Jairam Ramesh, Congress general secretary in-charge communications

NEW DELHI: Congress general secretary Jairam Ramesh on Monday took a swipe at Prime Minister Narendra Modi after US President Donald Trump announced an “immediate” India-US trade deal from Washington, adding New Delhi would move to cut tariffs and non-tariff barriers on American goods while the US reduces reciprocal tariffs on India.In a post on X, Ramesh alleged that key announcements impacting India, including the halt of Operation Sindoor, updates on India’s crude purchases from Russia and Venezuela, and now the trade deal itself, were being made from the US capital.

“He announced the halt of Op Sindoor from Washington DC. He announced the updates on India’s oil purchases from Russia and Venezuela from Washington. He’s now announced an India-US Trade Deal from Washington, the full details of which are awaited,” he wrote.“President Trump clearly seems to have some leverage over Prime Minister Modi,” he wrote, adding that the Prime Minister appeared “mortified of even being seen with him”, in an apparent reference to PM Modi’s earlier public bonhomie with Trump.Ramesh suggested that Modi had “capitulated” and questioned whether the agreement could be “the father of all deals”, using the Bollywood catchphrase “Mogambo Khush Hai” to underline the attack.“President Trump clearly seems to have some leverage over Prime Minister Modi – who is now mortified of even being seen with him, let alone engage in the usual bout of hugs. It appears Mr. Modi has capitulated finally. Surely this cannot be the father of all deals. In Washington clearly Mogambo Khush Hai,” he said.The Congress leader’s remarks came minutes after Trump, in his Truth Social post, said India had agreed to stop buying Russian oil and would buy “much more” from the US and potentially Venezuela, arguing the shift would help end the Russia-Ukraine war. He also said the US would lower reciprocal tariffs from 25% to 18% and that India would move to reduce its tariffs and non-tariff barriers against the US to “zero”.Later, PM Modi thanked Trump for the tariff announcement. In a post on X, the Prime Minister said he was “delighted” that Made in India products would get a reduced tariff of 18%, and thanked the US President “on behalf of the 1.4 billion people of India” for the “wonderful announcement”.

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Trump with PM Modi (file photo)

US President Donald Trump has announced a trade deal with India, after having imposed 50% tariffs on Indian goods in August 2025. The trade deal announced by Trump on his social media platform Truth Social has several elements, including a substantial reduction in tariffs and claims of India stopping Russian oil purchases.Trump had imposed a 50% tariff on India, 25% of which were for crude oil imports from Russia. Trump administration officials have repeatedly claimed that India’s crude purchase from Russia helped finance the latter’s war against Russia.PM Narendra Modi confirmed the trade deal via X (formerly Twitter: “Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement. When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump’s leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprecedented heights.”

India-US Trade Deal: Top Points To Know

Trump’s Truth Social post contained many points around the trade deal. India is yet to confirm the trade deal. Here are the top points that Trump has said:

How Trump announced India-US trade deal

Trump posted on Truth Social, “It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!”

Commerce Secretary Rajesh Agrawal (Photo-PTI)

