By YP Rajesh, Shilpa Jamkhandikar and Nikunj Ohri NEW DELHI (Reuters) -Indian Prime Minister Narendra Modi urged the country on Friday to move towards more self-reliance, manufacture everything from fertilisers to jet engines and EV batteries,

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.

U.S. President Donald Trump has announced additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%.

Renowned economist and Columbia University Professor Jeffrey Sachs has strongly criticised the United States administration’s tariffs, terming them as pressure tactic on India.

On average, India imported about $130 billion in Russian oil per year since Moscow invaded Ukraine in February 2022.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.

India's merchandise trade deficit hit an eight-month high of over $27 billion in July as imports surged faster than exports ahead of U.S. President Donald Trump's announcements of new tariffs on trading partners,

India faces a strategic dilemma as the US imposes a 50% tariff on most Indian goods, potentially costing India $50 billion. Options include negotiatio