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    Trump says US will investigate EU trade practices, claiming bloc unfairly fined tech giants
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    Rupee recovers 20 paise to settle at 96.53 against US dollar
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    DPIIT's One District One Product Initiative Promotes 1,244 Unique Products Across 773 Districts
    India's Services Exports Rise to USD 421.3 Billion in FY 2025-26, Led by Telecommunications, Computer and Information Services and Business Services
    India and Israel Conclude Second Round of Negotiations for Proposed Free Trade Agreement
    Glomo Secures Visa's Principal Membership, Becomes India's First Non-Bank Acquirer to Join the Network
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    Boult Earbuds in India 2026: Five Reasons They are the Smartest Budget Pick
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    Infosys: AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%
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    30-member Indian commerce chamber delegation to visit Sri Lanka
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    July 24, 2026
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    Trade Practice Investigation: Tech-company antitrust fines prompt proposed tariffs and trade sanctions under federal trade law mechanisms.
    A formal investigation into alleged unfair trade practices has been announced in response to European regulatory fines imposed on major United States technology companies. The stated concern is that digital antitrust penalties are unfairly directed at United States businesses, with possible tariffs on European Union imports indicated. The proposed response is linked to Section 301 of the Trade Act of 1974, permitting import taxes and other sanctions against unjustifiable, unreasonable or discriminatory trade practices.
    July 24, 2026
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    Import tariffs and energy costs heighten inflation risks, pressuring consumers, corporate profits and monetary-policy expectations amid market volatility.
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    July 24, 2026
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    Responsive tax governance promotes taxpayer convenience, correction of bona fide errors, tax certainty, prompt refunds and prevention of avoidable litigation.
    Responsive tax governance requires convenience for honest taxpayers, correction of bona fide errors and firm consequences for deliberate tax evasion. The Income Tax Act, 2025 is intended to simplify the legal framework, reduce uncertainty and lower compliance costs, supported by stronger electronic filing infrastructure and prompt refund processing. Tax certainty should promote voluntary compliance and shift the focus from litigation management to litigation prevention through consistent guidance, simplified procedures, technology, standardised processes, effective grievance resolution and reduction of recurring taxpayer difficulties.
    July 24, 2026
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    Examination integrity safeguards prompt monitoring, enforcement action and proposed stricter penalties for paper leaks and institutional failures.
    Examination integrity measures include reported termination of agency officials, contemplated legal and criminal action, proposed stricter punishment for paper leaks, and Supreme Court monitoring of preventive steps. The Supreme Court also prohibited unauthorised posting or uploading of audio-video court proceedings on social media and digital platforms without prior administrative permission. The updates further address taxpayer facilitation alongside firm action against evasion, trade measures connected with forced-labour concerns, and potential legal action concerning university communications to students.
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    Foreign exchange market stabilisation supported rupee recovery as investor outflows, geopolitical tensions and elevated crude prices maintained currency pressure.
    Foreign exchange market conditions saw the rupee recover against the US dollar amid reports of Reserve Bank of India intervention and dollar sales by public-sector banks to limit further depreciation. Foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions, and elevated crude oil prices continued to pressure the currency. A decline in crude prices, diplomatic engagement, and central-bank intervention were identified as potential stabilising factors.
    July 24, 2026
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    Forced-labour import prohibition enabled lower tariff treatment for Sri Lankan goods, supporting export competitiveness and responsible trade practices.
    Tariff treatment for Sri Lankan goods entering the United States was reduced after Sri Lanka prohibited imports of goods produced using forced labour. The prohibition placed Sri Lanka within the lower tariff category under the stated US framework. The reduction is described as supporting exporter competitiveness while reflecting commitments to fair trade, responsible business practices, internationally accepted labour standards, and sustainable economic reforms.
    July 24, 2026
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    One District One Product strengthens district product branding, market access, food-processing support and export-oriented value chains.
    The One District One Product initiative supports district-identified products through branding, market access, exhibitions, capacity building and Government e-Marketplace onboarding. States and Union Territories select products and may leverage Central and State schemes, as no district-specific allocation is made. PM Ekta Malls and the PMFME Scheme support sales, food-processing projects, common infrastructure, branding, packaging, quality standardisation and food-safety compliance. Districts as Export Hubs promotes export-potential products through export committees, action plans and value-chain coordination.
    July 24, 2026
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    Services export promotion expands market access, professional mobility, qualification recognition and trade outreach for Indian service suppliers.
    Services export promotion combines targeted market and sector strategies, removal of domestic impediments, trade agreements and export-promotion activity. Free Trade Agreements secure market access and national treatment for Indian service suppliers, support transparent and time-bound authorisation processes, and facilitate temporary mobility of skilled professionals. Mutual Recognition Agreement provisions seek recognition of qualifications and licensing requirements. The framework also addresses social-security coordination, student mobility, traditional medicine and double-taxation commitments for IT services. The Services Export Promotion Council supports market development, trade facilitation, capacity building and international outreach.
