India has dispatched a fresh tranche of 35 tonnes of humanitarian aid to flood-ravaged Nepal, marking the eighth special flight since devastating flash floods struck the Himalayan nation on August 26. The aid includes relief materials, specialised rescue equipment, and expert personnel, with Indian teams actively assisting in tunnel rescue operations and forensic identification of victims. The death toll has climbed to 1,365, and thousands remain missing as India reaffirms its commitment to supporting Nepal's recovery efforts.
For India, the goal is not simply to host another grand diplomatic gathering. It is to prove that a diverse coalition of emerging powers can still deliver.
The United States and the European Union have strongly criticised India's trade policies at the World Trade Organization review, highlighting concerns over high tariffs, quality-control orders (QCOs), and restrictions on digital trade and services, which they argue undermine India's economic openness.
Indian benchmark indices, Sensex and Nifty, experienced declines in early trade due to elevated crude oil prices, escalating US-Iran hostilities, and renewed concerns over a potential US interest rate hike.
Iranian President Masoud Pezeshkian declared that Iran will not succumb to "bullying" from the US and Israel, vowing to protect national interests amidst escalating West Asian hostilities. During his visit to New Delhi for the BRICS summit, Pezeshkian also discussed strengthening bilateral ties with Prime Minister Narendra Modi and advocated for local currencies in BRICS trade, positioning Iran as a strategic energy and transport partner.
The Indian government has notified the Legal Metrology (Indian Standard Time) Rules, 2026, establishing IST as the sole reference for all official purposes nationwide. These rules, effective in 180 days, aim to synchronise digital systems, reduce reliance on foreign time sources, and enhance coordination across critical sectors like banking, railways, and telecommunications.
The benchmark Sensex plummeted 813 points to a three-month low, with the Nifty settling below 23,450, as escalating tensions in West Asia drove crude oil prices above USD 100 per barrel, leading to widespread selling in IT, FMCG, financial services, and oil & gas shares.
Flash floods in Tibet's Gyirong County, near the China-Nepal border, have resulted in five deaths and 558 missing individuals, including 260 foreign nationals. The disaster also caused significant casualties in Nepal and disrupted infrastructure. Rescue operations are underway, and concerns are rising over a newly formed barrier lake that poses a risk of further flooding.
Iranian President Masoud Pezeshkian concluded his visit to India for the 18th BRICS Summit, announcing that Iran and the UAE agreed to move past previous tensions. This diplomatic breakthrough occurred during talks with Abu Dhabi's Crown Prince on the summit sidelines. Pezeshkian also met with PM Modi to discuss bilateral ties and West Asia developments, with Modi emphasising dialogue for regional peace. The BRICS summit adopted the New Delhi Declaration 2026, calling for global governance reforms and de-escalation in West Asia.
Analysts predict that the Indian stock market's sentiment this week will be primarily influenced by the domestic GDP data announcement, crude oil prices, and the crucial US non-farm payrolls report.
'We desperately want India to send the army as the evacuation process needs to be escalated immediately.'
State Bank of India Chairman C S Setty stated that banks will take three to four months to deploy the significant funds mobilised through foreign currency non-resident (bank), or FCNR(B), deposits, which is unlikely to cause "abnormal lending". He also highlighted the need for agentic artificial intelligence (AI) costs to fall sharply for its widespread deployment in India, envisioning its role in transforming banking from fraud detection to personalised financial assistance.
This article details the quarter-century journey of BRICS, from its inception as an economic acronym by a Goldman Sachs economist to its current status as an expanded eleven-member international bloc. It highlights its growth, key historical moments, and the significance of its upcoming summit, particularly with Iran's renewed importance in discussions.
The Finance Ministry has clarified that the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, is not expected to increase cash transactions or cause inflation. The ministry also dismissed allegations of US pressure influencing the decision, asserting that the policy aims to promote RuPay credit cards within the UPI ecosystem, and a monitoring mechanism will ensure the MDR burden is not passed on to consumers.
