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How US Tariffs Played Havoc in Markets? Timeline of Key Tariff Moments

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Over the past year, U.S. trade policy has swung sharply back toward broad-based tariffs, reviving uncertainty across global markets and supply chains.

The shift began on Feb. 1, 2025, when the administration imposed new tariffs on Chinese imports, citing fentanyl-linked supply chains, unfair trade practices and trade imbalances. Days later, Washington announced plans for 25% tariffs on imports from Mexico and Canada on national security grounds, though these were later paused and modified, with exemptions for USMCA-compliant goods.

The most dramatic move came on April 2, 2025, when the White House unveiled sweeping “Liberation Day” reciprocal tariffs on most U.S. imports. Invoking emergency powers, the administration imposed a baseline tariff of about 10%, with higher rates for selected countries. Subsequent executive orders in April and May adjusted rates and expanded coverage, including changes to duties on low-value Chinese imports.

Legal pressure mounted on May 28, when the U.S. Court of International Trade ruled that parts of the emergency tariffs exceeded presidential authority, throwing their durability into question. Despite this, tariff actions continued, including higher duties on copper imports in June and threats of tariffs of up to 50% on Brazilian goods in July.

By mid-2025, new tariffs were announced on Indonesian and Indian imports, while several high duties came into force in August amid diplomatic talks and WTO challenges. Further rate adjustments followed in November.

By late 2025, U.S. average tariff rates had climbed to multi-decade highs, boosting customs revenue but weighing on business confidence.

On Feb. 20, 2026, the Supreme Court struck down most emergency tariffs imposed under the IEEPA. Hours later, the president imposed a temporary 10% global tariff under separate legal authority, keeping trade tensions firmly in place.

Timeline of Market Movements

Feb. 1, 2025 – New US tariffs against China revive trade-war risk; Asian equities and exporters come under pressure.

Feb.–Mar. 2025 – Trump Threatens tariffs on Mexico and Canada unsettle North American supply chains before exemptions ease market stress.

April 2, 2025 – “Liberation Day” tariffs trigger global equity sell-offs, currency volatility and higher import-cost forecasts.

April–May 2025 – Repeated rate adjustments fuel uncertainty, complicating pricing decisions for manufacturers and retailers.

May 28, 2025 – Trade court ruling introduces refund risk for importers, lifting bond-market focus on fiscal exposure.

June 30, 2025 – Copper tariffs push metals prices higher and raise costs for construction and manufacturing firms.

July 2025 – Tariff threats against Brazil, followed by moves on Indonesia and India, widen emerging-market trade risk premiums.

August 2025 – Implementation of high tariffs lifts U.S. customs revenue but deepens concerns over inflation pass-through.

Nov. 2025 – Further tariff tweaks add to year-end volatility in equities and currencies.

Feb. 20, 2026 – US Supreme Court ruling briefly boosts markets on hopes of tariff rollback.

Feb. 20, 2026 – A new temporary 10% global tariff reins in optimism, restoring uncertainty over trade, inflation and growth.

Epstein’s Echo: Will Andrew’s Trade Blunders Delay £19Billion UK Trade Deal With India?

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Britain reels from the arrest of Andrew Mountbatten-Windsor, once Prince Andrew, on his 66th birthday over Epstein ties, questions swirl around New Delhi’s corridors. Could this royal mess cast a shadow on the freshly inked UK-India Free Trade Agreement (FTA), set to unlock £19 billion in UK exports to India?

With the pact eyeing rollout in April, Indian businesses eye massive gains, but trust in UK diplomacy hangs by a thread. Mountbatten-Windsor, nabbed Thursday on suspicion of misconduct in public office, allegedly funneled sensitive trade docs to Jeffrey Epstein during his 2001-2011 stint as UK’s trade envoy.

Emails from US Justice Department files show him sharing “confidential briefs” on investment opportunities and visit reports from Vietnam, Singapore, Hong Kong, and Shenzhen in 2010-2011. “Andrew forwarded Epstein reports about Vietnam, Singapore and other places,” notes a Reuters report, highlighting itinerary shares too.

These leaks, post-Epstein’s 2008 conviction, smack of betrayal. Thames Valley Police are probing if this breached the Official Secrets Act, with Buckingham Palace pledging support for any inquiry.

Andrew India visit / PIB

For India, the timing stings. The FTA, signed July 2025 after 15 negotiation rounds, promises tariff cuts on 99% of Indian exports entering UK duty-free, slashing UK duties by up to £400 million yearly, rising to £900 million in a decade. Bilateral trade hit £47.2 billion last year, up 15%, making India UK’s 10th top partner.

But Andrew’s Asia blunders raise red flags. His 2010 tour overlapped with UK’s push into emerging markets, including India. Sharing intel with a convicted felon could expose vulnerabilities in deals involving sensitive sectors like tech and defence, areas India guards closely amidst China tensions.

Andrew made several high-profile visits to India, most notably in 2006, 2010, May 2012 for Queen Elizabeth II’s Diamond Jubilee, visiting Chennai, Mumbai, and Nagaland to strengthen defense and trade ties. He visited again in 2015 for various diplomatic and business engagements, including the trade deal.

Though there is no direct India link in leaks or the scandal, its fresh fallout is turning wary. Post-Brexit, UK needs India for growth, but New Delhi, juggling FTAs with EU and US, might demand stricter safeguards now.

On X, chatter hints at unease. While global posts rage over Andrew’s arrest, Indian voices tie it to diplomacy: “UK’s royal rot could spoil our trade party,” tweets analyst @IndiaEconWatch, echoing fears of delayed gains.

Yet, optimism lingers. A commerce ministry official said the pact’s on track for mid-2026, with services provisions limited but goods flowing freer. For Indian firms eyeing UK markets, from autos to pharma, this Epstein echo is unlikely to affect trade ties for now.

Sensex Jumps Over 2,000 Points After India-US Deal; Rupee Logs Best Day Since 2018

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Indian equity markets closed sharply higher on Tuesday, extending a powerful rally as investors welcomed the finalisation of the long-awaited India–US trade deal, which is expected to improve trade prospects and revive foreign investor interest.

Benchmark indices posted broad-based gains through the session. The Sensex rose 2,072.67 points, or 2.54 per cent, to end at 83,739.13, while the Nifty climbed 639.15 points, or 2.55 per cent, to close at 25,727.55.

Market sentiment turned decisively positive after U.S. President Donald Trump announced that reciprocal tariffs on Indian goods would be reduced to 18 per cent, easing a major source of uncertainty that had weighed on equities in recent months.

Technical analysts said momentum remains favourable in the near term. “The key support zone remains at 25,500–25,600 (gap support), while 25,900–26,000 acts as a major psychological and supply resistance area,” an analyst said.

Heavyweight stocks led the rally on the Sensex. Shares of Adani Ports, Bajaj Finance, InterGlobe Aviation (IndiGo) and Power Grid Corporation posted strong gains, reflecting renewed confidence across infrastructure, financials and transport-related counters. Tech Mahindra and Bharat Electronics Limited (BEL) were the only stocks to close in negative territory.

Gains Broad-based

Gains were broad-based across sectors. All sectoral indices ended higher, with the Nifty Realty index emerging as the top performer, rising more than 4 per cent. Chemical, pharmaceutical and consumer durables stocks also saw strong buying interest, with their respective indices advancing over 3 per cent each.

The rally extended beyond frontline stocks into the broader market. The Nifty MidCap 100 index gained 2.84 per cent, while the Nifty SmallCap 100 index rose 2.82 per cent, underscoring improving risk appetite among investors.

Analysts said the market performance reflected growing optimism around the trade outlook and expectations of improved economic prospects. “Indian equities experienced a significant rally today, driven by the long-anticipated India–US trade deal and a strengthening rupee, which boosted expectations of renewed FII inflows,” an expert said.

The currency market mirrored the positive sentiment. The rupee strengthened sharply, appreciating by Rs 1.28, or nearly 1.40 per cent, following the trade deal announcement. The move marked the rupee’s best single-day gain since December 2018.