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    Free trade agreement negotiations advance as India and Israel address market access, origin rules, customs facilitation and economic cooperation.
    India and Israel completed the second round of negotiations for a proposed Free Trade Agreement under the Terms of Reference signed in November 2025. Technical discussions covered trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, intellectual property rights, customs procedures, trade facilitation and economic cooperation. Both sides sought to narrow gaps, identify areas of convergence and work towards early conclusion of a balanced, comprehensive and mutually beneficial agreement.
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    Direct card acquiring enables cross-border merchants to manage payment processing, settlement, risk monitoring and disputes without intermediary acquirers.
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    July 24, 2026
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    Foreign exchange reserves rose as foreign currency assets increased, while gold reserves fell and IMF reserve position declined.
    Foreign exchange reserves increased during the reported week, principally because foreign currency assets rose, including valuation effects from movements in non-US currencies held in reserve. Gold reserves declined, Special Drawing Rights increased, and the reserve position with the International Monetary Fund decreased. Earlier reserve declines were associated with rupee pressure and foreign-exchange market intervention through dollar sales.
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    Consumer electronics financing enables instalment purchases of affordable earbuds through in-store loan and reusable credit facilities, subject to approval.
    Affordable Boult earbuds are described as offering extended battery life, fast charging, dynamic drivers, low-latency gaming modes, Environmental Noise Cancellation, Bluetooth connectivity, and selected active noise-cancellation features. Models are compared by audio, calling, gaming, and charging specifications. Purchases through partner stores may be financed through an Easy EMI Loan or Insta EMI Card, subject to in-store application and approval, with instalment tenures and possible zero-down-payment offers on selected models.
    July 24, 2026
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    Trade-tariff concerns and oil-price volatility deepen risk aversion, extending equity market losses amid geopolitical tensions and foreign outflows.
    Indian equity markets extended their losing streak amid caution over United States trade-tariff concerns, West Asia tensions, oil-price volatility, foreign equity outflows and selling in selected blue-chip shares. Higher oil prices were identified as a potential pressure on macroeconomic indicators and growth prospects. New import tariffs were described as a constraint for export-oriented economies, particularly technology-heavy markets, while investors may diversify exposure across emerging-market opportunities.
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    Dual-use export controls restrict supplies to European entities amid reciprocal Russia-related sanctions and non-proliferation concerns.
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    July 24, 2026
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    Foreign-exchange market intervention supported rupee stabilisation amid investor outflows, weak equities, geopolitical tensions and elevated crude oil prices.
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    July 24, 2026
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    Forward-looking statements receive safe-harbor qualification amid reported IFRS performance, AI-led transformation initiatives, and revised revenue-growth guidance.
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    Forced-labour import enforcement drives new tariffs as expiring stopgap levies and market uncertainty heighten trade-compliance concerns.
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    July 24, 2026
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    Cross-border commercial engagement supports Indian and Sri Lankan businesses in identifying partnerships and strengthening trade and investment relationships.
    Cross-border trade and investment engagement between India and Sri Lanka is proposed through a commerce chamber delegation representing diverse Indian industry sectors. A networking session is intended to enable direct interactions between businesses, identify partnership opportunities, discuss commercial collaboration and develop new business connections. The engagement seeks to strengthen commercial relationships across participating industries within the established bilateral trade and investment relationship.
    July 24, 2026
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    Foreign exchange market intervention limited rupee depreciation amid elevated oil prices, importer dollar demand, capital outflows and equity market weakness.
    Foreign exchange market conditions reflected an early appreciation of the rupee against the US dollar, with likely central bank intervention through state-owned banks reported as limiting sharper depreciation. Softer dollar conditions provided limited support, while elevated crude oil prices increased dollar demand from oil marketing companies and sustained importer buying pressure. Foreign institutional investor equity outflows, domestic equity weakness, and West Asia tensions affecting oil prices also influenced the rupee.
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    Money-laundering investigation examines alleged bank-loan fund diversion through shell entities, accommodation entries, fake invoices and circular transactions.
    A money-laundering investigation under the Prevention of Money Laundering Act concerns alleged bank-loan fraud involving Santosh Overseas Ltd., its promoters and linked entities. Searches were conducted at premises in Uttar Pradesh, Delhi and Punjab. The investigation, arising from a Central Bureau of Investigation case, alleges diversion and layering of loan funds through shell entities, accommodation-entry operators and related companies by means of purportedly fake invoices and circular financial transactions.

