Shritama Bose

The country is open to cutting Russian oil purchases to reduce a 50% US import tariff but Donald Trump’s attacks will, in the long run, only make it double down on its multipolar foreign policy. Narendra Modi’s first visit to China in seven years is a step in this direction.

The Indian conglomerate's truck unit will buy the Italian group's faster growing vehicle business for $4.3 bln. It gains access to Europe without stretching its balance sheet, and returns look reasonable, too. That's an improvement on its patchy cross-border dealmaking record.

Rough weather awaits Mukesh Ambani's next big fundraising plan. On Friday, his $230 billion conglomerate outlined a goal to bring external investors into its clean power unit, which it tips as the next growth engine. Securing a valuation for the business that lives up to the hype may be challenging, however.

The world’s largest money managers led by BlackRock are vying to cater to the country’s rising rich. Though the market is crowded and expensive to serve, the rapid growth of households’ $3 trln net assets is too big to ignore. The prize also may be easier to grasp than in China.

The central bank led by Sanjay Malhotra surprised by slashing its key policy rate by 50 basis points. Under the new governor, the RBI is prioritising supporting GDP more than in the past. That's fine, so long as it can fulfil its inflation targeting mandate when the need arises.

Investors including BlackRock and Ares will be paid no interest on struggling conglomerate Shapoorji Pallonji's $3.5 bln bond. And their layers of protection include collateral they might not be able to get their hands on. It's a result of capital burning holes in their pockets.

One of India's top private banks is setting a fresh test for the sector. On Monday IndusInd Bank reported it had discovered an accounting discrepancy in the way it booked currency derivatives stretching back at least six years. The resulting estimated $175 million impact roughly equates to an entire quarter's earnings. It's the latest in a series of slip-ups by the firm run by Sumant Kathpalia, and the ensuing 27% drop in its shares shows its credibility is tanking. It's also likely to bring tighter scrutiny of its peers.

India may get more than it bargained for when it comes to Elon Musk. The Tesla boss' role in the White House might make it easier for him to set the terms of his entry into the world's third-largest car market. But President Donald Trump's aim of cutting the U.S. trade deficit will leave India less leverage to wrangle coveted factory jobs it wants from Musk.

India is pulling out all the stops to be on Donald Trump's good side. The country has already made tariff concessions and fielded a planeload of deported immigrants ahead of Prime Minister Narendra Modi's visit to meet the U.S. President at the White House. But it is migration, not trade, that will be the sticking point in bilateral relations.

If India wants to prop up its stalling economic growth, it will have to sacrifice some of the financial stability underpinning the country’s moment on the global stage.