Stories from earlier this week and beyond.
In a late Tuesday move, India raised import duties on gold and silver to 15% from 6%, effective May 13, combining a 10% basic customs duty with a 5% Agriculture Infrastructure and Development Cess. The government says the aim is to curb overseas buying of precious metals and ease pressure on foreign exchange reserves, even as bullion prices reportedly jump about 7%.
SpiceJet has approached the Supreme Court, challenging Delhi High Court orders from May 4 and March 18 that refused its bid to provide an unencumbered plot of land in Gurugram as security. The court also directed the airline to immediately deposit the amount and imposed a Rs 50,000 cost after SpiceJet repeatedly sought changes to the deposit direction.
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Tamil Nadu Chief Minister C Joseph Vijay won a trust vote with 144 votes in favour as the DMK staged a walkout, accusing the TVK government of misgovernance. Udhayanidhi Stalin challenged the government’s majority and alleged outside support, while also flagging recent political realignments tied to the AIADMK.
A new framework for outward remittances eases the process for NBFCs handling dealer tie-ups. Instead of seeking prior RBI approval, the regulatory emphasis shifts to what happens after onboarding—stronger compliance, transparency, and consumer protection obligations enforced at the regulated banks facilitating these transactions.
RBI Governor Malhotra said fuel prices could rise if the conflict continues longer. He noted that while excise duties were cut, state-run fuel retailers have been absorbing higher crude prices. If pressures persist, he warned the government may eventually pass on at least part of the increases, reshaping expectations for inflation and consumer costs.
Siemens Healthineers is exiting its Indian cancer care chain, American Oncology Institute (AOI), in a deal reportedly valued between ₹1,500 and ₹2,000 crore. Potential bidders include private equity funds and Healthcare Global Enterprises. AOI runs 16 hospitals across India and one in Sri Lanka, as Siemens aligns the move with its wider strategic review amid rapid growth in India’s oncology market.
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Sambhaji Nagar civic authorities demolished properties linked to AIMIM corporator Mateen Patel, alleging he hid TCS staffer Nida Khan. Khan faces charges tied to illegal conversion. AIMIM condemned the action as unlawful, while former MP Imitiaz Jaleel urged supporters not to resist and promised a bigger reconstruction. The dispute has escalated into a “Goonda Raj” accusation.
Assam Chief Minister Himanta Biswa Sarma says the NDA’s success in Eastern India signals a revival of ancient civilizations. He points to Anga, Banga, Kalinga and Kamrupa as the engine for the country’s next growth phase, stressing unified development under Prime Minister Narendra Modi to deliver all-round progress and boost each region’s contribution to India’s GDP.
Eli Lilly has launched Lormalzi, a monthly treatment for early Alzheimer’s disease, in India. The therapy targets amyloid plaques and is set to be available this month. Positioned as part of the company’s broader push in specialty medicines, Lormalzi comes with a steep price tag of ₹91,688 per vial. The move signals rising focus on Alzheimer’s innovation in India.
India may need to overshoot its fertiliser subsidy estimates by about Rs 70,000 crore, driven by heavy import dependence for DAP and limited domestic urea coverage. With DAP imports accounting for over 80% of requirements and urea production meeting only 30–35% of total demand, officials say the Centre is focused on ensuring sufficient stocks for farmers at affordable rates.
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DBS chief economist downplayed concerns about India’s recent foreign direct investment slowdown, arguing it’s not a cause for alarm. With global capital increasingly flowing to Asia’s fast-growing electronics and AI sectors, the dip in India’s inflows appears manageable. The broader world economy, the economist noted, is showing resilience despite geopolitical turbulence.
A Hormuz-area shutdown tied to the Iran war is accelerating the global drawdown of oil inventories, worsening supply disruptions expected to last months. The IEA warns stocks are falling at a pace not seen since the Covid period, while demand is plunging and oil prices face sustained pressure. Some early signs hint the drawdown may start easing, but tightness could persist into October.