The Budget FY27 proposal to allow Special Economic Zone (SEZ) units to sell goods in the domestic market at concessional duty rates is expected to boost import substitution and generate employment, Commerce Secretary Rajesh Agrawal said, adding that detailed operational guidelines will be rolled out in the next two to three months.The government has announced a one-time measure allowing SEZ manufacturing units to sell goods in the domestic tariff area (DTA) at concessional import duty rates, subject to quantitative restrictions.The move addresses a long-pending demand from SEZ units, which were unable to offload excess production domestically due to high import duties on several labour-intensive sectors and global demand uncertainties.“It will help in import substitution and better job creation. It will also provide a level playing field to DTA (domestic tariff area) firms (vis-a-vis SEZs),” Agrawal told PTI.He said the proposal would enable domestic buyers to source goods from SEZ units instead of importing from third countries.About seven to eight sectors, including leather, textiles and engineering goods, are expected to benefit significantly from the measure, as these sectors currently face relatively high import duties in India.At present, goods sold from SEZ units into the domestic market attract high import duties, limiting local sales viability.In her Budget speech, Finance Minister Nirmala Sitharaman said the measure is aimed at addressing capacity utilisation concerns in SEZ manufacturing units arising from global trade disruptions.“I propose, as a special one-time measure, to facilitate sales by eligible manufacturing units in SEZs to the DTA at concessional rates of duty,” Sitharaman had said.The quantity of such domestic sales will be restricted to a prescribed proportion of exports. The government will introduce regulatory changes to operationalise the measure while ensuring fair competition with units outside SEZs.Agrawal said limits will be imposed to ensure DTA industries are not adversely impacted.“They cannot sell all of their production. They will be able to sell a portion only in DTA. So, what will be that part? We will calculate that, we will keep a limit on that,” he said.He noted that labour-intensive goods currently imported from countries such as Vietnam and Bangladesh at concessional duty rates could increasingly be sourced domestically from SEZ units.Vietnam is part of the 10-nation ASEAN grouping, with which India has a free trade agreement in goods, while Bangladesh enjoys duty-free access as a least developed country.Agrawal explained that SEZs function as foreign trade enclaves primarily designed for export-led manufacturing, allowing duty-free import of raw materials but requiring finished goods to be exported.“This has been an old pending demand. SEZs are foreign territories as they are mainly designed for export-led production. It can have a duty-free import of raw material, but the production has to be exported. If it has to sell in DTA, it has to pay import duty on that product,” he said.Due to high import duties in certain domestic sectors, SEZ units were often unable to serve local demand despite having spare capacity, he added.The move also reflects changes in India’s trade policy landscape since the SEZ Act was introduced in 2005.“Now, we have done multiple FTAs (free trade agreements),” Agrawal said, adding that imported goods are already entering India at concessional duty rates under trade agreements.The government will separately notify concessional duty rates sector-wise and finalise limits on domestic sales volumes.The measure is also expected to support SEZ exporters facing steep tariff barriers in markets such as the US, where duties on certain Indian goods have risen to around 50 per cent, impacting sectors like textiles and leather.Exports from SEZs rose 7.37 per cent to $172.27 billion in 2024-25. India currently has 276 operational SEZs housing 6,279 units, according to official data.

Dhananjaya de Silva (L) and Kusal Mendis (R) of Sri Lanka (Photo by Sameera Peiris/Getty Images)

COLOMBO: Sri Lanka on Monday dropped Test captain Dhananjaya de Silva from their 15-man T20 World Cup squad led by Dasun Shanaka.De Silva had been recalled for a three-match T20 international series against Pakistan early last month after an 18-month absence and played the opening game against England in an ongoing series.But he was dropped for the second T20, while the final match is scheduled for Tuesday.Since his recall, he has only scored 43 runs in three innings and taken one wicket with his off-spin.Against England at Pallekele last week, he laboured to 11 off 12 balls before being dismissed by Adil Rashid.Seam bowler Eshan Malinga has been named in the squad despite suffering a shoulder injury against England on Sunday.Sri Lanka are co-hosting with India the T20 World Cup, which starts on Saturday, and face Ireland in their opening game in Colombo on Sunday.They will also play Australia, Oman and Zimbabwe in Group B, with the top two teams to qualify for the Super 8 stage.Sri Lanka T20 World Cup squadDasun Shanaka (captain), Pathum Nissanka, Kamil Mishara, Kusal Mendis, Kamindu Mendis, Kusal Perera, Charith Asalanka, Janith Liyanage, Pavan Rathnayake, Wanindu Hasaranga, Dunith Wellalage, Maheesh Theekshana, Dushmantha Chameera, Matheesha Pathirana, Eshan Malinga

