Category: Beyond

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Trump announces 100% tariffs on imported drugs

President Donald Trump has unveiled a bold plan to slap up to 100% tariffs on imported pharmaceutical products. The move is intended to pressure drugmakers to cut prices and invest in US manufacturing.

The policy primarily targets branded and patented medicines, along with essential ingredients. Generic drugs, which account for most prescriptions, are expected to be largely exempt initially to avoid supply disruptions.

Under the plan, companies can escape the full 100% duty by joining government pricing programs or relocating production to the United States. A transitional tariff of around 20% could apply while companies build domestic facilities, but duties could jump if deadlines aren’t met.

Officials say the tariffs aim to address high US drug prices, which are far above global averages, and to reduce reliance on foreign supply chains that could threaten medicine access in emergencies.

Several major pharmaceutical firms have already negotiated temporary exemptions, agreeing to lower prices or expand US operations to avoid penalties.

The announcement coincides with adjustments to tariffs on metals, reflecting a broader push to reshape US trade policy and support local industries.

Also Read: Russia offers more oil, gas to India

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Russia offers more oil, gas to India

India and Russia have held high-level talks to strengthen their partnership, with a key focus on increasing the supply of oil and natural gas. The discussions took place in New Delhi between Russian Deputy Prime Minister Denis Manturov and Prime Minister Narendra Modi, along with other senior officials.

During the meeting, Russia предложed to expand its supply of crude oil and liquefied natural gas (LNG) to India. The move is aimed at supporting India’s growing energy demand at a time when global markets are facing uncertainty due to geopolitical tensions, particularly in West Asia.

India relies heavily on imports to meet its energy needs, making stable supply arrangements crucial. In recent years, Russia has emerged as one of India’s top suppliers of oil, and both countries are now looking to deepen this relationship further.

The talks were not limited to energy alone. Both sides discussed ways to improve cooperation in trade, fertilisers, and technology. Russia has been increasing its fertiliser exports to India and has expressed its willingness to continue meeting the country’s requirements.

Progress on ongoing nuclear energy projects, including the Kudankulam Nuclear Power Plant, was also reviewed. In addition, both nations explored opportunities for collaboration in areas such as innovation, critical minerals, and industrial development.

The discussions also covered broader economic ties and ways to expand bilateral trade. Leaders подчеркнули the importance of maintaining strong cooperation in a rapidly changing global environment.

Russia’s offer to supply more oil and gas is expected to help India secure its energy needs and manage price fluctuations. At the same time, it allows Russia to strengthen trade ties with one of its key partners.

Also Read: Google expands AI video tools

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Karnataka to charge lifetime road tax on EVs

In a major policy shift, the Karnataka government has decided to introduce a lifetime road tax on electric vehicles (EVs), including electric cars, by withdrawing the tax exemptions that were earlier in place. The move is expected to increase the cost of owning an electric car in the state.

Under the new rules, electric two-wheelers will continue to remain exempt from road tax, offering some relief to buyers in that segment. However, electric cars and other larger EVs will now attract a one-time tax at the time of registration.

The tax will depend on the price of the vehicle. Electric cars priced up to ₹10 lakh are likely to be taxed at around 5%, those between ₹10 lakh and ₹25 lakh may face an 8% tax, and vehicles above ₹25 lakh could attract up to 10%. This means buyers will have to pay more upfront when purchasing an electric car.

The decision marks a change in Karnataka’s earlier approach, where incentives and tax exemptions were used to encourage people to switch to cleaner, electric mobility. The state had been considered one of the early supporters of EV adoption in India.

While the government is expected to gain additional revenue from this move, the decision has raised concerns among industry experts and buyers. Many believe that higher costs could discourage people from choosing electric cars, especially at a time when the shift to greener transport is being actively promoted.

At the same time, keeping tax exemptions for electric two-wheelers suggests that the government still wants to support more affordable and widely used EV options. Two-wheelers make up a large share of vehicle sales, and this relief could help maintain momentum in that segment.

The decision has also sparked debate, with some questioning whether reducing incentives for electric cars could slow down the transition to environmentally friendly vehicles.