An AIADMK split played out dramatically in the Assembly during a trust vote. Party chief Edappadi K Palaniswami opposed the Vijay government, but a rebel group led by SP Velumani backed it. The defection of a majority of AIADMK MLAs helped the government secure the trust vote, underscoring deep internal rifts.
Swiggy is revamping its board structure to qualify as a wholly Indian concern under FEMA rules. The move is driven by stakeholder inquiries as the company manages foreign investment that accounts for roughly 60% of its shares. With India’s food delivery market fiercely competitive, the shift could give Swiggy greater autonomy and control in the next phase of growth.
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India is developing Dhruva, a username-based digital addressing system led by India Post. If approved by the finance ministry, it would let people receive parcels, food, and services without sharing physical addresses, boosting privacy. The platform is designed to standardize delivery addressing nationwide, drawing inspiration from Aadhaar and UPI for wide-scale adoption.
Raise Financial Services, the parent of stockbroker Dhan, has acquired IRDAI-registered GreenLife Insurance Broking in an all-cash and stock deal. The Mumbai-based fintech will invest about $15 million to build a technology-led consumer insurance distribution platform, aiming for launch by end-2026. Regulatory approvals are in place, and GreenLife will remain a wholly owned subsidiary within Raise’s ecosystem.
Narendra Modi’s government is confronting economic headwinds where urging less consumption of imported oil and gold may not be enough. Letting oil prices rise or allowing the rupee to weaken could cool demand but risks reigniting inflation. A potential path is fuel tax cuts to shield consumers, while foreign investment outflows may require deeper policy adjustments.
UK Health Secretary Wes Streeting is reportedly preparing to resign, with allies hinting he may challenge Prime Minister Keir Starmer for Labour leadership. The prospect of a party contest has rattled investors, with UK gilts and the pound sliding on the news. Streeting’s spokesperson neither confirmed nor denied the reports, leaving the leadership fight simmering.
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Congress says it will announce its Kerala chief minister on Thursday after a meeting between party president Mallikarjun Kharge and Rahul Gandhi. The decision comes amid internal debate over who should lead and mounting pressure from allies. Political maneuvering has intensified in Wayanad, where a poster campaign is adding to the momentum and complicating consensus.
Impetis Biosciences, a Tata group subsidiary, has partnered with US based Vyome Holdings to license two experimental selective JAK inhibitors. The therapies target rheumatoid arthritis and hair thinning while being designed to lower safety risks seen with earlier JAK treatments, marking a notable push toward refined, risk aware drug development.
The US and China are preparing a managed trade framework focused on non sensitive goods, potentially reducing tariffs on about 30 billion dollars worth of products. The approach is designed to expand commerce while protecting national security concerns. US business leaders are joining President Donald Trump in Beijing for the key summit where the plan is expected to advance.
xAI’s Colossus 2 data center in Mississippi is facing legal scrutiny over its use of so-called “mobile” gas turbines as power plants. According to reporting, the facility is operating close to 50 turbines, raising questions about whether the company is complying with oversight and permitting rules. The lawsuit targets how the equipment is classified and deployed.
India has cleared a Rs 37.5k crore coal gasification scheme aimed at boosting energy security. Support to developers will cover up to 20% of plant and machinery costs via competitive bidding, with incentives released in four equal, milestone-linked instalments. The scheme also sets strict ceilings: Rs 5,000 crore per project, Rs 9,000 crore per product (with exceptions), and Rs 12,000 crore per entity group.
Tamil Nadu’s new government, led by TVK minister KG Arunraj, says it will work with the Centre to drive state progress while resisting what it calls “unfair” delimitation pushed by the BJP-led government. Arunraj framed the stance as cooperative federalism and defense of state rights, alongside priorities like law and order, tackling drugs, women’s safety, and attracting investment.
