Modi further stated that he looks forward to hosting President Putin in India later this year, confirming that the Russian leader has been invited for the annual bilateral summit.

The 50% tariffs President Trump announced this week were officially designed to drive a wedge between India and Russia, but so far the only rupture they've caused is with the United States. Why it matters: The steep levies over India's purchases of Russian oil are threatening to unravel years of calculated U.

Global markets are focusing on tariff policy developments, with possible US tariff relief expected to create positive momentum for investors. This move could boost international trade and benefit Indian export-oriented companies.