Prime Minister Narendra Modi has urged the fintech sector to expand the global reach of India's Unified Payments Interface (UPI), connecting it with local systems in other countries to help the diaspora save on remittance costs.
Indian tourists are abandoning their trips to Nepal and returning via the Sonauli border due to severe flooding, which has disrupted road connectivity and raised safety concerns. The floods have caused a high death toll and left nearly 1,000 people missing, including many foreign nationals, significantly impacting Nepal's tourism sector.
Bangladesh has confirmed that Prime Minister Tarique Rahman will not attend the upcoming BRICS Summit in India, clarifying that the invitation was extended to him as the BIMSTEC Chair, not as Bangladesh's Prime Minister. The nation is prioritising bilateral visits and discussions, while also addressing national interests like the expiring Ganges Water Sharing Treaty.
The opposition has intensified its criticism of the government's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15. Leaders like Rahul Gandhi and Jairam Ramesh allege the move is a result of US pressure, particularly from American card companies, and demand an immediate rollback, warning of increased costs for consumers.
In July, tension emerged in Taksing, a remote village in the Upper Subansiri district of Arunachal Pradesh after locals sighted PLA soldiers.
Indian equity benchmark indices Sensex and Nifty rebounded sharply in early trade, with the Sensex jumping over 530 points, tracking a broad-based rally in Asian markets after four consecutive days of decline.
The Calcutta high court has held that voter identity cards, Aadhaar and PAN cards are not conclusive proof of Indian citizenship.
The US Department of Homeland Security removed a controversial X post featuring a Transformers-themed cartoon targeting an Indian Sikh man, Harjinder Singh, with racially charged language. The post, which linked Singh to vehicular homicide charges and used phrases like "Self deport or find out," drew fierce condemnation from Indian American organisations and Democratic lawmakers for its discriminatory nature. DHS initially dismissed the outcry but later removed the post without explanation, while continuing its campaign against "illegal aliens" involved in fatal traffic accidents.
Indian banks anticipate a reduction of up to 50 basis points in their funding costs due to a surge in liquidity from robust Foreign Currency Non-Resident (Bank), or FCNR (B), flows, lessening their reliance on more expensive certificates of deposit (CDs).
The Reserve Bank of India (RBI) net bought $561 million in June, marking its first net purchase since February, following three consecutive months of net sales. This move coincided with a series of government and RBI measures to attract foreign capital, leading to a 0.36 per cent appreciation of the rupee against the dollar.
Indian benchmark equity indices, Sensex and Nifty, experienced declines in early trade due to renewed tensions in West Asia, which led to a rebound in crude oil prices, coupled with weak global market trends and foreign fund outflows.
The Supreme Court has directed the Jammu and Kashmir administration to issue a no-objection certificate and relieving order to international water sports coach Bilquis Mir, enabling her to join the Indian National Kayaking and Canoeing Team as chief coach for the Asian Games. This ruling came after PDP chief Mehbooba Mufti criticised the bureaucratic hurdles faced by Mir, highlighting systemic issues within the administration.
IT services stocks have had tough two years, with prices coming under pressure from 2025 and the sell-off extending through the first half of 2026.
Indian benchmark indices Sensex and Nifty advanced in early trade, driven by renewed foreign fund inflows and a significant drop in crude oil prices to pre-war levels, signalling an uptrend in the market. Track Sensex, Nifty on July 7, 2026.
The Bombay High Court has identified a worrying trend of foreign nationals infiltrating India, fraudulently acquiring documents like Aadhaar and PAN cards to claim Indian citizenship. The court highlighted serious gaps in inter-agency coordination and document verification, noting that some individuals have engaged in anti-national activities. It urged the Centre to amend the Aadhaar Act to facilitate tracing and deportation, and to establish procedures for dealing with human trafficking and border infiltration. The ruling came during a case involving an Afghan national who overstayed his visa and obtained fake documents to secure an Indian passport.
