to oust the Muslim school headmaster.

50:47The incident is believed to have been fueled by communal hatred, has left several school children unwell,

50:53and frankly has disgraced our system.

50:58Take a look at this report.

51:02Communal poison runs deep.

51:04It has infiltrated what were once considered the most sacred of spaces.

51:10Schools.

51:11At a government school in Karnataka's Belgavi district, the drinking water was allegedly poisoned

51:17in a targeted attempt against the school's headmaster, who belongs to the Muslim community.

51:23The incident took place on July 14th.

51:26Even though there were no fatalities, several school children were left unwell.

51:32During the entire investigation, we found out that the only motive, which is a very motive for this ghastly act was that

51:42the headmaster of the school is a Muslim and he is serving there for the last 13 years.

51:49To get this particular Muslim headmaster comfort out of this government school, they have resulted to this ghastly incident.

51:57Sagar Patil, the taluk level president of the Sri Ram Sene, has been identified as the alleged mastermind behind the incident.

52:07We caught hold of one Mr. Krishnamadar.

52:11He was the person who misguided this child and the child had put this poison into the water tank.

52:20Further during the investigation, we found out that Krishna Madar was blackmailed into doing this act by Sagar Patil of the same village.

52:30Incidentally, he turned out to be president of Sri Ram Sene.

52:36Police have arrested three people in the case.

52:39Another incident of attempted poisoning at a school in Shivamoga was reported on August 1st.

52:47That case is still under investigation and no arrests have been made.

52:52Bureau Report, India Today.

52:57Deeply troubling story there. I want to leave you though with our image tonight where the Prime Minister today inaugurated Kartavya Bhavan at Kartavya Path in the national capital.

53:11It's part of the ongoing Central Vista redevelopment project.

53:15It's the first in a series of new common central secretariat buildings aimed at consolidating various ministries and streamlining government operations.