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      Terrorism is Pakistan's deliberate `war strategy', India to respond accordingly: PM Modi

      May 27, 2025

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      Gandhinagar, May 27 (PTI) Prime Minister Narendra Modi on Tuesday said terrorism was not a proxy war but a deliberate war strategy adopted by Pakistan, and India will respond to it accordingly.

      Speaking at a Gujarat government programme here, he also batted for buying Indian products to boost the country's economy.

      Refusing to make any distinction between non-state and state actors in Pakistan, Modi said the neighbouring country is engaging in war by continuing to support terrorism.

      "`Vasudhaiva Kutumbakam' (the world is one family) is our `sanskar' (value imbibed through tradition), we want happiness for our neighbours too, but if you challenge our strength, then India is also a land of heroes," he said, speaking at an urban development programme of the state government.

      "We can not call this a proxy war, as those who were killed after May 6 (during Operation Sindoor) were given state honors in Pakistan. Pakistani flags were draped over their coffins, and their military saluted them. This proves that these terrorist activities are not just a proxy war, this is a deliberate war strategy on their part," the prime minister said.

      "If they are engaging in war, then the response will be accordingly," he added.

      Modi was on his first visit to Gujarat after Operation Sindoor.

      During his visit to Vadodara, Dahod, Bhuj, Ahmedabad and Gandhinagar, he experienced "fervour of patriotism with the roar of success of Operation Sindoor", he said, adding that this feeling could be seen across the country.

      A single thorn can cause constant pain even if a body is strong otherwise, the prime minister said, adding India made up its mind to "remove the thorn of terrorism", and did it with utmost conviction.

      "We should have killed the Mujahideens who entered Kashmir in 1947" and then the present situation would not have arisen, he said, referring to the incursions in Kashmir immediately after Independence.

      "During Partition, Maa Bharati (Mother India) was divided into two, and that very night, the first terror attack on Kashmir was launched by Mujahideens," Modi said, adding that with the help of these terrorists Pakistan captured a "part of Mother India".

      "(Then Union home minister) Sardar Patel was of the opinion that the Indian army should not have stopped until Pakistan-Occupied Kashmir (PoK) was reclaimed. However, Patel's advice was not heeded. They (Pakistan and terrorists backed by it) tasted blood," he said, taking a veiled swipe at the first prime minister of India Jawaharlal Nehru.

      "This legacy of terrorism has continued for the last 75 years and the terror attacks in Pahalgam was another horrific form of it. Despite playing diplomatic games, Pakistan repeatedly faced India's military strength in war. On three occasions, India's armed forces decisively defeated Pakistan, making it clear that Pakistan could not triumph in a direct military conflict with India," Modi said.

      Realizing its limitations, Pakistan resorted to proxy warfare, pushing trained terrorists into India and targeting innocent and unarmed civilians including pilgrims, he said.

      India has only kept the Indus Water Treaty in abeyance (in the aftermath of the Pahalgam terror attack) and Pakistan is already feeling the heat, the prime minister further said.

      "India has always pursued progress and welfare of all, offering assistance (to its neighbours) in times of crisis. However, despite these efforts, the nation has often faced violent attacks," he said.

      While dams were constructed on rivers (falling under the Indus Water Treaty) on our side, they were not maintained properly and desilting was neglected for sixty years, Modi said, adding that gates meant for regulation of the water flow were left unopened, leading to a drastic reduction in storage capacity to merely two to three percent.

      Indian people must have their rightful access to water, he said, adding that while significant steps are yet to be taken, initial measures have been initiated.

      "India seeks no hostility, and aspires to peace and prosperity. The country is committed to progress and is contributing to global well-being. With firm determination, India remains dedicated to the welfare of its citizens," he said.

      When he took over as prime minister in 2014, India was the 11th largest economy, and it rose to the fourth position over the last 11 years despite facing challenges such as the COVID-19 pandemic, difficulties with neighboring countries and natural calamities, Modi noted.

      Stressing the need to focus on tier-2 and tier-3 cities to make India the third largest economy of the world, he urged citizens to turn Operation Sindoor into a people's movement.

      People should say no to imported products and purchase only locally-made items to strengthen the economy, he said.

      "Though Operation Sindoor started as a military operation, it will now turn into a people's movement.....Operation Sindoor is not just the responsibility of the soldiers but of 140 crore citizens," said Modi.

      "Without knowing, we are using products which are imported, like Lord Ganesha idols. We must start using only Made in India products to make India a developed country. Shopkeepers should vow that they will not sell imported products. It's time to be vocal for local," he said.

      Urban economies hold the key to India becoming the third largest economy, he said.

      "We should focus more on tier-2 and tier-3 cities....I suggest that value addition to agro-products should be done in tier-2 and tier-3 cities. That will benefit both urban and rural economies," the prime minister said. PTI PJT PD KRK

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