INR skids to record low as tariff concerns worsen risk sentiment
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Time of India
29 minutes ago
- Time of India
Putin's ‘Masterstroke': Trump Watches As Indian Envoy Talks Defence In Russia After NSA Doval
Will US Tariff And Russian Oil Trigger Major Inflation Surge In India? RBI Governor Explains Impact The Reserve Bank of India has raised red flags on the brewing global trade storm, triggered by the United States' recent tariff hikes. In his latest monetary policy address, RBI Governor Sanjay Malhotra warned that escalating trade tensions, especially involving the US, could derail India's growth path. With the repo rate held at 5.5%, the focus shifted sharply to the external threats facing India's economy. As tariffs rise, export prospects dim, and volatility in global financial markets intensifies, India stands at a critical juncture. Will America's aggressive trade stance trigger a ripple effect across Indian industries, jobs, and inflation? Is this the beginning of a new trade cold war? Watch as we decode the RBI's warning, the potential fallout for Indian exporters, and what lies ahead in this high-stakes global face-off.#rbi #monetarypolicy #sanjaymalhotra #indianeconomy #reporate #inflation #globaltrade #ustariffs #tradetensions #economicoutlook #rbigovernor #policyupdate #geopoliticalrisk #financialmarkets #stickyinflation #breakingnews #trending #trendingnow #toi #bharat #toibharat #indianews 20.1K views | 13 hours ago
Hindustan Times
29 minutes ago
- Hindustan Times
Wrote to parties to push for bill on statehood restoration in Parl: Omar
As demand for restoration of statehood has gained momentum, chief minister Omar Abdullah said he has written to several parties with a sizeable presence in Parliament, seeking their support for the introduction of a Bill for the restoration of statehood in Jammu and Kashmir in the ongoing Monsoon session. J&K CM Omar Abdullah. (File) J&K CM had written to 40 MPs, including the Congress president Malikarjun Kharge, and other prominent Lok Sabha members urging them to raise the issue of J&K's statehood in the Parliament. 'I have written a letter to all those parties who have a good number of MPs in Parliament and requested them to help on the promise made to J&K on statehood and raise the issue in Parliament so that a Bill is brought in this session itself and J&K gets its statehood back,' Omar told reporters in Srinagar. 'The act of reducing J&K from a state to a Union territory in 2019 and the prolonged delay in restoring its status as a full state... has profound implications for the future of Indian polity,' the three-page letter stated. The CM said the reorganisation of J&K into a UT in August 2019 was presented as a 'temporary and transitional measure' and cited repeated public assurances from Prime Minister Narendra Modi. On the Supreme Court likely to hear a plea for the restoration of statehood on August 8, Omar said the restoration should come through the court if the government does not do it. 'It is a good thing and I hope the Supreme Court keeps in mind is that when they gave a judgement on the August 5 case (in December 2023), they had said that the statehood should be restored as soon as possible. Now, many years have passed but we have not got it yet,' he said. The CM also highlighted the 'remarkable and enthusiastic participation' of the people of J&K in last year's assembly elections and said that they turned up in record numbers and demonstrated an unshaken faith in our constitutional processes and democratic institutions. In a 'respectful acknowledgement' of this, his government's first act was to pass a unanimous resolution calling for the immediate restoration of statehood. He said had the SC not set a deadline for conducting assembly elections in Jammu and Kashmir, 'perhaps I would not have been talking to you as the chief minister today'. 'We got elections last year as SC had set a timeframe. Otherwise they (centre) would have never held elections and I wouldn't have been a CM. Let's hope, government gives a time for statehood restoration. It has been promised to people of J&K in parliament, meetings and rallies.' Will take issue in INDI alliance meeting: Farooq Abdullah National Conference president Farooq Abdullah on Wednesday said that he will raise the issue of statehood of J&K in meeting of INDI alliance. 'Congress president has called a meeting of alliance parties and will raise the issue of J&K's statehood. They have been supporting us on this,' Farooq told on sidelines of function. PDP, NC on same page on statehood demand The Jammu and Kashmir Peoples Democratic Party (JKPDP) welcomes the recent appeal by chief minister for a collective push toward restoring statehood in J&K. However, JKPDP expresses concern over the selective focus on statehood, while overlooking the far more critical demand for restoring Article 370 and Article 35A, which form the constitutional foundation of Jammu and Kashmir's identity, rights, and autonomy. JKPDP chief spokesperson Mehboob Beg said that while the party wholeheartedly supports the call for statehood and stands ready to back any meaningful initiative that fulfils promises made to the people in Parliament, public forums, and before the Supreme Court, it is disheartening to see that the NC, under CM Omar Abdullah's leadership, has not demonstrated equal urgency or clarity on the restoration of J&K's special status. 'The abrogation of Article 370 and 35A in August 2019 was a historic betrayal that struck at the heart of our political and cultural identity. Ignoring this reality while demanding statehood alone dilutes the larger struggle for justice and dignity,' Beg said. 'Statehood without special status is akin to treating the symptoms while ignoring the root cause,' Beg asserted. The JKPDP reiterated its position that statehood, while important, cannot be the ultimate goal. The restoration of Articles 370 and 35A must remain central to any political roadmap for Jammu and Kashmir.