Also Read: Google unveils ‘Vids’ AI video Tool

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Gold slips to ₹1,48,960, Silver at ₹2,49,900

Gold and silver prices saw a slight decline across India on April 3, with small variations observed in different cities. The fall comes amid ongoing fluctuations in the global bullion market and cautious investor sentiment.

According to the latest data, gold prices dropped marginally by about ₹10 to ₹1,48,960 per 10 grams in the futures market. Silver prices also slipped by ₹100, trading around ₹2,49,900 per kilogram. While the decline is minor, it reflects the current unstable trend in precious metal prices.

In retail markets, gold prices differ across major cities due to local taxes, transportation costs, and demand. In Chennai, 24-carat gold is priced at around ₹7,350 per gram, while 22-carat gold is near ₹6,740 per gram. In Mumbai and Delhi, 24-carat gold is slightly lower, hovering around ₹7,200–₹7,300 per gram, with 22-carat gold priced between ₹6,600 and ₹6,700 per gram. Similar trends are seen in cities like Kolkata and Bengaluru, where prices remain close to these levels with minor differences.

Silver prices also vary regionally but remain broadly aligned with national trends. In most major cities, silver is trading close to ₹75,000–₹76,000 per kilogram in retail markets, depending on local demand and supply conditions.

The recent dip in prices is mainly linked to global factors such as a stronger US dollar and uncertainty around interest rates. When the dollar strengthens, gold becomes more expensive for buyers using other currencies, which can reduce demand and push prices down.

Despite the small decline, gold continues to trade at relatively high levels, supported by steady demand from investors and jewellers. Silver, which is influenced by both industrial use and investment demand, is also experiencing price swings.

Also Read: Centre puts 60% free airline seat rule on hold

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Government shifts 16.68 lakh emails to Zoho cloud

The Central government has transitioned 16.68 lakh official email accounts to a cloud platform developed by Zoho Corporation, spending approximately ₹180 crore to upgrade its digital communication infrastructure.

The migration, carried out by the National Informatics Centre (NIC), marks a shift from the older email system to a more advanced and scalable cloud-based solution. The initiative is intended to strengthen security, improve efficiency, and support the government’s growing digital needs.

A key objective behind the move is to enhance control over official data. By adopting a domestically developed platform hosted within India, the government aims to ensure that sensitive information remains secure and under national jurisdiction. This aligns with broader efforts to promote digital self-reliance and reduce dependence on global technology providers.

The new system goes beyond basic email services, offering integrated tools such as file sharing, collaboration features, and communication support. These additions are expected to help government departments work more efficiently and coordinate better across functions.

To avoid disruptions, the migration was implemented in phases. A significant number of accounts had already been transferred earlier, and the latest figures indicate the continued expansion of the project across departments.

The initiative is part of a larger plan to modernise government IT systems through secure cloud adoption. Zoho was chosen as the technology partner following a formal selection process, while NIC continues to manage and oversee the platform’s operations.

Also Read: Centre puts 60% free airline seat rule on hold

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Centre puts 60% free airline seat rule on hold

The Centre has put on hold its directive that required airlines to offer at least 60% of seats for free selection, following strong objections from the aviation industry. The rule, which was expected to come into effect later this month, aimed to make air travel more affordable and transparent for passengers.

The policy was introduced to reduce additional charges levied on travellers for choosing seats. Under the proposed rule, a majority of seats on every flight would have been available at no extra cost, limiting airlines’ ability to charge for seat selection except for premium options.

However, airlines pushed back against the move, arguing that seat selection fees are an important part of their ancillary revenue. They warned that restricting this income stream could disrupt their pricing strategies and financial stability. According to industry players, such a mandate could eventually lead to higher base fares, shifting the burden back onto passengers in a different way.

Airlines also highlighted that India follows a deregulated aviation market, where ticket pricing and related services are largely determined by market forces. They expressed concerns that imposing such rules could interfere with this system and create operational challenges.

