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    INDEX OF EIGHT CORE INDUSTRIES (BASE YEAR: 2011-12=100) FOR JANUARY, 2026.
    Rupee rises 21 paise to 90.73 against the US dollar in early trade
    US futures fall while Asian markets are mostly higher after the Supreme Court nixes Trump's tariffs
    Indo-US deal against country’s honour, sovereignty: Congress’ Shrinate
    EU says US must honour a trade deal after court blocks Trump tariffs
    EU-India FTA opens doors to trade, AI, resilient supply chains: Austrian official
    'Don't share OTP, Aadhaar, bank details': PM Modi's tips on combating digital fraud
    ED sets target of filing 500 chargesheets this fiscal; completing probe in 1-2 years
    India, US reschedule chief negotiators meeting on interim trade deal: Sources
    SC to hear Meta-WhatsApp privacy policy case on Monday
    Supreme Court ruling offers little relief for Republicans divided on Trump's tariffs
    Trump says he'll raise tariffs to 15 per cent after Supreme Court ruling
    Trump announces hike in tariffs to 15 pc on all countries
    Cheating case: Delhi court refuses bail to businessman Satya Prakash Bagla
    Trump now hikes global tariffs 15 pc, up from 10 pc; US to announce new levies soon
    President Trump wants to impose 15% tariff, up from 10% he announced after Supreme Court decision
    President Trump wants to impose 15 pc tariff, up from 10 pc he announced after Supreme Court decision
    Modi, Lula discuss US supreme court striking down reciprocal tariffs; set USD 30 bn annual trade target
    Global leaders, businesses pore over fallout of more US tariff swoons
    MP Congress targets Chouhan over Indo-US deal
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February 23, 2026
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Index of Eight Core Industries shows overall growth, with cement and steel leading while oil and gas sectors decline.
The combined Index of Eight Core Industries rose provisionally by 4.0 per cent year on year in January 2026, with Cement, Steel, Electricity, Fertilizers and Coal recording positive monthly growth while Crude Oil and Natural Gas declined and Refinery Products remained unchanged. The cumulative April-January 2025-26 growth is reported as 2.8 per cent (provisional). The release provides industry weights, monthly and annual indices, notes that January data are provisional and December data final, and explains methodological inclusions and revision practice.
February 23, 2026
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Foreign exchange volatility: rupee strengthened after oil-led dollar weakness, while reserve gains and capital flows shape market risk.
The rupee strengthened in early trade due to lower global crude prices and a softer dollar amid tariff-related uncertainty, aided by a strong equity opening; persistent dollar-buying sentiment and foreign institutional outflows could reintroduce selling pressure. The Reserve Bank of India's rise in foreign exchange reserves to a record level is a material macroprudential indicator affecting market liquidity and perceived intervention capacity under FEMA and central bank reserve management frameworks.
February 23, 2026
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Supreme Court rejection of sweeping tariffs reshapes import-tax authority and prompts pursuit of alternative tariff mechanisms.
The Supreme Court struck down the majority of the President's broad import tariffs, prompting varied market reactions as investors repriced winners and losers; the administration announced alternative measures including an executive-order global tariff and use of Commerce Department trade-investigation authorities, preserving the prospect of import taxation while altering statutory mechanism and temporal limits.
February 22, 2026
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Sovereignty concerns over Indo US trade agreement; alleged tariff and procurement conditions threaten national, energy and data autonomy.
Allegations that an interim trade arrangement with the United States compromises national sovereignty and domestic interests by conceding tariff advantages and large import commitments, harming agriculture and industry. The pact is criticized for limiting energy procurement choices and creating dependency by discouraging purchases from alternative suppliers, thereby threatening energy security and raising inflationary pressure. Concerns also focus on obligations affecting data sovereignty, which are said to risk exposing sensitive data to foreign access.
February 22, 2026
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Trade commitments: EU urges US to honour agreed tariff ceiling and warns of anti-coercion countermeasures and uncertainty.
EU urges the United States to adhere to the trans Atlantic trade agreement and not exceed the agreed tariff ceiling, warning that unpredictable tariff changes harm trade stability and supply chains. The EU noted it may pause ratification and could deploy its Anti Coercion Instrument-permitting trade and investment restrictions, exclusions from public tenders, and limits on foreign direct investment-to defend its interests if commitments are not honoured.
