EAM Jaishankar holds talks with Russian and Iranian counterparts
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Mint
19 minutes ago
- Mint
Trump's 25% tariff will immediately impact India's export-intensive sector: FICCI's Director General Jyoti Vij
Donald Trump's imposition of 25 per cent tariffs on all Indian goods 'will immediately impact India's export-intensive sector,' said Federation of Indian Chambers of Commerce & Industry (FICCI) Director General Jyoti Vij. 'We are confident that Indian negotiators will be able to secure a meaningful and permanent agreement with the United States, without compromising on the national interests," added Vij in her statement. Donald Trump, in a fiesty Truth Social post on Wednesday, slapped 25 per cent tariffs on all Indian goods starting August 1 citing 'obnoxious' trade barriers, and an additional 'penalty' for India's continued energy and defense ties with Russia. The POTUS also criticised India's military and oil imports from Russia, saying it has enabled Moscow to continue the war on Ukraine. Following Trump's tariff announcement, the Central government issued a statement, stating that it has taken note of the US tariffs on India. The Ministry of Commerce & Industry said that the government is 'studying the implications', and "will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,' the ministry stated. Indian trade bodies expressed disappointment over Trump's decision to impose 25 per cent tariffs and additional penalties, calling it a setback for the Indian export market. While some trade and industry leaders warned of short-term disruptions, others remained confident that India's strong manufacturing base — especially in sectors such as pharmaceuticals and medical equipment — would help it withstand the impact and forge new trade partnerships. Dilip Kumar, Chairman of Medical Tourism, Chamber of Commerce claimed that Trump is 'trying to kill the market of the Indian economy, but it is not going to happen. The reason behind this is that we are exporters, especially of medical equipment, pharmaceuticals, and disposables, which mostly come from India,' reported ANI. Kumar also noted that the American market relies heavily on Indian and Chinese supplies, and that the cost of treatment and medical procedures in the US is likely to rise in response to Trump's move. He added that the impact would be more severe for Americans than for India, which could redirect its exports to European markets. According to analysts, Trump's tariffs are likely to spark a knee-jerk reaction when the Indian stock market opens for trading tomorrow, July 31, with the tariffs set to take effect from August 1. "There could be a knee-jerk reaction in the short term, but the issue with Trump is that he often says one thing today and something completely different tomorrow. What is certain is the uncertain nature of Trump's approach," said Kranthi Bathini, Director - Equity Strategy, WealthMills Securities
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Business Standard
19 minutes ago
- Business Standard
China launches global AI body to rival US in $4.8 trillion tech race
While humanoid robots faced off in a boxing ring at China's flagship artificial intelligence conference in Shanghai, a fight in the US-China tech war was fought in suits nearby over who gets to set the rules in the AI age. China's answer is a new global organization to convene countries to foster safe and inclusive use of the powerful new technology. At the annual World AI Conference over the weekend, Chinese Premier Li Qiang warned of AI 'monopoly' and instead called on foreign officials in the room — mostly from developing countries — to cooperate on governance. The new group, known as the World AI Cooperation Organization, embodies China's plan to jostle with the US for sway by positioning itself as a champion of AI for all. More favorable rules may give a global boost to Chinese companies competing with US firms to sell hardware and services in a market estimated to hit $4.8 trillion by 2033. For many of the countries represented at the conference, Chinese firms already offer competitive solutions, even if the US dominates the supply of cutting-edge AI chips. 'The Chinese are coming to the table with a very different AI product mix that is going to be extremely appealing to lower-income countries that lack the computing and power infrastructure needed for large-scale implementation of OpenAI-like AI systems,' said Eric Olander of the China-Global South Project. Over 800 AI companies from more than 70 countries and regions attended the conference, according to the Chinese Ministry of Foreign Affairs. Using technology as both carrot and calling card, Beijing's approach appears to take a page out of its earlier Digital Silk Road initiative, which put Chinese companies at the center of telecommunications networks spanning continents. China for years has strived to define the global parameters for emerging technologies such as 5G, seeking to influence development and set the stage for its companies to win market share abroad. Huawei Technologies Co.'s prominent role in standard-setting groups became the subject of scrutiny of the US government when it cracked down on the use of its equipment. Global AI governance has emerged as a new battleground for the world's leading powers, both seeing the technology as critical not just for their economy but national security. President Donald Trump declared last week that his country will 'do whatever it takes' to lead in AI, with his plan for actions including countering Chinese influence in international governance bodies. While there are no binding global rules for AI development, China's action plan