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Time of India
5 days ago
- Business
- Time of India
RBI expected to maintain policy rates amid US tariff concerns and trade deal uncertainty
The Reserve Bank of India (RBI) is widely expected to keep policy rates unchanged this week, showed an ET poll of economists, as monetary experts assess the economic fallout of the punitive 25% US tariffs and await clarity on the contours of a trade deal between New Delhi and Washington. As many as 12 of the 16 economists polled expect the monetary policy committee (MPC) to maintain the repo rate, or the rate at which commercial lenders borrow from the central bank, at 5.5%. Explore courses from Top Institutes in Please select course: Select a Course Category others Public Policy Degree Data Analytics MBA healthcare CXO Data Science Operations Management Digital Marketing Management Design Thinking Leadership Technology PGDM Data Science Artificial Intelligence Others Cybersecurity MCA Finance Healthcare Project Management Product Management Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details The remaining four respondents, including one who had correctly called the outsized rate reduction in June, expected another 25-basis point reduction in the repo rate. One basis point is a hundredth of a percentage point. Some economists pencilled in a rate cut citing the retreat of the retail inflation gauge to a six-year low. 'Monetary policy operates with lags, and postponing a rate cut until inflation falls further or growth weakens more visibly could result in deeper and more persistent economic damage,' said Soumya Kanti Ghosh , group chief economic adviser at SBI, in a report published on Saturday. 'At this point, the marginal benefit of waiting is low, while the cost of inaction in terms of forgone output, investment sentiment is likely to be significant.' SBI had correctly predicted an outsized, 50-basis point reduction in policy rates when the MPC had met in June. SBI, which supports a rate cut, expects average consumer (CPI) inflation for FY26 to be 2.7–2.9%, and anticipates that July CPI inflation data could breach the lowest historical print. RBI Governor Sanjay Malhotra will announce the decision of the rate setting committee after a three-day meeting that concludes on Wednesday. Meanwhile, ANZ economists — having favoured a status quo earlier — are now betting on a rate cut in August. Nomura sees higher probability of a rate cut this week, even though the house consensus at the Japanese financial conglomerate still favours a pause. Status quo Economists also expect RBI to retain the growth forecast at 6.5% even though the new tariffs could dent growth by 20–40 basis points. Some respondents said they expect the central bank to revise the earlier 3.7% inflation estimates downward by 30-40bps. IDFC First Bank chief economist Gaura Sen Gupta said RBI is unlikely to revise its FY26 GDP estimate of 6.5%, while trade negotiations with the US are ongoing. 'There is likely to be commentary on heightened global uncertainty and downside risk to exports. We maintain the status quo for August policy, after the frontloading of rate cuts in June,' Sen Gupta said. Since February, RBI cut the policy repo rate by a cumulative 100 basis points, including a 50-basis point reduction in June. Barclays' economists expect a dovish pause, with the policy stance remaining 'neutral'. 'We expect the final 25-bps cut of this easing cycle in October. We expect the MPC will likely revise down their (FY26) CPI inflation forecast of 3.7% by 30-40bp in the upcoming meeting, while retaining their GDP growth forecast," Barclays said in a report dated August 1. 'We also await the revised liquidity framework announcement, which RBI may choose to not announce alongside the MPC statement,' it added. Frontloading cuts Nomura, which expects rate cuts in October and December, said the probability of a cut in August has risen to 35%, from ~10%. 'We also expect RBI to inject liquidity to offset any tightening due to its FX (forex) intervention, as sufficient banking system liquidity is a necessary condition for faster policy transmission,' it said on July 31. Nomura has retained its growth forecast at 6.2% but flagged a downside risk of about 0.2 percentage points if the tariffs remain in place. Economic Times WhatsApp channel )
Time of India
6 days ago
- Business
- Time of India
ICAI signs MoU with IAGES to strengthen accreditation in gold industry
The Institute of Chartered Accountants of India ( ICAI ) has inked an MoU with and Indian Association of Gold Excellence and Standards ( IAGES ) to implement a robust accreditation framework for value chain partners in the gold industry, which currently comprises an estimated six lakh partners across India. A Memorandum of Understanding (MoU) was exchanged between Charanjot Singh Nanda , President, ICAI and Kaushlendra Sinha, Chief Executive Officer, IAGES in the presence of Arjun Ram Meghwal , Minister of Law and Justice on July 30. Explore courses from Top Institutes in Please select course: Select a Course Category others Data Analytics Healthcare Project Management CXO PGDM Design Thinking Artificial Intelligence Operations Management healthcare Management Digital Marketing Finance Product Management Data Science Degree MBA Technology Leadership Cybersecurity Public Policy Data Science MCA Others Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details On this occasion, Arjun Ram Meghwal, Minister of Law and Justice, commended the collaborative efforts and underscored the importance of standardisation and excellence within the gold industry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo He remarked, "The vision for gold standardisation in India was first conceived by Babasaheb Dr BR Ambedkar, who strongly advocated for a structured and regulated framework for gold. This collaboration marks a significant step toward realising that vision and will contribute to the accelerated growth of the Indian economy." On the collaboration, Charanjot Singh Nanda, President, ICAI, said, "The MoU represents a significant step forward in aligning industry standards with global best practices and demonstrates ICAI's commitment to contributing to nation-building through knowledge, standards, and ethics. It will facilitate a comprehensive and objective evaluation based on well-defined parameters and will also introduce a code of conduct applicable to them." Live Events This initiative is expected to create meaningful professional opportunities for members of the ICAI and contribute significantly to improving governance and standardisation of processes within the gold industry. The Professional Development Committee will create awareness amongst its members about the MoU and the opportunities that it provides to them, and shall supply a panel of Chartered Accountant firms to IAGES as per their requirement to empanel them for undertaking the work arising out of this MoU. ICAI is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949, for the regulation and development of the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India. With over 14.5 lakh members and students, today ICAI is the largest professional accountancy body in the world. ICAI has a wide network of fine regional councils and 182 branches within India and a global presence with 54 overseas chapters and 31 representative offices spanning 85 cities across 47 countries worldwide.
