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    Minutes of the Monetary Policy Committee Meeting, February 4 to 6, 2026 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
    US trade deal has become an ordeal: Congress slams PM Modi
    Nothing changes, India will be paying tariffs; we will not be paying tariffs: Trump after SC ruling
    Trump seethes over Supreme Court justices who opposed him on tariffs, especially those he appointed
    The Latest: Trump says he'll sign executive order to enact 10 per cent global tariff
    Which Trump tariffs did Supreme Court strike down? Here's what to know
    The Latest: Trump addresses press after Supreme Court strikes down his sweeping tariffs
    No change in trade deal with India; it is on: Trump after SC verdict
    Trump says he used tariffs to end war between India, Pakistan as he lashes out at US Supreme Court verdict
    Trump says he'll sign executive order to enact 10 per cent global tariff after US Supreme Court defeat,
    Trump says he's 'absolutely ashamed' of US Supreme Court justices who issued 'deeply disappointing'  tariff decision
    Congress slams govt for agreeing to trade deal after US Supreme Court strikes down Trump's tariffs
    Refunds may be available on some tariffs applied to goods from India: US Chamber of Commerce after SC ruling
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    'Walking away' from recent deals does not seem to be in cards for America's partners: Ex-trade official
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    SC ruling on Trump's tariffs: Judge refers to tariffs imposed on India for buying Russian oil in dissenting note
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February 21, 2026
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Policy repo rate unchanged; MPC retains neutral stance as inflation stays benign while growth outlook strengthens.
Under Section 45ZL the MPC's minutes record a unanimous decision to keep the policy repo rate unchanged and to retain the neutral stance after reviewing staff projections, surveys and alternative risk scenarios. The committee judged growth prospects to have strengthened while headline inflation remains benign though modestly revised upward for near quarters due mainly to precious metals; risks to the outlook are broadly balanced and policy will be guided by incoming data and the progress of transmission.
February 21, 2026
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Constitutional limits on presidential tariff power overturned global tariffs, reshaping the interim India-US trade deal consequences.
The US Supreme Court invalidated the President's global tariffs imposed under emergency powers, finding tariff authority lies with Congress; the decision undercuts executive unilateral tariff measures. The India-US interim agreement saw an Executive Order lifting prior punitive tariffs in return for India's energy purchasing commitments, and a reduced reciprocal tariff rate was agreed. Indian political opposition alleges the deal's timing reflected executive haste that risked sovereign bargaining leverage and domestic agricultural interests.
February 21, 2026
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Presidential tariff authority curtailed; temporary global import duty imposed to rebalance trade while India trade framework remains intact.
The Supreme Court held that the President exceeded authority in imposing sweeping tariffs; in response the President signed a Proclamation imposing a temporary import duty to address international payments problems and rebalance trade relationships, effective on a specified date for a limited period. The President stated that an interim trade framework with India remains in place, removing certain punitive tariffs on India under an Executive Order while asserting India will assume tariff obligations under the bilateral arrangement.
February 21, 2026
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Emergency powers tariffs invalidation prompts presidential denunciation of justices and raises separation of powers and institutional independence debate.
Six justices invalidated presidential global tariffs imposed under an asserted emergency powers statute, framing the central legal question as the permissible scope of executive authority to impose trade restrictions without clear congressional authorization, and the litigation tested statutory delegation, administrative action in the trade context, and judicial review of national-security framed economic measures.
February 21, 2026
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Emergency power limits prompt alternative executive tariff action, raising concerns about agriculture costs and trade uncertainty.
