Mint Podcast

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Indian Tech in Russian Drones?

Ukraine has formally raised concerns with India and the EU after finding Indian-assembled components inside Shahed-136 drones—Iranian UCAVs now used extensively by Russian forces.

Investigations revealed a bridge rectifier by Vishay and a signal chip by Aura Semiconductor, both allegedly made or assembled in India. Ukraine flagged the issue in diplomatic cables and even during EU sanctions envoy David O’Sullivan’s visit to New Delhi.

India’s foreign ministry insists all dual-use exports comply with global norms, and no domestic laws were broken. Aura said it was “deeply disturbed” and suspects unauthorised third-party diversion via West Asia. The challenge? These are plug-and-play parts—nearly impossible to trace once exported.

With drones reshaping warfare, India’s electronics exports face new global scrutiny—raising a key question: how do you ensure compliance without stifling trade?

Visa to America? Now Comes with a Price Tag

In a move that’s sparked global concern, the U.S. State Department will soon demand up to $15,000 as a refundable bond from business and tourist visa applicants from countries with high overstay rates or weak documentation systems.

A leaked cable suggests most adults will be charged $10,000, while children may need to pay $5,000. The Treasury will hold the funds and refund them if travelers exit on time and via specified ports.

The policy is part of the Trump administration’s tougher immigration strategy, alongside new in-person interviews and tighter Diversity Visa Lottery norms.

While Visa Waiver countries are exempt, millions elsewhere may now find U.S. travel financially out of reach.

Trump Targets India Again—This Time Over Oil

In a fiery Truth Social post, Donald Trump accused India of profiting from discounted Russian oil while ignoring the war in Ukraine. He threatened to “substantially raise” tariffs on Indian goods, just days after a fresh 25% duty was imposed.

India responded swiftly, calling the claims “unjustified and unreasonable.” Officials clarified that India imports and refines oil—it doesn’t resell crude. They also pointed to continued Western trade with Russia, including LNG, fertilizers, and nuclear fuel.

Interestingly, Indian refiners are not backing off. In fact, they’ve recently booked Russian spot deals with $3-per-barrel discounts. At the same time, Indian companies are in talks with U.S. LPG suppliers—proving that while rhetoric may rise, trade ties are still complex.

Alibaba’s Final Goodbye to Paytm

After a decade of investing, Alibaba has fully exited Paytm. Its affiliate, Antfin Netherlands, sold its remaining 5.84% stake in One97 Communications via a ₹3,803 crore block deal at a slight discount to market price.

At its peak, Chinese investors held nearly 35% of Paytm’s pre-IPO equity—a figure that sparked regulatory scrutiny. This final exit follows gradual offloading, including a 4% stake sold in May and a 10.3% transfer to Paytm CEO Vijay Shekhar Sharma in 2023.

The exit comes as Paytm posts its first-ever quarterly profit—₹123 crore in Q1 FY26. With Chinese ownership concerns now behind it, regulatory hurdles may ease, especially around its pending payment aggregator license.

Airtel Launches India’s Own Sovereign Cloud

Bharti Airtel has entered the sovereign cloud race, launching a telco-grade, India-hosted platform under its digital arm, Xtelify. The platform stores and processes sensitive data entirely within India—key for regulated sectors like banking and government.

By bundling its network with the cloud, Airtel claims it can cut enterprise cloud costs by up to 40%. The offering is powered by its data center unit, Nxtra, and aims to rival global players like AWS, Microsoft, and Google.

What is Voluntary Provident Fund (VPF) and how is it different from EPF? Can you really contribute 100% of your basic salary? What are the tax benefits, withdrawal rules, and how does VPF compare with PPF and NPS? Ketan Das of FinRight breaks it all down in simple terms.

Watch the full episode on YouTube: https://youtu.be/DAoEE8F5NO8

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

📉 

Markets Hold Their Breath

“Brace for more uncertainty.” That’s the sentiment driving investor caution as US-India trade tensions flare once again. According to Mint’s quarterly market survey, 77% of investment professionals expect volatility to continue, especially if the pending trade deal throws up new tariffs or penalties.