Time of India
7 days ago
- Politics
- Time of India
All eyes on Putin's voice Medvedev as Trump sends nuclear subs to Russia - is a tense standoff on the cards?
Trump sends U.S. nuclear submarines toward Russia after Medvedev's threats escalate Ukraine war tensions- In a dramatic show of force, President Donald Trump announced the deployment of two U.S. nuclear submarines in response to what he called 'highly provocative statements' made by Dmitry Medvedev, Russia's former president and current Deputy Chair of its Security Council. The move has reignited fears of nuclear escalation amid the ongoing Russia-Ukraine war, drawing global attention and raising critical concerns over national security, diplomacy, and the fragility of deterrence strategies in the nuclear age. Trump orders nuclear submarines repositioned to counter Russia's nuclear threats On August 1, 2025, President Trump took to Truth Social to announce that two nuclear submarines had been repositioned to strategic locations near Russia. The decision followed a fiery statement by Dmitry Medvedev, who warned of worsening conflict and invoked Cold War-era nuclear rhetoric, referencing Russia's 'Dead Hand' automatic retaliation system—an ominous legacy from Soviet times designed to launch nuclear weapons even if leadership is destroyed. Explore courses from Top Institutes in Please select course: Select a Course Category others Operations Management Technology Management Data Analytics Leadership Digital Marketing Data Science Product Management Finance Healthcare Project Management PGDM Public Policy Data Science MCA Design Thinking Artificial Intelligence MBA healthcare Others CXO Cybersecurity Degree Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details Trump's post read: 'Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, including threats involving nuclear weapons and the Dead Hand system, I have ordered two Nuclear Submarines to be positioned in strategic locations—just in case these foolish and inflammatory statements are more than just that.' This marked one of the rare moments in modern history where the location of U.S. nuclear assets—typically classified—was referenced publicly by a sitting president. Why Trump's move is making headlines around the world What makes this announcement particularly shocking is not just its timing but also its method of communication and its strategic implications. Military experts, nuclear watchdogs, and diplomatic analysts all agree: U.S. nuclear submarine movements are never disclosed publicly for security and deterrence reasons. By confirming such a repositioning, even vaguely, Trump broke with decades of silent doctrine. Live Events Additionally, the escalation comes at a time when tensions in Eastern Europe are boiling over, with Ukraine fighting to hold off renewed Russian advances near Kharkiv and Zaporizhzhia. Trump's warning was widely seen as a way to assert American military dominance and issue a direct warning to the Kremlin. What Medvedev said that triggered Trump's nuclear response Trump's nuclear posture was triggered by an explosive online tirade from Dmitry Medvedev, who dismissed Trump's recent 10-day ultimatum to Russia as "childish," while warning that 'the next phase of this war could go nuclear.' He doubled down by invoking Russia's Cold War-era "Dead Hand" system—an automatic launch mechanism that activates nuclear missiles if Russian leadership is incapacitated in a first strike. In his statements, Medvedev called the United States 'arrogant and delusional,' and accused Trump of 'fantasy politics,' further escalating the diplomatic clash. The Kremlin has not officially endorsed Medvedev's remarks, but analysts believe his comments often reflect deeper currents in Moscow's security and defense circles. Understanding the strategic role of U.S. Ohio-class nuclear submarines President Trump's mention of repositioning nuclear submarines likely refers to Ohio-class ballistic missile submarines (SSBNs)—the cornerstone of America's nuclear triad. These stealth vessels are armed with Trident II D-5 missiles and are designed to remain hidden under the oceans, serving as a second-strike capability in case of nuclear attack. According to Hans Kristensen, Director of the Nuclear Information Project at the Federation of American Scientists, these submarines already operate globally, and no 'special deployment' may have occurred. 