Market participants said the combination of tariff relief, a firmer currency and expectations of capital inflows could continue to support equities in the near term, even as investors watch global cues and domestic macro developments closely.

Sensex Soars Over 2,400 Points as Markets Cheer India–US Trade Deal

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Indian equity markets staged a powerful rally on Tuesday morning, surging nearly 3 per cent in early trade, as investors reacted enthusiastically to the announcement of the India–US trade deal that promises immediate tariff relief for Indian exports.

By 9.25 a.m., the Sensex had jumped 2,421 points, or 2.97 per cent, to 84,088, while the Nifty climbed 741 points, or 2.96 per cent, to 25,829, marking one of the strongest single-session opening rallies in recent months.

The sharp upmove followed confirmation that India and the United States have agreed to a trade arrangement under which reciprocal tariffs on Indian goods will be cut to 18 per cent from 25 per cent. In addition, the extra 25 per cent duty imposed on India over its purchases of Russian crude oil will be scrapped. U.S. President Donald Trump said the agreement would be “effective immediately” after a phone call with Prime Minister Narendra Modi late on Monday, delivering instant relief to exporters and markets.

The rally was broad-based, extending well beyond frontline stocks. The Nifty Midcap 100 index surged 3.10 per cent, while the Nifty Smallcap 100 rose 3.25 per cent, signalling renewed risk appetite across market segments that had remained under pressure amid trade uncertainty.

All sectoral indices traded firmly in the green, led by realty, auto, consumer durables and information technology. The realty index jumped 4.47 per cent, auto rose 3.78 per cent, consumer durables gained 3.69 per cent, and IT stocks advanced 3.04 per cent, reflecting expectations of stronger demand, improved export competitiveness and higher earnings visibility.

At 18 per cent, India’s new U.S. tariff rate now undercuts that of several key export-oriented Asian economies. Bangladesh, Sri Lanka, Taiwan and Vietnam face tariffs of 20 per cent, while Indonesia, Malaysia, Thailand, the Philippines and Pakistan are subject to tariffs of 19 per cent. Market participants said this relative advantage could help Indian exporters gain market share in labour-intensive and manufacturing segments.

Technically, analysts said immediate support for the Nifty lies in the 25,600–25,800 zone, while resistance is seen at 26,200–26,350. A sustained move above these levels could open the door to further upside, they added.

“The dramatic announcement of the long-awaited US–India trade deal and the US decision to cut tariffs on India from 50 per cent to 18 per cent is a game changer for the Indian economy and stock markets as its delay was the single important factor weighing on the markets,” an analyst said, underscoring how prolonged uncertainty had capped valuations.

Market watchers said the deal could lift India’s growth trajectory, with GDP growth seen rising to around 7.5 per cent in FY27, supported by stronger exports to the U.S. Corporate earnings, which are already showing signs of revival, could accelerate to 16–18 per cent growth in FY27, aided by improved demand conditions and operating leverage.

Rupee Rebounds 

Analysts also expect the rupee to rebound sharply in the near term. They said the combined impact of the US–India trade deal, the recently concluded EU–India trade agreement, and the growth-focused Union Budget has materially improved India’s macro outlook. The positive sentiment could trigger renewed foreign capital inflows, potentially strengthening India’s Balance of Payments position.

Large-cap stocks in banking, non-banking financials, telecom, capital goods and IT — sectors traditionally favoured by foreign institutional investors — are expected to attract significant inflows if risk-on sentiment sustains, market participants said.

Global cues were largely supportive. In Asia, China’s Shanghai Composite rose 0.38 per cent and Shenzhen gained 0.93 per cent. Japan’s Nikkei jumped 3.23 per cent, South Korea’s Kospi surged 5.04 per cent, while Hong Kong’s Hang Seng edged up 0.11 per cent.

U.S. markets had ended the previous session mostly higher, with the Nasdaq gaining 0.56 per cent, the S&P 500 advancing 0.54 per cent, and the Dow Jones Industrial Average adding 1.05 per cent.

Despite the sharp rally, data showed that foreign institutional investors remained net sellers on February 2, offloading equities worth ₹1,832 crore. Domestic institutional investors, however, continued to provide strong support, with net purchases of ₹2,446 crore, cushioning the market ahead of the trade deal announcement.

The scale and breadth of Tuesday’s rally suggest that investors are now repositioning for a post-tariff-reset environment, with expectations of stronger growth, improved earnings visibility and renewed foreign interest shaping near-term market sentiment.

India–U.S. Deal: What We Know, What We Don’t

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The announcement by U.S. President Donald Trump and Prime Minister Narendra Modi that Washington will cut its “reciprocal” tariffs on Indian goods from 25% to 18% has brought immediate relief to Indian exporters and signalled a thaw after nearly a year of strained ties. The rollback also includes the removal of a punitive 25% penalty tariff imposed last August, which had pushed total U.S. tariffs on Indian exports to 50%, among the highest in the world, on par with Brazil.

Yet, beyond the headline tariff cut, the statements from Washington and New Delhi diverge sharply. While Mr. Trump has framed the move as part of a sweeping trade deal involving oil, investments and zero tariffs, Mr. Modi has confined himself to welcoming the tariff relief alone. This gap leaves several fundamental questions unanswered.

Is There Actually a US-India Trade Deal?

Mr. Trump’s repeated references to a “Trade Deal” have created ambiguity over whether the two sides have concluded a comprehensive agreement or merely agreed on a tariff rollback. One possibility is that he is referring to the long-discussed “first tranche” of an India–U.S. Free Trade Agreement (FTA), negotiations for which gathered pace after Mr. Modi’s visit to Washington in February 2025.

If so, the absence of detail is striking. Unlike the EU–India FTA concluded last week, where the negotiated text and scope were clearly outlined, neither Washington nor New Delhi has released any documentation, timelines or sectoral commitments for an India–U.S. FTA. Tariffs, non-tariff barriers, market access and investment rules were all meant to be part of this package, yet none of these elements has been formally disclosed.

Compounding the uncertainty is Mr. Trump’s claim that India has agreed to reduce “Tariffs and Non-Tariff Barriers against the United States, to ZERO”. New Delhi has not confirmed this, nor clarified which tariff lines would be reduced to zero. Sensitive sectors such as agriculture, particularly soyabean and dairy, which India has consistently opposed, remain conspicuously unaddressed.

The confusion is not new. In January, U.S. Commerce Secretary Howard Lutnick said a deal had been ready for months but stalled because, according to him, Mr. Modi did not make a phone call to clinch it, a claim the Ministry of External Affairs (MEA) firmly denied.

Does 18% Figure Indicate Level Playing Field for India?

The reduction to 18% is unquestionably an improvement from the earlier 25% rate imposed in April 2025. That earlier hike had left Indian exporters worse off than many regional competitors: Bangladesh and Vietnam faced tariffs of around 20%, Pakistan 19%, while China’s 34% rate was largely deferred until November 2026.

For labour-intensive sectors such as apparel, and for gems and jewellery exporters who were among the hardest hit, the new rate restores some competitiveness. However, Indian exporters are still not on equal footing. Many neighbouring and Asian economies continue to enjoy a Generalised System of Preferences (GSP) concession of about 5%, a benefit the U.S. withdrew from India in June 2019 during Mr. Trump’s first term.

As a result, Indian industry had hoped that any revised reciprocal tariff would land closer to 15%, not 18%. The current rate narrows the gap, but does not eliminate it.

What Is Actually Happening With Russian Oil?

Perhaps the most contentious claim from Washington is Mr. Trump’s assertion that Mr. Modi has “agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela”, a move he linked to ending the war in Ukraine. The MEA has so far declined to comment on this assertion.

This silence matters because it cuts against India’s long-stated position. When the U.S. imposed a 25% penalty tariff last August over India’s Russian oil purchases, the MEA called the move “unfair, unjustified and unreasonable”, stressing that energy imports are driven by “market factors” and the need to ensure energy security.

In practice, however, India’s Russian oil imports have already been declining. After peaking in 2024, refiners began scaling back purchases. In October, imports of Russian Ural crude fell about 38% year-on-year. By December, the trend had deepened.