The Supreme Court invalidated a presidential tariff framework as an unlawful exercise of emergency power, leading the president to announce use of alternative executive authority to impose a temporary global tariff. Stakeholders warned that further tariff actions or use of other authorities would increase agricultural input costs and create trade uncertainty, while business groups said ties with trade partners remain intact despite the disruption.
February 21, 2026
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Presidential emergency powers curtailed as court invalidates broad tariffs imposed under IEEPA, overturning central global levies.
The Supreme Court found the President exceeded authority under the International Emergency Economic Powers Act by using IEEPA to impose broad tariffs, invalidating core IEEPA-based measures including the Liberation Day global tariff framework and subsequent trafficking and country-specific levies on Canada, Mexico, China, Brazil and India; sectoral and non-IEEPA tariffs remain in place while the executive considers alternative measures.
February 21, 2026
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Executive emergency tariff authority limited, prompting administration to pursue alternative statutory bases for imposing tariffs.
The Supreme Court concluded that the Constitution vests the taxing power in Congress and that the emergency statute invoked by the Executive does not authorize imposition of tariffs as revenue measures, constraining executive emergency tariff authority; the administration plans to rely on alternative statutory bases to replace the invalidated tariffs.
February 21, 2026
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Tariff policy remains central as the India trade arrangement continues despite judicial limits on tariff authority.
President Trump stated the bilateral trade arrangement with India remains in effect after the Supreme Court invalidated his broad tariffs, noting an Executive Order rescinded punitive tariffs on Indian oil imports from Russia and an Interim Agreement framework reduces reciprocal U.S. tariff treatment toward India while maintaining tariffs on Indian imports under the new terms; he framed tariffs as leverage for energy-sourcing commitments and de-escalation between India and Pakistan.
February 21, 2026
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IEEPA authority rejected, limiting tariff powers while administration decries the decision and cites geopolitical effects.
The Supreme Court held that the International Emergency Economic Powers Act does not authorize imposition of duties, constraining executive authority to impose tariffs under national emergencies; the President criticized the ruling and reiterated that tariffs were used as a foreign policy tool to end hostilities between India and Pakistan, a claim denied by India which attributes cessation to direct military talks.
February 21, 2026
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Global tariff authority challenged after court invalidated emergency-use tariffs; president plans executive-order, time-limited alternative.
A judicial body invalidated a broad presidential program of global tariffs as an unlawful exercise of emergency power, eliminating the administration's primary emergency-based mechanism for imposing unilateral worldwide duties. The president announced intent to use an alternative statutory authority via executive order that would impose time-limited tariffs restricted to 150 days, signaling a shift to a different administrative vehicle for trade measures.
February 21, 2026
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Emergency powers invalidation limits executive authority to impose unilateral tariffs, nullifying sweeping reciprocal import duties.
The executive's imposition of sweeping "reciprocal" import duties under a claimed emergency powers statute was found unlawful; the tariffs were invalidated because setting import duties required clear congressional authorization rather than unilateral emergency proclamations, signaling a legal limit on executive authority to alter statutory tariff schemes by emergency declaration.
February 21, 2026
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Judicial review of emergency tariff powers restores congressional tariff authority, affecting recently announced India-US trade concessions.
The US Supreme Court struck down President Trump's global tariffs imposed under emergency powers, finding tariff authority lies with Congress, thereby removing the legal basis for those sweeping reciprocal tariffs. Indian opposition leaders contend that a recently announced India-US trade framework contained concessions extracted while the tariffs were assumed valid, and they seek clarity on whether those commitments-covering tariff eliminations, import targets, energy sourcing, and non tariff barrier commitments-will persist or be revisited following the judgment.