The Finance Ministry is considering raising the foreign direct investment (FDI) limit in public sector banks (PSBs) to 49 per cent from the current 20 per cent to strengthen their capital base, PTI reported.“We are still considering, and inter-ministerial consultation is on for raising FDI cap to 49 per cent,” Financial Services Secretary M Nagaraju said.At present, FDI in PSBs is capped at 20 per cent, while private sector banks can receive up to 74 per cent foreign investment. In private banks, FDI up to 49 per cent is permitted through the automatic route, while investment beyond 49 per cent and up to 74 per cent requires government approval.The move is being evaluated as part of broader efforts to support capital needs of state-run lenders amid growth expansion.Nagaraju said the Union government’s shareholding in 12 PSBs has not declined in terms of number of shares since 2020, although percentage shareholding has reduced in some banks due to capital raising through fresh share issuance.He said PSBs collectively raised about Rs 45,000 crore through various routes, including qualified institutional placement (QIP) and offer for sale.Banks are expected to mobilise about Rs 45,000-50,000 crore in the next financial year as well, in line with their growth trajectory.Providing a growth outlook, he said public sector banks are expected to double their asset size over the next five years. The combined assets of PSBs stood at about Rs 261 lakh crore at the end of September 2025.On the strategic disinvestment of IDBI Bank, the secretary said financial bids are likely to be invited this month or next month.In October 2022, the government and LIC had invited expressions of interest (EoI) from investors for privatisation of IDBI Bank through sale of a total 60.72 per cent stake, including 30.48 per cent held by the government and 30.24 per cent by LIC.DIPAM received multiple EoIs in January 2023. Prospective buyers have received security clearance from the Ministry of Home Affairs and have been declared fit and proper after evaluation by the Reserve Bank of India.On sector consolidation, Nagaraju said India would need three to four large banks.“We need 3-4 big banks for a country of our size,” he said.

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NEW DELHI: US President Donald Trump spoke to Prime Minister Narendra Modi, US ambassador to India Sergio Gor informed on Monday. The two leader, finalized the much-awaited India-US trade deal with “immediate” effect, Trump informed.In a post on Truth Social, Trump said, “It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!”

“Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO. The Prime Minister also committed to “BUY AMERICAN,” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products. Our amazing relationship with India will be even stronger going forward. Prime Minister Modi and I are two people that GET THINGS DONE, something that cannot be said for most. Thank you for your attention to this matter!” he added.This comes amid delays in India-US trade deal after Trump imposed 50% tariffs on India for its continued purchase of Russian crude.Moreover, Trump on Sunday claimed that multiple countries, including India, were expected to start importing oil from Venezuela, which holds the world’s largest crude reserves. He said that the move followed legal reforms in Venezuela that have opened the oil sector to private investment after the US capture of President Nicolas Maduro on January 3.India and the United States have been holding trade talks since March 2025. Since August last year, the US has imposed a steep 50% tariff on Indian exports—among the highest applied to any country—comprising 25% in reciprocal duties and an additional 25% levy.

Mumbai: The West Regional Cyber Police have arrested one Parshuram Jagtap, 35, in a digital arrest case in which an elderly man from Juhu, a retired government official, was allegedly defrauded of Rs 1.27 crore. The fraudsters impersonated former ACP Daya Nayak and threatened the victim with arrest, said police. Police said Jagtap was accused of providing bank accounts to cyber fraudsters. He was arrested and produced in court. Police said the victim was threatened and told that his name had cropped up in a Rs 75 lakh fraud case. The caller also said his family could be attacked and his son could lose his job. Last Oct, the complainant received a call from a person named Sandeep Rao, who claimed to be an officer from the Ashok Nagar police station in Bangaluru.The caller told the complainant that someone was arrested in a money laundering case and that an ATM passbook belonging to the complainant was found with the arrested person. He said a fraud of Rs 75 lakh was committed in the complainant’s name and that an inquiry was being conducted.He also said Delhi Police and CBI officers were conducting a parallel investigation. The complainant was told not to disclose any information until the inquiry was complete, citing confidentiality and national interest.The caller instructed him to stay alone in a room and cooperate with the investigation, and told him that “CBI officer Daya Nayak was conducting the inquiry”.The complainant later spoke with a man who posed as “CBI officer Daya Nayak”. The imposter showed him an FIR and arrest warrant via video call, which frightened the complainant. The fraudster threatened to freeze his bank accounts.Police said the complainant was told that since he was a senior citizen, he would not be arrested immediately, but strict action would be taken if he did not cooperate with the investigation. During this time, someone else called him.During the inquiry, the imposter who posed as Daya Nayak and other officers instructed him to provide his bank account details and transfer the money to another account. He was told that his account was being investigated as per a Supreme Court order and that the money had to be transferred to another account.Believing this, he deposited Rs 1.27 crore. He was told the amount would be returned after the inquiry was over, but in vain. Realising he was scammed, he approached the West Regional Cyber Police and a case was registered. During investigation, police obtained crucial information based on which they took Parshuram into custody.

