Iran Update Special Report, July 9, 2026

 Iran Update Special Report, July 9, 2026

Data Cutoff: 2:00 PM ET

The Institute for the Study of War (ISW) and The Critical Threats Project (CTP) at the American Enterprise Institute are publishing daily updates to provide analysis on the war with Iran. The updates cover events from the past 24-hour period.

Key Takeaways

1. Iran is threatening the resumption of large-scale conflict by striking civilian vessels and the Gulf states to try to achieve permanent control over the Strait of Hormuz. Iran’s attacks illustrate that Iran views control over the strait as its primary strategic deterrent and that Iran is unlikely to abandon its efforts to control the strait in response to opposition from the Gulf states.
2. The United States struck 90 targets across Iran on July 8 to degrade Iran’s ability to attack international shipping. Recent US strikes have had no visible effect on Iran’s ability to threaten shipping, and it is unclear when these strikes would have an effect on Iran’s ability or willingness to threaten shipping.
3. Iran also likely calculates that it can use control of the strait as economic leverage to shape US decision-making and deter further US military action. ISW-CTP continues to assess that any arrangement that recognizes Iranian control over the strait would preserve Iran’s ability to close the strait at will to advance its strategic objectives.
4. Some Iranian officials have threatened to change Iran’s nuclear doctrine, likely in part to try to deter the United States from conducting further strikes on Iran.

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Toplines

Iran is threatening the resumption of large-scale conflict by striking civilian vessels and the Gulf states to try to achieve permanent control over the Strait of Hormuz. Iran has launched numerous strikes targeting commercial vessels and the Gulf states in recent days as part of a broader effort to secure control over the strait despite apparent resistance from the Gulf states. Clause 5 of the US-Iran memorandum of understanding (MoU) requires Iran to discuss the “future administration and maritime services” of the strait with Oman and other Persian Gulf littoral states in line with “applicable international law”. A senior US administration official told the Daily Wire on June 17 that clause 5 was designed with the assumption that Gulf states would moderate Iran’s position vis-a-vis the strait through the discussions required by the clause. This assumption did not take into account that Iran could fail to reach an agreement with the Gulf states and resort to using force to impose its desired “future administration” of the strait on these states. Iranian officials initially attempted to frame Iran’s post-war approach to the strait’s management as part of a new regional security framework that would ultimately benefit the Gulf states.

Iranian officials have since become much more hostile toward the Gulf states due to these states’ opposition to Iranian efforts to control the strait. Iranian officials have explicitly stated that Oman and other Gulf states cannot prevent Iran from asserting control over the strait. Iranian Deputy Foreign Affairs Minister for Legal and International Affairs Kazem Gharibabadi stated on June 29 that Iran would implement its “sovereignty and new policy” in the strait even if Iran and Oman failed to reach an agreement on the waterway’s future management, for example. Iran’s continued attacks on civilian vessels and Gulf states in recent days demonstrate that the Iranian regime prioritizes control of the strait over avoiding renewed large-scale conflict with the United States. Iran’s attacks also illustrate that Iran views control over the strait as its primary strategic deterrent and that Iran is unlikely to abandon its efforts to control the strait in response to opposition from the Gulf states.

The United States struck 90 targets across Iran on July 8 to degrade Iran’s ability to attack international shipping. Recent US strikes have had no visible effect on Iran’s ability to threaten shipping, and it is unclear when these strikes would have an effect on Iran’s ability or willingness to threaten shipping. US Central Command (CENTCOM) reported on July 8 that US forces conducted strikes in Iran targeting air defense systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and military logistics infrastructure along Iran’s southern coastline. These strikes were in response to Iranian strikes on civilian vessels in the strait on July 6 and 7. CENTCOM conducted similar strikes on July 7. Geolocated footage shows damage from US strikes to a reported maritime traffic control tower at Chabahar Port, which is on Iran’s southeastern border along the Gulf of Oman. Geolocated footage also shows damage to the Islamic Revolutionary Guards Corps (IRGC) Navy Shahid Asarinejad barracks in Shiraz, Fars Province. The United States has repeatedly conducted limited strikes in southern Iran since the MoU came into effect, targeting similar sites as it did on July 8, including radars, communications nodes, and air defense systems. Iran has continued to attack commercial vessels, however, relying on its ability to fire only a small number of projectiles into the strait to hit individual ships and thereby compel commercial vessels to abide by Iran’s illegal traffic separation scheme. A member of the Iranian negotiating team, Mehdi Mohammadi, emphasized on July 9 that recent US attacks have not changed Iran’s ability or willingness to control the strait.

The United States also struck bridges and railroads used by the Iranian armed forces to transport missiles, drones, weapons components, and other material for military reconstitution, according to US officials speaking to the Wall Street Journal. The United States struck a railway in Golestan Province in northeastern Iran that Iranian media stated was used to transport goods from Russia. IRGC-affiliated outlet Fars News reported that Chinese train traffic along the route has tripled since the United States launched its naval blockade on Iranian ports. Russia and China have helped Iran try to reconstitute its drone and missile programs, such as by providing Iran with drone technology and missile components, respectively.

Iranian forces launched missiles and drones at Bahrain, Kuwait, and a US base in Jordan in response to the US strikes. All of the Iranian projectiles were intercepted. Iran likely calculates that attacks against Gulf states will increase pressure on the United States to avoid further military escalation by threatening US forces and raising the costs for US allies.

Iran also likely calculates that it can use control of the strait as economic leverage to shape US decision-making and deter further US military action. Iranian officials have repeatedly threatened to close the strait in response to US attacks. The IRGC Navy stated on July 9 that continued US military operations would disrupt the strait’s “reopening process” and threaten Gulf states’ economic interests. Mohammadi similarly warned that Iran could block the strait quickly if necessary. Vessel traffic has increased since the United States and Iran signed the MoU but has fallen in recent days. Iran likely calculates that it can use the threat of “re-closing” the strait and disrupting global commerce to put economic pressure on the United States and discourage the United States from conducting further military action against Iran. ISW-CTP continues to assess that any arrangement that recognizes Iranian control over the strait would preserve Iran’s ability to close the strait at will to advance its strategic objectives.

Some Iranian officials have threatened to change Iran’s nuclear doctrine, likely in part to try to deter the United States from conducting further strikes on Iran. Parliamentary National Security and Foreign Policy Commission Spokesperson Ebrahim Rezaei stated on July 8 that Iran may consider changing its nuclear doctrine if the United States launches another “all-out attack”. Rezaei previously stated on July 3 that Israeli officials’ threats to kill Iranian Supreme Leader Mojtaba Khamenei constitute a “valid and compelling reason” to reconsider Iran’s nuclear doctrine. Parliamentary Economic Commission member Hossein Samsami separately stated on July 9 that Iran must change its nuclear doctrine because Iran is currently engaged in an “existential war”. Samsami was one of 85 Iranian parliamentarians who implicitly called for Iran to develop intercontinental ballistic missile capabilities in a letter to Mojtaba on May 31. An expert close to the regime also told IRGC-affiliated Fars News on July 9 that repeated US threats against Iran would force the regime to review its defense doctrine, including the “military use of nuclear technology”. Parliamentarians in Iran do not yield significant decision-making authority, but these comments nevertheless reflect discussions among Iranian leaders over how Iran should restore deterrence after Iran’s traditional forms of deterrence, such as the Axis of Resistance and the Iranian missile program, have failed to prevent repeated attacks on Iranian territory and senior leaders.

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US-Iran Negotiations

Nothing significant to report.

Maritime Activity in the Strait of Hormuz and Persian Gulf

See topline section.

US and Israeli Air Campaign

See topline section.

Iranian Domestic Affairs

Nothing significant to report.

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Iran’s Axis of Resistance

Lebanese Hezbollah and the Israeli Campaign in Lebanon

The United States is taking steps to support the implementation of the June 26 Trilateral Framework Agreement in Lebanon. US Ambassador to Lebanon Michel Issa told Lebanese President Joseph Aoun that the United States will send a military delegation to Lebanon “within days” to support the implementation of the agreement during a meeting with Aoun on July 9. Issa also stated that a start date for implementing the agreement’s “pilot zones” plan will be determined following the upcoming US-Israel-Lebanon negotiations in Rome, Italy, on July 15 and 16. An unspecified US official told Axios that the Israel Defense Forces (IDF) will begin to withdraw from the two recently announced pilot zones “in a matter of days,” however. Clause two of the agreement’s security annex stipulates that Israel and Lebanon will establish the Military Coordination Group for Lebanon to verify disarmament progress in southern Lebanon and operate as an indirect backchannel between the IDF and the Lebanese Armed Forces (LAF). Israeli media reported on June 30 that the IDF postponed its withdrawal from the pilot zones until the United States, Israel, and Lebanon established the coordination group with US military participation in order for the group to vet participating LAF soldiers. This step is intended to prevent Hezbollah from receiving sensitive information from the coordination group.

Hezbollah leaders and Hezbollah-allied politicians have continued to condemn the framework agreement and call for the immediate withdrawal of Israeli forces from Lebanon. Hezbollah Secretary General Naim Qassem rejected the framework and claimed that it only serves Israel’s interests in a speech on July 8. Qassem also demanded that the IDF completely withdraw from southern Lebanon and allow the LAF to deploy south of the Litani River. Lebanese media reported that Lebanese Parliament Speaker and Hezbollah ally Nabih Berrih told Issa on July 9 that he seeks an immediate and complete Israeli withdrawal from the pilot zones, while Issa called for a gradual withdrawal from the zones with US oversight.

Other Axis of Resistance Activity

The Iraqi federal government has agreed to implement unspecified safeguards to prevent Iran and Iranian-backed Iraqi militias from obtaining US dollars from Iraqi currency exchanges and Iraqi federal government salary payments, according to unspecified US and Iraqi officials speaking to the Wall Street Journal on July 8. The US government has resumed US dollar shipments to Iraq in exchange. The Iraqi Central Bank has managed an account at the New York Federal Reserve that has held the Iraqi federal government’s oil export revenue in US dollars since 2003. The US Treasury Department initially halted US dollar shipments to Iraq in April 2026 due to concerns about Iranian-backed Iraqi militia attacks during the war and reportedly resumed some payments on June 17 and July 2, excluding payments to Iraqi counterterrorism and Iraqi Security Forces (ISF) training programs. Members of the Popular Mobilization Forces, which is an Iraqi security service that includes many Iranian-backed Iraqi militias that answer to Iran instead of the Iraqi prime minister, receive a salary from the Iraqi federal government.

Newspaper Summary 100726

 The following is the article titled "Iran sanctions rollback unlikely to disrupt India’s crude supplies" by Rishi Ranjan Kala, as published on the front page of the July 10, 2026, edition of The Hindu Business Line:

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Iran sanctions rollback unlikely to disrupt India’s crude supplies

Rishi Ranjan Kala New Delhi

The rollback of the 60-day sanctions reprieve for Iran is unlikely to impact India's crude oil imports in August and September, with Russia, the US, West Africa and South America providing alternatives to the lost barrels from the Gulf.

However, trade sources and refiners indicated that liquefied petroleum gas (LPG) could again become a flashpoint if renewed hostilities continue for long, which would extend the closure of the Strait of Hormuz (SoH), impacting the supply of the key cooking medium for numerous Indian households.

