August 1, 2025
Chairman Summoned in Rs 10,000 Crore Loan Fraud Probe Under Sections Related to Money Laundering
The Enforcement Directorate has summoned the chairman of a major business group for questioning in connection with an alleged loan fraud and money laundering case involving his group companies. The investigation focuses on the diversion of over Rs 10,000 crore in loans, including approximately Rs 3,000 crore from a private bank between 2017 and 2019, with allegations of bribery, backdated approvals, and violations of banking credit policies. Searches were conducted at multiple premises linked to the group, covering numerous companies and executives. The probe also examines undisclosed foreign assets, suspicious investments in bank bonds, and related financial irregularities. The case is based on multiple FIRs and reports from regulatory bodies, indicating a coordinated scheme to siphon public funds, affecting banks, shareholders, and investors. Some group companies have stated that the investigations do not impact their current operations or governance.
August 1, 2025
New tariffs on imports from 68 countries delayed to update rates under national emergency law, sparking legal challenges
The administration announced new tariffs on imports from 68 countries and the European Union, delaying their effective date by one week to update the tariff schedule. The tariffs, imposed under a declared national emergency using a 1977 law, face legal challenges questioning the president's authority to bypass congressional approval. The tariffs vary by country, with some rates increasing and others decreasing, and baseline tariffs set at 10% for unlisted nations. Trade negotiations with several countries led to some agreements, though details remain vague. The tariffs aim to reduce the trade deficit and boost domestic manufacturing but risk increasing inflation and harming economic growth. Federal judges expressed skepticism about the emergency declaration's scope, and the case may reach the Supreme Court. The tariffs have already impacted businesses financially, and inflation indicators suggest rising consumer prices, complicating monetary policy decisions.
August 1, 2025
US to Impose 25% Reciprocal Tariff on Indian Imports Starting August 7, 2025 Under Trade Adjustment Rules
The United States issued an executive order imposing a 25 percent reciprocal tariff on imports from India, effective August 7, 2025. This action is part of a broader tariff adjustment affecting nearly 70 countries, aimed at addressing trade imbalances and aligning economic and national security interests. The order distinguishes between trading partners based on their willingness to engage in negotiations and make commitments to resolve trade barriers. Some countries have agreed or are close to agreements, while others have either offered insufficient terms or failed to engage. The tariffs apply to goods entered for consumption or withdrawn from warehouses after the specified effective date.
August 1, 2025
New Executive Order Imposes Tariffs on 68 Countries, Sets 10% Baseline Rate Under Section 301
An executive order was signed imposing new tariffs on numerous US trading partners, effective seven days later, with rates set for 68 countries and the European Union. A baseline 10% tariff applies to countries not specifically listed. The tariffs are based on trade imbalances and regional economic factors. A 90-day negotiation period was agreed with one major trading partner, maintaining existing 25% tariffs during talks. Certain goods remain protected under the existing trade agreement, which is slated for renegotiation. Tariffs on autos, copper, aluminum, and steel were specified at 25% and 50% during negotiations. The order follows prior tariff actions and agreements with various countries, aiming to address trade deficits and non-tariff barriers. The trade imbalance with key partners has increased significantly since earlier trade agreements were implemented.
August 1, 2025
Missile and Drone Attack Kills 13, Injures 130+, Damages City Infrastructure Amid Ongoing Clashes
A missile and drone attack by one state on the capital city of another resulted in at least 13 deaths, including children, and over 130 injuries, with significant damage to residential buildings and critical infrastructure. The attack involved hundreds of drones and missiles, many intercepted by air defenses, but still causing widespread destruction across multiple districts. The aggressor also claimed control over a strategically important city contested for over a year, a claim denied by the defender, who reported ongoing clashes. The defender's president condemned the attacks as deliberate killings and urged allies to uphold defense commitments and pressure the aggressor toward genuine negotiations. Meanwhile, a third country threatened sanctions if peace efforts do not progress by a set deadline, signaling increasing international pressure amid ongoing hostilities.
August 1, 2025
US Sets 90-Day Talks to Maintain 25% Tariffs with Major Partner, Other Tariffs Loom
The United States government announced a 90-day negotiation period with one major trading partner to avoid immediate tariff increases, maintaining existing 25% tariffs on imports during this time. Other countries face imminent new tariffs, with rates communicated via letters or executive orders if no prior agreements exist. Several trade deals were reportedly reached with multiple nations, though details remain undisclosed. The administration linked tariffs to issues such as drug trafficking and trade imbalances, particularly with the partner country facing a significant deficit. Some goods remain exempt under existing trade agreements, which are subject to renegotiation. Uncertainty persists for other trading partners regarding tariff status and deal finalization, with some agreements awaiting legally non-binding framework documents. The tariffs aim to address longstanding trade deficits and non-tariff barriers, but concerns remain about economic impacts on domestic consumers and businesses.
