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

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