Operation Sindoor To India-UK FTA — The Week That Was

The news flow was strong throughout this week, with India and the United Kingdom signing a free trade agreement, the US Federal Reserve holding its lending rates, and India launching 'Operation Sindoor' to avenge the terror attack in Jammu & Kashmir's Pahalgam.

Here are the key developments from this week.

The Indian armed forces conducted precision strikes, term as 'Operation Sindoor', on terrorist infrastructure in Pakistan and Pakistan-occupied-Kashmir in the wee hours of Wednesday. This was in retaliation to the he Pahalgam terror attack two weeks ago, which resulted in the deaths of 26 civilians.

On the intervening night of Wednesday and Thursday, Pakistan attempted to target military locations in India's frontier states with drones and missiles. They were intercepted by the Indian forces, and the latter, in retaliation, destroyed the air defence system in Lahore, as per an official statement.

The tensions continued on Thursday night, as Pakistan attempted to use 300-400 Turkey-made drones against Indian military sites, Indian officials said in a briefing on Friday. All the drones were intercepted using "both kinetic and non-kinetic means".

India and the UK on Tuesday concluded a historic free trade agreement that will reduce tariffs on 99% of Indian exports.

The deal also aims to facilitate British companies in exporting whisky, cars, and other goods to India, while expanding the overall trade portfolio. The goal is to double bilateral trade from the current $60 billion by 2030.

The US Federal Reserve, led by Jerome Powell, has kept the lending rates unchanged for the third consecutive time, citing mixed economic indicators and lingering uncertainty over last month’s now-paused import tariffs.

The lending rates would remain in 4.25–4.5% range, Powell announced on Wednesday, following the conclusion of two-day Federal Open Market Committee meeting. The decision was taken unanimously by the FOMC members.

Ather Energy made its stock market debut on Tuesday with a premium listing, opening at Rs 328 per share on the National Stock Exchange—2.18% above its issue price. On the BSE, the stock was listed at Rs 326.05 per share, reflecting a 1.57% premium over the Rs 321 issue price.

The company's IPO, which closed on April 30, saw a subscription rate of 1.43 times, driven primarily by employee interest. The Rs 2,980.7-crore offering included Rs 2,626 crore in fresh shares and a Rs 354.8-crore offer for sale.

US President Donald Trump on Thursday unveiled a trade framework with the UK, calling it a "breakthrough" aimed at lowering barriers and enhancing market access for American imports.

He noted that while the full details would be finalised in the coming weeks, the agreement would expedite the customs process for American goods in the UK and ease restrictions on agricultural, chemical, energy, and industrial exports.

Amid the ongoing tensions between India and Pakistan, the Indian Premier League was on Friday suspended for one week.

Board of Control for Cricket in India in an official statement said that the new schedule and venues of the tournament will be announced in the due course after a comprehensive assessment of the situation in coordination with relevant stakeholders.

India and Pakistan have reached an agreement to cease all military action starting at 5 pm on Saturday, May 10, according to Foreign Secretary Vikram Misri.

At 15:35 hours on Saturday, Pakistan’s Director General of Military Operations contacted his Indian counterpart, and both sides decided to halt all firing—on land, in the air, and at sea—effective from 17:00 hours, Misri stated.

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