'CAUTIOUS REVIEW' “We are reviewing the situation and awaiting clarity from the Ministry. Crude oil imports from Iran will get hit if the sanctions waiver is not extended. We will see more dark tanker activity. Besides, the plan to import [from Iran] is more of long-term,” said an executive with a domestic refiner.

Kpler said the recent exchange of fire in West Asia following President Donald Trump’s comments on ceasefire — had once again raised concerns over the security of the SoH.

“Crude flows through the Strait had not fully recovered before the latest escalation. For India, however, it has largely been business as usual over the past 100 days, with refiners successfully managing supply through a diversified import portfolio,” the global real-time data and analytics provider added.

Sumit Ritolia, Kpler’s Lead Research Analyst for Refining and Modeling, told BusinessLine: “Where I believe the market should pay closer attention is LPG and LNG. Unlike crude, these products have fewer short-term substitution options, and remain more exposed to Gulf supply and shipping disruptions. A prolonged period of instability could tighten availability, increase freight costs and add pressure to regional prices as we have seen over last few months”.

RESILIENT PATH Ritolia emphasized that India’s crude import basket today is much more resilient than it was a few years ago. For instance, Russian crude today accounts for a significant share of imports, while barrels from Saudi Arabia and the UAE are delivered via terminals on the Red Sea that provides an additional layer of security.

“West African and Latin American grades continue to complement refining requirements. Cargoes that can safely transit the Strait are still expected to move, although freight rates and insurance costs could rise if tensions persist,” he said.

For now, Ritolia explained that India’s crude supply story remains one of diversification and resilience, not immediate scarcity.

Based on the front page of the July 10, 2026, edition of The Hindu Business Line, the following is the reproduction of the article regarding the monsoon's progress:

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Monsoon covers the entire country with 38% excess rain between July 1 and 9

Prabhudatta Mishra New Delhi

The South-West Monsoon covered the entire country on July 9, despite its onset being delayed by a day from its normal schedule. The monsoon’s coverage date in 2025 was July 2, earlier than the normal.

Amid forecasts of a super El Nino, the timely arrival of the monsoon in all parts of the North-West region and vigorous rainfall activity in the first nine days this month may help boost kharif sowing, which was a bit on account of 37 per cent deficit in June.

“The South-West monsoon has further advanced into the remaining parts of the North Arabian Sea, Rajasthan, Haryana and Punjab. Thus, it has covered the entire country today, against the normal date of July 8,” the India Meteorological Department (IMD) said. Monsoon set in over Kerala on June 4, delayed by three days from its normal date, though the IMD had predicted early arrival on May 31.

DELAYED ONSET The monsoon has covered the entire country on July 9 only six times since 2000; the earliest was on June 16 in 2013, when the seasonal rainfall for the entire year was 6 per cent surplus.

The IMD has predicted this year’s monsoon to be 96 per cent of normal (or 10 per cent deficit) in the June-September season.

According to IMD data, the country as a whole received 204.7 mm rainfall between June 1 and July 9, which is 14 per cent below the long period average (LPA). While the South Peninsula and North-east meteorological subdivision received 38 per cent deficit rainfall, the north-west subdivision saw rainfall at 41 per cent surplus and 15 per cent in Central India.

The seasonal rainfall was 1 per cent surplus and 15 per cent deficit in Central India until the June 1-July 9 period. Only 13 States and UTs are currently in the deficit category, including Punjab, Uttar Pradesh, Uttarakhand, Bihar, Kerala and Assam.

With more information from the June 1-30 period when rainfall was 37 per cent below normal after the IMD report, actually at 40 per cent deficit.

As per latest data, the area of kharif crops is down 21 per cent to 350.85 lakh hectares (lh) as on July 5 from 442.80 lh a year ago. Total rice sowing is down to 59.55 lh from 71.05 lh in different parts of the country including Punjab, Chhattisgarh, Haryana and Central Water Commission data. The current year's storage is nearly 63.52 per cent of last year's level of 107.82 BCM.

The following is the article titled "The minerals gap India cannot afford to ignore" by Ganesh Vallabh, published on page 4 of the July 10, 2026, edition of The Hindu Business Line:

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The minerals gap India cannot afford to ignore

India’s demand for critical minerals is rising, and this could be leveraged by countries that control output and refining

Ganesh Vallabh

The next great resource contest is not over oil. It is over lithium, cobalt, graphite, and rare earth elements — without which there are no battery charges, no wind turbine turns, and no electric motor runs.

Major powers have recognised this. The US has made critical minerals a strategic mineral stockpiling. The EU has forged critical mineral partnership. China already controls the refining of most of what the world needs today. India’s strategic recognition, so far, has not translated into action.

The world’s supply of critical energy transition minerals is geographically concentrated in the hands of a few. For instance, the Democratic Republic of Congo (DRC) accounts for about 70 per cent of global cobalt mine output, 90 per cent of rare earth production, and 86 per cent of lithium is from just four countries. For some minerals like graphite, it is even more concentrated. China alone accounts for 85 per cent of graphite, lithium, and cobalt. Indonesia controls about 50 per cent of global nickel refining capacity.

India has set itself some of the most ambitious clean energy targets in the world: 500 GW of renewable energy capacity by 2030, aggressive EV adoption targets, and a growing semiconductor manufacturing ambition. Each of these goals is mineral-intensive.

India currently produces negligible quantities of most of these minerals domestically. It has limited refining capacity. And it has no significant strategic stockpile to buffer against supply disruptions. While Japan, which subsidises up to 50 per cent of eligible CETM project costs and maintains several months’ worth of stockpiles, and the US, which in 2026 launched Project 2025 to create a $12 billion public-private critical mineral reserve. The gap between India’s clean energy ambitions and its mineral security posture is, at present, very wide.

India already accounts for 4.4 per cent of global rare earth permanent magnet imports, a figure poised to rise as EV and wind capacity expand. Nearly all of that comes from China, a dependency that receives far less policy attention than oil imports.

The UNCTAD report documents that between 2023 and 2026, export restrictive measures have been introduced on CETMs globally; 37 licensing requirements, 31 export taxes, and 29 export bans. China alone has introduced 16 measures, predominantly licensing requirements framed around national security. The message is clear: countries that control critical minerals are increasingly willing to use that control as strategic leverage.

THE DIPLOMATIC GAP The UNCTAD report identifies India as one of a small group of major economies lagging in the formation of CETM bilateral partnerships, alongside the EU, the US, and South Korea. While India’s strategic recognition is welcome, its recognition of intent is not yet matched by demonstrated capacity.

The US signed 11 bilateral mineral frameworks at a single ministerial meeting in 2024, involving 54 countries. The EU has signed 15 bilateral partnerships, often backed by a €2 billion European Investment Bank financing commitment.

The minerals gap, while growing, has not yet reached a comparable scale, speed, or financial commitment. The window for securing long-term supplies, especially from mineral-rich nations, particularly in the Global South, is competitive and narrowing.

Countries like the DRC, Zimbabwe, and Chile are now being courted by multiple major powers simultaneously, which has given them significant diplomatic pace.

India possesses significant rare earth deposits that remain underexploited, and a diplomatic credibility with mineral-rich developing nations that could be leveraged more effectively than it currently is.

The global race for critical minerals is one that India cannot afford to lose. It must run analytically, strategically, and with a sense of urgency.

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The writer is an Assistant Professor at Symbiosis Institute of International Business, Pune. Views are personal.

The following is the article titled "Container ports lagging" by Jose Paul, published on page 5 of the July 10, 2026, edition of The Hindu Business Line:

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Container ports lagging

Indian ports need to join hands with global majors

Jose Paul

Recent media reports suggest that India's container ports have climbed to 6th position globally as per the Container Port Performance Index 2023 for 400 million TEUs (Twenty Foot Equivalent Units) in 2025. This does not reflect the factual position as the latest Lloyd’s List and Alphaliner publications suggest that Indian container ports lag far behind major container ports in Asia, Europe and the US.

Shanghai has handled 55 million TEUs in 2025 – more than twice the combined annual container traffic of all Indian ports. Out of the 30 top container ports in the world, 11 are Chinese ports.

Singapore continues to remain the world's No. 2 port and handled 44.6 million TEUs in 2025. Singapore Port Authority has developed an ambitious project to build a mega-port at TUAS which port represents the concept of "The Singapore Transhipment Hub". However, Singapore is now facing a strong challenge from the Chinese Port of Ningbo-Zhoushan which is closely behind having handled 42.5 million TEUs.

Port of Busan in South Korea has maintained consistently at the 7th place having handled 24.8 million TEUs. South Korean Government with private participation plans to invest more than $35 billion for developing 12 ports in the next 20 years to improve their ship handling capacity. Laem Chabang in Thailand has maintained its position as the 18th largest port in the world, while the Port of Ho Chi Minh City in Vietnam has sprung a surprise by elevating its rank from 22nd to 14th, now handling 10 million TEUs. It is important to note that Colombo is still ahead of the two premier Indian ports, viz. Mundra and JN Port in Nhava Sheva having secured the 24th, 25th and 26th positions respectively.

Although containerisation was born in the US, recent developments in the US did not match the latest developments in container shipping. The US and European ports lagged behind due to a number of structural and operational factors influenced by environmental issues. During the last two decades there have been substantial improvements in the designs of container ships, embracing new technology and were able to accommodate third and fourth generation container ships upto 25,000 TEUs.

SEEKING PARTNERS Indian ports need to collaborate and partner with global container shipping giants to develop sustainable port infrastructure. The recent collaborative deal of Adani Ports offering 49 per cent stake in Vizhinjam port for container terminal operations to Mediterranean Shipping Company is a model worth considering.

Another example is the APM Terminals at Pipavav port in Gujarat where the world’s second largest container line Maersk’s terminal arm APM terminals has partnered with the port for management and operations. It holds a majority stake in Gujarat Pipavav port Ltd.

The Malaysian port Tanjung Pelepas has partnered with APM terminals with a 30 per cent stake and it has become the 15th largest container port in the world within 25 years of its existence. The JM Baxi Group has partnered with the third largest container line CMA CGM and the fifth largest container line Hapag-Lloyd for container terminal development, management and operations in Mumbai and Tuticorin ports.

Cochin Port's Vallarpadam terminal operator DP World would do well to partner with one of the largest container shipping lines for more efficient, faster and sustainable development in a highly competitive market environment.

It is important to note that seven largest container shipping lines — Mediterranean Shipping Company (MSC), Maersk, CMA CGM Group, COSCO Shipping, Hapag-Lloyd, Ocean Network Express and Evergreen Marine control 74 per cent of the global container market share and, therefore, they have the capacity, power and influence in port selection and direction of container trade.

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The writer is a former Chairman of Mormugao Port Trust, and an Adjunct Professor of Indian Maritime University, Chennai.

    The following is the article titled "Why currency stability is crucial" by Ravi Pokharna, published on page 4 of the July 10, 2026, edition of The Hindu Business Line:

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Why currency stability is crucial

INDUSTRY HIT. Given exporters’ reliance on imported intermediate goods, a weak rupee is not a competitive advantage

Ravi Pokharna

The rupee’s breach of the psychological 86-per-US dollar mark has triggered familiar anxieties. Yet, this episode is less a reflection of weak domestic fundamentals and more about geopolitical tensions, elevated crude oil prices, and a structurally stronger US dollar.