With earnings under pressure and foreign portfolio investors (FPIs) pulling out nearly ₹18,000 crore in July alone, India’s equity rally looks fragile. Sectors like oil & gas, NBFCs, public sector banks, and pharma are expected to anchor Q1 earnings. IPOs may inject temporary optimism, but experts agree: it’ll take more than listings to restore lasting investor confidence.

🌍 

India & US Bet on Africa’s Minerals

As global demand for critical minerals heats up, India and the US are looking to Africa. The goal? Break China’s 70% dominance in refining key elements like lithium, gallium, and graphite—used in everything from EVs to solar panels.

Both nations are discussing joint investments in African projects, leveraging India’s business ties in East Africa. Meanwhile, India is stepping up at home with a ₹16,300 crore National Critical Minerals Mission and 368 new exploration projects. Despite these moves, the IEA warns diversification will be slow, with China likely to remain dominant even by 2035.

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Japanese VC Eyes Turn to India

India is emerging as a new hotspot for Japanese venture capital. With returns slowing in Japan and Southeast Asia, firms like Incubate Fund Asia, BeyondNext Ventures, and Enrission India Capital are doubling down on Indian startups.

In H1 2025, Indian IPOs raised over $6.1 billion—four times the Southeast Asia tally. Incubate Fund is closing in on a $100M India-focused fund. BeyondNext is raising $50M, while Enrission has already allocated its entire $120M corpus to Indian bets in biotech, robotics, and deeptech. Even corporate giants like Suzuki and SMBC are stepping in, backing clean energy, fintech, and semiconductor plays.

The result? Japanese VC dollars are flowing in—with patience, and long-term conviction.

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The Man Who Rejected $1.5 Billion

Andrew Tulloch, an Australian machine learning whiz and ex-Meta and OpenAI veteran, has become Silicon Valley’s latest legend—for saying no to what could’ve been a $1.5 billion job offer from Meta.

Tulloch, now at Mira Murati’s Thinking Machines Lab—a $12 billion AI startup still in stealth—reportedly turned down Mark Zuckerberg’s offer to lead Meta’s new superintelligence unit. Meta has disputed the number, but Tulloch’s viral LinkedIn profile tells the story of a man who’s betting on building the next wave of AI.

So far, no one from Thinking Machines has defected. Tulloch’s move signals a shift in Silicon Valley: not just chasing the next paycheck, but redefining what’s worth building.

🇮🇳🤝🇺🇸 

India-US Trade Deal Hits Turbulence

Despite strong ties, a comprehensive India-US trade deal remains elusive—and Trump’s return to tariff tactics has made the road even bumpier.

Experts warn India may lose up to $33 billion in exports. New Delhi, in turn, is considering reimposing digital taxes on Big Tech firms like Meta and Amazon. But the real hurdle? Philosophy. While the US demands access to India’s agri and dairy markets, India resists, citing food security and employment. Throw in geopolitical friction—over Russia, crude imports, and data sovereignty—and the mistrust only deepens.

Utsav Verma of Choice Broking says, “It’s not just about tariffs—it’s about different worldviews.” For now, hopes rest on sectors like climate tech, defence and resilient supply chains to keep the engagement alive.

How do you build one of India's most celebrated restaurants from scratch?In this glimpse from The Success Code, Co-Founder & Director of Urban Gourmet India/Masque Aditi Dugar shares her take on risk, reinvention, and trusting your gut — in a bold conversation with Rushank Shah.🎥 Watch the full episode now on Mint’s YouTube:Click here to know more: https://brandstories.livemint.com/hub...#TheSuccessCode #AditiDugar #OriginStory #RushankShah #Masque #FineDining #FoodEntrepreneur #Leadership #WomenInBusiness

Chanda Kochhar’s journey epitomises the complex world of Indian banking—from breaking barriers and ascending to the top as one of the sector’s most influential leaders, to her dramatic fall amid controversy. Her tenure saw significant growth, but also raised questions related to lending practices and the persistent Non-Performing Asset (NPA) crisis. Although her leadership once symbolised banking excellence, the unresolved challenges surrounding NPAs continue to impact India’s financial institutions. This story focuses on her rise to power, the scandal that led to her downfall, and the lingering question: Has the NPA problem truly been solved?#chandakochhar #icicibank #chandakochhar #npa #moneylaundering

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Trump’s Oil Deal with Pakistan, Tariff Shock for India

“Who knows, maybe they’ll be selling oil to India someday.”