US stocks climbed to record closing highs as AI-linked tech and chip shares drove gains in both the S&P 500 and Nasdaq. The rally faced pressure from hotter-than-expected inflation data, with a jump in producer prices reviving expectations of prolonged Federal Reserve tightening. Investors also weighed Trump-Xi talks and rising geopolitical risks, alongside a Morgan Stanley S&P target upgrade.
Carmakers are swinging for growth with a combined Rs 40,000-crore capex push. Maruti Suzuki plans a record Rs 14,000 crore investment in FY27 to add annual capacity for 500,000 cars, while Hyundai Motor India has earmarked Rs 7,500 crore for two new SUVs and higher output from its Talegaon plant. The bets signal confidence in demand and product expansion.
The government is pressuring manufacturers to ramp up induction cooktop production as it plans to acquire millions of units in the next 18 months. The move aims to accelerate a shift away from LPG cooking toward electricity-based cooking, signaling a major policy push on household energy choices and industrial capacity.
Generic semaglutide in India is expected to get dramatically cheaper, with prices likely to fall by more than half in the coming months. The drop is linked to the entry of smaller brands and a steep decline in raw material costs. A one month dose could fall to as low as ₹500, potentially widening access to the popular weight-loss drug.
India has set its sights on hitting $1 trillion in exports by FY27, with a push to accelerate free trade agreements as they come into effect. Commerce Minister Piyush Goyal says streamlining business regulations alongside these FTAs is meant to make trade easier, boost competitiveness, and create a stronger, more predictable export environment.
Xi Jinping hosts Donald Trump in Beijing as China projects economic strength powered by exports tied to AI infrastructure. Yet the editorial warns that global energy disruptions could derail future momentum. China runs a wide trade surplus but relies less on domestic consumption, while the US struggles with inflation linked to its trade deficit. Talks also point to progress on US farm exports.
Pfizer is doubling down on India as its next growth engine, aiming to bring new medicines to market faster and at more affordable prices. The company sees major opportunity across cancer, obesity and vaccines, backed by plans for local clinical studies to support future launches and tailor outcomes for Indian patients.
India’s next economic adjustment could arrive through higher fuel prices. As foreign investors sell Indian stocks, the rupee faces pressure, widening the trade deficit. The government is likely to manage demand and imports by raising duties and curbing travel abroad, with costs shared between consumers and the state—while India’s growth and low inflation provide a cushion.
A large CDC-backed study published in PLOS ONE analyzed nearly 400,000 adults and found that while walking is the go-to exercise for many Americans, popularity doesn’t guarantee they meet recommended fitness standards. The research highlights a gap between doing “the easiest” activity and achieving the levels experts say are needed for meaningful health benefits.
PR Sreejesh reacted sharply after being removed as India’s junior men’s team coach, despite a 17-month run that delivered five medals in five tournaments including a Junior World Cup bronze. He questioned Hockey India’s preference for foreign coaches, arguing Indian coaching talent is overlooked even as national development goals depend on local expertise.
LIC Housing Finance’s Q4 net profit rose 9.4% to Rs 1,497 crore, boosted by lower provisions. The lender also recommended a 500% dividend—Rs 10 per share—for FY26. In a separate update, Signature Global cut net debt by 77% to Rs 200 crore in FY26, while PAT surged to Rs 1,090 crore.
A key US China summit begins in Beijing, putting two sharply different leadership styles into the same room. Donald Trump’s impulsive approach faces Xi Jinping’s meticulous planning, while both sides manage the tightrope of rising mistrust. With America’s global standing increasingly questioned, the talks could shape how quickly tensions either cool—or spiral.
Emergency medical services provider GMR, backed by KKR, opened on the NYSE with a sharp drop. Shares fell about 10%, dragging its market capitalization to roughly $3.01 billion. The slump followed a strategic reduction in IPO pricing, underscoring the market’s cautious reaction to the company’s public debut.