February 22, 2026
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EU-India free trade agreement expands trade and AI cooperation and strengthens supply chain resilience pending final ratification.
The EU India Free Trade Agreement substantially liberalises tariffs across the majority of bilateral trade to expand market access, while prioritising cooperation on human centred artificial intelligence and promoting interdependent, resilient supply chains; the agreement is subject to final legal vetting and ratification before implementation.
February 22, 2026
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Digital fraud prevention: protect accounts by not sharing OTP or Aadhaar and using authorised re KYC channels.
Individuals must not share OTP, Aadhaar numbers, or bank account details and should change passwords regularly. KYC and re KYC are security measures that must be undertaken only via bank branches, official apps, or authorised platforms because criminals use fake calls, SMS and links to compromise accounts.
February 22, 2026
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PMLA enforcement targets accelerate investigations and timely prosecution filings, urging probes to finish within a short defined timeframe.
The Enforcement Directorate directed acceleration of PMLA prosecutions by increasing prosecution filings and concluding most investigations within one to two years, except in complex cases. Officers must exercise PMLA powers with caution, ensure legally sustainable attachments and penalties, and issue notices judiciously. Operational priorities include tracing illicit assets abroad, targeting misuse of trade channels and insolvency processes for laundering, prioritising digital arrest and cyber fraud work, checking illegal online gaming and share market manipulation, leveraging MLATs, Interpol and extradition, and completing pending FERA adjudications while addressing manpower, cooperation and valuation challenges.
February 22, 2026
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Trade tariffs altered by recent court ruling disrupt interim trade agreement negotiations and prompt rescheduling of chief negotiators' meeting.
The meeting of chief negotiators was postponed to permit assessment of a court ruling limiting executive tariff authority and subsequent US tariff adjustments, which have introduced uncertainty into agreed concessions under the interim trade framework. The framework must be converted into a legal instrument, but finalisation of the legal text and implementation timelines are deferred pending clarification of how additional US tariff layers will interact with existing Most Favoured Nation duties and the ultimate tariff treatment for the partner country.
February 22, 2026
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Data privacy: Appeals on platform data sharing penalty and consent safeguards to be heard, with government party added.
Appeals challenge a CCI penalty and limits on platform data sharing under privacy and competition law; an appellate tribunal removed a ban on advertising related data sharing but retained the penalty. The dispute centers on consent standards, protection of dependent or unaware users, and whether platform data aggregation creates market dominance. Procedural issues include interim directions, inclusion of the technology ministry as a party, and a cross appeal by the regulator against the tribunal's narrowing of remedies.
February 22, 2026
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Congressional authority over tariffs affirmed, but executive invoked temporary trade statute to impose new global import tax.
A majority of justices held that the power to levy tariffs is vested in Congress, voiding a major part of the presidential global tariff program; the President then invoked the Trade Act's temporary emergency authority to impose a new short-term global import tax, a provision never previously used this way, raising questions about the statute's reach and prompting political fallout, calls for consumer refunds, and intensified partisan divisions over trade policy.
February 21, 2026
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Tariff authority: President seeks to impose a higher global tariff using alternate legal powers after court rebuke.
The President seeks to impose a higher global tariff relying on alternative executive authority and statutory avenues requiring Commerce Department investigations, while a separate executive order established a temporary import tax limited in duration and contingent on legislative extension; this raises constitutional questions about the allocation of tariff-setting and taxation powers and uncertainty over funds already collected.
February 21, 2026
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Presidential tariff authority raised a temporary global import surcharge, altering trade deal dynamics and exemptions for critical goods.