India is not alone, as several emerging market currencies face pressure as capital seeks safety in dollar-denominated assets amid global uncertainty. The real challenge for policymakers is not to prevent every episode of depreciation, but to ensure currency movements remain orderly, predictable, and non-disruptive to growth and investment. Businesses can adapt to a gradually adjusting exchange rate; what they cannot manage are the sudden shifts that hit pricing decisions and working capital cycles.

Anatomy of Decline

The rupee’s current trajectory stems from a mix of factors:

• Geopolitical premium: The West Asian crisis and potential supply disruptions in the Strait of Hormuz, through which 20 per cent of global energy transits.
• Energy imports: India’s oil import basket rose from $89/bbl in April to $110/bbl in June-July 2026, with this primary energy shock accounting for over 70 per cent of the rise in India’s trade deficit.
• Domestic resilience: While solid macroeconomic data estimated GDP growth for FY26 at 4.3 per cent, a hawkish US Federal Reserve has sustained the strength of the Dollar Index (DXY).
• Regional rotation: Investors have shifted capital toward North Asian markets. Net foreign portfolio outflows in India reached ₹2.69-lakh crore YTD in 2026 (up to July 8), with foreign investors pulling out over ₹2.40-lakh crore from domestic equities between March and June alone.

Weak RE vs Exports

The traditional assumption that a weak rupee automatically boosts exports no longer holds in an increasingly globalised economy. India’s manufacturing sector is now deeply integrated into global supply chains and remains heavily dependent on imports of intermediate goods, machinery, and components.

For industries like electronics, engineering, chemicals, and pharmaceuticals, a weak rupee raises input costs even as it improves export realisations, significantly reducing the net gain. For instance, renewable energy developers face rising expenses for solar panels, and infrastructure projects experience cost pressures where imported equipment is involved.

Currency-Growth Link

Currency stability has become a strategic industrial policy variable. The true potential of initiatives like Make in India and PLI depends on the ability of firms to operate within a predictable macroeconomic environment. Rupee weakness combined with high oil prices simultaneously raises input costs and electricity tariffs, adding to the fiscal borrowing burden and creating widespread inflationary pressure that particularly affects MSMEs.

The Remittance Cushion

One of India’s most powerful stabilisers is its global workforce, with $135.4 billion in remittances received in FY25. The article suggests that policymakers should:

• Expand G2G skilling migration partnerships for blue-collar segments like construction, welding, and nursing to meet acute shortages in countries like Japan, Germany, Israel, and Italy.
• Align the Skill India mission with international labour market demand, focusing on global mobility.
• Support talent integration through qualification recognition and portable social security.

Ultimately, exchange rates should be viewed as economic mechanisms rather than national scorecards. At this moment of global volatility, the stability and predictability of the rupee will be India’s greatest competitive advantage.

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The writer is Executive Director, Pahle India Foundation. With research inputs from Ankush Parkar, Senior Visiting Fellow, Pahle India Foundation.

The following is the article titled "BioCompute enlarges funding plan for DNA storage" by Siddhi Patil, as published on page 9 of the July 10, 2026, edition of The Hindu Business Line:

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BioCompute enlarges funding plan for DNA storage

Siddhi Patil Mumbai

DNA data storage start-up BioCompute is on track to close a major funding round by the end of 2026, with the amount of investments expected to exceed previous estimates.

The surge in investor interest follows the successful content creator Vyom Bhatia-based start-up with the capacity to demonstrably storage its working prototype and towards its first commercial launch.

Founder Anagha Rajesh said BioCompute’s technology used to manufacture specialized microfluidic chips, hardware and software for DNA-based data storage has reached the required infrastructure.

DATA ARCHIVE At the heart of BioCompute’s proposition is an attempt to rethink how the world’s repository relies largely on magnetic media or trapped electrons to preserve binary information—systems that consume significant amounts of electricity, require constant cooling, and occupy massive physical space.

BioCompute instead converts conventional binary data into the genetic information stored within DNA. Although DNA data storage has been researched globally since the 1980s, with companies in the US and Europe pursuing commercialisation, Mumbai-based BioCompute has developed a lab-automated system capable for both writing and reading DNA-based data.

DNA STORAGE Most existing DNA storage companies synthesise entirely new strands of DNA to encode digital information, a process that is currently time-consuming and expensive.

Rather than creating synthetic DNA from scratch, the company’s process involves culturing DNA as a template and modifies it using proprietary enzymes. Rajesh likens these enzymes to “sticky notes” that attach to specific DNA tags without altering the DNA’s underlying genetic sequence.

Because the DNA template itself remains unchanged, the company says it can avoid the expensive synthesis cycle and instead rely on a proprietary sensing mechanism for reading information.

BioCompute’s method, called enzymatically mediated encoding (EME), relies on the latest-generation nanopore sequencing technology which passes the DNA molecule through nanopores to detect an electrical current, each modification in the molecule giving a unique voltage signature. As tagged DNA molecules are sucked back into these nanopore sensors, software converts the electrical signals back into the original binary data.

The company has drawn cautious optimism from academia. Sangeeta Sawant, Head of Department of Bioinformatics at Savitribai Phule Pune University, Pune, said DNA-based data storage is scientifically feasible but is currently better suited for institutional archival applications rather than consumer boundaries.

The following is the article titled "Ladakh bets on connectivity to power tourism growth" by Gulzar Bhat, as published on page 9 of the July 10, 2026, edition of The Hindu Business Line:

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Ladakh bets on connectivity to power tourism growth

Gulzar Bhat Leh

Ladakh awaits two of its biggest connectivity upgrades — a new terminal at Leh airport and a near-all-weather tunnel at Zojila — to what they believe could be a game-changer for the tourism sector, with improved road and air connectivity and higher speed travel to the high-altitude region over the coming years.

The optimism stems from infrastructure projects that stakeholders say will address the perennial problem of Ladakh’s isolation during the harsh winters and limited flight capacity.

UNIMPEDED FLOW The Zojila tunnel, expected to be completed in 2028, will provide year-round road connectivity between Kashmir and Ladakh.

Civil Aviation Minister Ram Mohan Naidu on Wednesday said 83 per cent of the physical work on Leh’s new airport terminal had been completed. Once operational, the terminal will be capable of handling up to 54 flights a day, more than three times the current capacity.

Nornon Wangchuk, General Secretary of the All Ladakh Hotel and Guest House Association (ALHIA), told BusinessLine that better connectivity would be crucial to ensuring the long-term growth of tourism in the region.

“Once these two crucial projects are completed, Ladakh’s tourism sector will undergo a total transformation,” he said. Wangchuk said all-weather connectivity through the Zojila tunnel and increased flight frequency at Leh airport would make the region more accessible, reduce travel uncertainties, and attract more domestic as well as international tourists.

TOURIST ARRIVALS UP Ladakh witnessed a strong recovery in tourist arrivals in the first half of 2026. Governor Vinai Kumar Saxena said in a post on X: “Foreign tourist arrivals reached 6,680 in June, a 300 per cent increase over the same month last year”.

Newspaper Summary 080726

 

China’s share of auto component supply to India rose 36% in FY26

DOMESTIC GROWTH. Sector saw ₹7.6 lakh cr turnover in FY26, up 12.7% year-on-year. BRIGHT PROSPECTS. With continued domestic demand and exports despite geopolitical headwinds, the auto components sector in India is expected to grow 8-10 per cent in FY27.

S Ronendra Singh New Delhi

Even though there was a robust growth in the Indian auto components sector in FY26, imports from China were still higher at 36 per cent during the year compared with 29 per cent in FY25, a performance review for FY26 shared by the Automotive Component Manufacturers Association of India (ACMA) has indicated.

According to the Industry Performance Review for FY26, ACMA said while the US remains the key destination for exports at 26 per cent in FY26, China is the key source of imports with 36 per cent, followed by Japan (11 per cent), Germany (10 per cent) and South Korea (7 per cent).

LARGEST SOURCE

“The auto industry is a global industry and no one country makes everything... We don’t have an OEM (original equipment manufacturer) from China though, but the OEMs from China are now selling finished products in India. Yet there is a significant import of auto components from China, and the reason for imports from China, or any place could be manifold,” Vinnie Mehta, Director General, ACMA, told businessline.

Mehta said there could be various reasons, such as technology-related ones, as some vehicle manufacturing companies are global and require critical components that are not yet made in India. Secondly, it could be that some companies have a policy to import from a Mother plant of a particular item for production in a particular geography, and that geography is China. And thirdly, it could be a very simple, price-competitive reason.

“Another reason could be, when in the domestic capacities growth happens in the vehicle industry a little too fast and there could be a capacity shortfall, they may resort to import from China. At least in one particular case where China sort of stopped export of rare earth magnets, but it has not stopped import of sub-assemblies and exported with fitted rare earth magnets or finished product from there,” Mehta explained.

OUTLOOK POSITIVE

Meanwhile, driven by robust domestic demand, higher vehicle production and sustained investments in capacity, the Indian auto components sector recorded a turnover of ₹7.60 lakh crore ($85.9 billion) in FY26, registering a 12.7 per cent growth.

With continued domestic demand and exports, despite geopolitical headwinds, the sector is expected to grow 8-10 per cent in the current fiscal. “The medium-to-long-term outlook for the Indian auto component industry remains positive. Growing domestic demand, infrastructure-led economic growth, expanding manufacturing investments, deeper global integration through Free Trade Agreements (FTAs) and increasing global sourcing from India are creating significant opportunities for the sector,” Vikrampati Singhania, President, ACMA and Vice-Chairman and MD, JK Fenner (India), said.

Australia suspends 60% of Indian fumigation service providers

COMPLIANCE DRIVE. Suspension of 44 service providers follows a biosecurity audit conducted on July 2. ADDED EXPENSE. The ban could result in some exporters having to pay additional charges for refumigation of their consignments once they land in Australia.

Prabhdatta Mishra & Subramani Ra Mancombu New Delhi/Chennai

Australia has suspended the licences of 60 per cent of fumigation service providers in India after an audit by Australian biosecurity. The suspension of these 44 service providers, including five from Haryana and three from Punjab, was enacted last week.

This decision could force some exporters to pay additional charges for refumigation once their consignments land in Australia. Containers currently in transit are not exempt; if a suspended provider handled the fumigation, the cargo must be re-treated upon arrival. The Australian department noted that these additional costs could vary from A$700 to A$1,200 per container (with A$1 valued at ₹66.14).

An owner of a fumigation agency, which services partners of leading Basmati exporters, stated that officials conducted inspections on July 2 and communicated the decision verbally the following day.

ONE-TIME EXEMPTION

While formal communication is still being processed, the suspension is already listed on the Australian authority's website. It is estimated that over 100 containers of basmati rice will likely be affected. With each container valued at approximately $22,000, at least ₹200 crore worth of consignments are at risk of being rejected or subjected to costly re-treatment.