The TOI correspondent from Washington: In a political shock that has rattled Washington, Democrats in deep red Texas flipped a state senate seat in a district that voted +17 for Donald Trump, amid claims from some Indian-Americans that they triggered the turnaround because of toxic MAGA attacks on the community.Taylor Rehmet, a US Air Force veteran and union machinist, defeated Republican Leigh Wambsganss by a decisive 57 % to 43 %, representing roughly a 30-point swing from 2024 and marking the first time a Democrat will hold the District 9 seat in decades.The election, triggered by the resignation of a GOP stalwart, has stunned Republicans and comes at a time Democrats are scoring unexpected wins in special contests (by-elections) nationwide — raising questions inside GOP ranks about Trump-era strategy of demonising immigrants. The unexpected Democratic victory reflects broader trends of Democratic overperformance in off-cycle elections since Trump’s second inauguration in January 2025. The shock District 9 result has also sparked debate over whether controversial Republican messaging toward Indian American communities contributed to the GOP defeat. Claims that Republican “rage-baiting” against Indians fueled the turnaround have circulated widely on social media and in post-election analysis. Critics point to Wambsganss’ campaign rhetoric, which echoed MAGA attacks on H-1B visas and immigration, labeling Indian migrants an “invasion” and “unassimilable.” Posts on X amplified this, with some users decrying Indians as “scammy” and accusing them of electoral fraud. Tarrant County, a large part of District 9, boasts a growing Indian American population—over 50,000 strong according to some estimates, many in tech and professional sectors. Voter turnout data shows heightened participation in precincts with high Asian American density, suggesting mobilization against perceived ethnic scapegoating. Some analysts have suggested that such rhetoric energized backlash among recent foreign-origin voters in diverse suburbs.“What happened yesterday in Texas is a reminder: Don’t mess with Indians. We are a moderate people and a key swing vote. Brown people are fed up with the GOP. Keep on attacking us and you will lose,” one Indian-American handle claimed on X. The result is also a setback for Abraham George, an Indian-American who chairs the Texas GOP, and who is under attack from MAGA for his Indian background despite being a MAGA figure himself.However, there is no direct polling or exit data tying the District 9 flip solely to anti-Indian rhetoric, and campaign messaging can cut multiple ways. Analysts caution that while backlash to inflammatory language could have contributed to mobilizing some voters, attributing the entire outcome to that factor oversimplifies a complex local political ecosystem.Nationally, the Texas flip is part of a broader, more ominous trend for the Republican Party. Since Trump’s second inauguration in January 2025, Democrats have consistently overperformed. According to The Downballot, Dems are outperforming their 2024 presidential benchmarks by an average of 15.7% in special elections. Across the country in 2025, they have flipped state legislative seats once only held by Republicans, including a Pennsylvania state senate seat Trump carried, and competitive wins in Iowa and Kentucky. In Georgia, Democrats made gains in public service commission special elections, turning two seats previously held by Republicans to Democratic control.At the municipal level, Democratic strength also appeared in the November 2025 New York City mayoral election, where Zohran Mamdani captured the mayor’s office with more than 50% of the vote in a high-turnout contest.Republican leaders in Texas have acknowledged the surprise. Lt Gov Dan Patrick described the outcome as a “wake-up call,” noting that special election dynamics can defy expectations but that Republicans must regroup ahead of November. Trump, who endorsed Wambsganss and urged turnout in the final days, distanced himself from the loss, calling it a “local” contest he was unaware of.