PM Modi to Move Beyond Gradual Moves in Union Budget

January 10, 2020

Prime Minister Narendra Modi seems keen to present a budget that goes beyond incrementalism and gradualism. He held a series of meetings with Indian Inc, economists and experts on the Union Budget for 2020-21. ‘He was open to criticism and heard out suggestions and seems keen to present a budget that goes beyond incrementalism and gradualism,’ media reported.
The Modi government seems to be getting ready to roll out a series of bold initiatives in the Union Budget. The PM has held as many as 12 meetings with sectoral experts and is investing a lot of time in these interactions stretching up to 2 hours as happened at the Niti Aayog, Amit Shah was also present in the meeting. He has held as many as 12 meetings so far with groups of industrialists and experts. This pre-Budget exercise is probably is the most extensive ever consultations that Modi has held on the economy in the past five years. In a meeting with experts held at the Niti Aayog, the Prime Minister said that he was happy that the two-hour open discussion has brought to the forefront the experience of people on the ground and those working in their respective fields.
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Xi Jinping Says China ‘Not Afraid’ as US-China Trade War Escalates

Dhruva KulkarniApril 11, 2025April 11, 2025

April 11, 2025April 11, 2025

Xi Jinping addressed the US-China trade war for the first time, stating that China is “not afraid” of external pressures.

He criticised trade wars as having “no winners” and rejected reliance on foreign aid, highlighting China’s history of self-reliance.

The dispute has escalated, with US tariffs on Chinese goods reaching 145% and China retaliating with 84% tariffs, bans on Hollywood films, and market restrictions.

Xi is strengthening ties with Europe and Asia, engaging with Spain and planning visits to Vietnam, Malaysia, and Cambodia to build alternative trade alliances.

He urged the EU and Spain to resist “unilateral bullying,” emphasising deeper collaboration in energy, high-tech manufacturing, and smart cities.

With no resolution, China focuses on internal resilience and global outreach while sidelining direct US negotiations.

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Russia, US to Discuss Diplomatic Missions in Upcoming Talks

Dhruva KulkarniApril 10, 2025April 10, 2025

April 10, 2025April 10, 2025

Russia and the US will hold talks in Istanbul on Thursday to discuss normalising diplomatic missions, led by Russian Ambassador Alexander Darchiev and US Deputy Assistant Secretary Sonata Coulter.

The discussions aim to restore embassy operations after years of tensions, restrictions, and disputes over diplomatic property.

The State Department clarified that Ukraine is not on the agenda, emphasising that the talks focus solely on embassy functions. Both countries have struggled with diplomatic credentials, limiting embassy operations.

Russia has faced financial transaction difficulties due to Western sanctions, while US diplomats report movement restrictions in Russia.

A key issue is Russian diplomatic properties in the US, with six locations under restrictions, including estates, consulates, and trade missions.

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China’s Central Bank Urges State Lenders to Cut Dollar Buying

Dhruva KulkarniApril 9, 2025April 9, 2025

April 9, 2025April 9, 2025

Chinese sources said that the central bank is taking steps to stabilise the yuan, directing major state-owned banks to limit US dollar purchases on Wednesday.

China’s central bank is taking steps to prevent sharp yuan declines, directing major state banks to limit US dollar purchases.

The People’s Bank of China (PBOC) issued informal guidance asking banks to avoid buying dollars for their accounts and tighten checks on client transactions.

State banks were seen selling dollars and buying yuan aggressively to slow its decline in the onshore market.

The yuan has weakened by 1.3% this month, with its offshore counterpart hitting a record low.

Despite US tariffs on Chinese exports, China’s central bank will not use yuan devaluation as a response, focusing instead on financial stability.

The yuan rebounded slightly after the news, but concerns over the trade war’s impact on China’s economy remain high.

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Musk Pushes Trump to Scrap Tariffs as Tesla Falls 42% in 2025

Dhruva KulkarniApril 8, 2025April 8, 2025

April 8, 2025April 8, 2025

According to the Washington Post, Elon Musk urged US President Donald Trump over the weekend to roll back tariffs, but his efforts were unsuccessful. The dispute follows Trump’s announcement of a 10% baseline tariff on all imports and higher duties on several countries.

Neither the White House nor Musk responded to Reuters’ request for comments. Over the weekend, Musk, a Trump adviser, called for zero tariffs between the US and Europe during a virtual event at Italy’s right-wing League Party congress.

Tesla faces sharp sales declines amid backlash over Musk’s role in a new “Department of Government Efficiency.” Its stock closed at $233.29 on Monday, down over 42% this year. Musk has said Trump’s auto tariffs have a “significant” impact on Tesla.

Economists warn that these tariffs could drive up inflation, increase recession risks, and add thousands of dollars in costs for US families, posing a challenge for Trump, who promised to cut living expenses.

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Japan’s Ishiba Plans US Visit to Push for Wider Tariff Deal

Dhruva KulkarniApril 7, 2025April 7, 2025

April 7, 2025April 7, 2025

Japanese Prime Minister Shigeru Ishiba plans to visit the US soon to push for a broad tariff deal with President Donald Trump. Speaking in parliament on Monday, he said he would first urge Trump over a call to drop the planned 24% tariff on Japanese imports.

Ishiba emphasised that Japan is not acting unfairly in the dispute and outlined a proposal to resolve the issue of LNG, cars, agriculture, and national security. He aims to present a comprehensive deal, though he acknowledges it will take time.

Japan faces a 24% tariff on exports starting 9th April, alongside a 25% tariff on autos already in place. While officials have not ruled out a response, no clear retaliatory measures have been signalled.

During a February summit, Ishiba pledged to buy more US LNG and increase Japan’s investments in the US to $1 trillion. Despite this, Japan has not secured relief from the tariffs. The trade dispute impacts Ishiba politically, with his approval rating dropping to 30.6%, the lowest since he took office.

A JNN poll showed that 57% of the public supports retaliation. Meanwhile, concerns over the trade war have pressured Japanese stocks, with trading briefly suspended due to heavy selling.

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