According to the European Centre for Research on Energy and Clean Air (CREA), “India’s Russian crude imports recorded a sharp 29% month-on-month reduction to the lowest volumes since the implementation of the price cap policy.” On January 6, 2026, Reliance Industries said it would not receive any Russian oil in January and had not taken Russian crude for the previous three weeks.

The key question is whether these reductions reflect commercial recalibration, or a political commitment now being formalised under U.S. pressure.

India Under US Sanctions Pressure?

There is historical precedent for concern. In 2019, India “zeroed out” imports of Iranian and Venezuelan oil after U.S. sanctions threats, with then U.S. Ambassador Nikki Haley publicly pressing New Delhi. Following the U.S. operation against Venezuelan President Nicolás Maduro in January this year, Mr. Trump has suggested that Washington would now “allow” imports of Venezuelan oil, a position that offers India flexibility, but also underscores how contingent its energy choices appear on U.S. approval.

The pressure extends beyond oil. The U.S. has warned of 25% tariffs on countries doing business with Iran and has withdrawn the sanctions waiver for Indian investment in Iran’s Chabahar port. Government sources indicate India is prepared to give up its “minimal levels” of trade with Iran to avoid further tariffs.

Significantly, the Union Budget presented on February 1 makes no allocation for Chabahar in the coming year. After 23 years of strategic investment, this omission suggests New Delhi may be preparing to pause or retreat from the project until the sanctions environment eases.

What’s $500 Billion Commitment?

Mr. Trump’s claim that Mr. Modi committed to “BUY AMERICAN” at a much higher level, including purchases of over $500 billion in U.S. energy, technology, agricultural products, coal and more, is one of the boldest assertions yet the least substantiated.

The MEA has declined to confirm any such commitment. Context matters here. India–U.S. bilateral trade in goods currently stands at about $131 billion. India’s cumulative investment in the U.S. has hovered around $40 billion.

A $500 billion figure, therefore, can only be meaningful if spread over many years and across multiple sectors, much like similar claims Mr. Trump has made about the European Union, Japan and others following their trade deals. Without timelines, sectoral break-ups or binding mechanisms, the number functions more as a political headline than a verifiable obligation.

The tariff cut to 18% is real, immediate and economically significant. Beyond that, much remains unresolved. The gulf between Washington’s expansive claims and New Delhi’s carefully limited confirmations raises fundamental questions about the scope of the agreement, India’s energy autonomy, and the true balance of concessions.

Until the fine print is released, the India–U.S. deal remains less a finished treaty and more a framework shaped as much by geopolitics and pressure as by trade economics.

Indian Markets Crash After Budget Disappointment Over STT Hike

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Indian equity markets witnessed a sharp sell-off on Budget Day, with benchmark indices sliding nearly 2 per cent after Finance Minister Nirmala Sitharaman announced a steep hike in Securities Transaction Tax (STT) on futures and options, unsettling investor sentiment in a special Sunday trading session.

The Sensex closed at 80,723, while the Nifty ended at 24,825, down 495 points, marking the steepest Budget Day decline in six years. The fall reflected disappointment over higher trading costs and the absence of immediate growth or sentiment-boosting triggers for the markets.

Sharp Intraday Volatility As Traders Unwind Positions

Markets were far more volatile during the session. The Sensex plunged nearly 3,000 points from the day’s high to hit an intraday low of 79,899.42, while the Nifty slipped to 24,572, before recovering modestly towards the close.

Traders attributed the sharp swings to rapid unwinding of leveraged positions following the STT announcement. The tax on futures trades was raised to 0.05 per cent from 0.02 per cent, while STT on options premium was increased to 0.15 per cent from 0.10 per cent, significantly raising transaction costs in the derivatives segment that drives daily market volumes.

PSU Banks, Metals Drag As Volatility Spikes

The sell-off was broad-based, extending well beyond frontline stocks. The Nifty Midcap 100 fell about 2 per cent, while the Nifty Smallcap 100 dropped nearly 2.7 per cent, underlining the risk-off mood across the market. Investor anxiety surged, with the India VIX jumping nearly 12 per cent, signalling heightened volatility.

Sector-wise, PSU banks were the worst hit, with the Nifty PSU Bank index tumbling close to 6 per cent, followed by metal stocks, which fell around 4 per cent. Banking and financial services indices declined over 2 per cent each. Among individual stocks, Bharat Electronics, Hindalco and ONGC fell about 6 per cent, while IT stocks offered limited relief, with Wipro, TCS and Max Healthcare gaining around 2 per cent each.

Budget 2026 Raises Aid For Nepal, Afghanistan; Allocation To Bangladesh Cut

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India has recalibrated its neighbourhood development assistance in the Union Budget 2026–27, increasing allocations for countries such as Nepal, Afghanistan, Bhutan and Sri Lanka, while sharply reducing aid to Bangladesh, signalling a selective realignment of regional priorities.

According to Budget documents, India’s development assistance to Bhutan has been raised to Rs 2,288.56 crore, reaffirming Thimphu’s position as the largest recipient of Indian aid. Allocation for Afghanistan has been increased from Rs 100 crore to Rs 150 crore, indicating that New Delhi expects to scale up development projects in the country despite continuing political uncertainty.

Aid to Nepal has been enhanced by Rs 100 crore to Rs 800 crore, while Sri Lanka will receive Rs 400 crore, up from Rs 300 crore in the previous Budget. India has also significantly increased assistance to Mongolia, raising the allocation from Rs 5 crore to Rs 25 crore.

Bangladesh Aid Halved

In contrast, financial support for Bangladesh has been halved, with the allocation reduced from Rs 120 crore to Rs 60 crore. Assistance to the Maldives has been marginally cut from Rs 600 crore to Rs 550 crore, while funding for Myanmar has been lowered from Rs 350 crore to Rs 300 crore.

Beyond the immediate neighbourhood, allocations for Eurasian countries have been reduced to Rs 38 crore, while development assistance to Latin American nations has been increased to Rs 120 crore, reflecting a broader diversification of India’s external engagement.

3 Kartavyas

Overall, the Ministry of External Affairs’ budget has been increased to Rs 22,118.97 crore, up from Rs 20,516.62 crore in the previous financial year, providing additional headroom for diplomatic, development and strategic initiatives.

Presenting the Budget in Parliament, Finance Minister Nirmala Sitharaman said the government’s spending priorities were guided by three kartavyas—accelerating economic growth, empowering citizens, and ensuring inclusive development—an approach that now appears to extend to India’s external development partnerships as well.

The revised aid allocations are expected to be closely watched in the region, particularly in the context of evolving diplomatic ties and India’s broader neighbourhood-first and global outreach strategies.

Budget 2026 Signals A Clear Outreach To NRIs

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• NRI equity investment limit per company doubled to 10%, aggregate cap raised to 24%.
• MAT exemption announced for non-residents under presumptive taxation.
• TCS on foreign education and medical remittances cut to 2%.
• Property sale compliance eased; buyers no longer need a separate TAN.

The Union Budget 2026–27 has marked a notable shift in the Centre’s approach towards Non-Resident Indians, positioning the global Indian diaspora as a more active participant in India’s investment and growth story. Finance Minister Nirmala Sitharaman unveiled a series of measures aimed at easing compliance, lowering tax friction and expanding investment access for non-residents, particularly in equities and real estate.

The most significant reform relates to equity investments. The budget has doubled the individual investment limit for NRIs and overseas residents in listed Indian companies from 5% to 10% of paid-up capital. At the same time, the overall ceiling for all non-resident investors has been increased to 24%. Officials see this as a move to deepen capital markets and attract stable overseas capital at a time of global financial uncertainty.

Tax relief formed the second pillar of the government’s NRI-focused initiatives. Non-resident taxpayers opting for the presumptive taxation regime will now be exempt from Minimum Alternate Tax (MAT), a change intended to simplify filings and reduce disputes. The finance ministry said the exemption would reduce compliance burdens and provide greater clarity to overseas taxpayers with limited operations in India.

