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    Government Boosts MSME Financing Through SIDBI and ECLGS 5.0
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    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
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    August 3, 2026
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    Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
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    Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
    Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.
    August 3, 2026
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    MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
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    August 3, 2026
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    Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
    Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
    August 3, 2026
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    Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
    Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.

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      Customs & Trade

      Brazil vows retaliatory tariffs against US if Trump follows through on 50% import taxes

      July 11, 2025

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      Rio De Janerio, Jul 10 (AP) Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro.

      Lula said he will trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the US fail.

      “If there's no negotiation, the reciprocity law will be put to work. If he charges 50 (per cent tariffs) from us, we will charge 50 from them,” Lula told TV Record in excerpts of an interview that will be fully aired later in the day. “Respect is good. I like to offer mine and I like to receive it.” Lula's comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the US and China. Trump has vowed to respond forcefully if countries seek to punish the US by adding tariffs of their own.

      The tariffs letter that Trump sent to Brazil — and posted on social media Wednesday — railing against the “witch hunt” trial against Bolsonaro opened up a new front in his trade wars, with the US leader directly using import taxes to interfere with another nation's domestic politics. Trump has already tried to use tariffs to ostensibly combat fentanyl trafficking and as a negotiating tool to change how other nations tax digital services and regulate their economies.

      In Brazil's case, Trump is trying to dictate the outcome of the criminal trial of Bolsonaro, an ally who like Trump has been charged with attempting to overturn a presidential election. Bolsonaro maintains that he is being politically persecuted by Brazil's Supreme Court over his charges on the alleged plot to remain in power after his 2022 election loss to Lula.

      “There's nothing Lula or Brazil can do about Bolsonaro's trial,” said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Any change in that would be Brazil's capitulation. Bolsonaro's situation here won't change. How do you negotiate over that?" Lula ordered his diplomats on Thursday to return Trump's letter if it physically arrives at the presidential palace in Brasilia. The document attacks the country's judiciary and mentions recent rulings on social media companies among the reasons why goods from the South American nation will have higher tariffs from Aug. 1.

      Trade negotiations now up in the air Trump has initiated his tariffs under the 1977 International Emergency Economic Powers Act, saying in April that the persistent deficit between what the US exports and what it imports is a national crisis.

      But the US runs a trade surplus with Brazil, undermining some of the rationale.

      A staffer of Brazil's foreign ministry told The Associated Press that trade negotiations that were ongoing since Trump imposed a first set of tariffs in April are now “up in the air.” Some members of the Lula administration say Trump's move is actually aimed at Brazil's connection with other Southern economies, as displayed on Sunday at the summit of BRICS nations hosted in Rio de Janeiro. Brazil's president once again mentioned the hope for an alternative currency to the dollar for transactions, a topic that frequently draws Trump's ire.

      “Trump was never worried about democracy anywhere, much less with Bolsonaro's destiny,” said Gleisi Hoffmann, Brazil's institutional relations minister. “What he fears is the strengthening of the commercial and financial relations of the global south, which Brazil is helping to build in the BRICS bloc and in other forums. We won't be Trump's hostages.” Brazil's new unity Trump's interference in Brazilian affairs has brought a sense of unity that was largely absent in the politically divided nation. Some of Bolsonaro's allies claimed Lula had drawn the US president's anger with other decisions, including criticism of Israel's war in Gaza. But other supporters of the former president chose to ask for prudence in negotiations.

      Daily O Estado de S. Paulo, a frequent critic of Lula and his administration, said in an editorial on Thursday that Trump's move against the Brazilian government is “a mafia thing.” It also said Lula's reaction was correct, a rare feature for the newspaper.

      “Trump meddles in a degrading form into Brazil's affairs,” the editorial said. “It is true that Trump has no respect for liturgy and rituals of the relations between States, but even for his standards the letter sent to the Brazilian government crossed every boundary.” While Trump has talked tough, it has not necessarily produced his desired political outcomes abroad. Canadians recently elected Mark Carney as prime minister, with his Liberal Party reenergized by Trump's tariffs and threats to make Canada the 51st US state.

      Analysts also see Trump's attempt to interfere in the country's domestic affairs as a potential backfire for Bolsonaro during his trial and a push for Lula, whose reelection bid was facing unpopularity headwinds this year.

      “The reaction of a lot of people is that this is a political gift to Lula,” said Andre Pagliarini, a professor of history and international studies at Louisiana State University who is also affiliated with the Quincy Institute for Responsible Statecraft.

      Thomas Traumann, an independent political consultant and former Brazilian minister, called Trump's move “a game changer" for next year's election.

      “Trump put Lula back in the game,” Traumann said. “This gives Lula a narrative, puts Bolsonaro as the guilty part for any economic problems.” Exceeding the authority The US Court of International Trade ruled in May that Trump had exceeded his authority by declaring an emergency to impose tariffs without congressional approval. The Trump administration is appealing that decision, but opponents plan to use his Brazil letter to bolster their case.

      “This is a brazenly illegal effort by Donald Trump to sacrifice the economy to settle his own personal scores, and it is far outside his legal authority,” said Democratic Oregon Sen. Ron Wyden.

      The Republican administration has argued that their tariffs are now relatively harmless for the US economy, since inflation has trended down in recent months. But many companies stockpiled imports to get ahead of the import taxes, and it's unclear what happens when their inventories dwindle and consumers consider the risk of higher prices. Most outside economic analyses expect growth to decline.

      In Brazil, Trump's interest in Bolsonaro's trial is expected to weigh over the trial. Media outlets have reported that lawmakers and judges are worried the former president will try to leave Brazil for the US if he is convicted.

      "We can't rule out that Trump will give him some sort of exile later and is hiking tariffs to prepare his excuse,” said Melo, the professor in Sao Paulo. Bolsonaro's passport was seized by Brazil's Supreme Court because he is perceived as a flight risk.

      Lawmaker Eduardo Bolsonaro, a son of the former president, moved to the US in March. On Wednesday night, he asked his supporters on X to post “their thank you to President Donald Trump." In Thursday's interview, Lula said the elder Bolsonaro “should take the responsibility for agreeing with Trump's taxation to Brazil.” “His son went there to make up Trump's mind, then he (Trump) writes a letter to speak about a case that is on the hands of the Supreme Court. A case that is not a political trial. What is under investigation is the evidence of the case,” Lula said. (AP) NB NB

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