The GST Council plans additional levies on tobacco and related products beyond the new 40% GST rate to protect state revenues after compensation cess ends. Finance Minister Nirmala Sitharaman announced a special 40% GST slab for "sin goods" including pan masala, cigarettes, zarda, and unmanufactured tobacco, effective September 22. Despite higher GST rates, overall tax incidence will remain 52-88%, matching current levels through supplementary duties. The compensation cess, originally implemented in 2017 for five years and extended until March 2026 due to pandemic-related state revenue losses, will be phased out gradually. Current 28% GST plus cess structure continues until November-December while compensation liabilities are fulfilled, preventing potential state revenue shortfalls. (PC: Health hub)

US President Donald Trump hosted prominent tech executives at a White House dinner Thursday, emphasizing AI advancements and corporate investments. The high-profile gathering included five notable Indian-American leaders: Microsoft CEO Satya Nadella, Google CEO Sundar Pichai, Micron Technologies CEO Sanjay Mehrotra, TIBCO Chairman Vivek Ranadive, and Palantir CTO Shyam Sankar. Trump described attendees as "high IQ people" taking the country "to a new level." Originally planned for the Rose Garden, the event moved to the State Dining Room due to weather. Earlier, First Lady Melania Trump chaired the newly formed Artificial Intelligence Education Task Force meeting with participating tech leaders. The dinner underscores the administration's focus on AI innovation and strengthening ties with tech industry leaders driving America's technological advancement.

Tesla has received disappointing booking numbers in India, with just over 600 Model Y orders since its July launch. The company plans to ship 350-500 cars to India this year, with the first batch arriving from Shanghai in early September. Tesla launched the Model Y at approximately $70,000, reflecting India's high import tariffs on EVs. The company targets a niche market where EVs represent only 4% of total sales, operating in four cities: Mumbai, Delhi, Pune, and Gurugram. Meanwhile, Tesla faces continued sales declines across European markets, with France down 47.3% and Sweden dropping 84%, though Norway, Spain, and Portugal showed growth amid fierce competition from Chinese rival BYD. (PC: Reuters)

India's economy surged 7.8% in April-June 2025, marking its fastest growth in five quarters despite US tariffs reaching 50%. Chief Economic Adviser V. Anantha Nageswaran expects tariff impacts to be "short-lived" with resolution "sooner rather than later" through ongoing India-US conversations. The growth was driven by agriculture (3.7% vs 1.5% previous year) and services including trade, hotels, finance, and real estate. While acknowledging second-quarter tariff impacts, Nageswaran believes effects will be "contained" and compensated by GST relief and strong monsoon benefits. India maintains its position as the world's fastest-growing major economy, outpacing China's 5.2% growth, demonstrating underlying economic resilience despite external trade pressures. (PC: First Post & TRT Global)

Tesla stock trades at $345.75, down 1.1%, amid consolidation between $330-$360. European vehicle registrations plummeted 40% in July to 8,837 units, marking seven consecutive months of decline, while Chinese rival BYD surged 225% to 13,503 registrations. Tesla's aging Model 3/Y lineup lacks novelty against affordable competitors, with no major European launches this year. Technical indicators show neutral RSI at 48, with support at $329 and resistance near $370. Forward P/E of 189 maintains premium valuation despite automotive margin pressures. Institutional investors show reduced exposure through recent 13F filings. Future outlook depends on AI/robotics speculation versus core automotive performance, with bear case targeting $280-$300 support levels.(PC: Financial Times & Traders Union)

India plans to increase Russian oil imports by 10-20% in September despite US doubling tariffs on Indian exports to 50% over Moscow crude purchases. Indian refiners expect to buy an additional 150,000-300,000 barrels daily from August levels. Since Western sanctions following Russia's 2022 Ukraine invasion, India became a major Russian crude buyer, averaging 1.5-1.6 million barrels daily by mid-2024, meeting 40% of domestic needs. While US officials accuse India of "profiteering" from discounted oil, New Delhi defends purchases as necessary for energy security of 1.4 billion citizens. India maintains its cooperation with Russia helps stabilize global energy markets, prioritizing national interest over geopolitical considerations. (PC: Mint & Times Now)

India’s economy could reach USD 20.7 trillion (PPP) by 2030 and potentially become the world’s second-largest by 2038 with USD 34.2 trillion, according to EY’s August 2025 Economy Watch report. Despite global headwinds, including U.S. tariffs, India’s growth remains resilient due to strong savings, favorable demographics, and rising domestic demand. EY estimates the tariff impact on GDP at 0.9%, but growth drag can be limited to 0.1 percentage point with strategic countermeasures. Compared to aging economies like China, the U.S., Germany, and Japan, India’s youthful population and sustainable fiscal outlook position it for long-term expansion. The report affirms India’s trajectory toward its Viksit Bharat 2047 aspirations. (PC: MSN & The Financial Express)

Russia has strongly defended India’s oil trade following White House advisor Peter Navarro’s claim that New Delhi is funding Moscow’s war machine. The Russian Embassy in India dismissed the accusation, calling the oil trade a bilateral economic relationship. Navarro’s remarks, labeling it “Modi’s war” that sparked backlash, especially after Trump’s 50% tariff hike on Indian goods took effect. Critics in the U.S. accused Trump of unfairly targeting India while sparing China. Prime Minister Modi reaffirmed India’s commitment to domestic interests and promoted self-reliance. Despite tensions, Indian officials emphasized ongoing dialogue with Washington and confidence in India’s diversified export base to weather the economic impact of the tariffs. (PC: The Independent & Times Now)

India’s solar manufacturing capacity has surged 50-fold over the past decade, producing enough panels to generate 100 gigawatts of electricity. The government aims to position India as a global clean-energy hub. However, a 50% tariff imposed by the Trump administration now threatens exports to the U.S., India’s largest market. Compounding challenges, India remains heavily reliant on Chinese imports for solar cells and silicon wafers. To counter this, New Delhi is promoting energy self-sufficiency through incentives and mandates for local sourcing, especially for rooftop solar installations across 27 million households. Despite progress, China still dominates over 80% of global solar manufacturing, raising concerns about India’s competitiveness in the renewable energy race. (PC: Ember & LinkedIn)

Indian stock markets dropped sharply on Thursday after the US raised tariffs on Indian goods to 50%. The Sensex fell 600 points to close at 81,074, while the Nifty ended below 24,600. This was the steepest fall in 3 months. Export-focused sectors like textiles, gems, seafood, chemicals, and auto parts faced pressure. Foreign investors sold shares worth $2.66 billion in August. Experts said the fall may be short-term as domestic institutions continue to buy. They advised shifting to large companies linked to local consumption. Technical charts suggest more downside, though small recovery is also possible.