The Australian Department of Agriculture, Fisheries and Forestry indicated that Canberra has shifted from document-based approvals toward continuous compliance monitoring and surprise audits. Australia maintains one of the world's strictest biosecurity systems, where even minor procedural failures can lead to license suspension.

Basmati exporters have raised the issue with the Agricultural and Processed Food Products Development Authority (APEDA) and the Union Ministry of Agriculture. Sources suggest the Indian government is considering seeking a one-time exemption for rice shipments that are already in transit and were certified by the now-suspended entities.

REASONS FOR SUSPENSION

The fumigation agency owner noted that Australian authorities became suspicious after finding discrepancies in the dates of fumigation and packing. Specifically, they questioned how some consignments appeared to be packed earlier than the recorded fumigation date. The owner explained that while fumigation is performed while rice is in gunny bags, agencies often have no control over when the exporter finalizes the packing.

S. Chandrasekaran, a New Delhi-based trade analyst, suggested that the forthcoming India-Australia Comprehensive Economic Cooperation Agreement (CECA) should include a special chapter on pre-border biosecurity and quality control. "Such a chapter could provide joint accreditation and periodic audits of off-shore treatment and inspection providers, notification and technical consultation before suspension, except in genuine emergencies," he said.

RBI lending restrictions dent proprietary derivatives trading

TAKING A BEATING. Average daily turnover drops 25% on NSE and 30% on BSE since July 1.

Suresh P Iyengar Mumbai

The RBI’s move to tighten bank lending for proprietary trading in the equity derivatives market from July has become evident in the sharp decline in trading turnover over the last four trading sessions.

The average daily turnover (ADT) in the derivatives segment on the NSE during the last four trading sessions fell 25 per cent to ₹1,22,677 crore compared with ₹1,63,328 crore recorded during the corresponding period last month.

FUTURES & OPTIONS

The ADT in stock and index futures on the NSE declined 4 per cent and 49 per cent, respectively, to ₹69,524 crore and ₹11,420 crore, against ₹72,223 crore and ₹22,506 crore registered during the same period in June.

Similarly, the premium ADT in index and stock options during the last four trading sessions dropped 45 per cent and 17 per cent to ₹34,038 crore and ₹7,694 crore, respectively, from ₹62,017 crore and ₹6,581 crore in the corresponding period, according to the exchange data.

A similar trend was seen on the BSE, where the ADT in futures and options during the last four trading sessions fell 30 per cent to ₹27,255 crore from ₹38,881 crore.

Ketan Marwadi, Member, Capital Market Participants Association of India, said that ever since the revised norms came into effect, the industry’s concerns extended beyond the immediate liquidity impact involving more than ₹50,000 crore.

“If a distinction is not made between speculative and directional proprietary trades, domestic intermediaries could be forced to create room for foreign proprietary firms to capture a larger share of market volumes and profitability. This could eventually lead to a gradual shift of value creation, tax revenue and employment opportunities from India,” Marwadi said.

Anand James, Chief Market Strategist at Geojit Investments, said derivatives trading volumes, particularly in futures where capital requirements are higher, are likely to remain under pressure in the near term and could moderate further as firms adjust to the new regulatory framework.

“Impact costs will also be affected as bid-ask spreads widen. While this may not significantly hurt investor profitability, high-frequency traders who rely on thin margins and high liquidity could face challenges,” he added.

MARGIN FUNDING

Sachin Gupta, Vice-President (Research) at Choice Equity Broking, said futures trading inherently depends on margin funding and as funding costs rise, many traders are likely to scale back their activity, with larger institutional participants becoming more cautious.

Feroze Azeez, Joint CEO of Anand Rathi Wealth, noted that proprietary firms account for a meaningful share of the derivatives market liquidity, particularly in options and arbitrage strategies. As firms adjust their funding structures and deploy a larger proportion of their own capital, participation is expected to become more selective.

Amid the fall in derivatives trading activity, shares of the BSE and MCX came under pressure, falling 3 per cent each to ₹3,679 and ₹2,643, respectively, on Tuesday.

Rupee enters another ‘consolidation’ phase

RUPEE WEEKLY REVIEW.

Akhil Nallamuthu bl research bureau

The rupee weakened over the past week, declining about 30 paise, or 0.32 per cent, to close at 94.97 against the dollar on Tuesday. The fall comes despite supportive factors, such as foreign inflows and lower crude oil prices, highlighting the stronger dollar’s influence on the local currency.

According to NSDL data, net FPI inflows stood at about $1.1 billion so far in July, indicating that overseas investors remain interested in Indian assets. Domestic sentiment has also improved, with the benchmark Nifty 50 index rising about 2.2 per cent so far this month, reflecting a broader risk-on mood in financial markets.

LOWER CRUDE PRICES

Crude oil prices, another key factor for the rupee, have remained favourable. Brent crude futures, currently trading around $73 per barrel, have fallen nearly 40 per cent from the $119.5 high reached in March. While the decline has largely been driven by easing geopolitical tensions, OPEC+’s decision to increase output by 188,000 barrels per day from August could help keep prices subdued going forward.

However, the rupee has struggled to capitalise on these positives because the dollar remains firm. Although expectations of a September rate hike have moderated, the greenback continues to draw support from the view that interest rates could remain elevated for an extended period. The dollar index remains well above 100, keeping pressure on emerging-market currencies.

Overall, supportive domestic factors and softer crude prices are helping cushion the rupee, but the dollar’s strength continues to limit gains. The rupee breached the 94.90 support level last week and slipped to a low of 95.49 on Monday. However, it recovered some ground on Tuesday, closing at 94.97.

The prevailing price action does not provide a clear indication of the next directional move. For now, the rupee is likely to remain within the 94.20–95.40 range. A break below 95.40 can trigger a fresh bout of weakness, dragging the currency to 95.80 and potentially to 96 thereafter. Conversely, a breakout above the 94.20 resistance can strengthen the recovery and lift the rupee towards 93.50.

The movement in the dollar index will remain crucial. The index remains comfortably above the key support at 100.50, indicating that the bulls retain the upper hand. The chart suggests that another leg of the uptrend could be underway, with the index potentially advancing to 102 in the near term. In such a scenario, the rupee may weaken towards 96.

On the other hand, if the dollar index slips below 100.50, it can decline to 99.50. Such a correction could provide room for the rupee to appreciate towards 93.50. However, a fall in the dollar index below 99.50 and, consequently, a rise in the rupee beyond 93.50 appear unlikely at this stage.

OUTLOOK

The near-term outlook remains mixed. While lower crude oil prices and continued foreign inflows are supportive, a firm dollar is likely to keep the rupee under pressure. The key levels to watch are 94.20 on the upside and 95.40 on the downside.

iD Fresh broadens portfolio with packaged snacks

Aishwarya Kumar Bengaluru

iD Fresh Food has expanded into the packaged snacks category, marking another step in its transformation into a broader branded foods company as it prepares for an eventual public listing. businessline has learnt that the company has launched a range of snacks, comprising around seven SKUs made using ragi and oats.

The portfolio includes masala ragi chips, pudina ragi bhujia, masala oats chips, pudina oats bhujia, and corn flakes mixture. The company is also active in adjacent categories such as protein batter, pancakes, thepla, chutneys, and protein-based chapatis and parottas. With the latest launch, the company enters India’s nearly ₹50,000 crore packaged savoury snacks market, currently dominated by established players such as Haldiram’s and Bikaji Foods International.

HEALTHY SNACKING

The expansion aligns with rising consumer demand for healthier snacking options. According to International Market Analysis Research and Consulting (IMARC Group), India’s market is seeing increased demand for convenient, high-protein, and natural food products.

The category expansion comes as iD accelerates preparations for its next phase of growth. The company believes its current capacity is sufficient to support growth over the next five years. Internationally, the company continues to expand through trading partnerships rather than setting up manufacturing facilities, with operations spanning the US, UK, Ireland, Canada, and Singapore. It has previously indicated plans to add 10-15 new SKUs annually, despite exiting categories such as bread and spices after pilot launches.

IPO READINESS

In another step towards IPO readiness, iD recently elevated Co-founder Jafar TK.

SEBI allows depositories to use investor protection fund income for expenses

Our Bureau Mumbai

The Securities and Exchange Board of India (SEBI) on Tuesday allowed depositories (CDSL and NSDL) to utilise up to 5 per cent of the annual interest or income earned from the Investor Protection Fund (IPF) corpus to meet certain operational expenses.

From September, depositories can use the interest or income generated from the IPF towards expenses related to dedicated employees of the respective IPF trusts, as well as administrative and statutory costs such as taxes, audit fees and charity commissioner fees.

“In case the expenses exceed the above limit, such excess expenses shall be borne by the depository and, in case of non-utilisation of such amount in the same financial year, the same shall be ploughed back into the IPF,” SEBI said. Earlier, the entire interest or income earned from such investments were treated as part of the IPF corpus.

CORPUS ALLOCATION

Under the revised framework, at least 95 per cent of the annual interest or income earned from IPF investments must be ploughed back into the IPF corpus.

SEBI has directed depositories to put in place the necessary systems for implementation, amend their bye-laws, rules and regulations wherever required and bring the revised provisions to the notice of market participants, including investors, while also publishing them on their websites.

‘With 2 million AI professionals, India can chart a different path’

Rentala Chandrashekhar, former Secretary of the Ministry of Electronics and Information Technology, has said India’s approach to artificial intelligence (AI) can be significantly different from the Western narrative, which is often dominated by fears of job losses.

“India can chart a very different path. But that is only possible with deliberate design. With vast digital capabilities backed by a $315 billion IT industry and human capital comprising 2 million AI professionals, with hundreds of thousands possessing highly-advanced AI skills, we can put AI to use in different ways,” he said.

Chandrashekhar, who was also the former President of Nasscom, was addressing a roundtable on a white paper on “AI for ALL: Catalysing Jobs, Growth, and Opportunity”, which was prepared by Prosus, a venture capital firm, in collaboration with the Ministry of Electronics and Information Technology (MeitY) and Boston Consulting Group.

STRONGER SYSTEMS

The white paper provides a framework for embedding AI into institutions and critical sectors to improve productivity, expand economic opportunity and strengthen public service delivery on a scale.

Stating that the country has several strengths, including proven implementation capabilities for massive projects like Aadhaar and UPI (Universal Payments Interface), he, however, flagged some weaknesses.

“We have limited capabilities in foundational technologies, semiconductor chips and telecom equipment. The government has introduced a seven-pillar AI mission to address these gaps,” he said.

“India’s AI opportunity will be defined by how effectively we deploy AI across sectors. From AI-enabled agriculture and healthcare to education, financial services and manufacturing, Telangana and Andhra Pradesh offer valuable lessons on how AI can translate into higher productivity, stronger public services and more inclusive economic growth,” Sehraj Singh, Managing Director, India, and VP, Global Corporate Affairs, Prosus & Naspers Group, said.

Our Bureau Hyderabad

Indonesia inks deal to buy India’s BrahMos, Astra missiles

DEFENCE TIES. Indonesia is the third potential foreign buyer of the BrahMos cruise missile after Vietnam and the Philippines.

Dalip Singh New Delhi

India’s missile diplomacy gathered pace as Indonesia signed initial agreements to purchase BrahMos supersonic missiles and Astra beyond-visual-range air-to-air missiles during Prime Minister Narendra Modi’s Jakarta visit on Tuesday.