Liberalised Remittance Scheme

The budget also addressed concerns around remittances under the Liberalised Remittance Scheme. Tax Collected at Source on overseas spending for education and medical treatment has been reduced to 2% from 5%, offering immediate relief to families supporting students and patients abroad. The move is expected to improve cash flows without altering reporting requirements.

In the real estate segment, long-standing procedural hurdles for NRIs were eased. Buyers of property from non-resident sellers will no longer be required to obtain a separate Tax Deduction and Collection Account Number to deduct TDS. The government said this simplification would reduce delays in transactions and encourage smoother property sales involving overseas Indians.

Taken together, the budget measures underline a broader policy intent to integrate NRIs more closely into India’s financial ecosystem, moving beyond remittances to long-term investment participation. Market experts note that while the reforms are structurally positive, their success will depend on clarity in implementation and stability in global markets.

The 2026 budget, analysts say, sends a clear signal that the government sees the Indian diaspora not just as external stakeholders, but as strategic partners in the country’s next phase of economic expansion.

‘Very Disappointing, No Relief For Ordinary People’: Opposition Slams Union Budget 2026

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Opposition parties mounted a sharp attack on the Union Budget 2026 on Sunday, accusing the government of failing to address the concerns of ordinary citizens, farmers, unemployed youth and small businesses, even as Finance Minister Nirmala Sitharaman presented her ninth consecutive Budget in Parliament.

Leaders across parties said the Budget lacked concrete relief measures, ignored key states and sectors, and prioritised headline announcements over tackling deeper economic challenges.

Congress MP Shashi Tharoor said the Budget speech made no reference to Kerala, calling it disappointing though he noted that finer details would emerge once the documents were studied. “The speech itself contains very few details that are actually necessary,” he said.

Another Congress MP, Ujjwal Raman Singh, said the Budget lacked the energy required to revive confidence. “Farmers, unemployed youth and even large states like Uttar Pradesh have been neglected. People expected announcements for regions like Prayagraj, but there was nothing,” he said, alleging that several schemes appeared skewed towards election-bound states.

Congress leaders air opposition

Former Uttarakhand Chief Minister Harish Rawat said the Budget offered little to vulnerable sections. “There is nothing here for the poor, farmers or women. It is buried under slogans about a developed India by 2047,” he said.

Congress Rajya Sabha MP Jebi Mather echoed concerns over Kerala’s exclusion, saying the state had hoped for specific initiatives, including high-speed rail projects. “Kerala has once again been ignored,” she said.

Congress MP Shashikant Senthil described the Budget as lacking policy direction. “There is nothing that stands out as a major decision. There is nothing substantial for common citizens, farmers or MSMEs,” he said.

Raising broader economic concerns, former Union Minister Manish Tewari said structural issues remained unaddressed. “Nominal GDP growth has weakened, tax buoyancy is poor and private investment is not picking up. Increased public capital expenditure only highlights the lack of private investment momentum,” he said, adding that foreign direct investment was also slowing.

Congress MP Imran Masood criticised the absence of export-related relief, particularly for regions affected by global tariffs. “Exports have collapsed in places like Moradabad and Saharanpur, but there is no support for exporters,” he said.

SP slams Budget as ‘Disappointing’

Leaders from other opposition parties also voiced dissatisfaction. Aam Aadmi Party MP Malwinder Singh Kang said Punjab and Haryana had been overlooked in tourism and expressway projects, while inflation relief was missing. “The poor have received nothing from this Budget,” he said.

Samajwadi Party MP Rajeev Kumar Rai called the Budget confusing and disappointing, alleging it favoured a few corporate houses. His party colleague Neeraj Kushwaha Maurya said farmers and large states had been ignored, adding that welfare schemes such as MGNREGA had not received adequate support.

Shiv Sena (UBT) MP Priyanka Chaturvedi said the Budget fell short at a time of global economic uncertainty. “Exporters are suffering, common people have received nothing, and markets reacted negatively. A truly visionary Budget would have inspired confidence,” she said.

Shiv Sena (UBT) spokesperson Anand Dubey said the Budget failed to deliver fresh ideas. “There was no tax relief, no meaningful push for jobs or startups. It does not bring happiness to ordinary people,” he said.

The Opposition said it would examine the detailed Budget documents in the coming days but maintained that the initial presentation failed to inspire confidence or address pressing economic anxieties facing households and businesses.

Budget 2026 Sets Growth Push With Manufacturing, Infra, Tax Overhaul At Core

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Finance Minister Nirmala Sitharaman on Sunday presented the Union Budget 2026–27, outlining an ambitious growth strategy anchored in manufacturing expansion, infrastructure investment and sweeping tax reforms, while maintaining a tight fiscal framework amid global economic uncertainty.

The Budget, the first to be prepared at Kartavya Bhawan, is built around three stated kartavyas—accelerating economic growth, building people’s capabilities, and ensuring inclusive access to opportunities under the vision of Sabka Sath, Sabka Vikas.

For 2026–27, the government pegged total expenditure at ₹53.5 lakh crore and non-debt receipts at ₹36.5 lakh crore, with net tax receipts estimated at ₹28.7 lakh crore. The fiscal deficit is projected at 4.3% of GDP, marginally lower than 4.4% in 2025–26, while the debt-to-GDP ratio is expected to ease to 55.6%.

Manufacturing, Infrastructure Take Centre Stage

A major thrust has been placed on scaling up manufacturing across seven strategic and frontier sectors, including biopharma, semiconductors, electronics, textiles, chemicals, capital goods and critical minerals.

The government announced a ₹10,000 crore Biopharma SHAKTI programme, expanded the Electronics Components Manufacturing Scheme to ₹40,000 crore, and unveiled India Semiconductor Mission 2.0 to strengthen domestic design, equipment and materials capacity.

To reduce dependence on imports of critical inputs, dedicated rare earth corridors will be developed in Odisha, Kerala, Andhra Pradesh and Tamil Nadu, covering mining, processing, research and manufacturing.

Public capital expenditure will rise to ₹12.2 lakh crore, alongside the creation of an Infrastructure Risk Guarantee Fund to crowd in private investment. Seven high-speed rail corridors have been proposed as growth connectors, while 20 national waterways will be operationalised over the next five years to promote greener logistics.

Support For SMEs, Textiles And Cities

The Budget proposed a ₹10,000 crore SME Growth Fund to nurture “Champion SMEs”, additional funding for the Self-Reliant India Fund, and schemes to modernise 200 legacy industrial clusters.

An integrated textile programme—including national fibre initiatives, mega textile parks and cluster modernisation—aims to boost exports and employment, particularly in traditional hubs.

Urban development will be driven through City Economic Regions, with ₹5,000 crore per region over five years, and incentives to encourage large municipal bond issuances.

On human capital, the government announced steps to bridge education and employment gaps, expand allied health institutions, establish regional medical hubs for medical tourism, and support creative industries under the “orange economy”.

Tourism and heritage also feature prominently, with 15 archaeological sites, including Adichanallur and Lothal, to be developed as experiential cultural destinations.

Major Tax Reforms Announced

A key highlight is the rollout of a new Income Tax Act from April 2026, aimed at simplifying compliance through redesigned rules and forms.

Personal tax relief measures include tax exemption on interest awarded by Motor Accident Claims Tribunals, rationalisation of TCS on overseas travel and remittances, and automated systems for lower or nil TDS certificates for small taxpayers.

The government also announced a major overhaul of penalties and prosecutions to reduce litigation, along with reforms to advance pricing agreements and safe harbour rules to support India’s IT services sector.

On capital markets, the Budget raised Securities Transaction Tax on futures and options, a move that triggered sharp market volatility on Budget Day.

On the indirect tax front, the Budget focused on tariff simplification, easing customs duties for critical minerals, clean energy inputs, electronics, aviation and nuclear power projects. Customs processes are set to move towards trust-based, technology-driven clearances, with AI-enabled risk assessment and a single digital window by FY26-end.

Fiscal Balance Maintained

Despite the scale of announcements, the Finance Minister reiterated the government’s commitment to fiscal discipline, with borrowing and deficit numbers signalling a calibrated approach to growth spending.