August 1, 2025
US Agrees to 90-Day Talks with Mexico to Maintain 25% Tariffs Amid Trade Tensions
The US President agreed to a 90-day negotiation period with Mexico to avoid increasing tariffs, maintaining a 25 percent rate on imports amid ongoing trade tensions. This agreement followed threats of higher tariffs and was part of broader trade negotiations with multiple countries, including South Korea, the EU, Japan, and Southeast Asian nations. The tariffs, linked to concerns such as fentanyl trafficking, will continue on autos, copper, aluminum, and steel at specified rates during negotiations. The deal aims to address trade imbalances and non-tariff barriers, though specifics remain unclear. Other countries remain uncertain about their trade status as the US prepares to implement new tariff rates via executive order. The agreement does not supersede protections under the existing USMCA, which is slated for renegotiation. The US trade deficit with Mexico has significantly increased since the USMCA's enactment, motivating efforts to reduce the imbalance.
July 31, 2025
US Imposes 25% Tariff on Indian Imports Over Russian Oil Purchases, Citing Section 301 Concerns
The United States has imposed a 25 percent tariff on all goods imported from India, along with an additional penalty targeting India's purchases of Russian crude oil and military equipment. This action reflects US frustration with India's continued acquisition of Russian energy resources, which the US asserts helps sustain Russia's military efforts in Ukraine despite global sanctions. While acknowledging India's significant energy needs, US officials emphasize that alternative suppliers are available and view India's reliance on Russian oil as a key irritant in bilateral relations. India has responded by affirming its commitment to protecting national interests and is currently assessing the impact of these tariffs. The measures appear to be part of a broader US strategy to leverage trade policy to influence India's foreign and energy procurement decisions.
July 31, 2025
US imposes 25% tariff on Indian imports under trade rules amid Russian oil dispute
The United States imposed a 25 percent tariff on all goods imported from India effective August 1, alongside unspecified penalties related to India's purchase of Russian crude oil and military equipment. The US trade team expressed frustration with India's slow progress in trade negotiations and criticized India for continuing to buy and refine sanctioned Russian oil. The tariff move is viewed as a strategic effort by the US to pressure India into agreeing to US trade demands, following recent favorable trade agreements with other major partners. India has responded by stating it will take necessary measures to protect its national interests and is currently assessing the impact of the tariffs.
July 31, 2025
US Imposes 25% Tariff on Indian Imports Over Russia Ties, Sparking Political Debate on Economy
The US President announced a 25 percent tariff on imports from India, coupled with an unspecified penalty for India's continued purchase of Russian military equipment and crude oil, citing concerns over India's trade policies and ties with Russia. This move prompted strong political reactions in India, with opposition leaders echoing the US criticism by labeling India's economy as "dead," while government officials defended India as one of the fastest-growing major economies, emphasizing ongoing reforms, export growth, and efforts to protect national interests. The Indian government is reviewing the tariff's impact and reaffirmed its commitment to safeguarding farmers, MSMEs, and industries. The tariff is viewed as a pressure tactic to influence India's trade stance amid broader US trade negotiations. The dispute has sparked significant domestic political debate regarding India's economic health and trade relations with the US.
July 31, 2025
Minister Pledges Support for Farmers on Land Classification and Ownership Issues Following Supreme Court Guidelines
The state minister met with representatives of farmer and horticulture organizations to discuss challenges related to land classification and ownership. The representatives emphasized that village lands recorded under individual names should not be classified as forest land and cited Supreme Court directives requiring proper demarcation before eviction. They requested the government to actively defend ongoing court cases on behalf of farmers and orchardists. The minister assured full government support, commitment to protecting their interests, and indicated that further detailed discussions would be held with senior officials to address these issues comprehensively.
July 31, 2025
Satellite Internet Provider Gets Unified License with Spectrum Rules for Service Launch
A satellite internet service provider has been granted a Unified License to operate in India, with a regulatory framework for spectrum allocation and gateway establishment finalized to facilitate service rollout. Other satellite communication companies are also awaiting spectrum allocation to begin operations. The government highlighted significant growth in digital infrastructure, including increased telephone and internet subscriptions, widespread 5G coverage, and the revival of a state-owned telecom company reporting consecutive profits. Investments under a production-linked incentive scheme have generated substantial sales and employment, while foreign direct investment in the telecom sector has nearly tripled. The country has rapidly expanded its telecom capabilities from 2G to 5G and is actively developing 6G technology, aiming to become a global leader in telecom innovation and manufacturing.
July 31, 2025
Airline Crew Arrested for Forging Indian IDs and Attempting Passport Fraud Under Section 420
A Bangladeshi national working as an airline crew member was arrested in India for obtaining multiple Indian identification documents, including Aadhaar, voter ID, ration cards, and attempting to apply for an Indian passport using forged documents. She initially entered India with a valid passport, rented accommodations in Kolkata, and used these addresses to acquire fake documents with the assistance of unidentified agents. Police seized several Indian and Bangladeshi documents during a raid and are investigating potential collaborators, including possible involvement of police personnel. The woman allegedly used social media posts to portray herself as a patriotic Indian, which authorities view as a tactic to support her false identity. The investigation is ongoing to determine the full extent of the forgery and any accomplices involved.