The executive invoked trade act authority to impose a temporary global import surcharge, increasing a recently announced ad valorem levy and reserving the right to issue further legally permissible tariffs within a 150 day period; the proclamation excludes specified critical minerals, energy products, select agricultural goods, pharmaceuticals, certain electronics, passenger vehicles and aerospace products, and the surcharge is applied in addition to existing Most Favoured Nation import duties, affecting ongoing bilateral trade negotiations.
February 21, 2026
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Criminal breach of trust: bail denied due to complex fund diversion, risk of evidence tampering and undisclosed antecedents.
Refusal of bail rested on prima facie findings that the NBFC owner-director engaged in calculated, layered diversion of investor funds amounting to criminal breach of trust; investigation remained at a nascent stage with a complex money trail requiring forensic analysis and a real risk of evidence tampering, compounded by the applicant's non-disclosure of prior criminal antecedents and insufficient medical justification.
February 21, 2026
Show AI Summary
Presidential authority on emergency economic powers challenged; administration announces higher worldwide import levies pending new tariff rules.
President announced an immediate increase in the worldwide import surcharge to a higher legally framed rate and stated the administration will determine new legally permissible tariffs; this follows a Supreme Court decision holding that reliance on IEEPA to impose sweeping duties exceeded presidential authority and has affected bilateral tariff arrangements under an interim trade framework with India.
February 21, 2026
Show AI Summary
Presidential tariff authority to impose global import taxes expanded via executive order, with temporary duration and statutory investigations.
The President announced an increase in a global import tariff implemented by an executive order designed to bypass ordinary congressional action and operate for a limited temporary period unless extended by legislation; concurrently, the administration is pursuing additional tariff measures under federal statutes that require Commerce Department investigations and administrative determinations.
February 21, 2026
Show AI Summary
Presidential tariff authority contested; executive order raises global import tariff after review of recent legal limitation.
After a judicial ruling that his emergency powers did not authorize sweeping tariffs, the President signed an executive order bypassing Congress to impose a temporary global import tax limited to 150 days unless extended by legislation; following review of the court decision he announced an upward adjustment to the proposed global tariff rate.
February 21, 2026
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Reciprocal tariffs: leaders agree to study implications and adopt a wait-and-watch approach while boosting strategic trade ties.
Discussion focused on the trade-policy implications of a major US decision affecting reciprocal tariffs, with both leaders adopting a "wait-and-watch" posture to study potential US administrative responses. Parallel measures included a pact on critical minerals to build resilient supply chains, a joint digital partnership declaration, and multiple MoUs covering mining, MSMEs, healthcare, defence maintenance cooperation, and technology and energy collaboration.
February 21, 2026
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Tariff invalidation prompts review of affected duties, potential refund claims, and continued uncertainty from proposed new tariff measures.
Invalidation of certain executive-era import duties removes the legal basis for specified tariff measures and creates potential refund claims by importers and foreign suppliers, while other tariffs tied to distinct statutory or product-specific authorities remain in force. Governments and businesses must distinguish between invalidated and continuing duties when reviewing compliance, pursuing restitution, and adapting contractual and supply chain plans amid the added uncertainty of proposed new tariff measures under alternative rules.
February 21, 2026
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Trade agreement criticised as threatening farmers' livelihoods and spurring nationwide farmer protests and political agitation.
The state Congress contends the interim Indo US trade agreement will expose Indian farmers to damaging import competition-particularly in soybean and cotton-depress domestic prices, threaten small traders and related industries, and amount to a surrender of national agricultural interests. It has announced coordinated protests and gatherings (Kisan Sammelans, chaupals, marches) in Bhopal, Budhni and Vidisha, blaming the Union Agriculture Minister for failing to defend farmers and urging mobilisation to protect rural livelihoods.