Both missiles were successfully deployed by India to target Pakistani defence installations and terror infrastructure in the four-day long Operation Sindoor.

The two deals show intent and in-principle agreement to buy the battle-proven missiles, people aware of the developments said. A joint statement issued by the two countries said that both Modi and Indonesian President Prabowo Subianto “welcomed the elevation of defence cooperation, including on BrahMos missile system, and the air-to-air missile co-operation agreement”.

BRAHMOS NEGOTIATIONS

Sources said Indonesia had agreed to buy two batteries of BrahMos missiles, which is one more than what it previously wanted and discussed during the initial interactions with the Indian government for more than three years. A battery of BrahMos includes missiles, launchers, command post, radar and tracking systems.

As per the announcements in Jakarta, BrahMos Aerospace, a JV between the Defence Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyeniya, and Indonesia’s Defence Ministry signed the contract to take the BrahMos negotiations forward.

ASTRA MISSILES

Similarly, Indonesia’s private defence company Republikorp and India’s state-owned Bharat Dynamics Ltd signed an agreement for the Astra missiles. The quantities and the value would be decided subsequently, said sources. Details of the contract for both the missiles will now be worked on by the two countries.

Indonesia is emerging as the third potential foreign buyer of the BrahMos cruise missile after Vietnam and the Philippines, which have already inked deals, signalling that the missile is no longer a one-off export but is beginning to establish itself in the international market.

It is also the first country to acquire the Astra beyond-visual-range air-to-air missile, giving India its first export breakthrough for another indigenous missile system. The deal strengthens India’s ambition to become a major defence exporter.

Perils of digital ‘lockout’

Bank branches must help out harried customers

PT Jyothi Datta

All of a sudden, the benefit of a name like Elon Musk’s son “X” — without the accompanying alpha-numerics — becomes tangible. Almost aspirational.

With a name like that, you could breeze through “kyc” (know your customer) drills that institutions private and otherwise require from you, repeatedly. There is no worry of your name being spelt differently from the way your parents may have intended to call you.

Sometimes, it almost feels like there is a resistance movement at different institutions, as their representatives spell your name in the manner they are familiar with, in line with the region they hail from.

So, if they are from Southern India, your name has a “h”, and if they are from the northern regions, the “h” is axed in your name — observations from personal experience.

But the horror of it all comes alive when you have to digitally link all the government, private, identity and other details. That’s when the humble “h” can play havoc (with a capital “H”) — leading to anxiety-producing outcomes that can render 50-plus years of your existence as, well non-existent.

Or, it can lock you out of your online account at the big beautiful bank that you have been with for close to three decades, two cities and multiple relationship managers.

DIGITAL STRANGLEHOLD

Recounting a “lived experience” here — no amount of documentation can rescue you when you are digitally locked out. Not even bank managers, it seems, can make a dogmatic digital system heel.

Biometrics, is suggested, to bypass digital dogma.

But that too has pitfalls — who owns the data, has access to it, and how fool-proof is the system? More fundamentally, why should a citizen provide biometric information at a private institution to prove identity? And in this case, for no fault on the customer’s part?

Back to seeking answers on why the digital gateway locked a “privileged” (designated by the bank), white-haired, tax-paying customer out of her account of more than 20 years?

Multiple reasons are extended by bank representatives, seemingly just as dumbstruck by the stubborn digital system. Maybe the spelling difference between multiple government cards (again, no fault of the customer)? Checked, addressed.

Still no show. Maybe different addresses — account opened in a different city — a digital realisation not picked up last KYC? Now more documents are called for - to prove you’ve walked the streets of Mumbai for several years now.

Finally, the Eureka moment. A helpful bank representative explains — possibly, the digital system reads three components in a name.

UNWIELDY NAMES

Heaven help you, if your parents let their regional pride spill into your name to make it long, unwieldy and with three components — exacerbated by marriage that adds a fourth component. Oh! for the joy of having a name like X.

But seriously, making a bank account digitally inaccessible to a customer because the bank’s system falls short — is a violation of a customer’s financial rights. Financial institutions should have fool-proof methods available at local branches to resolve a digital deadlock — where the head of a branch, for example, can check the customer’s Cibil score, record and defaults (or absence of it), and help the customer.

This can be done with checks, counter-checks, and speed — if institutions put resources behind helping customers, rather than merely seeing them as targets to sell financial products.

A banking ombudsman is useful. But a locally accessible person and a water-tight, yet simple approach is needed for customers.

Otherwise, the digital “chakravyuh” (maze) ends up trapping honest customers, while crooked ones seemingly trapeze through it.

Newspaper Summary - 070626

 

Tractor dumping puts India-China trade ties to test

The Indian government has launched an investigation into the alleged dumping of electric tractors from China. This probe matters because it could become a broader test of India-China business ties, with implications extending far beyond the tractor market.

Mint Primer

Why has the Centre launched the probe? The Directorate General of Trade Remedies (DGTR) under the commerce ministry announced the probe on 30 June following a request from IPLTech Electric Pvt. Ltd (Montra Electric), the clean mobility arm of the Murugappa Group. The company claims that Chinese electric tractors—used for logistics and goods transportation—are hindering the development of domestic models. The investigation will examine semi- and fully-knocked-down tractor units assembled in India, as well as fully imported models.

Why is the timing significant? The investigation comes during a revival of India-China business relations, as New Delhi has been gradually allowing investments to flow in from China and relaxing Press Note 3 norms introduced in 2020. With reports indicating India was set to approve a $370 million investment from a company backed by China’s Geely Auto, any adverse findings in this dumping probe could "turn the clock back" on these improving business relations.

How does China shape India’s EV push? China currently has a stronghold in the Indian EV sector, supplying everything from batteries and rare earths to motors, cheap scooters, and tractors. Many Indian efforts to localize technology rely on Chinese partnerships. Because Chinese players lead in key technologies, they can offer products at much lower prices, making them highly attractive in price-sensitive rural and semi-urban markets.

What does the probe mean for the industry? Action to halt imports could significantly boost the prospects of domestic manufacturers such as Sonalika Tractor, Montra, and AutoNxt, which have electric capabilities but have not yet scaled sales. Vahan data shows that in a market of nearly a million tractors, India has sold only about 35 electric tractors. The Centre has expressed a desire to reduce diesel-guzzling tractors in favor of electric models.

Can the problem be wider than electric tractors? Yes. Other products, such as slow-speed electric two-wheelers, are also seeing a surge in imports. In 2025-26, China flooded the Indian market with over 1 million units of slow-speed electric scooters.

El Niño set to slam wind power output

By Rituraj Baruah & Vijay C. Roy
New Delhi

Low wind speed in peak June-September season to hit output

El Niño is typically linked to weaker rains and slower farm activity. To make matters worse, the prevailing weather pattern could also leave India's power sector with less wind to work with this year.

Lower wind speeds during the peak June-September season are expected to weigh on wind power generation, just as India's electricity demand is projected to hit a record high, according to three officials in the government and the industry. This comes at a time when low rains are already putting pressure on hydel power output.

The risk is significant for India, where wind power accounts for 56.8 gigawatts (GW), or over a tenth of the country’s total installed power generation capacity of 520GW. It also comes at a time when the power sector is already under pressure—hydro power has been hit by a weaker monsoon, while the Central Electricity Authority has projected a record peak power demand of 272GW this year, after it hit an all-time high of 270.8GW in May.

The country's wind sector, meanwhile, continues to grapple with land acquisition hurdles, right-of-way issues, squatters on high wind-potential sites, lack of grid connectivity, unsigned power purchase agreements, and challenges in scheduling and forecasting wind energy.

“The key wind power generating states, including Gujarat and Madhya Pradesh, may witness less rains and wind this monsoon. So, in regions where the CUF (capacity utilization factor) is usually about 38%, we may see a decline to 31% in the coming months,” said one of the officials.

Another official stated that if wind power output is hit, India’s thermal (coal) power generation will have to be ramped up to meet demand. According to climate experts, El Niño weakens atmospheric circulation, reducing wind speeds across several regions.

Srivatsan Iyer, global CEO of Hero Future Energies, noted: “The El Niño years have historically coincided with weaker monsoon winds, and since June-September is peak generation season for Indian wind assets, output can moderate during these phases". He added that the compounding effect of dipping power generation and simultaneous demand spikes is the "real red flag".

Akshay Hiranandani, CEO at Serentica Renewables, said it would be premature to assess the precise impact now, as conditions are yet to fully unfold. However, M.P. Ramesh, former executive director at the National Institute of Wind Energy, cautioned that quantification is difficult, as lower rainfall does not always mean a commensurate fall in wind speed.

Centre to count public asset upgrades, retrofits as capex

The Centre will also introduce expenditure heads for digital and ICT equipment from FY28

Priyanka Sharma & Ramita Mishra New Delhi

The Centre is set to widen the scope of what counts as capital expenditure from 2027-28 by including spending on rehabilitating, retrofitting and upgrading public assets, according to two officials close to the development. The step is aimed at better reflecting the government’s growing investments in productive assets and improving the quality of expenditure reporting. It comes as the Centre has continued to rely on public investment as a key driver of economic growth, with annual budgetary allocations for capex rising sharply over the past five years.

The revamped expenditure rulebook will also introduce dedicated expenditure heads for digital equipment and information, computer and telecommunications (ICT) equipment. This will allow the government to separately account for investments in software, ICT equipment, and telecommunications infrastructure alongside traditional infrastructure assets such as roads, railways, and power projects.

Accounting Changes

“The core objective is to present a more comprehensive picture of public investment and support the government’s infrastructure-led growth strategy,” one official stated. Under the revised framework:

• Digital items are treated as revenue expenditure if they cost ₹1 lakh or less, or have a useful life of up to three years.
• ICT equipment, including hardware, telecom gear, and software, must be classified as capex if it costs more than ₹1 lakh or has a useful life exceeding three years.

The central government has earmarked a record ₹12.22 trillion for capex in the Union Budget 2026-27. This is equivalent to 3.1% of GDP and is approximately 11.5% higher than the revised estimate of ₹10.96 trillion for FY26.

Implementation and Scope

The revised accounting framework will take effect from FY28, allowing ministries time to align their financial management systems. Under this framework:

• Expenditure on rehabilitation, overhaul, retrofitting, and upgrading public assets will be booked as capex.
• Routine repair and maintenance will continue to be treated as revenue expenditure.

This classification will apply to a broad range of infrastructure, including:

• Strengthening and widening highways and bridges.
• Mid-life rehabilitation of railway tracks, locomotives, and rolling stock.
• Modernization of airports and ports.
• Renovation and capacity enhancement of power plants.
• Refurbishment of irrigation canals and dams.
• Retrofitting government hospitals and public buildings for safety and energy efficiency.

Such expenditure extends the productive life, capacity, or efficiency of an asset and therefore represents investment rather than consumption, according to the second official. By recognizing these outlays as capex, the government expects to present a more realistic assessment of investments made in modernizing public infrastructure rather than only focusing on new assets.

