Daily Briefing: GST reforms, job scheme & made-in-India chips in PM Modi's I-Day speech

Indian Express

16 hours ago

🇮🇳 Happy Independence Day, dear reader!
Prime Minister Narendra Modi started off the day with his annual speech from the facade of the Red Fort. Some key takeaways from his speech include:
👉 The government is set to bring the next generation of GST reforms by October. PM Modi called it a 'Diwali gift', promising that these reforms would bring down taxes on daily-use items.
👉 He announced the launch of the Pradhan Mantri Viksit Bharat Rozgar Yojana, which comes into effect today. Under the scheme, the government will give Rs 15,000 to those getting their first job in the private sector, and also incentivise companies to create jobs for freshers.
👉 In an apparent reference to the US tariff threats, PM Modi reiterated that India will not accept any detrimental policy that compromises on the interests of its farmers. He added that India will embrace 'Swadeshi' with confidence, and not out of necessity.
👉 He added that India will launch a 'Sudarshan Chakra' mission to create a powerful weapons system to ward off any enemy attack. All public places will be covered by an expanded nationwide security shield by 2035.
👉 Made-in-India chips to hit markets by the end of this year, PM Modi further announced.
On that note, let's get to today's edition. In the spirit of the long weekend, we will keep this one short-er than usual! 👇
🚨 Big Story
US President Donald Trump and his Russian counterpart, Vladimir Putin, are set to meet later today in an attempt to end the war in Ukraine. Notably, no other European leader, including Ukrainian President Volodymyr Zelenskyy, will be present for the discussions. The outcome of the meeting will be keenly watched by New Delhi, which is seeking to avoid the additional 25 per cent US tariff linked to its Russian oil purchases.
What both sides want: Trump's talks with Putin have yielded no progress on ending the war, fueling growing frustration. Trump hopes that sanctions on Russia's trading partners, such as the 'penalty' on India, would force Putin's hand into accepting a deal. Putin, meanwhile, has set high demands, asking for Ukrainian territories that Russia currently holds, a ban on Ukraine's entry into NATO and Zelenskyy's removal. He would also seek concessions on sanctions against Russia.
India's stakes: A senior government official has also told The Indian Express that whether the US will charge the additional penalty on Indian goods, on top of the 25 per cent tariff currently in effect, would depend on 'how geopolitical developments unfold' over the next few days.
👉 It's noteworthy that S&P Global Ratings, the world's largest rating agency, has upgraded India's assessment to BBB from BBB-, calling it one of 'best performing economies in the world'. Crucially, S&P has said that the effect of the cumulative 50 per cent tariffs on the Indian economy would be 'manageable'.
👉 Indian refineries have slowed down oil imports from Russia in recent weeks. Industry insiders, however, say the reduction is primarily due to the narrowing of Russian discounts on crude oil, and not due to US threats.
👉 New Delhi also hopes to reaffirm its position on the side of peace and would want to join rebuilding efforts in Ukraine. Most importantly, New Delhi would also seek to improve ties with the US.
Also read: The fascinating history of how the US bought Alaska, the venue of the Trump-Putin meeting, from Russia
The Supreme Court's order to relocate all street dogs in Delhi-NCR to shelters has divided public opinion. In this week's Dis/Agree column, we discuss whether it's a strategy or cruelty.
Ryan Lobo, director of Humane Foundation for People and Animals, has called the SC order 'humane', shining a light on the failures of the Animal Birth Control (ABC) Rules to prioritise public safety or protect animals.
NCP (SP) spokesman Anish Gawande, meanwhile, writes that 'reality on ground' would make the SC order impossible to execute.
The Supreme Court has directed the Election Commission to make available online a searchable list of approximately 65 lakh voter names omitted from the draft electoral roll for Bihar, along with reasons for deletion, such as death, migration, and duplication. Read my colleague Apurva Vishwanath's explainer for key takeaways on the SC's order.
📌 Must Read
In a bizarre, yet concerning, development in Uttar Pradesh, a Comptroller and Auditor General (CAG) report has flagged that the state Mining Department issued transit passes to thousands of 'unfit' vehicles to transport minerals, 'leading to illegal movement of minerals'. These vehicles included ambulances, bulldozers, fire tenders and even hearses. Read on.
⏳ And Finally…
The game of cricket is increasingly moving from player-centric teams to those that fit the coaches' mould. India's recent draw finish at the Anderson Tendulkar Trophy shows that head coach Gautam Gambhir is yet to figure out a winning formula for the longest format of the game. His next challenge, however, will be to carve out a team that can defend the T20 World Cup title on home soil, early next year. My colleague Venkata Krishna B analyses Gambhir's options, and whether India need a finisher.
🎧 Before you go, do tune in to today's '3 Things' podcast episode, where we revisit the forgotten struggles from India's Independence movement.
That's all for today, folks! Happy weekend-ing,
Sonal Gupta