Axis Bank MD & CEO Amitabh Chaudhry has cautioned that the surge in FCNR(B) deposits could lead to 'abnormal lending' as banks seek to deploy excess liquidity, while also hinting at a potential interest rate hike in the near future.
Chhattisgarh is rapidly emerging as a significant sports destination in India, driven by state government initiatives to host major events and develop infrastructure. Chief Minister Vishnu Deo Sai highlighted the state's commitment to sports, exemplified by the DP World PGTI Nava Raipur Open 2026 golf championship, inaugurated with cricket legend Kapil Dev. These efforts aim to foster talent, promote sports tourism, and transform the state's image, including positive changes in regions like Bastar.
The Congress party has accused the Indian government of imposing new charges on UPI transactions due to pressure from the United States, specifically to benefit American card companies. The opposition party demanded the withdrawal of the decision, calling it "anti-national" and alleging it fills the coffers of US firms while burdening Indian citizens. The government, however, clarified that the Merchant Discount Rate (MDR) charges apply only to commercial transactions above Rs 2,000 and are not levied on consumers, a stance supported by the BJP which accused Congress of spreading "fake news".
Senior Congress leader Shashi Tharoor has articulated India's position on BRICS, advocating for it to be a "non-West, but not anti-West" platform, a stance he believes is crucial for India's national interest. He highlighted the prestige of hosting the BRICS summit, India's responsibility to represent the Global South, and the significance of bilateral meetings, particularly with China and Russia. Tharoor also addressed the strained India-China relations, citing border issues and trade leverage, and discussed the challenges within BRICS, including difficulties in achieving consensus on global issues and trade imbalances, while also considering the need for diversified international relations amidst unpredictable US sanctions.
Indian and Chinese armies held their first high-level commanders' flag talks in the Arunachal Pradesh sector, following Special Representatives dialogue. These talks, aimed at maintaining peace along the Line of Actual Control, occurred amidst reports of aggressive military posturing and just days before Chinese President Xi Jinping's visit to India for the BRICS summit.
India's current account deficit could widen to 1.7 per cent of GDP, or about $71 billion, if crude oil prices stay above $90 a barrel for a significant part of the second half of FY27.
Bangladesh's State Minister for Foreign Affairs, Humaiun Kobir, announced that the country seeks to "reset" its relationship with India, moving towards a new bilateral engagement based on mutual interests. He described ties during the previous government's tenure as "uncomfortable" and emphasised the need for Bangladesh to approach India as "just another country," focusing on balanced relations rather than an "excessive preoccupation." This comes after Bangladesh's Prime Minister Tarique Rahman did not attend the BRICS Summit in India.
India has finalised a deal with the United States to acquire Javelin anti-tank guided missile systems, significantly enhancing the Indian Army's combat capabilities. This procurement, facilitated through the US Foreign Military Sales process, underscores the deepening bilateral defence partnership and opens avenues for future collaboration and co-production between the defence industries of both nations.
Ahead of President Vladimir Putin's visit to India for the BRICS summit, Russia has expressed support for New Delhi's peace initiatives to resolve the Ukraine conflict. Discussions between Putin and PM Modi will cover defence, energy, technology, and the repatriation of Indian nationals from the Russian military, alongside addressing trade and investment ties.
Moody's Ratings has sharply increased India's GDP growth forecast for fiscal 2026-27 to 7 per cent, making it the fastest among G20 economies, driven by economic resilience despite the Middle East conflict. However, the agency flagged significant inflation risks stemming from elevated oil prices and potential El Nino disruptions.
The RSS-affiliated Swadeshi Jagran Manch (SJM) has urged the government to reconsider imposing a merchant discount rate (MDR) on UPI transactions above Rs 2,000, arguing that the costs do not warrant such a move. This comes after the government announced a 0.4 per cent fee on merchant transfers over Rs 2,000 from October 15, while assuring that person-to-person and small payments remain free. SJM co-convener Ashwani Mahajan highlighted that banks have not demanded MDR and that UPI has reduced their transaction costs.