Virat Kohli powered Royal Challengers Bengaluru to a six-wicket win over Kolkata Knight Riders, scoring his ninth IPL century. The chase hinged on his match-defining innings, moving RCB to the top of the IPL points table. The knock also reinforced Kohli’s record as the player with the most IPL centuries, underlining Bengaluru’s growing momentum.
US AI finance platform Numero has acquired Chennai startup Royu in a cash-and-stock deal described as a double digit million acquisition, despite Royu being under a year old. Royu’s founders will take senior roles as Numero expands into an “agentic AI worker layer” for CFO offices, aiming to deploy AI across finance functions like bookkeeping, order-to-cash, and month-end closing.
Unidentified attackers ambushed two vehicles carrying Kuki Baptist Church leaders in Kangpokpi district, killing three leaders and injuring several others. The Kuki Students’ Organisation alleges a Naga armed group carried out the attack. Police and security forces have launched a combing operation, while officials face growing pressure to thoroughly investigate the incident.
India’s drug regulator has begun drafting new guidelines for high-risk solvents used in children’s medicines, after deaths tied to contaminated cough syrups. Investigators reportedly found the solvents can carry toxic impurities. The regulator is consulting pharmaceutical companies to review current solvent practices and push safer alternatives, a move aimed at preventing further tragedies involving Indian-made syrups.
OpenAI CEO Sam Altman’s investments are facing fresh scrutiny after court documents reportedly showed stakes worth over $2 billion in companies that do business with OpenAI. State attorneys general and Elon Musk have alleged self-dealing, while a congressional investigation is also underway. Altman denies wrongdoing, saying he recused himself from key decisions.
The Federation of All India Medical Association has moved the Supreme Court seeking a complete overhaul of the National Testing Agency and a court supervised reconduct of NEET UG 2026. The plea proposes a judicially appointed committee to oversee exam integrity, potentially staffed by a retired Supreme Court judge, a cybersecurity expert, and a forensic scientist.
The Centre has raised the MSP for 14 kharif crops, with the sharpest increase for moong at 61 percent. Bajra and maize are up 56 percent, while tur rises 54 percent; other crops are estimated around a 50 percent boost. Paddy MSP increases by Rs 72 per quintal to Rs 2,441 for common variety and Rs 2,461 for Grade A.
India is working on a new steel policy that aims to reshape the sector by 2035 and 2047. The plan sets ambitious production goals for green, specialty and stainless steel, pushing the industry toward higher quality while reducing reliance on imports. The policy is positioned as a shift from volume growth to value, sustainability and stronger domestic supply chains.
India and Russia’s foreign ministers met to deepen energy trade and economic ties, while also reviewing fast-evolving tensions in West Asia. India reiterated it will continue importing Russian crude oil and said all existing energy agreements will remain intact. The talks underscored the strength of the bilateral relationship even as global uncertainty mounts.
Minneapolis Fed President Neel Kashkari said the Fed is “dead serious” about bringing inflation down, while offering a cautiously positive view of the US labor market. He pointed to the Iran conflict as a major source of inflationary pressure, meaning additional interest rate increases could still be on the table.
The US Senate has confirmed Kevin Warsh as the next head of the Federal Reserve, succeeding Jerome Powell. He steps into a high-pressure moment marked by elevated inflation, rising gas prices, and sharp internal Fed disagreements. With President Trump pushing for lower interest rates, Warsh has vowed independence—yet faces a tight balancing act to cool inflation without stalling growth.
Paper leaks have reignited a long-running fight over moving NEET UG to computer-based testing. The education ministry and NTA push for CBT, while the health ministry and NMC have reservations about practical execution. India missed its 2026 CBT target, and the NTA says it can run CBT, but NMC points to operational hurdles like multiple shifts and question-paper management.
Delhi Police arrested dermatologist and social media influencer Dr Neelam Singh, known online as “The Skin Doctor,” alleging her posts were linked to the Kapur family after businessman Sunjay Kapur’s death. The action follows complaints filed at Vasant Kunj Police Station and an ongoing probe into her social media activity and connections to the case.
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