'The subs are always out there… they don't need to be moved into position. This is more about signaling than strategy,' Kristensen explained in a Reuters interview. Experts criticize Trump's nuclear threats on social media International security experts and arms control advocates have strongly criticized President Trump's public rhetoric, warning it could set a dangerous precedent. Daryl Kimball, Executive Director of the Arms Control Association, said: 'No leader should be threatening nuclear war in such a juvenile manner, especially on social media. Strategic ambiguity is key to deterrence, and this move erodes that.' Evelyn Farkas, former Pentagon official and now Director at the McCain Institute, said Trump's announcement is part of a larger geopolitical chess game aimed more at intimidating than initiating war: 'This isn't about an imminent nuclear strike. It's signaling. It's the equivalent of flipping the high beams to get someone's attention.' The bigger picture: Trump's 10-day Ukraine ultimatum and global fallout Just days before ordering the submarine repositioning, Trump issued a 10-day ultimatum demanding that Russia halt its aggression in Ukraine or face sweeping economic sanctions, including potential secondary sanctions on countries supporting Russia—such as India and China. This hardline stance marks a notable shift in Trump's foreign policy tone. Once seen as less confrontational with Putin, Trump has now branded Russia's war tactics as 'disgusting and cowardly,' calling for a 'global economic blockade' against Moscow if hostilities continue past August 8, 2025. This deadline has now become a focal point in international diplomacy, with global markets reacting and NATO allies bracing for potential escalations. Is this nuclear posturing or a real shift in defense strategy? While President Trump's public comments suggest immediate action, most experts agree that this is not a sudden strategic change. The U.S. Navy does not typically confirm or deny submarine movements, but it's widely understood that the Ohio-class fleet is always on silent patrol. Trump's language, however, is seen as a break from traditional nuclear protocol, with potentially serious consequences. Publicly referencing the use or movement of nuclear-capable forces can undermine deterrence and provoke unintended escalation, especially when adversaries feel the need to respond in kind. How other countries are reacting to Trump's submarine order Global reactions have been swift. European allies in NATO have urged restraint, with Germany and France calling for de-escalation. Meanwhile, Russia's Foreign Ministry accused Trump of 'reckless provocation,' warning of 'unpredictable consequences.' China, which has maintained a neutral stance on the Ukraine conflict, expressed 'grave concern' over the rhetoric from both the U.S. and Russia, calling for 'measured dialogue.' India, which Trump recently targeted with tariff threats if it continues trading with Moscow, has yet to make an official statement, but analysts expect it to tread carefully given its strategic partnerships with both Washington and Moscow. A dangerous moment in modern geopolitics President Trump's nuclear submarine announcement has undeniably raised the stakes in the Russia-Ukraine conflict, showing that the U.S. is willing to flex its military muscle in unconventional ways. Whether this move is a serious strategic step or a high-stakes political message remains to be seen—but what's clear is that the world has entered a new, uncertain phase of nuclear diplomacy. The coming days—especially as the August 8 deadline approaches—will be critical in determining whether these threats are the beginning of deeper confrontation or a calculated bluff in a tense geopolitical standoff. FAQs: Q1: Why did Trump send nuclear submarines toward Russia? Trump acted after Medvedev's nuclear threat and Russia's warnings escalated during the Ukraine war. Q2: What is Russia's 'Dead Hand' system mentioned by Medvedev? It's an old Cold War nuclear system that automatically launches missiles if Russia is attacked.