Overall, Budget 2026–27 signals a decisive push towards manufacturing-led growth, infrastructure expansion and tax simplification, while attempting to balance long-term structural reforms with macroeconomic stability.

NSE Chief Offers Prayers At Tirupati Ahead of IPO

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Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the National Stock Exchange, on Sunday visited Tirupati with his family and offered prayers at the Lord Venkateshwara temple, seeking blessings for the exchange, its members, shareholders and the country.

Speaking after the visit, Chauhan said the darshan took place early in the morning and described the experience as peaceful and deeply fulfilling. He noted that prayers were offered for the well-being of NSE and for the broader growth of the nation.

“Today we had a great darshan in the early morning at Tirupati. We took blessings for NSE, for all our members, all our shareholders and for the country,” Chauhan said, adding that the visit had been planned well in advance.

The temple visit coincided with a key regulatory signal for the exchange. On Saturday, the Chairman of the Securities and Exchange Board of India indicated that NSE is likely to receive approval for its long-pending initial public offering within the month. The remarks were made by SEBI Chairman Tuhin Kanta Pandey.

Chauhan said the timing felt particularly auspicious, as the announcement became public just as he arrived in the temple town. He described it as a positive omen and a blessing.

“When we arrived in Tirupati, the announcement was made. We see it as a good omen and God’s blessing that this development has come,” he said. He added that the darshan would remain a memorable moment, especially given the significance of the period for the exchange.

The visit comes as market participants closely track regulatory progress on NSE’s proposed IPO, which is expected to be one of the largest and most consequential listings in India’s capital markets, marking a milestone both for the exchange and the broader financial ecosystem.

Signature Global’s Q3 Sales Bookings Fall 27% Despite Festive-Season Demand

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Gurugram-based real estate developer Signature Global reported a sharp year-on-year decline in sales bookings for the October–December quarter, a period typically marked by robust housing demand due to the festive season.

In a regulatory filing on Sunday, the company said sales bookings fell 27 per cent to ₹2,020 crore in the December quarter, compared with ₹2,770 crore in the corresponding period of the previous financial year. The number of housing units sold during the quarter plunged to 408, from 1,518 units a year earlier.

Measured by area, sales bookings declined to 1.44 million sq ft, down from 2.49 million sq ft in the year-ago quarter.

The October–December period is traditionally considered one of the strongest quarters for residential real estate sales, driven by festival-related buying. However, the company did not spell out any specific reason for the slowdown in its exchange filing.

Rolls Out New Projects

Industry observers point to the timing of new launches as a possible factor. Signature Global rolled out a major housing project on the Dwarka Expressway only toward the end of December, which may have curtailed sales momentum during the quarter.

For the first nine months of the current financial year, the company’s sales bookings declined 23 per cent to ₹6,680 crore, from ₹8,670 crore in the same period last year. Unit sales during this period also more than halved to 1,746 units, compared with 3,539 units a year ago.

Commenting on the performance, Chairman Pradeep Kumar Aggarwal said the company had delivered a healthy showing in the first nine months of FY26, supported by steady demand across its key micro-markets. He added that the launch of the wellness-focused premium project, Sarvam at DXP Estate on the Dwarka Expressway, had received an encouraging response, underlining evolving buyer preferences.

Signature Global had posted sales bookings of ₹10,290 crore in the previous financial year, ranking it as the fifth-largest listed real estate developer by sales. For the current 2025–26 fiscal, the company has guided for sales bookings of ₹12,500 crore, implying that it will need to clock close to ₹6,000 crore in sales in the ongoing quarter to meet its annual target.

GST 2.0 Rollout Leaves Key Categories Unchanged Despite Major Rate Overhaul

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The Goods and Services Tax (GST) 2.0 regime, set to come into force on September 22, 2025, will bring sweeping changes to India’s indirect tax system, but several key items will remain untouched.

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, approved a restructuring of the tax slabs by merging the 12% and 28% brackets into two simplified rates of 5% and 18%. A new 40% de-merit slab has been created for luxury and sin goods, while essentials such as food staples will continue at a nil (0%) rate.

However, certain categories have been deliberately kept out of the reform. Precious metals such as gold, silver, and jewelry remain taxed at 3%, while items already aligned with the new structure, such as fresh produce at 0% and mobile phones at 18%, are unchanged. Sin goods like cigarettes, bidis, and chewing tobacco will continue under the existing 28% plus compensation cess until state borrowing obligations are cleared, delaying their eventual shift to 40%.

Essentials Hold Steady
Unpacked grains, milk, eggs, fruits, vegetables, salt, and sanitary napkins will continue to be exempt. “Maintaining the 0% slab for daily-use essentials ensures no additional burden is placed on lower-income households,” an official said, citing affordability as a key reason for stability.

Industry bodies have broadly welcomed the move. The Federation of Indian Chambers of Commerce and Industry (FICCI) described GST 2.0 as “a long-awaited simplification,” while the Confederation of Indian Industry (CII) noted that unchanged rates on electronics and telecom services could limit the broader consumption stimulus.

Key Unchanged Items Under GST 2.0

Slab Item/Category Old Rate (%) New Rate (%)
0% Fresh fruits, vegetables, unpacked grains, milk, eggs, salt, sanitary napkins 0 0
3% Gold, silver, precious stones, jewelry 3 3
5% Sugar, tea, coffee (unpackaged), edible oils, spices (unpackaged), electric vehicles 5 5
18% Mobile phones, laptops, liquid handwashes, telecom services, banking services, hotel rooms above ₹7,500/night 18 18
28% + Cess Cigarettes, bidis, chewing tobacco, pan masala 28 + Cess 28 + Cess

Experts say the unchanged slabs reflect the government’s balancing act. While over 375 items are set to become cheaper from Monday, holding certain categories steady protects tax revenues. “This is a pragmatic approach. It brings relief for households without undermining state finances,” said a tax policy analyst.

Retailers expect the steady rates to keep prices predictable during the festive season. While reduced categories may drive consumer spending, unchanged rates on sin goods and gadgets ensure revenue streams remain intact.

However, billed as a “Diwali gift” for the middle class, GST 2.0 offers simplification and relief, even as debates continue over deferred hikes on tobacco and other de-merit products.

Over 7 Crore ITRs Filed As Deadline Ends Mid-Night; I-T Dept Debunks Extension, Offers 24×7 Help

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India’s Income Tax Department on Monday announced that over seven crore income tax returns (ITRs) have been filed for the Assessment Year 2025-26, as the deadline of September 15 drew to a close. Officials described the surge in filings as a reflection of growing compliance and the expanding taxpayer base.

In a post on X, the department thanked citizens and tax professionals for helping it reach the milestone. “More than 7 crore ITRs have been filed so far and still counting. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed ITR for AY 2025-26, to file their ITR,” the department said.

To ease the pressure of last-minute submissions, the Central Board of Direct Taxes (CBDT) said its helpdesk is functional round-the-clock, providing assistance through calls, live chats, WebEx sessions and social media handles. “Our helpdesk is functioning on a 24×7 basis, and we are providing support,” the post added.

Department Dismisses Extension Buzz

The strong advisory came a day after rumours circulated online suggesting the deadline had been extended to September 30. The department was quick to dismiss the reports. “A fake news is in circulation stating that the due of filing ITRs (originally due on 31.07.2025, and extended to 15.09.2025) has been further extended to 30.09.2025. The due date for filing ITRs remains 15.09.2025. Taxpayers are advised to rely only on official @IncomeTaxIndia updates,” it clarified.

The original due date of July 31 had been pushed to September 15 for non-audit cases after revisions in ITR forms and system upgrades earlier this year. The current deadline, the department underlined, would not be moved further.

Heavy Traffic, Glitches Reported

While officials celebrated record compliance, practitioners flagged issues of portal slowdowns as lakhs rushed to meet the deadline. Tax consultants reported intermittent delays, though filings eventually went through. Authorities acknowledged the heavier-than-usual traffic but stressed that the portal remained operational, supplemented by helpdesk support.