Saudi Arabia trims main oil price to rare discount as market dives

Saudi Arabia has made significant reductions to its primary crude oil prices for buyers in Asia, selling barrels at a discount for the first time since the 2020 price war. This move comes as a surge in global supply intensifies competition for buyers.

State-owned producer Saudi Aramco is lowering the price of its Arab Light oil for the upcoming month by $11 a barrel, resulting in a $1.50 discount over the regional benchmark. Historically, the company has only sold this grade at a discount during price wars in 2015 and 2020.

Market Dynamics

The price retreat highlights the increasing volumes of oil available on global markets. Several factors are driving this supply surge:

• US-Iran Peace Deal: The interim agreement has allowed Gulf producers to ramp up exports.
• Strait of Hormuz: A "flood of trapped barrels" is now escaping through this vital waterway.

Impact and Outlook

The price cut—the largest in at least 26 years—was more aggressive than the $8 decline anticipated in a Bloomberg survey. This follows a period of elevated prices during the Iran war, when disruptions in the Strait of Hormuz restricted Saudi flows.

This aggressive pricing strategy raises questions about whether other West Asian producers will be forced to implement steep price cuts to compete for customers who are currently inundated with supply.

India for a Brics virtual working group to combat drug trafficking

Guwahati: India on Monday proposed a dedicated virtual working group to address evolving trends in narcotics trafficking at a two-day meeting of the heads of anti-drug agencies from Brics member countries here. Narcotics Control Bureau (NCB) director general Anurag Garg said at the inaugural event of the meet that the “emergence of modern, highly sophisticated methods of trafficking has turned what was once a localized problem into a hyper-connected global threat”. —PTI

Check how your NPS investments are faring

There are very few retirement products that help you accumulate a retirement nest egg and one such product is the National Pension System (NPS). It is a market-linked choice where the returns are based on the performance of the fund you choose. There are eleven pension fund managers to choose from, and one way to evaluate them is by looking at the returns of the equity fund, government bond fund, and corporate bond fund within the private sector NPS.

The following table shows returns for pension fund managers who have completed at least one year of operation as of the reporting date.

Non-Government POP Returns (Tier-1 Account)

Returns are in %; data as of July 2026

Pension Fund Manager	Equity Fund (1yr / 3yr / 5yr)	Govt Bond Fund (1yr / 3yr / 5yr)	Corporate Debt Fund (1yr / 3yr / 5yr)
Benchmarks	9.92 / 10.91 / —	3.59 / 3.68 / 3.25	6.05 / 5.90 / 6.15
Axis Pension Fund	11.55 / 12.88 / 11.99	3.17 / 3.56 / 3.12	5.55 / 6.01 / 5.55
Aditya Birla Sun Life	10.70 / 9.62 / 13.19	3.71 / 3.78 / 2.87	6.19 / 7.89 / 7.85
DSP Pension Fund	12.09 / — / 11.29	3.76 / 7.06 / 7.40	— / 8.23 / 7.99
HDFC Pension Fund	— / 11.67 / 12.72	— / 7.01 / 7.17	8.08 / 7.69 / 8.07
ICICI Pru. Pension Fund	12.28 / 11.48 / 10.58	6.78 / 7.37 / 7.42	7.86 / 8.02 / —
Kotak Mahindra Pension	— / 11.98 / —	6.82 / 7.44 / —	6.84 / — / 7.12
LIC Pension Fund	— / — / —	6.74 / — / 6.30	6.87 / 6.88 / 6.66
SBI Pension Funds	— / — / —	6.37 / 6.28 / 6.59	6.91 / — / 6.82
Tata Pension Fund	— / — / —	6.58 / — / 6.71	— / — / —
UTI Pension Fund	— / — / —	5.96 / 5.56 / 6.21	— / — / —

Note on Benchmarks:

• Equity Fund: Nifty 200 Total Return.
• Government Bond Fund: CCIL All Sovereign Bond-TRI.
• Corporate Debt Fund: CCIL Bond Broad-TRI.

(Source: Excerpts,,)

Ace investors rebound from the Q4 rout

By Mayur Bhalerao
Mumbai

The June quarter may have brought a sharp reversal in fortunes for some marquee investors, as easing crude oil prices and a rebound in small- and mid-cap shares helped portfolios recover from the March-quarter selloff. A Mint analysis of data from Primeinfobase showed that the value of disclosed holdings of 16 out of 17 ace investors (those holding more than ₹1,000 crore) increased between 31 March and 30 June 2026, based on stock price movements of the same set of shares.

Portfolio Performance

The median portfolio of these investors likely gained 18.7% in the June quarter, compared with a median fall of 15.6% in the March quarter. The combined value of the analyzed holdings rose 13.6% to approximately ₹4.30 trillion from ₹3.78 trillion, adding over ₹51,300 crore during the three-month period.

This recovery follows a March quarter where the West Asia war, high crude oil prices, a foreign investor selling spree, and weakness in IT stocks triggered a broader market correction. During the June quarter, the BSE SmallCap index rose 24.1% and the BSE MidCap gained 14.5%, both outpacing the BSE LargeCap’s 7.2% gain.

Individual Rebounds

Among the prominent investors, Ashish Kacholia recorded the strongest recovery, with his disclosed holdings jumping 51.3% to around ₹2,099 crore, reversing a 16.9% decline in the previous quarter. He was followed by:

• Hemendra Kothari: Portfolio rose 37.7% to ₹6,170 crore.
• Madhusudan Kela: Holdings rose 36.1% to ₹2,236 crore.
• Mukul Agrawal: Portfolio increased 35% to ₹6,272 crore.
• Ashish Dhawan and Akash Bhanshali: Posted gains of 30.8% and 30.5%, respectively.
• Yusufali Musaliam Kader: Gained 28.1%.
• Nemish Shah: Holdings rose 20.2%.

The late Rakesh Jhunjhunwala’s portfolio rose 18.7% to ₹68,333 crore. Radhakishan Damani’s holdings climbed 10.8% to about ₹1.94 trillion, and Nirajkumar Bajaj’s portfolio gained 13.5% to ₹1.10 trillion. Together, these three portfolios accounted for over 80% of the sample’s total increase. Conversely, Sunil Munjal was the only investor in the sample whose portfolio value declined, falling 4.1% to ₹14,813 crore.

Market Drivers and Outlook

Domestic flows added significant support as investors continued to allocate money to small- and mid-cap schemes, which received ₹11,831.47 crore and ₹11,270.96 crore, respectively, during April-May.

Expert commentary suggests that while the tide rose for most, individual choices remained critical. “Stock-picking mattered more than the tide,” said Vedant Gupte, co-founder of a portfolio management service. Prabhakar Kudva, director at Samvitti Capital, noted that the recovery is partly "mean reversion after an oversold March quarter" and that sustainability will depend on earnings delivery over the next two to three quarters.

Newspaper Summary 060726

 The article titled Trump’s target is a Quick Edit found on Page 1 of the sources. The following is the full text of the article:

Trump’s target

(Quick Edit)

If statements by US presidents are to be taken seriously, a point that wasn’t under much debate till the ascent of Donald Trump, America is taking an interesting turn., As part of a speech to celebrate America’s 250th birthday, Trump took on “communists” within. While it had faint echoes of the country’s McCarthyist era of anxiety over ‘reds under our beds,’ he did not rail against any ‘evil empire’ of that ideological bent overseas.

Between the end of World II and that of the Cold War 35 years ago, fighting global communism had been a US obsession. Some saw Islamist geopolitics as the next big threat it had identified. But rightist White House rhetoric is now focused on an alleged red shift in internal politics. The odd part is what’s stirring it.

Run-of-the-mill welfare moves by Democrats like health-insurance coverage and subsidies for household-use items have been labelled ‘communist’ by Republican party leaders. A proper red test, however, would ask if a new policy infringes the right to own assets privately. One that vaguely seems inspired by the spirit of ‘from each according to ability and to each according to needs’ doesn’t hurt capitalism. To the contrary, good welfare provisions could strengthen it.

The article titled “How no-egg meal shortchanges India’s children” is a Mint Primer by Sayantan Bera, found on Page 1 of the sources,. The full text and its key points are reproduced below:

How no-egg meal shortchanges India’s children

Children in Kolkata’s government schools won’t get eggs in mid-day meals as the new West Bengal government has entrusted meal preparation to a religious organization that shuns non-vegetarian foods. Mint explores whether India’s children can afford the nutritional cost.

What’s happening in West Bengal? The new BJP-led state government announced on 22 June that Iskcon, a Hindu religious organization, will provide “nutritious” meals to children attending government schools in Kolkata. Iskcon does not serve non-vegetarian food, including eggs, meat and fish, or ingredients such as onion and garlic. It has said animal-based proteins will be replaced with plant-based alternatives such as soy and legumes. But West Bengal is largely a non-vegetarian state and nutritionists argue that eggs are versatile yet a cheap source of protein, crucial to brain development and physical growth in children.

Which states serve eggs in mid-day meals? Most states in southern India serve eggs and fare better on child nutrition indicators. While Karnataka serves six eggs per week (one on each day), Tamil Nadu and Andhra Pradesh provide five eggs per week. Schoolchildren in West Bengal and Bihar get just one egg per week, while states such as Uttar Pradesh, Madhya Pradesh, Maharashtra, Gujarat and Rajasthan do not provide eggs at all. The Centre and states together spend between ₹12 and ₹18 per day per child on nutrition; since eggs cost ₹8-10 per piece, states providing 5-6 eggs per week usually spend out of their own budget.

Why are school meals so important? For children from poor families, these are often the most important meal of the day. The intervention has helped the country curb malnutrition: stunting (low height for age) among children under five fell from 38% in 2015-16 to 29% in 2023-24. However, nearly 32% of children under five continue to be underweight, and 85% of children in the 6- to 23-month age group do not receive an adequate and diversified diet.

Why does removing eggs raise concerns? While cultural and religious factors dictate dietary choices in India, the reality is that many Indian diets are rich in empty calories from cheap cereals. The 2024 dietary guidelines by the National Institute of Nutrition observed that 50-70% of the average Indian’s daily energy intake comes from cereals, while protein contributes just 7-9%, which is half the recommended level. Families are often unable to afford a diverse diet and are spending more on much cheaper ultra-processed junk food.

Can eggs be replaced by other food items? In terms of protein content, eggs can be replaced with dairy sources like paneer. However, 50gm of paneer (providing ~10gm protein) costs around ₹50, compared to just ₹10 for a 50gm boiled egg (~6.5gm protein). While soybeans have comparable protein levels, eggs boast a complete amino acid profile and better bioavailability.

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The Nutrition Gap

Underweight prevalence among children under 5 years of age (%), by states (Source: National Family Health Survey-6, 2023-24):

• Madhya Pradesh: 39.7%
• Bihar: 35.7%
• Gujarat: 35.5%
• Uttar Pradesh: 34.5%
• West Bengal: 28.5%
• Karnataka: 27.8%
• Tamil Nadu: 23.2%
• Andhra Pradesh: 23.2%
• Kerala: 17.8%
• INDIA AVERAGE: 31.8%

The article titled “Inside the glittering world of India’s GCC offices” is a Long Story by Madhurima Nandy, found on Page 10 of the sources. The full text is reproduced below:

Inside the glittering world of India’s GCC offices

Developers and asset owners in India are racing to woo global tenants, upgrading their realty play

On a weekday afternoon in June, the global capability hub of 7-Eleven in Bengaluru is buzzing. The bright neon signage at the entrance leads to the reception that mimics a store counter of the Dallas-based convenience retail major with its signature cold Slurpee vending machine and a hot coffee dispenser.