That was Donald Trump’s surprise message on Truth Social as he unveiled a new U.S.–Pakistan energy partnership to develop Pakistan’s “massive oil reserves.” While no U.S. oil giant has been named yet, Trump signaled a selection is on the way.

But the kicker? Just hours earlier, India was hit with a 25% tariff on exports to the U.S., along with vague threats of penalties over its oil trade with Russia. Trump also took aim at India’s place in BRICS, calling the 11-member bloc “anti-United States” and accusing it of attacking the dollar.

Meanwhile, the U.S. struck a trade deal with South Korea, placing a 15% import tariff on Korean goods—while exempting American exports. Talks with India continue, with Trump suggesting more clarity “by the end of this week.”

Markets React, Investors Watch Closely

India’s stock markets felt the heat after the tariff news. Export-heavy sectors—textiles, pharma, and auto components—are expected to take a hit.

Markets had anticipated a 20% tariff, but the extra 5% and mention of penalties jolted investor sentiment.

Foreign Portfolio Investors (FPIs) pulled out ₹32,000 crore in July, spooked by the weakening rupee and high valuations. In contrast, domestic institutional investors have pumped in ₹4.12 trillion this year, helping cushion the blow.

While the Nifty saw a small recovery to 24,855, experts warn of a short-term dip. Bank of Baroda’s Madan Sabnavis expects markets to stabilize quickly, but economists like ICRA’s Aditi Nayar caution the tariff could trim India’s GDP growth below 6.2% for FY26.

 NASA–ISRO’s NISAR Takes Off: Earth’s New Watchdog

“A scientific handshake with the world.”

That’s how Union Minister Jitendra Singh described the successful launch of NISAR, the world’s most advanced Earth-observing satellite, co-developed by NASA and ISRO.

Launched aboard ISRO’s GSLV-F16 from Sriharikota, the $1.5 billion, SUV-sized satellite will track Earth’s surface changes—down to just 1 cm—from 743 km above. Over five years, it will scan the planet twice every 12 days, monitoring melting glaciers, earthquakes, groundwater levels, and carbon emissions from wetlands.

And Finally: UPI Gets a Power Boost

Let’s wrap up with a domestic update that affects nearly every Indian with a smartphone.

Starting today, August 1, your favourite UPI apps—Google Pay, PhonePe, Paytm—are operating under new NPCI rules aimed at boosting performance and curbing fraud.

Here’s a quick rundown:

• Balance checks? Now limited to 50 per day, and you’ll see your balance automatically after each transaction.

• Auto-payments? Will only go through during non-peak hours—before 10 am, between 1–5 pm, and after 9:30 pm.

• Bank details? Visible only 25 times daily, after selecting the issuing bank.

• Pending transactions? You can check the status only three times, spaced by 90 seconds.

• Recipient names? Will be shown before every transfer—reducing fraud risk.

And yes, non-compliance by payment service providers could mean API restrictions or onboarding bans.

Bottom line? India’s digital payments system—already among the most advanced—is getting tighter, faster, and more secure

Just a day before the August 1 deadline set by the Donald Trump administration to wrap up agreements with its trading partners, the American President announced on Wednesday 25% tariffs “plus a penalty” for India.This has led to outrage even within the U.S., with Indian-American Democratic Congressman Suhas Subramanyam calling it a big mistake. Watch the full interview here

https://www.youtube.com/watch?v=yQuuTt9h_0k#india #america #tariff

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Trump’s Oil Deal with Pakistan, Tariff Shock for India

“Who knows, maybe they’ll be selling oil to India someday.”