Time of India
02-08-2025
- Politics
- Time of India
Malegaon blast case: Former BJP MP Pragya Thakur says she was tortured, forced to name PM Modi, UP CM Yogi Adityanath & others
Former BJP MP Pragya Thakur, who was acquitted by NIA court in the Malegaon blast case, claimed that she was tortured and forced by the ATS to name Prime Minister Narendra Modi, Uttar Pradesh Chief Minister Yogi Adityanath and RSS chief Mohan Bhagwant's names among others in the case. "I have given everything in writing and named all those whom I was forced to name. They kept saying, 'Name these people then we won't beat you.' Their main aim was to torture me," Thakur told reporters on Saturday. Explore courses from Top Institutes in Please select course: Select a Course Category others Data Science PGDM MCA CXO Leadership Data Science Public Policy Design Thinking Healthcare Operations Management Technology MBA healthcare Others Degree Management Finance Project Management Digital Marketing Product Management Cybersecurity Artificial Intelligence Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details "They kept me illegally for 13 days, but the torture happened during the 24 days in their custody," she added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More She further alleged that this was a conspiracy by the Congress which has now been exposed, adding that the case is a victory of 'Bhagwa, Sanatana and Rashtra'. "This was a conspiracy by the Congress, and it has now been exposed. There is no need for further proof because truth always prevails, and it has prevailed this time as well. Congress targeted saints, the RSS, and the Army, all of which are fundamental pillars of India, in an attempt to destroy them.' Live Events "'Bhagawa, Sanatana aur Rashtra ki vijay hui hai'... I had to face a lot of difficulties, but I will keep doing everything possible for the country in future... The entire case was falsely made by Congress. This case was baseless... Congress always uses respectful words for terrorists. Congress party cannot become a nation-loving party..." Thakur said. The Malegaon blast case On Thursday, the NIA special court acquitted all seven accused in the 2008 Malegaon blasts case. The court said that the prosecution failed to establish the case beyond a reasonable doubt, leading to the acquittal of the accused, including Pragya Singh Thakur , Major (retired) Ramesh Upadhyay, Sudhakar Chaturvedi, Ajay Rahirkar, Sudhankar Dhar Dwivedi (Shankaracharya), and Sameer Kulkarni. Further, the court also ordered Maharashtra government to provide compensation to the victims' families, awarding Rs 2 lakh to the families of the deceased and Rs 50,000 to those injured in the blasts. The court found no evidence of explosives being stored or assembled at the residence of Prasad Purohit, another accused in the case. "No sketch of spot was done by the investigation officer while doing panchnama. No finger print , dump data or anything else was collected for the spot. The samples were contaminated so reports can't be conclusive and relied upon," the court said. The case dates back to September 29, 2008, when an explosive device strapped to a motorcycle detonated near a mosque in Malegaon City's Bhikku Chowk, resulting in the deaths of six people and injuring 95 others.
Time of India
31-07-2025
- Climate
- Time of India
Wildfire triggers highway 97C closures and tactical evacuations in B.C.'s Okanagan
A rapidly growing wildfire has forced the closure of major highways and prompted tactical evacuations in British Columbia 's Okanagan region between West Kelowna and Peachland on Wednesday afternoon, July 30. According to DriveBC and emergency officials, both directions of Highway 97 are closed between Peachland and the junction with Highway 97C due to an active wildfire, which covered an estimated 12 hectares by late afternoon. Explore courses from Top Institutes in Please select course: Select a Course Category others MCA Management Data Analytics PGDM Public Policy Cybersecurity Operations Management Leadership Data Science Technology Others Artificial Intelligence MBA Finance Product Management Design Thinking CXO Project Management Healthcare healthcare Degree Data Science Digital Marketing Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details Highway 97C, known as the Okanagan Connector, is also closed between the junctions of Highway 97 and Highway 5A, affecting more than 80 kilometers of roadway and severely disrupting transportation in the region. The wildfire, centered near Drought Hill , has led to 'tactical evacuations', with the Central Okanagan Regional District's emergency operations centre activating emergency reception centre at the Peachland Community Centre for evacuees. Firefighting response and resident safety Firefighting resources have been swiftly deployed, including helicopters, airtankers, and ground crews from the BC Wildfire Service , municipal fire departments, and contracted are refueling at nearby Okanagan Lake, prompting RCMP to urge boaters to keep clear of firefighting aircraft operations. Live Events So far, the fire is not categorized as a 'wildfire of note' — a BC Wildfire Service designation for blazes that are especially dangerous or highly visible. There have been no immediate reports of significant property damage or injuries, but officials warn evacuation orders or alerts might be issued as conditions evolve. Early investigations suggest the fire was likely sparked by human activity rather than lightning or other natural causes. Officials believe the fire was sparked by a truck carrying a piece of equipment. Environment Canada's ongoing heat warnings for the region have contributed to tinder-dry conditions, amplifying wildfire risk. Impact on residents and regional transportation The mass highway closures have stranded motorists and forced lengthy detours via alternate routes, including Highway 33 and Highway 3. Emergency officials are urging the public to avoid the area and only travel if necessary. According to regional communications officer Kari O'Rourke, 'It was pretty much firefighters knocking on doors doing tactical evacuations' as they sought to move residents swiftly away from danger zones. Provincial wildfire context This incident is part of a severe wildfire season in British Columbia. On the same day, other large fires such as the Bear Creek wildfire near Harrison Lake and a fire south of Lytton are burning and threatening communities, with authorities issuing alerts and warnings throughout the province. Emergency support and up-to-the-minute information are being provided to affected residents through and regional emergency operations channels. The duration of the highway closures remains uncertain as crews continue to battle the flames and protect local communities.