“Every September, the system faces a surge. This year is no different, though overall, the portal is holding up better than previous cycles,” said a Delhi-based tax advisor.

Missing Deadline Comes at a Cost

Experts reminded taxpayers that failure to file on time could prove expensive. Under Section 234F of the Income Tax Act, late filers may have to pay a penalty, ₹1,000 for incomes up to ₹5 lakh and ₹5,000 for higher incomes. In addition, delayed returns attract interest on unpaid taxes and may bar taxpayers from carrying forward certain losses.

“Even if you are unable to finalise every detail, it is wiser to file a return now and revise later. Waiting for an extension that never comes can lead to unnecessary penalties,” warned another practitioner.

The Income Tax Department echoed that view, urging taxpayers to complete the process without delay. Officials noted that the sharp rise in filings reflects improved compliance, digitisation and a growing culture of timely reporting.

Compliance Rising

From fewer than six crore returns a few years ago to more than seven crore this year, India’s tax base is expanding steadily. Analysts say rising awareness, stricter enforcement and smoother digital systems are driving the numbers. Still, the department’s challenge is to keep its infrastructure resilient enough to handle the annual last-minute rush.

As the clock ticks down to the midnight deadline, millions of taxpayers are expected to complete their filings. The Department has once again cautioned citizens to rely only on official notifications and avoid misinformation circulating on social media.

The achievement of crossing 7 crore filings before the cut-off has been hailed as a sign of deepening compliance culture in India’s economy. With the ITR deadline fixed at September 15 and no further extension on the cards, the message from the government is clear: timely filing is not optional but essential.

‘We Don’t Take Part In Wars’: China Reacts Sharply After Trump’s NATO Tariff Call

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China has strongly rejected US President Donald Trump’s proposal that NATO members impose steep tariffs on Beijing, saying such measures would only worsen global tensions.

Chinese Foreign Minister Wang Yi made the remarks on Saturday during a press conference in Ljubljana, Slovenia, following talks with Deputy Prime Minister and Foreign Minister Tanja Fajon. His comments came just hours after Trump suggested NATO should consider tariffs of 50–100 per cent on Chinese goods until the war in Ukraine ends.

“China does not participate in or plan wars, and what China does is to encourage peace talks and promote political settlement of hotspot issues through dialogue,” Wang was quoted as saying by China Daily.

Wang argued that sanctions and tariffs would not resolve crises but only complicate them further. “China and Europe should be friends rather than rivals, and should cooperate rather than confront each other,” he said. “Making the right choices amid the greatest changes in a century demonstrates the responsibilities that both sides should fulfill towards history and the people.”

Wang also stressed that Beijing remains committed to multilateralism and the principles of the UN Charter, adding that the current international situation was defined by “intertwined chaos and continuous conflicts.”

Ukraine war with Russia

Trump, in a post on his Truth Social platform, had said NATO should take collective action on tariffs: “I believe that this, plus NATO, as a group, placing 50 per cent to 100 per cent TARIFFS ON CHINA, to be fully withdrawn after the WAR with Russia and Ukraine is ended, will also be of great help in ENDING this deadly, but RIDICULOUS, WAR.”

The former president claimed China maintains “a strong control, and even grip, over Russia,” suggesting punitive tariffs would weaken Beijing’s leverage over Moscow.

Trump’s proposal is unusual because NATO is a military alliance with no mandate on trade issues. Analysts say his idea of collective tariffs under NATO reflects a broadening of security tools into the economic sphere.

Earlier this month, Trump had accused Chinese President Xi Jinping of “conspiring against” the United States after Beijing held its largest-ever military parade on September 3, attended by Russian President Vladimir Putin and North Korean leader Kim Jong Un. However, in a subsequent remark, Trump said his personal relationship with Xi was still “very good,” underscoring his oscillating stance towards Beijing.

China’s Consistent Refrain on Tariffs

Wang Yi’s latest remarks echo Beijing’s long-standing response to US tariff threats. Since the onset of Trump’s trade war in 2018, China has consistently positioned itself as a supporter of global free trade and multilateral cooperation, while rejecting what it calls Washington’s “unilateral protectionism.”

During earlier rounds of tariffs on Chinese goods, Beijing responded with targeted counter-tariffs but avoided escalating rhetoric, often reiterating that dialogue and mutual respect should guide US-China relations. For instance, in 2019 when Trump raised duties on $200 billion worth of imports, Chinese officials said the “only way forward is cooperation, not confrontation,” while rolling out measured relief for domestic exporters.

China’s playbook has also involved appealing to Europe and other global partners. Wang’s emphasis in Ljubljana that “China and Europe should be friends rather than rivals” reflects Beijing’s strategy of preventing Washington from rallying its allies into a united front against China. This mirrors past efforts when Beijing sought closer ties with the EU even as US tariffs intensified.

The rhetoric of “peace talks” and “multilateralism” serves a dual purpose: projecting China as a responsible power amid global instability, and contrasting Beijing’s image with Washington’s protectionist posture. At the same time, China has been careful not to openly distance itself from Russia, maintaining energy imports and high-level diplomacy while rejecting suggestions that it is actively fueling the war in Ukraine.

If NATO were to adopt Trump’s proposed tariff scheme, unlikely though it may be, China would almost certainly respond with both diplomatic protests and retaliatory economic measures, just as it did during the first trade war. For now, Wang Yi’s remarks suggest Beijing will continue its balancing act: opposing punitive measures, promoting dialogue, and seeking to court European partners wary of being drawn into Washington’s hardening stance.

Gold Nears Record Highs of ₹1.13 Lakh: Check Where Will It Be By Year-End

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Gold prices are once again dominating global headlines. Hovering near all-time highs, the yellow metal has emerged as one of the most closely watched assets this September, reflecting a mix of investor anxiety, central bank policies, and domestic demand surges in India ahead of the festive season. From Wall Street to Chandni Chowk, gold’s rally is shaping markets and household budgets alike.

The U.S. Federal Reserve remains the single most important influence on gold’s trajectory. Global spot prices touched US$3,673.95 per ounce earlier this week, just shy of fresh records, before consolidating around US$3,648–3,650. Weakness in the U.S. labor market, including higher jobless claims and downward revisions in non-farm payrolls, has reinforced expectations that the Fed could cut rates in its next policy meetings.

For gold investors, this matters because lower interest rates reduce the opportunity cost of holding a non-yielding asset like bullion. A weaker U.S. dollar also typically drives up international gold demand. As a result, bullion is increasingly seen as a hedge against both financial uncertainty and inflationary risks that remain sticky across major economies.

India’s Record-High Prices

In India, the world’s second-largest consumer of gold after China, the impact is immediate. Domestic gold prices have crossed ₹1,09,000 per 10 grams in key markets, with Delhi witnessing trades as high as ₹1,13,100 per 10 grams. Prices in Mumbai, Chennai, Kolkata, and Bengaluru are only marginally lower, averaging around ₹11,050–11,070 per gram for 24-carat gold. Even 22-carat gold, traditionally preferred for jewellery, now costs over ₹10,100 per gram.

The surge is pinching consumers but also fueling speculative interest. Jewellers report that buyers are cautious about bulk purchases, yet cultural factors, particularly weddings and festivals, ensure that demand does not collapse. Many households continue to view gold as both ornament and insurance, a long-standing tradition that resists market cycles.

Drivers Of The Rally

The current gold rally rests on five pillars:

  1. Global Monetary Policy: Expectations of Fed rate cuts are the biggest driver, but central banks worldwide are also increasing their gold reserves, adding to demand.

  2. Geopolitical Tensions: Uncertainty in regions from Eastern Europe to East Asia has pushed investors toward safe-haven assets.

  3. Inflationary Concerns: While consumer inflation in the U.S. and Europe has moderated, it remains above target in many regions, preserving gold’s appeal as an inflation hedge.

  4. Weaker Dollar: Any slide in the U.S. currency makes gold more affordable for buyers in other countries, reinforcing global flows.