That was Donald Trump’s surprise message on Truth Social as he unveiled a new U.S.–Pakistan energy partnership to develop Pakistan’s “massive oil reserves.” While no U.S. oil giant has been named yet, Trump signaled a selection is on the way.

But the kicker? Just hours earlier, India was hit with a 25% tariff on exports to the U.S., along with vague threats of penalties over its oil trade with Russia. Trump also took aim at India’s place in BRICS, calling the 11-member bloc “anti-United States” and accusing it of attacking the dollar.

Meanwhile, the U.S. struck a trade deal with South Korea, placing a 15% import tariff on Korean goods—while exempting American exports. Talks with India continue, with Trump suggesting more clarity “by the end of this week.”

Markets React, Investors Watch Closely

India’s stock markets felt the heat after the tariff news. Export-heavy sectors—textiles, pharma, and auto components—are expected to take a hit.

Markets had anticipated a 20% tariff, but the extra 5% and mention of penalties jolted investor sentiment.

Foreign Portfolio Investors (FPIs) pulled out ₹32,000 crore in July, spooked by the weakening rupee and high valuations. In contrast, domestic institutional investors have pumped in ₹4.12 trillion this year, helping cushion the blow.

While the Nifty saw a small recovery to 24,855, experts warn of a short-term dip. Bank of Baroda’s Madan Sabnavis expects markets to stabilize quickly, but economists like ICRA’s Aditi Nayar caution the tariff could trim India’s GDP growth below 6.2% for FY26.

 NASA–ISRO’s NISAR Takes Off: Earth’s New Watchdog

“A scientific handshake with the world.”

That’s how Union Minister Jitendra Singh described the successful launch of NISAR, the world’s most advanced Earth-observing satellite, co-developed by NASA and ISRO.

Launched aboard ISRO’s GSLV-F16 from Sriharikota, the $1.5 billion, SUV-sized satellite will track Earth’s surface changes—down to just 1 cm—from 743 km above. Over five years, it will scan the planet twice every 12 days, monitoring melting glaciers, earthquakes, groundwater levels, and carbon emissions from wetlands.

Its powerful dual-radar system (L-band from NASA, S-band from ISRO) allows it to peer through clouds, fog, and even ice layers, aiding everything from climate science to disaster response and aviation safety.

Operations begin by October-end, with data distributed via Alaska’s ASF and India’s Bhoonidhi platform.

 U.S. Sanctions Six Indian Firms Over Iran Oil Trade

Adding more pressure to bilateral ties, the U.S. has sanctioned 33 global entities—including six Indian companies—for dealing in Iranian-origin petrochemicals.

Those hit include:

• Alchemical Solutions Pvt Ltd – $84M in imports
  
• Jupiter Dye Chem – $49M worth of toluene
  
• Global Industrial Chemicals Ltd – $51M in methanol
  
• Ramniklal S. Gosalia & Co – $22M in mixed chemicals
  
• Persistent Petrochem – $14M in petrochemical shipments
  
• Kanchan Polymers – smaller but notable deals
  

All were designated under Executive Order 13846 for “knowingly” engaging in prohibited trade.

The sanctions, which also include 10 blocked vessels, extend to firms in China, UAE, Turkiye, and Indonesia.

Though not market-moving yet, they further strain India’s trade talks with the U.S.

While TCS Cuts 12,000 Jobs, Infosys Hires 20,000

As India’s IT sector reels from TCS’s record 12,000 layoffs, Infosys is making a contrarian move.

CEO Salil Parekh confirmed that Infosys will hire 20,000 college graduates this year, having already added 17,000 in Q1.

The company’s strategy? Bet big on AI.

Infosys has already trained 2.75 lakh employees in AI and digital skills, and is seeing productivity gains of 5–15%—even more in customer service and banking platforms like Finacle, which posted a 20% boost.

