India has enacted stringent regulations mandating all internet-connected CCTV camera manufacturers to undergo rigorous security testing in government-approved laboratories. Effective from April 9, 2025, the policy requires submission of hardware, software, and potentially source code for examination, aiming to address espionage concerns, particularly from Chinese firms like Hikvision and Xiaomi. This move has led to significant industry pushback due to delays, inadequate testing infrastructure, and project disruptions. Out of 342 applications for camera model approvals, only 35 had been processed by late May, with just one from a foreign firm. Given that China accounts for 80% of CCTV components in India, and Hikvision and Dahua hold 30% of the market share, the new rules have disrupted the $3.5 billion surveillance market, projected to double by 2030. Retailers report plummeting sales due to approval bottlenecks, while the government maintains the policy is crucial for national security.(PC: The Telegraph)

As India surpasses Japan to become the world’s fourth-largest economy with a $4 trillion GDP, strategist Sidharth dismisses critiques centered on India’s low per capita GDP. “India isn’t catching up, it’s overtaking,” he said, highlighting India’s 9.2% per capita growth in 2023, faster than most European nations. While India’s per capita GDP of $2,400 trails many countries, Sidharth emphasizes the nation’s scale, momentum, and strategic impact over boutique metrics. NITI Aayog CEO expects India to become the third-largest economy within 2-3 years. Experts link India’s rise to Japan’s economic decline due to aging and deflation. (PC: Business Today)

The Liberian-flagged container ship MSC ELSA 3 sank off Kerala's coast, releasing 640 containers, including 13 with hazardous materials. Containers have begun washing ashore, prompting the Kerala government to declare a statewide emergency due to potential ecological threats. The Indian Coast Guard has deployed ships and aircraft to contain oil spills and track drifting containers. Public advisories urge maintaining a 200-meter distance from any found containers and to report sightings. Fishing activities within a 20-nautical mile radius have been halted. Rapid Response Teams equipped with cranes are managing container recovery, while the Pollution Control Board addresses shoreline oil mitigation. The incident poses significant risks to Kerala's marine ecosystems and coastal communities. (PC: The Tribune)

India has officially surpassed Japan to become the world’s fourth-largest economy, with its GDP reaching $4 trillion, as announced by NITI Aayog CEO B V R Subrahmanyam. This milestone places India behind only the US, China, and Germany. Subrahmanyam attributed this achievement to domestic reforms and a favorable global environment. He expressed optimism that India could ascend to the third-largest economy within 2.5 to 3 years if current growth trajectories continue. This development underscores India's growing influence in the global economic landscape. (PC: The Hindu)

A Dubai-based brokerage firm, Gulf First Commercial Brokers, has vanished overnight, leaving numerous investors, including many Indian expatriates, in financial distress. Operating from two offices in Dubai's Business Bay, the firm abruptly ceased operations without notice. The offices are now abandoned, with no response from the company. Among the defrauded are Kerala-based expats Mohammad and Fayaz Poyyl, who invested $75,000. The firm allegedly directed clients to an unregulated online platform, Sigma-One Capital, promising safe returns. Investigations revealed that Sigma-One Capital is not authorized by the Dubai Financial Services Authority or the Securities and Commodities Authority. The firm's sudden disappearance has left investors scrambling for answers and recovery of their funds. (PC: The Indian Express)

The London College of Business Studies (LCBS) has opened a new campus in Ilford, East London. A special event was held to mark the opening. A modern IT suite at the campus was named after Lord Patel of Bradford OBE. Lord Patel attended the event and officially unveiled the IT suite. He thanked the college and spoke about the importance of education. “To be associated with an innovative space dedicated to learning, technology, and empowerment is deeply humbling,” he said. “I hope this suite will inspire students to dream boldly and use their education to create meaningful change.” The new IT suite will give students access to advanced technology and support learning in business, IT, and management. LCBS also announced three scholarships in Lord Patel’s honour. Two will support UK students from under-represented backgrounds. One will fund an international student to study for a full undergraduate degree. These scholarships aim to make education more accessible. Lakbir Singh, part of LCBS’s strategy team, said, “This is more than a new building, it marks a new chapter in LCBS’s story.” Local leader Kam Rai added, “It’s great to see a Lord back us here today... we look forward to working with you.” LCBS says the campus will support growth, equality, and opportunity.            

India's Russian crude oil imports are projected to reach approximately 1.8 million barrels per day in May 2025, marking a 10-month high, driven by strong demand for light grades like ESPO Blend. Indian refiners have significantly boosted purchases, particularly for June-loading ESPO cargoes, ahead of the latest EU and UK sanctions on Moscow's "shadow fleet" of oil tankers and financial firms. Shutdowns at major Indian refineries, Reliance Industries and MRPL, have increased import requirements for feedstock at fluid catalytic crackers due to favorable margins. Some cargoes were delivered under a long-term deal between Reliance and Rosneft. The heightened Indian demand has elevated ESPO crude spot premiums in China, where offers for July-loading cargoes have risen to around $2 per barrel above Dubai prices. Chinese state-owned firms have reduced purchases of sanctioned crudes, and independent refiners face tight import quotas, resulting in more ESPO supply directed toward India. Currently, ESPO is trading at a premium of $0.50 to $1 per barrel over Dubai prices in the Indian market. (PC: ET Times)

India is actively negotiating a three-phase trade agreement with the U.S. to avert the imposition of a 26% reciprocal tariff set to commence in July. Commerce Minister Piyush Goyal's recent U.S. visit aimed to finalize an interim deal focusing on enhancing market access for agricultural and industrial goods, while addressing non-tariff barriers. President Trump has claimed that India offered to eliminate tariffs on U.S. goods, though official confirmation is pending. The proposed agreement outlines a phased approach: an initial interim deal, a detailed agreement between September and November, and a comprehensive pact requiring Congressional approval by next year. This initiative seeks to strengthen bilateral trade relations and prevent potential trade disruptions. (PC: Business Standard)

Myntra and Ajio have stopped selling Turkish brands after calls to boycott Turkey over its support to Pakistan during the recent India-Pakistan conflict. Myntra removed brands like Trendyol, while Ajio marked Koton, Mavi, and others as ‘out of stock.’ Reliance, which owns Ajio, also shut its Turkey office. A company official said the step was taken to reflect “India’s values and sentiment.” The move follows India’s Operation Sindoor and support from Turkey and Azerbaijan for Pakistan. The CAIT trade group has urged a full trade ban with the two countries and called on filmmakers to stop shooting in Turkey and Azerbaijan.

On May 19, 2025, the UK and EU finalized a landmark post-Brexit agreement to reset trade and defence ties. The deal allows UK firms like BAE and Rolls-Royce to participate in the EU's €150 billion defence procurement program. It also reduces trade barriers, eases food and visitor access, and introduces a 12-year mutual fishing arrangement. Prime Minister Keir Starmer projects a £9 billion economic boost by 2040, emphasizing benefits like cheaper food and enhanced energy security. While critics like Nigel Farage oppose the deal, Starmer maintains it preserves UK independence while fostering cooperation. The agreement also opens discussions on youth mobility and the Erasmus+ exchange program. (PC: BBC)