  5. Indian Festive Demand: The upcoming Navratri, Dhanteras, and wedding season ensures a domestic consumption boost, regardless of price levels.

Market Volatility And Risks

Despite the bullish undertone, analysts caution that volatility is inevitable. Profit-taking is evident whenever gold hits a new high. The key risk lies in inflation cooling faster than expected. If price pressures ease and the Fed slows or limits its rate cuts, gold could lose momentum. A stronger dollar in such a scenario would likely pull bullion back to the US$3,450–3,500 per ounce range.

Domestically, government policy also poses a risk. Import duties on gold remain steep, and any further tweaks by New Delhi to curb imports could alter pricing dynamics. The rupee’s performance against the dollar will also play a role in determining how global prices translate into domestic rates.

India’s listed jewellers have reacted swiftly to soaring gold prices. Shares of Titan, Kalyan Jewellers, and Senco Gold have seen heightened trading volumes. While high prices can dampen near-term consumer purchases, the larger narrative is supportive for organised retail chains. Analysts argue that customers are likely to prefer branded outlets that offer exchange schemes, certified quality, and buy-back assurances in times of price volatility.

Scenario-Based Year-End Forecast

Looking ahead, analysts outline three possible scenarios for gold by December 2025:

  1. Aggressive Fed Rate Cuts
    If the Fed slashes rates by 50–75 basis points before year-end, gold could easily breach US$3,750–3,800 per ounce. In India, this translates to ₹1,15,000–1,18,000 per 10 grams, depending on rupee levels and duties.

  2. Gradual Easing
    A modest 25-basis-point cut or a more cautious Fed stance would keep gold range-bound. Spot prices may hover between US$3,600–3,700 per ounce, with Indian rates consolidating in the ₹1,09,000–1,13,000 per 10 grams range.

  3. Cooling Inflation
    If inflation drops sharply, easing the need for aggressive cuts, gold could retreat to US$3,450–3,500 per ounce. Domestic prices could slide back to ₹1,03,000–1,05,000 per 10 grams.

Current Gold Prices In Major Indian Cities

As of mid-September 2025, here are the prevailing gold rates across five major Indian metros:

  • Delhi: ~₹11,130 (24-carat per gram), ~₹10,205 (22-carat), ~₹8,352 (18-carat)

  • Mumbai: ~₹11,050–11,060 (24-carat), ~₹10,130–10,145 (22-carat), ~₹8,280–8,300 (18-carat)

  • Chennai: ~₹11,070 (24-carat), ~₹10,150 (22-carat), ~₹8,400 (18-carat)

  • Kolkata: ~₹11,051 (24-carat), ~₹10,130 (22-carat), ~₹8,288 (18-carat)

  • Bengaluru: ~₹11,051 (24-carat), ~₹10,130 (22-carat), ~₹8,288 (18-carat)

These figures underline the sharp escalation in costs across the board. For perspective, gold was trading below ₹60,000 per 10 grams barely two years ago.

For global and Indian investors alike, the lesson is clear: chasing highs is risky, but ignoring gold altogether could prove costly in uncertain times. Market experts recommend staggered buying, accumulating during pullbacks rather than entering at peaks.

In fact, exchange-traded funds (ETFs) and sovereign gold bonds provide safer avenues for exposure without the storage and purity concerns of physical bullion.

Why Speculative Fever Always Catches Up

Gold’s surge reflects more than speculative fever. It embodies anxiety about the global economy, inflation, and geopolitical tensions, while also highlighting India’s enduring cultural affinity for the metal.

Yet, the rally’s sustainability rests on forces beyond any single market’s control. The U.S. Fed’s choices, global inflation trends, and currency shifts will dictate whether 2025 ends with gold at dazzling new records or retreating from its highs.

For now, one thing is certain: gold is once again reminding the world why it has been the ultimate store of value for centuries.

Mittal’s Hike Shuts Down After India’s Real-Money Gaming Ban; Decade-Long Journey Over

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Hike, once touted as India’s homegrown rival to WhatsApp and later a promising player in online gaming, has officially shut down after the Indian government imposed a ban on real-money gaming.

Founder and CEO Kavin Bharti Mittal confirmed the closure in a note shared on Substack, calling it “a difficult decision” made after discussions with investors and employees. “Scaling globally would require a full recap, a reset that is not the best use of capital or time,” he wrote, acknowledging that regulatory hurdles in India had curtailed the company’s ambitions.

Launched in 2016 as a messaging platform, Hike had repositioned itself in 2021 as a gaming venture with its platform Rush. Featuring 14 mobile titles, Rush integrated Web3 elements such as play-to-earn mechanics and digital asset ownership. The app grew rapidly, boasting more than 10 million users, $500 million in gross revenue, and nearly $480 million in annual winnings distributed to players.

Ban on Online Gaming

Despite the traction, India’s blanket ban on real-money gaming effectively shut off Hike’s largest market. Mittal noted that while the company’s U.S. operations launched nine months ago were “showing strong growth,” the inability to build scale at home made global expansion unviable.

At its peak, Hike employed about 100 people across India, the U.S., Dubai, and Singapore, organized into what Mittal described as lean, high-performance “SWAT teams.” The venture had backing from some of the world’s biggest investors, including SoftBank, Tencent, Tiger Global, Bharti, Foxconn, Jump Crypto, Tribe Capital, Republic, and Polygon. Individual investors such as Rajeev Misra, Elad Gil, and Zynga founder Mark Pincus had also placed bets on the company.

The shutdown brings an abrupt end to a startup that once symbolized India’s ambition to build global internet platforms, from social messaging to Web3 gaming. Moreover, the abrupt closure of Hike underscores a hard truth for India’s digital economy ahead such as scale, innovation, and marquee investors are no match for abrupt regulatory interventions. Kavin Bharti Mittal’s decision to shut down the once-celebrated startup reveals how vulnerable even well-backed ventures remain in sectors that lack policy clarity.

Platform Rush Experiment

Hike’s trajectory reflects both promise and pitfalls. From its early days as a homegrown rival to WhatsApp, the company successfully reinvented itself by riding India’s booming mobile gaming wave. Its platform, Rush, was no small experiment: it blended traditional casual games with Web3 features, drew over 10 million users, and claimed $500 million in gross revenues. Few Indian consumer internet firms outside e-commerce had achieved such traction in a short span. Yet, one regulatory stroke effectively erased its biggest market.

Above all, the challenge lies in the timing. Mittal argued that while Hike’s U.S. operations were beginning to show growth, building a truly global platform required strong domestic roots. India was intended to provide that base. Instead, the blanket ban on real-money gaming turned a growth story into a cautionary tale. This regulatory unpredictability does not just deter entrepreneurs, it shakes investor confidence in India’s broader digital ecosystem.

The investor roster behind Hike, SoftBank, Tencent, Tiger Global, Polygon, and others, signals that global capital is eager to back Indian startups. But sudden rule changes, without phased implementation or alternative frameworks, risk driving talent and capital abroad. The shutdown also raises questions about India’s ability to nurture world-class consumer internet products, even as the government pushes for “Digital India” and startup-led growth.

Concerns of Addiction Leads to Shutdowns

At the same time, the government cannot remain mute to concerns of addiction over inevitable financial risk without stifling gaming sector. innovation. In fact, the ban on real-money gaming in India has triggered a wave of shutdowns and exits across the country’s once-thriving gaming startup ecosystem. Hike, the messaging-app-turned-gaming company, was the first high-profile casualty, but several others have quickly followed.

Dream Sports, parent of fantasy sports giant Dream11, has begun winding down its real-money gaming divisions. The company has suspended its “cash contests” on platforms like Dream Picks and Dream Play, assuring users that deposits and winnings remain safe.

Mobile Premier League (MPL), another major player in India’s online gaming sector, also suspended deposits and halted its real-money operations. The company has reportedly laid off nearly 60% of its India workforce, underscoring the severity of the regulatory shock.

PokerBaazi, operated by Moonshine (a Nazara Technologies subsidiary), has also ceased offering real-money poker games. While Nazara continues to evaluate the regulatory environment, its gaming subsidiary has been forced to hit pause on its most lucrative business line.

