THURSDAY RUSSIA 31 JAPAN 8.8 Magnitude earthquake JULY, 2025 epaper.morningstandard.in facebook.com/TheMorningStandard X.com/TheMornStandard PHOTO: SAKHALIN REGIONAL ADMINISTRATION AID HIT 8.8 QUAKE HITS RUSSIA’S FAR EAST, TSUNAMI WAVES REACH U.S. SHORES ISRAELI STRIKES KILL 46 IN GAZA NO CASUALTIES, SEVERAL INJURED IN RUSSIA Israeli strikes and gunfire in the Gaza Strip killed at least 46 Palestinians overnight and into Wednesday, most of them among crowds seeking food. A CAPITAL VIEW OF NEWS PAGE 9 U.S. SHARE OF INDIA’S TOTAL EXPORTS Current US tariff apart from 10% baseline levy Electrical, smartphone and electronics products 35.8%  NEW DELHI TRUMP DROPS THE TARIFF HAMMER Unspecified penalty for doing business with Russia 0.4% Pharmaceuticals 54.5% 0% Diamonds, gold and products 40% 2.1% Machinery and mechanical appliances 21.8% RECIPROCAL LEVIES TO KICK IN FROM AUGUST 1 1.3% Organic chemicals 17.3% 4% Petroleum products 4.3% 6.9% Textiles, made up 51.3% 9% Iron or steel articles 28.1% 1.7% Vehicles and parts 12.7% 1% Apparel; not knitted or crocheted 30.7% 10.3% Apparel; knitted or crocheted 32.1% 13.9% Fish and crustaceans 32.6% D I PA K M O N D A L @ New Delhi AFTER failing to clinch an interim trade deal, the US on Wednesday imposed a 25% reciprocal tariff (plus a penalty for doing business with Russia) on India—much to the latter’s chagrin as it was expecting it would be less than 20%. While the 25% levy which will kick in from August 1, is lower , than 26% announced earlier, the ‘Russia penalty’ means a major rise in overall levies on goods exported to the US. India was hoping for a lower tariff of 15-20%, which could have given it an edge over many other Asian economies. But now, the country stands to lose the competitive edge over Vietnam (20% tariff), Indonesia (19%), and Japan (15%). China attracts an additional tariff of 30%. While announcing the tariff, US President Donald Trump made no bones about his displeasure at ‘friend’ India’s high tariff regime and its close business ties with Russia. In his Truth Social post, Trump said India’s tariffs are among the highest in the world, and its non-monetary trade barriers are the most strenuous. He was equally scathing in pointing out that India has ‘always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of energy’ at a time when everyone wants Russia to stop killings in Ukraine. Later, Trump said the talks with India for a trade deal were still on. “We are talking to India now. We will see what happens. It doesn’t matter too much whether we have a deal or we charge them a certain tariff. But you will know at the end of this week,” he told reporters. A White House official said Trump slapped the 25% tariff on India because he was ‘frustrated’ with the lack of progress on trade talks. The Indian government said that it has taken note of Trump’s statement and is studying it. It added that India attaches the utmost importance to protecting the welfare of farmers, entrepreneurs, and MSMEs, and that it will take all steps necessary to secure the national interest. India had differences with the US during trade negotiations that went on for several months, over tariff-free imports of agricultural goods and dairy products. It also had differences with the US over tariff on automobiles, auto components, steel, etc. P7 The government has taken note of a statement by the US President on bilateral trade. The government is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective - Commerce ministry 0% Furniture; bedding, mattresses 54.8% 2.3% Plastics and articles 16.8% 4.4% Carpets 2.9% Source: GTRI 62.8% President Trump has slapped a tariff of 25 per cent plus penalty on imports from India. All that ‘taarif’ between him and ‘Howdy Modi’ has meant little Congress general secretary Jairam Ramesh The tariff (and penalty) now proposed by the US is higher than what we had anticipated, and is therefore likely to pose a headwind to India’s GDP growth. The extent of the downside will depend on the size of the penalties imposed. Aditi Nayar, chief economist, ICRA The US decision to impose a 25% tariff on Indian exports could create shortterm challenges for the electronics and manufacturing sectors Kunal Chaudhary, tax partner, EY India Sectors brace for big impact, seek clarity on ‘Russia penalty’ RAKESH KUMAR AND D I PA K M O N D A L @ New Delhi THE US tariff on Indian exports could impact several key sectors, including agriculture, energy, textiles, electronics, and gems & jewellery Electron. ics, pharmaceuticals, and gems & jewellery are among the top Indian exports to the US. If the pharmaceutical sector, which had so far remained exempt, is brought under the ambit of the tariff, it could deal a severe blow to the industry . The lack of clarity on the ‘Russia penalty’ leaves Indian exporters and US importers unable to calculate landed costs or plan supply chains effectively . India has recently emerged as a major supplier of Apple iPhones to the US, accounting for 44% of all smartphones imported into the country. The tariff could, therefore, be a