calls for building more digital infrastructure that uses clean power and unifying computing power standards. The country also said it supports the role of businesses in creating technical standards in security, industry and ethics. Details about the Chinese body, to be headquartered in Shanghai, are scarce. In brief public remarks before media were ushered out of the room, a Chinese Foreign Ministry senior official, Ma Zhaoxu, said the organization would work to establish standards and governance frameworks. China would discuss details with those countries that are willing to join, he added. As US and Chinese companies race to develop systems that could match or even surpassed human intelligence, safety concerns have also prompted calls for guardrails. AI pioneer Geoffrey Hinton, who spoke at the Chinese event, expressed support for international bodies to collaborate on safety issues. Part of Beijing's AI strategy appears to come from its diplomatic playbook, which urges support for Global South countries to step up in international affairs. In his address to kick off the Saturday event, Li emphasized helping those nations develop AI. These countries made up most of more than 30 nations that were invited to the high-level governance talks, including Ethiopia, Cuba, Bangladesh, Russia and Pakistan. A handful of European countries including the Netherlands, France and Germany, the EU and several international organizations were also represented. No nameplate for the US was seen by Bloomberg News. The US Embassy in Beijing declined to comment on any official presence. Achmad Adhitya, special adviser to Indonesia's vice president who attended the meeting, told Bloomberg News that China's initiative is 'very appreciated by the Indonesian government.' His country is preparing AI curricula to be rolled out across 400,000 schools and is training 60,000 teachers about the tech, he said. Beijing's emphasis on openness — a word used 15 times in its governance action plan — appears to ride on the success of Deepseek earlier this year. The AI upstart stunned the world not just by releasing AI models that are almost as capable as those of OpenAI but also made them freely available for anyone to download and customize for free. A succession of Chinese companies has done the same, with companies from incumbent giants like Alibaba and newcomers like Moonshot releasing cutting-edge large language models that are similarly open-weight. That accessibility may be especially important to developing countries who may not have the resources to gather vast datasets and train their own AI models from scratch, a process that would involve expensive chips made by companies such as Nvidia Corp. China also emphasizes internet sovereignty, something that may appeal to more autocratic regimes around the world. 'We should respect other countries' national sovereignty and strictly abide by their laws when providing them with AI products and services,' according to the country's Global AI Governance Initiative issued in 2023. In contrast, Trump's AI plan vows that the US government will only work with engineers who 'ensure that their systems are objective and free from top-down ideological bias.' The US-China rivalry presents a familiar dilemma for countries that may feel pressured to choose a side, but Solly Malatsi, minister of communications and digital technologies of South Africa, rejects the binary choice. 'It's not a case of one model over the other,' Malatsi said from the conference. 'It's about an integration of the best of both worlds.'
The Hindu
19 minutes ago
- The Hindu
BJP MP raises demand in Lok Sabha for Bharat Ratna to Dalai Lama
Bharatiya Janata Party (BJP) MP from Arunachal Pradesh Tapir Gao on Wednesday (July 30, 2025) asked the Central government to confer India's highest civilian honour, the Bharat Ratna, on the Dalai Lama – the spiritual head of Tibetan Buddhists. He raised the issue during Zero Hour in the Lok Sabha, where he described the Dalai Lama as a 'messenger of non violence and compassion.' 'India is the land of non-violence. His Holiness the Dalai Lama is a messenger of non-violence and compassion. The government of India should recognise his contributions by awarding him the Bharat Ratna,' Mr Gao said. He added that the Dalai Lama, who recently celebrated his 90th birthday on July 6 had made 'unparalleled contributions not just to Buddhism but also to humanity as a whole.' Symbol of peace 'Today, the Dalai Lama is not just a religious figure but also a symbol of peace across the world. His teachings have shaped generations and he deserves the Bharat Ratna,' the MP said. The Dalai Lama marked his 90th birthday with the declaration that the Gaden Phodrang Trust will decide his successor, a statement that drew an adverse reaction from the Chinese government. The Chinese government, in a statement, had said, 'The reincarnation of the Dalai Lama, the Panchen Lama and other great Buddhist figures must be chosen by drawing lots from a golden urn, and approved by the central government.' Union Minister for Minority Affairs Kiren Rijiju had endorsed the Dalai Lama's position, but the Indian government had said that the 'Government of India does not take any position or speak on matters concerning beliefs and practices of faith and religion.' This is not the first time that the demand for a Bharat Ratna to the Dalai Lama has come up. Another BJP MP, Sujeet Kumar from Odisha, who is part of the All India Parliamentary Forum for Tibet, had told The Hindu that he was collecting support from parliamentarians across party lines to present the demand to Prime Minister Narendra Modi. By mid July they had collected 80 signatures in support of the move.