July 31, 2025
Chief Minister urges restoration of J&K statehood, full local control under Article 370, and boosts tourism post-terror attack
The Chief Minister of Jammu and Kashmir urged the central government to restore the region's statehood and transfer full administrative responsibilities to the local government, asserting their competence based on prior governance that reduced militancy and improved security. He emphasized the local government's capability to manage security and promote tourism, particularly after the Pahalgam terror attack that severely impacted the tourism industry. The Chief Minister highlighted ongoing efforts to revive tourism and invited visitors to Jammu and Kashmir, assuring safety measures were in place. He also criticized the central government's handling of international trade issues, specifically the imposition of tariffs by the US, stating a lack of consultation and clear policy direction. During a visit to Gujarat, the Chief Minister engaged in discussions to enhance inter-state relations and tourism cooperation.
July 31, 2025
Indian Rupee Recovers After Sharp Fall Amid US Tariffs and RBI Market Intervention Efforts
The Indian rupee recovered 15 paise to close at 87.65 against the US dollar following its steepest single-day fall in over three years, amid lower crude prices and suspected intervention by the Reserve Bank of India (RBI). The depreciation was triggered by the US government's announcement of a 25 percent tariff on Indian imports and penalties related to Russian crude purchases, which heightened market concerns and risk-off sentiment. The RBI's weekly liquidity withdrawal measures and suspected market intervention aimed to stabilize the currency and short-term interest rates. Ongoing bilateral trade negotiations between the two countries continue, with a US delegation scheduled to visit India for further talks. The broader economic environment remains uncertain, with pressure on the rupee expected to persist until clarity on tariffs is achieved.
July 31, 2025
Election Commission Begins Draft Electoral Rolls Publication After Special Intensive Revision
The Election Commission will publish draft electoral rolls following a special intensive revision (SIR) in Bihar, initiating a claims and objections period until September 1. This process allows voters to address wrongful deletions, additions, or corrections. The SIR aimed to update the voter list, removing deceased, migrated, or duplicate entries, but faced criticism and legal challenges alleging potential mass exclusion to favor the ruling coalition. The Supreme Court emphasized that the revision must ensure inclusion, not exclusion, and mandated acceptance of Aadhaar as identity proof. The Election Commission assured voters that grievances could be raised during the objection period, while opposition parties expressed concerns over possible manipulation during this phase by election officials aligned with the ruling party.
July 31, 2025
Government sets 90-day negotiation period with tariffs on autos, copper, aluminum, and steel unchanged under trade rules
A government announced a 90-day negotiation period with a neighboring country following discussions between their leaders, during which existing tariffs will remain in effect. Imports from the neighboring country will continue to face a 25% tariff, linked to concerns over illicit trafficking. Specific sectors such as automobiles will be subject to a 25% tariff, while copper, aluminum, and steel imports will incur a 50% tariff. The announcement emphasizes ongoing trade tensions and the use of tariffs as leverage in bilateral negotiations.
July 31, 2025
US to impose 15% tariff on most EU exports despite pending detailed agreement and ongoing exemption talks
The European Union anticipates the United States will impose a 15 percent tariff on most EU exports starting Friday, despite the absence of a finalized joint statement detailing the agreement's terms. The political agreement reached covers tariffs on approximately two-thirds of EU goods, valued at around 380 billion euros, with exemptions for strategic items such as aircraft, certain chemicals, and some pharmaceuticals. The EU expects the US to honor both the tariff ceiling and agreed exemptions. While European wine and spirits will initially face the 15 percent tariff, further negotiations on exemptions are ongoing. Prior to the agreement, the US had threatened 30 percent tariffs, which the EU warned would severely disrupt trade. The EU prepared retaliatory tariffs set for August 7 but plans to suspend these if the deal proceeds as intended.
July 31, 2025
Political Leader Accuses Government of Undermining Economy and Sovereignty Amid Trade Dispute
A political leader publicly criticized the national economy as "dead," aligning with a foreign leader's disparaging remarks, and accused the ruling government of undermining economic, defense, and foreign policies to benefit a prominent business figure. The ruling party condemned these statements as insulting and politically motivated, defending the country's economic progress and questioning the opposition's loyalty. The opposition leader also alleged that ongoing trade negotiations with the foreign country would be dictated by that country's leader, asserting the government prioritizes foreign interests over national welfare. The dispute includes accusations that recent tariffs imposed by the foreign country will harm domestic industries and farmers. Both parties exchanged sharp criticisms regarding economic management, trade policies, and national sovereignty, reflecting heightened political tensions amid international trade conflicts.
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