Russian President Vladimir Putin and India's Narendra Modi will meet in New Delhi by the end of year, but no dates have been finalised yet, a Russian embassy official in India said on Wednesday.

The Russian embassy in India criticised the US penalties on New Delhi over trade ties, saying crude oil trade between the two nations will remain unaffected and overall India–Russia trade is expected to grow 10% annually.

China — often characterized by White House officials as the arch-rival of the U.S. in trade — has been among the countries most negatively affected by Trump’s mercurial barrage of tariffs. India is currently suffering severe penalties imposed by the Trump administration due to its continued purchasing of oil from Russia.

During his Friday speech, Modi also hinted India would continue its unilateral suspension of the Indus Water Treaty. The treaty, which India suspended after the April massacre, allows sharing of the Indus River that runs about 2,897 kilometers (1,800 miles) through South Asia and is a lifeline for both countries.

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According to sources, Modi asserted, "Nehru partitioned the country once, and then again. Under the Indus Waters Treaty, 80 per cent of the water was given to Pakistan. Later, through his secretary, Nehru admitted his mistake, saying that it brought no benefit."

India expects consumption tax cuts announced by Prime Minister Narendra Modi will give a boost to the economy without hurting the government’s fiscal deficit, helping to offset the fallout from higher US tariffs.

Prime Minister promises first local silicon will appear this year, decades after Fairchild Semi's Robert Noyce made polite inquiries