major setback for India’s fastgrowing mobile manufacturing sector. “This likely means iPhones will become more expensive for Americans. Even if India gains more production volume, the cost gap between China and India is narrowing,” said Tarun Pathak, research director, Counterpoint. Also, the US president’s disapproval of purchase of discounted Russian oil places India’s energy security in a difficult position. “A significant spike in crude prices could increase India’s import bill and lead to under-recoveries for oil marketing companies,” said Prashant Vasisht, senior vicepresident at ICRA. “A $10 per barrel rise in crude oil prices would raise the oil import bill by $13–14 billion,” he added. India had ramped up purchases of Russian crude after the start of the Ukraine war, drawn by steep discounts. Earlier available at $10-16 per barrel below market rates, it is now discounted by just $2.5–4. The tariff shock is expected to weigh on India’s GDP growth in the short to medium term. EXPRESS READ Army rescues 300 people from flood-hit Shivpuri dist Cong ‘0’ in Meghalaya House, party’s last MLA joins NPP Shah to meet Kerala MPs over arrest of nuns today Around 300 people were rescued by the Army from flood-hit villages in Shivpuri district of MP’s Gwalior-Chambal region on Wednesday. Heavy rains have caused flooding in rivers in Shivpuri, Guna and Ashok Nagar districts. The Congress lost its representation in the Meghalaya House on Wednesday after its last MLA Ronnie V Lyngdoh merged himself with CM Conrad K Sangma’s NPP. The Congress had won five seats in 2023 Assembly polls. With a Chhattisgarh court denying bail of two Kerala nuns arrested on charges of conversion, Home Minister Amit Shah said he would meet Kerala MPs on Thursday. UDF MPs had sought Shah’s help for the nuns’ release. | P5  J8.00  PAGES 12 The epicentre was at a shallow depth of 19.3 km, sending shock waves at a range of 300 km. The quake damaged buildings and injured several people in the remote Russian region. Russia said there were no casualties, crediting solid building construction and the smooth working of alert systems. Later, Japan, Hawaii and Russia downgraded tsunami warnings | P9 METRO PRIORITY CORRIDOR Delhi gets `821 cr from Centre for 33 infra projects E X P R E S S N E W S S E R V I C E @ New Delhi THE Centre on Wednesday sanctioned `821 crore of capital investment funds for Delhi, of which `716 crore will go towards 33 infrastructure projects, and the remaining `105 crore for constructing Delhi Metro’s Priority Corridor of MRTS Phase-IV . The funds were allocated under the Scheme for Special Assistance to States for Capital Investment (SASCI) 2025–26. Chief Minister Rekha Gupta announced releasing 66% of the sanctioned amount as the first instalment for work to commence on key projects. They are spread across “critical public service sectors including health, education, housing, drinking water, electricity and transport”, Gupta stated. Gupta said the decision is a “visionary step” that would help translate the national vision of ‘Viksit Bharat’ into the local reality of ‘Viksit Delhi.’ “These projects will strengthen essential public services, urban mobility and civic amenities, while also generating employment and boosting economic activity in the capital,” she added. The CM said, “The proposals were submitted promptly and in compliance with all procedures through the Public Financial Management System (PFMS) portal. The seamless coordination with the Ministry of Finance ensured expeditious approval. She assured that her government will implement all projects “in a time-bound, transparent and qualitydriven manner”, adding, “We will continue to seek additional allocations to ensure comprehensive development of the capital.” CM: Social responsibility to address stray dog menace A N U P V E R M A @ New Delhi AIMING to curb the menace of stray dogs in the national capital, Chief Minister Rekha Gupta called a meeting on Wednesday to come up with a policy outline in consultation with all stakeholders, including animal lovers, social organisations, and animal behaviour experts. She termed the exercise a “social responsibility”. On May 29, the CM had informed that the government was working on a long-term and compassionate solution to the capital’s stray dog population, ensuring that neither the public nor animals are adversely affected. The CM’s statement came a day after the HC directed the administration to frame guidelines to “rehabilitate and phase out” stray dogs from public streets and parks. BJP govt will get back PoK: Shah R A J E S H K U M A R T H A K U R @ New Delhi Amit Shah I proudly declare to the world... Hindus can never be terrorists Amit Shah, home minister Operation Mahadev “When Shivaji Maharaj fought against the Mughals, his war slogan was Har Har Mahadev,” Shah said, responding to Congress leader Prithviraj Chavan’s query on naming of the encounter as Op Mahadev UNION Home Minister Amit Shah on Wednesday launched a scathing attack on the Congress for ceding Pakistanoccupied Kashmir (PoK), pandering