Each workstation has dual monitors, huddle spaces and single-seater focus rooms for ‘deep work’. There are meeting rooms of all sizes. But then, all meetings don’t need to be formal, so there is a colourful space with relaxed seating where a watch party (people gather to watch a show) can be hosted. Some take a break from work. They are at the simulated racing room, at the gym, or at the pickleball court.

Each of the six floors it occupies has a theme. There is a ‘digital forest’ that has a podcast room, a jazz club with a jukebox and karaoke stage, and a popcorn vending machine. There is the ‘Cars of 7-Eleven’ floor, which is inspired by the cars parked before 7-Eleven stores in the US. The walls are splashed with colourful graffiti and the 7-Eleven brand colours in red, orange and green.

The aim of this global capability centre (GCC) is to provide a great work experience. The average age of an employee here is 26 years and everything mentioned above caters to this age bracket. “The office plays a big role in making employees want to come to work,” said Malahar Pinnelli, vice-president and country leader, 7-Eleven Global Solution Center.

In fact, that’s the goal of all GCCs in India who have upped the game in how their office spaces look and feel. In turn, it is slowly reimagining the face of Indian office real estate.

International hub

India has quietly become the largest hub for GCCs. Office leasing took off this year on a strong note, led by GCCs, as they continue to deepen their footprint in the region. As per property advisory CBRE India’s estimates, GCCs leased 9.1 million sq. ft of office space during the January–March quarter, accounting for 44% of the total leasing.

Geographically, Bengaluru remained central to GCC activity, capturing the largest share, followed by Hyderabad and Delhi-National Capital Region. Premiumization of offices is an emerging trend; GCCs are only pushing the envelope further, with branding, location and employee experience being the key.

Just like GCCs are leaving no stone unturned to retain talent by creating premium workspaces, developers and office park owners such as real estate investment trusts (Reits) too are building and designing offices suited to their needs. To set up a GCC unit for Commonwealth Bank of Australia in Bengaluru, the design team of Embassy Reit made two trips to the bank’s Sydney headquarters to understand its culture and philosophy. The fit-out process is currently on for a 1.1 million sq. ft workspace across eight levels at the Embassy Manyata Business Park.

The bank’s new office will have a massive grandstand with amphitheatre seating, stress relief zones with gaming on each floor, wellness access, and sleeping pods. Since the kitchen is an important feature in the Sydney office, the Bengaluru GCC will also have an elaborate food programme with live cooking.

“GCCs spend an equal amount or more on fitouts and technology compared to what developers spend on construction,” said Sriram Khattar, vice-chairman and managing director, DLF Rental Business.

Global DNA

India’s GCC story has moved well beyond cost arbitrage to housing critical functions and high-value talent. Global companies want to make their Indian employees feel part of the wider organization.

Take Walmart Global Tech’s large facility on Bengaluru’s Outer Ring Road. Jane Peter Lobo, an analyst at the company, said the workspace made him feel connected to the Walmart story. Meeting spaces are built for everything from five-minute conversations to full sprint sessions, and every floor has a wellness room, a mother’s room, and a doctor’s room. Sam Walton’s legacy is woven into the office to help employees understand why decisions are made the way they are.

South Carolina-headquartered Sonoco, a 125-year-old packaging firm, set up its GCC in Hyderabad last year. It shortlisted India among seven other countries due to talent availability and supportive policies. As a legacy manufacturing company, it wanted the office to reflect its DNA, featuring a "Sonoco history wall".

The wow factor

With the shift from India as an offshoring base to an AI-powered strategic hub, GCCs have moved up the real estate value chain. They are taking up larger spaces, with the average space per employee rising to 125–130 sq. ft, compared to 80–100 sq. ft in traditional offices. Specialized sectors like semiconductors require even more space for labs and collaborative areas.

Developers are rushing to adapt. In its new Lakeshore Drive business park, Bengaluru’s Prestige Group has leased out 2.6 million sq. ft to tech and capability centres of Uber, Blackstone and DXC Technology. Prestige has even worked on mobility by widening roads, building a flyover, and adopting the new Bellandur metro station for integrated access.

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India’s GCC Landscape: Key Numbers

• Estimated Revenue: $98.4 billion
• Total Talent Pool: 2.36 million employees
• Number of GCCs: 2,117
• Jan-Mar 2026 Leasing: 9.1 million sq. ft (44% of total market)

Pecking Order: City-wise share in GCC leasing (2025)

• Bengaluru: 37%
• Hyderabad: 17%
• Delhi-NCR: 13%
• Pune: 12%
• Chennai: 4%
• Mumbai: 1%

Top Recent GCC Leasing Deals

• HSBC (Bengaluru): 1,200,000 sq. ft
• British Petroleum (Pune): 1,008,726 sq. ft
• Airbus (Bengaluru): 881,000 sq. ft
• Target Corp India (Bengaluru): 831,000 sq. ft
• Standard Chartered (Chennai): 777,331 sq. ft
• Citi Bank (Pune): 771,180 sq. ft

The article titled “A new reel deal: What India-UK trade pact means for film and OTT” is written by Lata Jha and found on Page 6 of the source. The full text is reproduced below:

A new reel deal: What India-UK trade pact means for film and OTT

The India-UK Comprehensive Economic and Trade Agreement (Ceta), which comes into force later this month, could make it easier for film studios, streaming platforms and production houses of the two countries to collaborate seamlessly.

While the India–UK Film Co-Production Agreement recognizes qualifying projects as both British and Indian productions for incentives, industry experts say it will also bring certainty regarding intellectual property, easier movement of talent, and improved access to services. These changes are expected to make it simpler and more cost-effective for producers while reducing practical hurdles for projects. The deal aims to improve investor confidence, encourage cross-border collaborations, and make India a more attractive partner for international studios and streaming platforms.

The opportunity arises as the media and entertainment industry increasingly relies on licensing content across markets. According to Rohit Dalmia, chairman and managing director of CineNow, "Production incentives and rebates available in markets such as the UK can significantly improve project economics by lowering net production costs and enhancing capital efficiency".

Beyond filmmaking, the UK brings strengths in AI research, creative technology and production infrastructure, while India offers creative talent, engineering capability and cost-efficient production at scale, according to Ridhima Lulla. A high-profile example of this partnership was the announcement by former UK PM Keir Starmer and Yash Raj Films regarding YRF returning to shoot three Bollywood films in the UK, a move expected to create over 3,000 jobs.

For productions from countries with co-production treaties with India, such as the UK, the minimum spend threshold of ₹3 crore is waived entirely, making a production eligible for the rebate regardless of its budget. Ishan Johri, partner at Khaitan & Co, noted that the Ceta complements cultural agreements between the British Film Institute and the National Film Development Corporation, as well as between the UK producers' body Pact and the Producers Guild of India.

Prachi Shrivastava, founding advisor at Lawfinity Solutions, emphasized the enabling nature of the agreement. “A trade agreement doesn't, by itself, bring film shoots to a country,” she said. “What the FTA adds is mostly enabling: easier movement of crew and creative professionals, more certainty around intellectual property and its enforcement, and more confidence for UK studios and streamers investing in Indian production”.

This deal comes as the Indian media and entertainment sector is projected to grow to ₹2.86 trillion in 2026 before reaching ₹3.3 trillion by 2028.

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Pact Play

• Greater Certainty: The pact provides more stability regarding intellectual property, movement of talent, and service access.
• Attractiveness: The deal is expected to improve investor confidence, push cross-border collaborations, and make India a more attractive partner.

The article titled “Tata Steel backs India growth with ₹20,000 cr capex” is found on Page 7 of the source. The full text is reproduced below:

Tata Steel backs India growth with ₹20,000 cr capex

The firm aims to increase global steelmaking capacity to over 50 MTPA, with India driving most of the growth

Tata Steel is looking to spend around ₹20,000 crore as capex in the current financial year, with a major share allocated to support its India business. This planned expenditure for FY27 is 38% higher than the ₹14,559 crore spent by the company a year ago.

“In FY26, we spent ₹14,559 crore on capital expenditure, and we plan to increase this to approximately ₹20,000 crore in FY 2026-27, with 60% allocated to India,” stated T. V. Narendran, CEO and MD, and Koushik Chatterjee, ED and CFO. The management explained that the capital allocation strategy for FY27 focuses on a balanced mix of sustenance projects, ongoing investments in value-added downstream and infrastructure projects, new technologies, and long-term growth projects, with a clear emphasis on India.

Key Projects and Expansions

Specific projects identified for this investment include:

• Expansions in tinplate and wires.
• The HRPGL (Hot Rolled Pickling & Galvanising Line) facility at Tarapur.
• The Coke Ovens project at Jamshedpur.
• Continued investments in mining, a stronger supply chain, and operational sustainability.

Capacity Goals

Tata Steel currently has a consolidated steelmaking capacity of over 36 million tonnes per annum (MTPA), excluding 3.2 MT in the UK currently under transition. Its existing capacity is distributed as follows:

• India: 27.35 MT
• Netherlands: 7 MT
• Thailand: 1.7 MT

In the long term, the company aims to increase its global capacity to over 50 MTPA, with the growth primarily driven by India, where it plans to add over 12 MT. The goal is to reach 40 MTPA capacity within India.

Indian Operations Overview

• Jamshedpur: 11 MTPA.
• Gamharia (Jharkhand): 1 MTPA.
• Kalinganagar (Odisha): 9 MTPA, including Neelachal Ispat Nigam Ltd (NINL), which was acquired through insolvency. The company is currently pursuing a 4.8 MTPA Phase-I expansion at NINL.
• Meramandali (Odisha): 5.6 MTPA.
• Punjab: Recently commissioned a 0.75 MT electric arc furnace.

Additionally, Tata Steel has formed a strategic partnership with Lloyds Metals and Energy Ltd to develop the emerging Gadchiroli iron ore hub and is evaluating a phased greenfield steel capacity of 6 MTPA.

The article titled “Calls for revenge as top officials appear at Khamenei’s funeral” is an AP report from Tehran, found on Page 8 of the sources. The full text is reproduced below:

Calls for revenge as top officials appear at Khamenei’s funeral

Iran’s top officials and brothers of the new supreme leader emerged into public view Sunday to attend funeral prayers for Ayatollah Ali Khamenei. Their appearance signalled confidence in their safety as Iran pushes back on US demands in negotiations to permanently end the war.

Crowds of hundreds of thousands chanted “Death to America” and “Death to Israel”, as they called for revenge over the 28 February attack that killed the 86-year-old supreme leader and other top officials, triggering the war. Some hard-liners called for the assassination of US president Donald Trump.

Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, has yet to make an appearance in the funeral ceremonies, which are unfolding over several days. He is believed to be in hiding after reportedly being wounded in the airstrike that killed his father. At the height of the war, before an April ceasefire, Israel had targeted top leaders, in at least one case likely using their public appearance to fix their position. It has also threatened to kill the younger Khamenei.