Other firms, including Zupee, Probo, Gameskraft, and WinZO, have likewise suspended or shut down their real-money offerings. Zupee has retained its free-to-play titles, while Gameskraft’s rummy platforms have disabled all “add cash” features. Probo too has discontinued real-money segments to comply with the new rules.

RummyCulture, one of India’s largest online rummy brands, has also closed its cash-game services, further shrinking the space for real-money card-based gaming.

Together, these shutdowns highlight the scale of disruption caused by the new legislation. Startups that collectively served tens of millions of users and attracted billions of dollars in global investment have been forced to exit their primary business overnight.

Indian Market Makes Historic Recovery, Investors Gain Rs 10.9 Lakh Crore

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In an unprecedented turn of events, the Indian stock market made a remarkable recovery on Tuesday, April 15, as investors regained a colossal Rs 10.9 lakh crore in a single day. This recovery effectively wiped out the losses incurred following the US tariff shock on April 2, marking a significant milestone in the financial sector.

The Sensex, a benchmark index of the Bombay Stock Exchange, witnessed a surge of over 1,570 points, while the Nifty, the National Stock Exchange’s benchmark index, soared past the 22,300 mark. This marked one of the most substantial gains in recent months, reflecting a robust and resilient market.

The Broad-Based Recovery and Its Drivers

This recovery was not limited to a specific sector or a handful of stocks. Instead, it was broad-based, encompassing various sectors and indices. The driving force behind this rally was a combination of strong investor sentiment, positive global cues, and domestic optimism. The primary catalyst for this rally was a significant update on US trade policy.

The US administration announced a 90-day delay in tariffs for most countries, with the notable exception of China. This announcement served to calm investor nerves and reignite hopes for India’s position in global supply chains.

Financial stocks, due to their heavy weightage in the indices, led the charge, rising over 2 per cent. The midcap and smallcap indices, which had been underperforming recently, also saw a strong recovery, each rising by around 3 per cent. Market experts noted that domestic institutional investors turned aggressive buyers on Tuesday, further supporting the upward momentum. Asian markets were also firm, supported by a weaker US dollar and stable bond yields, giving Indian markets an additional boost as they reopened after an extended weekend.

India’s Position Amid Tariff War

India’s strong macroeconomic fundamentals continue to attract investor interest, apart from global cues. With robust domestic demand and limited direct exposure to US-China tensions, India is increasingly seen as a stable bet amid global uncertainties, market experts noted. While data on foreign institutional investor flows is yet to be released, early signs point to strong buying activity.

“Markets are adjusting the new reality of daily Trump twists and turns,” said Vikas Gupta, CEO and Chief Investment Strategist at OmniScience Capital. He added that sometimes when tariffs look like they have been temporarily removed, the markets will react positively, when something unexpected happens they will react negatively.

Surprise Twist After 6-Year Hunt, Fugitive Tycoon Mehul Choksi Arrested in Belgium

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In a dramatic turn of events that has stunned both investigators and the public, fugitive diamond trader Mehul Choksi—accused in India’s largest-ever bank fraud case—has been arrested in Belgium after years on the run. The unexpected arrest has rekindled hopes for justice in the ₹13,500 crore Punjab National Bank (PNB) scam that rocked the country’s financial system in 2018.

Choksi, who had been hiding in Antigua and Barbuda since fleeing India, was reportedly detained in Belgium on the basis of a Red Corner Notice issued by Interpol at India’s request. The development comes after years of diplomatic and legal wrangling, and amid fears that the 64-year-old might never be brought back to face trial.

The timing and location of the arrest have added a layer of intrigue. While Indian authorities were focused on legal proceedings in the Caribbean, Choksi’s sudden appearance in Belgium has raised eyebrows. “This arrest was completely unexpected,” said a senior official from the Enforcement Directorate, which has been pursuing Choksi under the Prevention of Money Laundering Act.

Adding a poignant twist to the saga is the voice of Hariprasad SV, the whistleblower who first flagged irregularities in PNB’s credit system back in 2013. Speaking to NDTV after Choksi’s arrest, Hariprasad said: “The important thing is not the arrest, the important thing is the recovery of money.” His statement underlines the enduring human cost of white-collar crimes—thousands of lives impacted, reputations destroyed, and public trust shaken.

In 2018, Indian authorities revealed that Choksi and his nephew Nirav Modi had allegedly orchestrated a massive fraud using fake Letters of Undertaking issued by complicit PNB officials. The scam led to a massive clean-up in the banking sector and exposed gaping loopholes in financial oversight.

The PNB fraud not only destabilised one of India’s oldest banks, but also sent shockwaves through the global business community, given Choksi’s once-respectable stature as the owner of the Gitanjali Group and a well-known name in high-end jewellery circles.

Though Choksi repeatedly claimed he was being politically persecuted, Indian agencies pressed ahead, revoking his passport and mounting pressure through international legal channels. His Antigua citizenship further complicated matters, and in a dramatic episode in 2021, Choksi alleged he was abducted from the island nation—a claim that was later debunked by local courts.

What makes this arrest in Belgium even more riveting is the sheer unpredictability of it. Choksi had dropped out of the public eye, with his lawyers challenging extradition attempts on health and human rights grounds. There was growing concern that he might successfully outmaneuver the Indian legal system altogether.

With his arrest, India has renewed its extradition efforts. Sources say the Ministry of External Affairs has already begun formal communication with Belgian authorities. If successful, Choksi could finally face trial in India alongside Nirav Modi, who remains in a UK prison contesting his own extradition.

For the families of affected bank employees, investors, and taxpayers, this arrest is more than just a legal milestone. It is a glimmer of accountability. As Hariprasad poignantly noted, “People who loot public money should not be allowed to go scot-free.”

Shares of US chipmakers come under pressure after China retaliates with tariff hikes

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U.S. markets closed lower Friday after China announced steep tariff hikes on American goods, targeting semiconductors manufactured in the U.S. Texas Instruments fell 6.8%, Intel dropped 3.7%, and GlobalFoundries declined 2.4% amid fears of disrupted trade flows.

Shares of Nvidia and TSMC rose, buoyed by their offshore manufacturing. Analysts warn of escalating uncertainty in the sector, with sentiment now tightly linked to any progress on U.S.-China trade negotiations.

Shares of U.S. chipmakers with domestic manufacturing operations came under sharp pressure on Friday after China announced a steep escalation in tariffs on American goods, stoking fresh concerns over the ongoing trade tensions between the world’s two largest economies.

Beijing said it will raise duties on U.S. imports from 84% to 125%, a move widely interpreted as a direct response to Washington’s earlier tariff measures. The China Semiconductor Industry Association clarified that the new customs rules would assess origin based on where chips are manufactured rather than the home country of the parent company—exposing firms with U.S.-based fabs to additional vulnerability.

Texas Instruments Inc. and Intel Corp. were among the hardest hit, with shares declining 6.8% and 3.7%, respectively. GlobalFoundries Inc. dropped 2.4%, while other chipmakers with manufacturing facilities in the U.S., including Analog Devices Inc. and Microchip Technology Inc., also traded lower. Skyworks Solutions Inc. and Qorvo Inc., both key suppliers to Apple Inc., were not spared from the selloff.

“This is an incredibly uncertain time for chipmakers, and this is certainly not going to help,” Wayne Kaufman, chief market analyst at Phoenix Financial Services told Bloomberg. “Anything that hurts semis more than they’ve already been hit is bad for the general market.”

Not all chipmakers were negatively affected. The tariffs exclude companies that design semiconductors but do not manufacture them domestically. As a result, Nvidia Corp. rose 2.2%, while U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. gained 3.3%. Analysts noted this divergence, highlighting the potential for non-fabricating players to benefit from redirected demand and capacity.

Experts believe that the market may be overreacting in the case of Texas Instruments, pointing to the company’s long-standing advantages in product quality, breadth, cost structure, and customer support. Though TI’s share in China could erode somewhat, TI benefits from product performance would be difficult for Chinese OEMs to ignore altogether, they point out.