Hindustan Times
29 minutes ago
- Hindustan Times
Donald Trump eyes 100% tariff on semiconductor import, to exempt Apple after $600 billion commitment
Donald Trump said he would impose a 100% tariff on imports that include semiconductors, though would exempt companies moving production back to the United States, as Apple Inc. CEO Tim Cook and the president announced a fresh $100 billion investment plan from the Oval Office. US President Donald Trump reaches to shake Apple CEO Tim Cook's hands in the Oval Office at the White House in Washington, D.C., on the day they presented Apple's announcement of a $100 billion investment in U.S. manufacturing.(REUTERS) 'We're going to be putting a very large tariff on chips and semiconductors, but the good news for companies like Apple is, if you're building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,' Trump told reporters. 'So in other words, we'll be putting a tariff of approximately 100% on chips and semiconductors. But if you're building in the United States of America, there's no charge,' Trump said. 'Even though you're building and you're not producing yet, in terms of the big numbers of jobs and all of things building, if you're building, there will be no charge.' The announcement amounts to a major victory for Apple and Cook, who have faced escalating threats from Trump's tariffs that threatened to ratchet up the cost of producing their signature phones and computers. Apple's $100 billion US investment will include a new manufacturing program designed to bring more of Apple's production to the US. The company's American Manufacturing Program partners include glassmaker Corning Inc., Applied Materials Inc., Texas Instruments Inc. and others, the company said. Corning will dedicate an entire factory in Kentucky to Apple glass production, increasing that company's workforce in the state by 50%, the iPhone maker said. Corning was already a supplier to Apple, making glass for the very first iPhone at the same factory. Apple had previously pledged to spend $500 billion in the US over the next four years, a slight acceleration over its prior investments and previously announced plans, adding about $39 billion in spending and an additional 1,000 jobs annually. The announcement will bring Apple's cumulative commitment to $600 billion. The previously-planned $500 billion is said to include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country. The increased pledge comes as Trump escalates a tariff push that's set to raise costs for Apple throughout its international supply chains. Trump plans to whack India — a key production market for Apple — with 50% tariffs, the first half of which takes effect just after midnight alongside a raft of other country-specific levies designed to reduce trade imbalances. The other half, to penalize India for buying Russian energy, will take effect later this month. The president has said he could unveil separate levies on all products containing semiconductor chips as soon as next week. Cook, who attended the president's inauguration and donated to his inaugural committee, has pushed for tariff exemptions for his company's iPhones. Most iPhones sold in the US come from India, while the bulk of other products, including Apple Watches, iPads and MacBooks, are manufactured in Vietnam, which was hit with a 20% tariff. While details of those tariffs — and how firms would qualify for exemptions — have yet to be released, Trump singled out Cook's Apple as an example of how to avoid the increased levies. Cook's investment echoes dozens of pledges from companies since Trump won the 2024 presidential election, with CEOs flying to his Mar-a-Lago resort in Florida, and then to the White House once he was sworn in, to court the new administration and announce hundreds of billions of dollars worth of new deals. Many of these investments were already in the works prior to the November election, or were on par with previous investment trends, Bloomberg previously reported. Economists have also questioned whether all of the pledged spending, and associated job opportunities, will come to fruition. Apple's promised investments, while substantial, fall short of the full shift to US-based production that Trump and top White House officials have envisioned and encouraged. Earlier this year, the president threatened to impose a tariff of at least 25% on Apple if it didn't move manufacturing of the iPhone to the US, a day after he met with Cook at the White House. Cook told the president that final iPhone assembly 'will be elsewhere for a while,' though highlighted that several components are being made in the US. Trump, seemingly satisfied, praised the Apple leader's plans. 'Look, he's not making this kind of an investment anywhere in the world, not even close,' Trump said of Cook. 'He's coming back. I mean, Apple's coming back to America.'
