RBI Deputy Governor T Rabi Sankar Appointed as Part-Time Member of 16th Finance Commission
RBI Deputy Governor T Rabi Sankar has been appointed as a part-time member of the 16th Finance Commission, following the resignation of former finance secretary Ajay Narayan Jha. The Commission, chaired by Arvind Panagariya, is tasked with recommending tax devolution and fiscal arrangements between the Centre and states for the period starting April 2026. Sankar will serve until the Commission submits its report or October 31, 2025, whichever is earlier.
Supreme Court Rejects Vodafone Idea, Airtel Pleas for AGR Interest Waiver
The Supreme Court has rejected pleas by Vodafone Idea and Bharti Airtel seeking exemption from interest and penalties on their Adjusted Gross Revenue (AGR) dues. Calling the petitions "misconceived," the court upheld its earlier stance, dealing a major blow to the telecom operators who together sought relief on over Rs 80,000 crore in dues.
Trump Claims India Willing to Slash Tariffs, Says US-India Trade Deal Coming Soon
Former US President Donald Trump has claimed that India is willing to eliminate 100% of tariffs on American goods, signaling that a US-India trade deal may be finalized soon. While emphasizing that he’s “in no rush” to close the agreement, Trump described India as “one of the highest tariff nations in the world.” In response, India’s External Affairs Minister S. Jaishankar stated that any trade deal must be “mutually beneficial” and that negotiations remain ongoing. Commerce Minister Piyush Goyal is currently in Washington for high-level talks to assess progress on the proposed pact.
India Reopens 32 Airports After Ceasefire with Pakistan; Airlines Begin Flight Resumptions
Following a ceasefire between India and Pakistan, the Indian government has reopened 32 airports previously closed due to heightened military tensions. Airlines, including IndiGo and Air India Express, have begun resuming flights on key routes, with full operations expected to return over the coming days. The closures, which disrupted over 300 flights daily, were lifted after the situation stabilized post-‘Operation Sindoor’.
India Becomes Key iPhone Supplier for U.S. Market, Confirms CEO Tim Cook
Apple CEO Tim Cook announced that most iPhones sold in the U.S. during the June quarter will be manufactured in India, marking a major shift in Apple’s supply chain strategy amid U.S.-China trade tensions. While China remains a key production hub for markets outside the U.S., Cook emphasized the need for diversified manufacturing. India, which exported iPhones worth over Rs 1.5 lakh crore last fiscal year, is emerging as a crucial player, with Apple also planning to double its retail presence in the country.
