This week witnessed multiple political and economic events that captured people's attention and kept the headlines buzzing.
But the surprises didn't end anytime soon as US President Donald Trump imposed a 25% tariff on India and the Enforcement Directorate summoned Anil Ambani for a Rs 3,000-crore loan-fraud probe.
Here are the key developments from this week.
Trump's 25% Tariff On India
US President Donald Trump on Wednesday imposed a 25% tariff on India, effective from Aug. 1. He informed the same in a post on Truth Social. Trump also added that India will pay a penalty for its purchases of Russian military equipment and Russian energy.
"Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country (sic)," Trump said in his post on Truth Social.
Fed Retains Key Rate At 4.25-4.50%
The US Federal Reserve has kept the benchmark lending rates unchanged at 4.25-4.5% — the same where it has been since the onset of Donald Trump's presidency earlier this year.
The decision to keep the rates steady was taken by the Federal Open Market Committee by a majority of 9-2. The dissenting members were governors Michelle Bowman and Christopher Waller, both of whom have earlier advocated for acknowledging the easing of consumer inflation.
Nuvama Under IT Department Scanner
The Income Tax Department on Thursday carried out search operations at the Mumbai office of Nuvama Wealth Management, according to people familiar with the matter. This was later confirmed by the company in an exchange filing.
ED Summons Anil Ambani
The Enforcement Directorate has summoned Reliance Group chairman Anil Ambani for questioning on Aug. 5 related to a money laundering investigation linked to an alleged Rs 3,000-crore bank-loan fraud, NDTV reported on Friday.
This comes after the raids carried out by the agency on July 24 across various premises associated with Ambani’s companies.
Fiscal Deficit For April-June Period
India's fiscal deficit in April-June was recorded at 17.9% for the financial year 2026 target of Rs 15.69 lakh crore.
The fiscal deficit for the three months came in at Rs 2.8 lakh crore as compared to Rs 1.4 lakh crore in the year-ago period, according to the official data released on Thursday.
Divya Deshmukh First Indian To Win FIDE Women's World Cup
Teenager Divya Deshmukh became the first Indian to win the FIDE Women's World Cup after defeating compatriot Koneru Humpy in the final in Georgia on Monday.
The 19-year-old International Master from Nagpur also became the fourth Indian woman to become a Grandmaster and the 88th overall.
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