February 20, 2026
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IEEPA authority invalidated - certain IEEPA based tariffs now refundable to importers who directly paid them.
IEEPA based tariffs were deemed impermissible, allowing refunds only to US importers of record or consignees who directly paid tariffs. Eligible tariffs include IEEPA imposed levies commonly termed fentanyl, trafficking, reciprocal or baseline tariffs, including certain tariffs on goods from Brazil and India. Refunds exclude duties imposed under other statutory authorities such as anti dumping, countervailing, trade remedy or national security provisions. The administrative procedure and timing for claims remain uncertain pending further court and executive guidance.
February 20, 2026
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Presidential emergency powers limited: IEEPA cannot be used to impose broad import tariffs, leaving refund questions open.
The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies.
February 20, 2026
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Presidential emergency tariff power invalidated, forcing alternative legal routes and prolonging trade and political uncertainty.
The Court held the president lacked authority to declare an economic emergency and impose sweeping import tariffs, removing an executive legal basis for those tariffs and forcing the administration to pursue alternative statutory mechanisms, which will prolong legal and political debate over trade policy.
February 20, 2026
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IEEPA authority curtailed: major emergency based tariffs invalidated, leaving sectoral trade measures and exemptions intact.
The President exceeded statutory authority by invoking IEEPA to impose broad import tariffs, nullifying core emergency based levies. Affected measures include the wide ranging "Liberation Day" tariffs, trafficking justified duties on Canada, Mexico and China, Brazil linked duties, and India related levies tied to Russian oil purchases. The decision removes the IEEPA route for economy wide tariffs but leaves intact sectoral and statute specific tools that continue to impose tariffs on selected industries and products.
February 20, 2026
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IEEPA authority struck down; partners unlikely to abandon recent tariff deals, administration to rely on other statutes.
The Supreme Court invalidated reliance on the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs, finding IEEPA does not authorize such duties. Observers anticipate the Administration will instead invoke clear congressional tariff statutes and that trading partners who made recent deals are unlikely to withdraw them, having expected alternative statutory mechanisms to keep tariffs in place.
February 20, 2026
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Emergency-powers tariff invalidation restores trade predictability for exporters, but sectoral steel and aluminium duties remain in force.
The US Supreme Court invalidated country-specific reciprocal tariffs imposed under emergency powers, restoring predictability for exporters and enabling importers to seek refunds for duties paid under the invalidated regime, while separate sector-specific duties on steel, aluminium and certain auto components remain in force.
February 20, 2026
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Tariff authority options: multiple statutory pathways remain for imposing import duties despite limits on emergency powers.
After the court rejected the administration's emergency-based authority for sweeping reciprocal tariffs, the president can still impose import duties using alternative statutes: the Trade Act unfair-practices authority permitting unlimited tariffs after investigation and hearings; the Trade Act provision for addressing unbalanced trade that allows time-limited tariffs without prior investigation but is untested; the national-security tariff authority under the Trade Expansion Act which requires Commerce investigations; and a rarely used Tariff Act depression-era authorisation that allows very high, indefinite tariffs without investigation.
February 20, 2026
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IEEPA authority questioned as tariffs ruled unauthorized; dissent stresses tariffs' foreign affairs leverage, including India example.
The decision holds that the International Emergency Economic Powers Act does not authorize the imposition of import duties, rejecting the use of IEEPA as a statutory basis for tariffs; a dissent argued such tariffs fall within foreign affairs practice, serve as leverage in international negotiations, and cautioned against applying a major questions constraint to executive statutory authority in national security and diplomatic contexts.