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Operation Sindoor: Modi’s No-Holds-Barred Warning to Pakistan

In a fiery 97-minute address in Parliament, PM Narendra Modi revealed India’s retaliatory strikes after the April 22 Pahalgam terror attack that killed 26 civilians. “In 22 minutes, we responded to April 22,” he said, confirming that India bombed nine terror camps in PoK and Pakistan, followed by air raids on 13 military bases. Modi claimed Pakistan’s nuclear threats were ignored and over 1,000 missiles and drones fired on May 9 were neutralized by Indian air defence. “No one in the world asked us to stop,” he stressed, countering opposition allegations of U.S. pressure. “Operation Sindoor is still on,” he warned, promising continued force against terrorism and accusing the Congress of echoing Pakistan’s narrative.

Trump’s Trade Threat: 25% Tariffs on India?

President Trump has warned that India could face tariffs up to 25% on its exports to the U.S. “India’s been a good friend, but they charge more tariffs than almost any other country,” he said aboard Air Force One. The threat comes as a temporary tariff truce is set to expire on August 1, with no deal yet in place between the two nations. While countries like the UK, EU, and Japan have sealed trade pacts with the U.S., India has held back on fresh concessions. Instead, it will resume comprehensive trade talks mid-August. U.S. officials say India must open its markets further or risk losing access.

Mayday at 5,000 Feet: United Airlines 787 Scare

On July 25, United Airlines flight UA108 to Munich suffered a left engine failure shortly after take-off from Washington Dulles Airport. The Boeing 787-8 Dreamliner issued a Mayday alert at 5,000 feet and circled for 2 hours and 38 minutes to safely dump fuel before returning to Dulles. All passengers were safe. The incident came just a month after the Air India Dreamliner crash in Ahmedabad that killed 260 people. Days earlier, an American Airlines 737 MAX 8 also faced an emergency in Denver due to cabin smoke and a tyre-related landing gear issue. Multiple incidents now put Boeing’s aircraft safety back in the spotlight.

Air India Audit Uncovers 100 Safety Violations

Just weeks after the fatal Flight 171 crash, the DGCA flagged 100 safety-related lapses at Air India following a detailed July audit. Among them: pilot fatigue breaches, simulator shortcomings, and inadequate route checks for high-risk airports. One major violation involved a Milan–Delhi 787 flight exceeding duty hours by over 2 hours. Auditors also found flights operating with insufficient crew and no chief pilots for the A320 and A350 fleets—signaling poor oversight. Air India has until July 30 to explain its corrective actions. With multiple show-cause notices issued, the airline’s post-Tata revival now faces a credibility test amid mounting passenger concerns.

Rupee Nears 87 as Dollar Demand, Trade Uncertainty Weigh

The Indian rupee slid to 86.9150 per dollar, its lowest since March, before closing at 86.8150. It’s now one of Asia’s worst-performing currencies this year—down over 1%, alongside the Indonesian rupiah. Traders blame rising dollar demand from importers, weak foreign portfolio flows, and uncertainty around U.S.-India trade talks. Exporters who stepped in at 86.50 may only return near 87.10 levels. RBI is expected to hold rates steady at its upcoming policy meet, monitoring transmission of past measures. Globally, the dollar index neared 99 after a pro-U.S. EU trade deal. Investors now await the Fed’s decision and Powell’s tone for rate-cut cues.

The fact that India's top IT major is laying off 2% of their global workforce - 12,000 employees was bound to garner attention, and a lot of it. TCS says that they want to be future-ready and agile, and they're reworking their teams as per their requirements. They're also trying to focus on giving their workforce of over 6 lakhs wage hikes. And what has especially caught attention is the fact that these will mostly be mid and senior level roles which will be impacted. All of this at a time when AI-led tech disruptions are changing workspaces, though the CEO says AI doesn't have much to do with the layoffs... and at a time when macroeconomic instability and geopolitical tensions have weighed on global tech demand... and India's top IT services companies have delivery a somewhat sobering quarter.

But what really went on behind the scenes? What is TCS doing? Are other tech firms going to follow suit?

And what does this mean for employees or those who're looking to join the IT sector? Watch!#tcs #layoffs #tech