to vote-bank politics and letting terrorism flourish, while wrapping up a debate on Operation Sindoor in the Rajya Sabha. “Congress gave away the PoK to Pakistan, but the BJP-led government will get it back. The Congress has no right to question BJP on terror because terrorism flourished during the Congress regime due to its politics of appeasement,” he charged. Shah’s assertion came a day after Defence Minister Rajnath Singh stated that one day the people of PoK would be happy to be part of India’s governance system. He said the families of the victims of the Pahalgam massacre wanted the terrorists “to be shot in their heads”, a fate they met in the recent Operation Mahadev in J&K. Responding to Opposition queries on the timing of the operation to take out the terrorists, Shah said the CRPF, Army and J&K Police, operating in the challenging terrain and receiving food via drones, relentlessly pursued and eliminated the killers. As Shah began his speech, the Congress-led Opposition walked out of the House demanding Prime Minister Narendra Modi’s presence and response. Continuing his address, Shah accused senior Congress leader P Chidambaram of challenging the justification of Operation Sindoor. P7 22 builders booked for cheating homebuyers SLPs filed in top court for relief Several homebuyers in NCR, cheated by builders/ developers and coerced by financial institutions for repayment of their loans, had moved Supreme Court by filing SLPs to seek relief. Searches conducted in 47 sites CBI conducted searches at 47 locations in Delhi, Gurugram, Noida, Greater Noida and Ghaziabad and seized incriminating documents and digital evidence. The CBI’s action came a week after the SC’s direction to register cases against builders and officials of financial institutions. Real estate firms named in FIR Among 22 real estate firms named in the FIR are Supertech Ltd, Earthcon Universal Infratech Pvt Ltd, Bulland Buildtech Pvt Ltd, Rudra Buildwell Construction Pvt Ltd, Logix City Developers Pvt Ltd, Jaypee Infratech Ltd, Ajnara India Ltd and Jaypee Sports International Ltd. UNSC report sees TRF role in Pahalgam attack J AYA N T H J A C O B @ New Delhi IN a boost to India’s case against Pakistan-backed terrorism, a UN Security Council report identified The Resistance Front(TRF), a Lashkar-e-Taiba proxy as responsible , for the April 22 Pahalgam attack that killed 26 civilians. The latest report by the UNSC’s Monitoring Team (MT), under the 1267 Sanctions Committee, cites multiple unnamed member states to assert that the Pahalgam attack “could not have happened without Lashkar-e-Taiba’s support” and confirms that TRF operates in close coordination with the banned Pakistan-based terror group. All decisions and reports under the 1267 Sanctions Committee are adopted by consensus, making TRF’s inclusion diplomatically significant. Despite prior attempts by Pakistan to distance itself from the attack and sanitise references to TRF, its mention in the MT report is a signal of growing global scepticism toward Islamabad’s narrative. The report recalled that TRF initially claimed responsibility for the massacre, even releasing photographs of the site. It reiterated its claim the next day before retracting it on April 26, a move many analysts , view as damage control amid international scrutiny No . other group stepped forward to claim responsibility . The report highlights divergent views among member states. While one asserted that TRF is essentially synonymous with LeT, another — widely believed to be Pakistan — claimed that LeT was “defunct”, a statement countered by evidence in the report. The MT concluded that five terrorists were involved in the Pahalgam assault. “This is a clear indictment of Pakistan’s strategy of plausible deniability said a person familiar with the matter. ,” M U K E S H R A N J A N @ New Delhi NEARLY a week after the Supreme Court’s direction, the CBI on Wednesday registered 22 FIRs against different builders operating in the NCR and unknown functionaries of various financial institutions to investigate a possible nexus between them in alleged cheating and defrauding thousands of homebuyers, officials said. The officials said that the CBI conducted searches at 47 premises linked to the accused across the NCR. Scores of homebuyers in the NCR, cheated by builders/ developers and further coerced by financial institutions for repayment of their loans, had earlier approached the Supreme Court by filing SLPs to seek relief. A CBI spokesperson said, “The Supreme Court, observing the unholy nexus between the builders and the financial institutions in cheating the homebuyers by innovating and introducing the ‘Subvention Scheme’ of home loans, in April 2025, had directed CBI to register 7 Preliminary Enquiries (PEs).” The CBI registered seven PEs and, after completing the enquiry in six of them in three months, submitted the report to the SC, he said. The official said, “The SC directed the CBI to register 22 Regular Cases against different builders in the NCR and unknown officials of financial institutions.”