The last 24 hours have seen a flurry of significant news events impacting India's economic, scientific, and policy landscapes.
US Imposes Tariffs on Indian Goods, India Affirms Economic Strength
In a major development, US President Donald Trump announced a 25% tariff on Indian goods, effective August 1, 2025, coupled with unspecified penalties for India's continued purchase of Russian oil and military equipment. This move has triggered a political debate in India, with Commerce Minister Piyush Goyal firmly stating that India's robust economy is capable of withstanding such pressure. Goyal emphasized India's trajectory towards becoming the world's third-largest economy, contributing significantly to global growth. Economists, however, project a potential reduction of 20-40 basis points in India's GDP growth if these tariffs persist throughout the fiscal year. The Indian stock market experienced a decline following the announcement. India has reiterated its commitment to fair and mutually beneficial trade relations, rejecting any notion of being a "dead economy."
Major Strides in Science and Technology
India achieved a significant milestone in space exploration with the successful launch of the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite on July 31, 2025, from Sriharikota. This collaborative Earth-observation mission between ISRO and NASA is designed to enhance global monitoring of climate change and natural disasters. Union Minister of State for Science and Technology, Jitendra Singh, highlighted the government's consistent increase in budget allocation for science and research, with the highest outlay recorded in FY 2025-26. Furthermore, the government has sanctioned 23 chip-design projects under the Design Linked Incentive (DLI) Scheme to bolster India's semiconductor capabilities. In a push for advanced technology, Karnataka launched its Quantum Mission at the Quantum India Bengaluru 2025 summit, aiming to establish the state as a leading hub for quantum technology in Asia and build a $20 billion quantum economy by 2035. This ambitious plan includes the development of a Quantum Hardware Park and FabLine.
Key Government Policy Approvals and Economic Reforms
The Union Cabinet, led by Prime Minister Narendra Modi, approved six significant initiatives on July 31, 2025. These include substantial investments to boost railway infrastructure and an increased budgetary outlay of ā¹1,920 crore for the Pradhan Mantri Kisan Sampada Yojana (PMKSY), raising its total allocation to ā¹6,520 crore to strengthen the food processing sector. Additionally, the National Cooperative Development Corporation (NCDC) will receive ā¹2,000 crore in aid. From August 1, 2025, new rules for the Unified Payments Interface (UPI) came into effect, designed to improve system performance and mitigate fraud risks in digital transactions. Key provisions of the Banking Laws (Amendment) Act, 2025, also became effective on the same date, aiming to bolster governance within the banking sector. Despite India's economic progress, the World Bank continues to classify India as a lower middle-income country, even as India's poverty rate has significantly declined.
Judicial and Appointment Updates
The Supreme Court of India recalled its May 2 verdict that had ordered the liquidation of Bhushan Steel and Power Limited (BSPL), deciding to hear review petitions afresh. Separately, the Supreme Court reserved its judgment on Justice Yashwant Varma's petition challenging the validity of the in-house inquiry process. In terms of appointments, Alok Ranjan Ghosh has been appointed as Director in the Department of Personnel & Training, and Sindhu B Rupesh as Director in the Department of Space. Manoj Govil was given additional charge as Secretary (Security) in the Cabinet Secretariat.