The US is meanwhile pressing ahead with negotiations with Iran aimed at fully reopening the Strait of Hormuz and rolling back its disputed nuclear programme.

Ziba Naderi, a 42-year-old nurse attending the funeral Sunday, said Iran needed to heed Mojtaba Khamenei’s commands. “I heard the call for revenge, but our leader should say what we need to do,” she said. “And we must listen to him”.

Ayatollah Jafar Sobhani, a 97-year-old Shiite cleric, led the prayers at Tehran’s Grand Mosalla for the late Khamenei and his family members killed in the strike. On hand were Khamenei’s other sons, Masoud, Meysam, and Mostafa, who haven’t been seen since the war. Revolutionary Guard head General Ahmad Vahidi, who was photographed for the first time since the war on Thursday, could be seen in the crowd, flanked by plainclothes security forces and wearing a black baseball cap.

Iran’s president Masoud Pezeshkian, parliament speaker Mohammad Bagher Qalibaf—who has led the negotiations with the US—and Esmail Qaani, who leads the elite Quds Force of the paramilitary Revolutionary Guard, also attended.

The crowd had grown from the day before. Mourners dressed in black carried banners and flags honouring Khamenei. Posters and graffiti at the Grand Mosalla called for the killing of Trump and Israeli prime minister Benjamin Netanyahu.

“Why is the biggest bastard in the world still alive?” Mohammad Rasouli, a poet who emceed the event before the prayers, said to the crowd over loudspeakers, referring to Trump. “The world is no longer a good place” for Trump, he added as the crowd cheered.

“I came here to shout and seek revenge,” said Gholamreza Sabooni, a 29-year-old man who works in a grocery. “They killed our imam, we should kill their leader, Trump”.

The US president was giving a speech at the same time across the world in Washington, D.C., for the 250th anniversary of America’s founding. “We’ve had tremendous success,” Trump said about the US military. “You look at Venezuela, you look at Iran. We wiped it out, wiped out their military”.

US federal authorities have been tracking Iranian threats against Trump and other administration officials for years. That stems from Trump ordering the 2020 killing of General Qassem Soleimani, who had led the Quds Force. Iran repeatedly has denied plotting to kill Trump, though hard-line propaganda footage long has suggested Trump was in Tehran’s crosshairs. Trump meanwhile promised to destroy Iran’s very civilization during the war, among other threats.

Khamenei’s body will be transported to cities in Iran and neighbouring Iraq, with authorities planning to drive his casket and others through the streets of Tehran on Monday. Authorities have shut down streets, airspace and daily life for the mourning, which will end Thursday as he is buried at the Imam Reza shrine in Mashhad, Khamenei’s place of birth.

Authorities offered no attendance count for the event Saturday and Sunday. Other cities across Iran also held mourning ceremonies.

Talks over reaching a permanent end to the war appear to be on hold until the end of the funeral. The funeral was in part a show of unity and defiance as Iran demands a measure of control over the Strait of Hormuz, a vital waterway for global energy that it shut down during the war. The US has rejected those demands, and the sides are divided on other key issues, including the conflict between Israel and the Iran-backed Hezbollah in Lebanon and Iran’s nuclear programme.

The US assisted 70 transits of the Strait of Hormuz over the past 72 hours, including 18 on Saturday, a multinational maritime body overseen by the US Navy said Sunday. It called traffic steady along routes near Oman and Iran but still below prewar levels. The threat level remained “substantial” and mine clearance and surveying work continued.

“Our foreign policy should not be shaped in a way that allows our martyred leader’s blood to be dishonoured and other countries can afford to do such things, without any serious response from our government and diplomatic system,” mourner Mohammad Reza Sharifi said.

The article titled “The hidden costs of remote work for Gen Z” is written by Owen Tucker-Smith and found on Page 14 of the sources. The full text is reproduced below:

The hidden costs of remote work for Gen Z

Frustration among employers over the effects of working from home may be leading them to cut back on hiring young workers

After two years and 150 job applications, Kylie Klapp settled for something she hadn’t initially sought out: a company with no office. The 24-year-old’s colleagues are scattered across living rooms around the country, dealing in Slack messages and emails, but never chatting by the water cooler because, well, there isn’t one. She goes days without hearing a co-worker’s voice or seeing one’s face. When she does, the interaction is to-the-point: “You give me a task,” she says, “I give you an output”.

In the back of Klapp’s mind is the fear of getting left behind. “The job market is so bad right now,” she said. “I need to network”. And if that isn’t enough? Remote work “has ruined my social life,” she says.

Six years ago, the pandemic sent Klapp and her peers home from their high schools months before their graduations. Now, much of Gen Z remains alien to the American office. And while executives like Jamie Dimon and Andy Jassy have launched high-profile campaigns to get workers back to their desks, remote work remains a staple of the workplace, leaving plenty of recent grads Zooming into conference calls from their couches.

MENTORSHIP GAP

Those workers sometimes struggle to connect with mentors or shadow senior employees. Training junior workers remotely is “very expensive,” said startup founder Jason Crawford. “It becomes this silent tax on senior time”. Crawford’s top employees would be more productive at home, he said, but junior ones aren’t.

Recent grads are already fretting that artificial intelligence is shrinking the junior job market. Compounding those worries is fresh economic research arguing that frustration among employers like Crawford over how working-from-home policies have played out might have caused them to cut back on hiring young workers altogether.

A study last month from researchers at the London School of Economics noted that the amount of hiring devoted to entry-level roles across a handful of countries has fallen more than 14% since 2019. The study, based on more than 400 million online job postings, found that firms that stayed remote after the pandemic were more likely to cut back on junior hiring. Recruiting an entry-level worker, the researchers say, is a bet on the employee’s future skills. So a company’s return-on-investment hinges on the rate at which that young employee learns.

Since remote work slows that process, the researchers argue, companies see young talent as a less attractive value proposition, preferring to invest instead in older workers. As a result, remote work doesn’t just dampen young employees’ day-to-day experience. It also makes it harder for them to find a job in the future.

“The implication is stark,” the researchers wrote. “A persistent contraction of this kind hollows out the pipeline of future experienced workers, causing declines in aggregate productivity as well as imposing cohort-specific scarring”.

Less than a quarter of Gen Z wants a fully remote workplace, according to a Gallup poll last year, compared with more than a third of the older generations. Software developer Darby Vernon used to work at a company that allowed workers to stay home, and only a small cohort of young, mostly single workers would come into the office.

On the surface, Vernon said, remote work seemed attractive: “You can roll out of bed five minutes before your morning meeting”. But she started to miss socializing. An introvert, Vernon would realize she had gone a week without talking to anyone besides a waiter at a restaurant. She is now a month into an in-person role—and she feels sorry for young workers who are stuck at home.

“Sending someone a Slack message admitting ‘I don’t know what I’m doing’ is harder than leaning over at lunch,” she said.

Some also worry that remote work limits the development of the “soft skills” needed to succeed in workplace social situations. There is a whole cottage industry for it now: Amazon and Live Nation hired influencer Grace McCarrick to improve their workers’ social skills in the workplace.

McCarrick has recently started selling her services directly to workers, teaching them what to say when your boss’s boss approaches you at happy hour, for a few hundred dollars a month. She calls it “the Soft Skilled School” and said there is significant demand from young people. This month’s theme? Charisma.

Young workers can’t expect to flex these skills at home, she added. “You can have convenience when you’re 45”.

DIFFERENT PRIORITIES

Not everyone buys that. A camp of Gen Z has clung to the dream of work-life balance. Only 6% of Gen Z and Millennials say achieving a leadership position at their company is a primary career goal, according to a Deloitte survey last month. More than 40% said flexible work arrangements would be a top factor influencing their decision to take on a leadership role.

That spirit has led an army of young people to push back against the back-to-work crusade. Part of the problem, Klapp said, is that the emerging factions of Gen Z are now leading completely different lives: “I have a really hard time relating to peers that don’t have the same experience as me,” she said.

A thousand miles away from Klapp in Canada, 24-year-old software developer Chris Stevers doesn’t mind coding from his family farm outside of Stratford, Ontario. Yes, it was awkward when a cow interrupted one of his Zooms, and he realizes he could be missing out on networking by surrounding himself mostly with farmers. But Stevers likes that he is able to get his tasks done while tending to his herd of cattle and being near family.

Economists say the remote-work theory of entry-level hiring might be good news, especially if it means the effects of AI aren’t to blame for the hiring slowdown. The inconveniences of Slack and Zoom are fixable problems, the LSE researchers argue, which corporate America could work to address. On the other hand, if the slowdown is AI’s fault, they say, then there isn’t much that can be done easily, given the technology’s unstoppable force.

And yet the workforce doesn’t seem to have reached that point yet. Matthew Manning, already on his third remote job in three years after graduating in 2023, has never shadowed another employee. Manning, like others, enjoys the flexibility of remote work. But he also realizes he hasn’t been in a job long enough to go through a promotion cycle. He was laid off of both of his previous roles.

“I’ve never really gotten to know my co-workers,” he said. “And I think it’s easier to let someone go if you don’t have a physical relationship with them”.

© 2026 DOW JONES & CO. INC.

The article titled “Israel army chief vows decisive action on Hezbollah in Lebanon” is an AFP report from Jerusalem, found on Page 8 of the source. The full text is reproduced below:

Israel army chief vows decisive action on Hezbollah in Lebanon

Israel’s military chief visited forces deployed around Beaufort castle in southern Lebanon on Sunday, vowing to push ahead with the campaign against Hezbollah.

“The IDF will continue to operate decisively to remove threats from Lebanese territory and is prepared to transition rapidly to offensive operations should the ceasefire be violated,” Lieutenant General Eyal Zamir told soldiers during the visit, according to a statement issued by the military.

Israeli forces seized the crusader-era castle and the area around it recently, giving the military a strategic toehold it previously occupied for nearly two decades.

Israel says it uncovered a tunnel network beneath the castle, saying it was built to give fighters of Lebanese militant group Hezbollah a fortified strike hub just kilometres from Israeli territory.

Israel previously overran the fortress during its 1982 invasion of Lebanon, after a prolonged battle with the Palestinian fighters hidden in the castle’s maze of historic underground tunnels. The castle was damaged by violent bombardment in the process. Israel then used it as one of its main observation posts until its troops withdrew from the country in 2000.

“Our troops’ activities at the Beaufort Ridge and throughout southern Lebanon are being carried out in accordance with the framework of the agreement and the mechanisms established under it,” Zamir said on Sunday, referring to the recent US-brokered agreement between Israel and Lebanon intended to permanently halt hostilities.

But Zamir said that “any threat directed at our troops or the Israeli civilians will be struck immediately and eliminated”.

“The Lebanese Armed Forces are required to fulfil their commitments under the historic agreement that was signed and act to clear the area of Hezbollah terrorists and terrorist infrastructure,” he added.

Hezbollah drew Lebanon into the war in West Asia on 2 March with rocket fire at Israel to avenge the killing of Iran’s supreme leader in US-Israeli strikes days earlier. Israel responded with massive airstrikes and a ground invasion of southern Lebanon, where its troops now occupy swathes of territory near the border.