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IIM Lucknow, TimesPro invite applications for the 10th intake of the Chief Strategy Officers Programme

February 11, 2026

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Lucknow (Uttar Pradesh) [India], February 11: In a world of sharper geopolitical faultlines, faster technology cycles and heightened scrutiny, strategy has become a continuous discipline. Organisations increasingly need senior leaders who can read signals early, make hard trade-offs with analytical rigour and translate ambition into execution across functions and geographies. Against this backdrop, the Indian Institute of Management Lucknow (IIM Lucknow), in association with TimesPro, has begun accepting applications for the 10th batch of its Chief Strategy Officers Programme, designed for experienced professionals shaping enterprise direction and driving multi-region transformation. Spanning 10 months, the programme develops end-to-end capability, from diagnosing external disruption to translating strategy into measurable execution. Participants learn to build advantage in fast-changing environments, integrate digital and AI into decision-making, embed ESG into long-range planning and manage risk through sharper capital allocation and scenario thinking. Designed for aspiring CSOs, COOs and CEOs, as well as senior managers and vice-presidents leading large change agendas, the programme builds the confidence to influence boards, guide business units and mobilise stakeholders around coherent strategic priorities.

As organisations navigate uncertainty and disruption, they need leaders who can ground strategy in evidence while acting with speed and clarity. PwC’s Global CEO Survey 2026, based on responses from CEOs across 95 countries and territories, shows that the foremost concern for many leaders is whether their organisations are transforming quickly enough to keep pace with technological change, including AI—42% cite this as their top concern. Gartner’s 2024 CEO and Senior Business Executive Survey echoes’ this urgency: 62% of CEOs rank growth as their highest business priority, while 34% identify AI as the leading theme for the next wave of business transformation after digital.

Aimed at professionals with 10+ years of full-time work experience, the programme is anchored in three interconnected modules: Sensing Opportunity, Crafting Competitive Advantage and Execution & Realising Competitive Advantage. The curriculum covers strategic decision-making, emerging disruptions, corporate and business strategy, international strategy, mergers and acquisitions, corporate entrepreneurship, strategic communication, change and transformation and design thinking, enabling participants to move from insight to action with rigour.

Commenting on the 10th batch, Sabayachi Sinha, Professor, IIM Lucknow said, “Strategy now demands both range and discipline; leaders must read uncertainty early, choose where to compete, and execute with clarity across functions and geographies. This programme develops that capability through structured frameworks, contemporary cases and peer learning that mirror boardroom complexity. Participants leave with sharper strategic intuition, stronger analytical tools and the ability to translate ambition into resilient, measurable growth.” Sridhar Nagarajachar, Business Head – Executive Education, TimesPro, said, “Senior leaders rarely need more information, they need better synthesis, decision discipline and execution velocity. Our collaboration with IIM Lucknow brings that together through live, faculty-led learning, applied assignments and a capstone that turns frameworks into outcomes. The programme fits demanding calendars while building credible strategic capability that leaders can deploy immediately across transformation, growth and stakeholder alignment.” Over the years, the Chief Strategy Officers Programme has drawn professionals from BFSI, manufacturing, FMCG, IT, healthcare and pharmaceuticals, and other sectors. Cohorts typically include C-suite leaders, vice presidents, directors and senior managers responsible for enterprise priorities and transformation roadmaps.

IIM Lucknow faculty deliver the learning through TimesPro’s Direct-to-Device platform, combining live sessions with case discussions, simulations, quizzes and graded assignments. A three-day on-campus immersion at IIM Lucknow enables deeper reflection and peer exchange. Participants also complete a capstone project, applying digital transformation, AI and innovation toolkits to a real strategic challenge. On successful completion, learners receive an IIM Lucknow certificate and alumni credentials.

About IIM Lucknow: The Indian Institute of Management Lucknow (IIM Lucknow), ranked 7th in NIRF 2024, stands among India’s premier business schools with global recognition through AACSB, EQUIS, and AMBA accreditations. With a 200-acre main campus in Lucknow and a strategic presence in Noida, the institute delivers world-class management education, high-impact executive programmes, and industry-driven research, shaping leaders for the future of business.

About TimesPro: TimesPro, established in 2013, is a leading Higher EdTech platform dedicated to empowering the career growth of aspiring learners by equipping them with skills to rise in a competitive world. TimesPro’s H.EdTech programmes are created to meet the rapidly changing industry requirements and have been blended with technology to make them accessible & affordable.

TimesPro offers a variety of created and curated learning programmes across a range of categories, industries, and age groups. They include employment-oriented early career programmes across BFSI, e-Commerce, and technology sectors; executive education for working professionals in collaboration with premier educational institutions like IIMs and IITs; and organisational learning and development interventions at the corporate level.

TimesPro also collaborates with India’s leading organisations across varied sectors to provide upskilling and reskilling solutions to boost employability and create a robust workforce. TimesPro is a Higher EdTech initiative by The Times Group.

(Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR

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