Indian Prime Minister Narendra Modi has vowed to build a “self-reliant India” and announced tax and regulatory reforms to benefit businesspeople and the middle class in his first major speech since the US imposed 50 per cent tariffs on the country.

India’s defense ties with Washington remain on track with a US delegation set to visit New Delhi this month, even as the South Asian nation grapples with President Donald Trump’s 50% tariffs.

"We've put secondary tariffs on Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up," Mr Bessent told Bloombe

President Donald Trump is set to travel to Alaska to meet Russian President Vladimir Putin as he seeks negotiations to end Russia's war against Ukraine, threatening more tariffs on Russian energy if ceasefire talks falter.