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Congress claims US trade deal has become an 'ordeal', Rahul says 'PM compromised'

February 21, 2026

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New Delhi, Feb 21 (PTI) After the US Supreme Court struck down President Donald Trump's global tariffs, Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of being "compromised", saying his "betrayal" in the India-US interim trade deal stood exposed.

The Congress alleged that the trade deal had become an "ordeal" for the country subjected to by the prime minister's "desperation and surrender".

"The PM is compromised. His betrayal now stands exposed. He can't renegotiate. He will surrender again," Gandhi said in a post on X.

This comes a day after the US Supreme Court struck down President Donald Trump's global tariffs.

Congress general secretary in-charge communications Jairam Ramesh claimed that if Prime Minister Modi had not been so "desperate" to protect his "fragile image" and waited just 18 days more, Indian farmers would have been saved from the agony and distress, and Indian sovereignty would have been protected.

"Yesterday after the US Supreme Court struck down his tariffs policy, President Trump declared that (i) Mr. Modi is his great friend; (ii) the India-US trade deal will continue as announced; (iii) he had personally halted Operation Sindoor on May 10 2025 by threatening to increase tariffs on Indian exports to the US if India did not halt Operation Sindoor," Ramesh said on X on Saturday.

On February 2, President Trump was the first to announce that the India-US trade deal had been finalised and said that "out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India", the Congress leader said.

"What forced Prime Minister Modi to ensure President Trump announced the India-US trade deal in the night of February 2...?" Ramesh asked. "What had happened in the Lok Sabha that afternoon that had compelled Mr. Modi to get so desperate and reach out to his good friend in the White House to create a diversion?" "The India-US trade deal is really an ordeal that India is being subjected to by the Prime Minister's desperation and surrender," he said.

Congress general secretary Randeep Surjewala after the US Supreme Court quashed presidential powers to impose tariffs under the IEEPA (International Emergency Economic Powers Act, 1977), President Trump has announced the imposition of 10 per cent additional tariffs under Section 122 of the Trade Act, 1974.

"The simple questions are - are these tariffs sustainable viz-a-viz India? Can these tariff provisions be justifiably applied to India? "Will these new tariffs still hold the US-India Trade Deal (Framework Agreement), which is being widely opposed by farmers, small and medium businesses, energy and data experts, and economists alike," he posted on X.

"Will the Modi government now show the courage to walk out of a one-sided US-India Trade Deal?" Surjewala asked.

He also asked if Modi Government will now declare in "national interest" that it will buy cheaper Russian and Iranian crude oil with a view to ensure "energy security" of the country.

"Will the Modi government declare that it will no longer withdraw 'non-tariff barriers', i.e., withdraw the meagre subsidy on agriculture or permit import of genetically modified crops into India, thereby protecting our seed integrity, purity, and biodiversity? "Will the Modi Government now declare that it is no longer under an obligation to import USD 500 billion worth of American goods (Rs 45 lakh crore) over the next 5 years on zero tarrif and thereby protect Indian manufacturers and industry? Will the Modi government promise to protect India's data and digital security?" he asked.

In the wake of the Supreme Court verdict against Trump's tariffs, he said he is imposing, for a period of 150 days, a “temporary import surcharge of 10 per cent ad valorem” on articles imported into the United States, effectively lowering the tariff rate to 10 per cent from 18 per cent.

In a major setback to what was Trump’s pivotal economic agenda in his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by Trump on nations around the world were illegal and that the president had exceeded his authority when he imposed the sweeping levies.

Earlier this month, as the US and India announced they reached a framework for an Interim Agreement on trade, Trump issued an Executive Order removing the 25 per cent punitive tariffs imposed on India for its purchases of Russian oil, with the US president noting the commitment by New Delhi to stop directly or indirectly importing energy from Moscow and purchasing American energy products.

Under the trade deal, Washington would charge a reduced reciprocal tariff on New Delhi, lowering it from 25 per cent to 18 per cent.

Shortly after the court verdict, Trump asserted that there is "no change" in the trade deal with India.

"I think my relationship with India is fantastic and we're doing trade with India... India was getting its oil from Russia. And they pulled way back at my request, because we want to settle that horrible war where 25,000 people are dying every month," Trump said at a news conference Friday in the White House.

Trump said his relationship with Prime Minister Modi "is great". He then went on to repeat the claim that he stopped the war between India and Pakistan last summer using tariffs.

When asked about the deal with India, Trump said, "Nothing changes. They'll be paying tariffs, and we will not be paying tariffs.

"This is a reversal for what it used to be, as you know, India -- and I think Prime Minister Modi is a great gentleman, a great man, actually. But he was much smarter than the people that he was against in terms of the United States, he was ripping us off.

"So we made a deal with India. It's a fair deal now," Trump said. PTI ASK/SKC SKY SKY

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