In response, the government decided to suspend the order for now and review the proposal in detail. Officials indicated that the decision was taken to balance passenger interests with the financial health of airlines, especially at a time when the sector is dealing with rising fuel costs and other expenses.

While the pause brings relief to airlines, it means passengers will continue to pay for preferred seat selection under existing practices. The anticipated benefit of wider access to free seats will have to wait until a final decision is made.

Also Read: India’s GST crosses ₹2 lakh cr in March

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India’s GST crosses ₹2 lakh cr in March

India’s Goods and Services Tax (GST) collections reached ₹2,00,064 crore in March 2026, marking one of the highest monthly revenue figures in recent years. This represents an 8.8% increase compared with March last year, signaling continued economic activity as the country closes the financial year.

The growth comes from both domestic sales and imports. Domestic GST rose by about 5.9%, while GST from imports jumped 17.8%, reflecting higher trade volumes. Net collections, which is the revenue retained by the government after refunds, stood at ₹1.78 lakh crore, up 8.2% year-on-year. Total GST refunds paid in March increased by nearly 14%, slightly reducing net receipts but supporting businesses.

For the full 2025‑26 fiscal year, gross GST collections reached around ₹22.27 lakh crore, up 8.3% from the previous year. Officials say this steady growth shows better tax compliance, robust consumer demand, and strong business activity across sectors.

Economists noted that the sharp rise in import-related GST indicates expanding trade, while the rise in domestic collections points to healthy consumer spending. The performance also comes after recent adjustments in GST rates under reform efforts, which could have affected monthly collections earlier in the year.

Also Read: Oil rises 4% on Trump’s Iran strike warning

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Oil rises 4% on Trump’s Iran strike warning

Global oil prices rose sharply after Donald Trump said the United States would continue its military actions against Iran, increasing concerns about a wider conflict in the region.

Benchmark crude prices climbed more than 4%, with Brent crude crossing key levels as traders reacted to the possibility of prolonged instability. The price jump reflects growing fears that the conflict could disrupt global oil supplies and key shipping routes.

In his address, Trump indicated that US attacks would not stop immediately and could continue until strategic objectives are met. While he hinted that the situation might stabilise eventually, the lack of clear timelines has added uncertainty to global markets.

Market analysts say the rise in oil prices is driven by both actual supply risks and market sentiment. Even the possibility of attacks on oil infrastructure or transport routes can lead to immediate price spikes, as traders anticipate shortages.

The surge in crude prices has also affected broader financial markets. Investors are becoming cautious due to concerns that higher energy costs could lead to inflation and slow down economic growth. Stock markets in several regions showed signs of volatility following the developments.

A major concern is the safety of the Strait of Hormuz, a narrow waterway through which a large portion of the world’s oil supply passes. Any disruption in this route can quickly affect global supply and drive prices higher. Reports suggest that tensions in the area have already slowed some shipping activity.

Also Read: Rupee jumps to 93.53 after RBI action

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Amazon Cloud facility damaged in Bahrain strike

Amazon’s cloud services infrastructure in Bahrain has reportedly suffered damage following a suspected strike linked to Iran, signalling how geopolitical conflicts are increasingly affecting critical technology systems.

The incident is believed to have impacted facilities run by Amazon Web Services (AWS), a major global provider of cloud computing services. While the full extent of the damage has not been officially disclosed, sources indicate that the disruption could affect services relying on AWS’s Bahrain region.

Authorities in Bahrain confirmed that emergency teams were deployed to handle a fire at a company facility. Officials attributed the incident to external aggression but stopped short of directly naming Amazon in their initial statements.

This development comes amid heightened tensions between Iran and Western allies, with reports suggesting that infrastructure linked to U.S. companies has become a potential target. Analysts believe such actions may be intended not only to cause disruption but also to send a strategic message about the vulnerability of foreign investments in the region.

AWS plays a crucial role in supporting digital operations for businesses, governments, and online platforms worldwide. Any disruption to its infrastructure can have ripple effects across sectors, including banking, e-commerce, and communication services that depend on stable cloud access.

This is not the first time Amazon’s Bahrain operations have faced challenges in recent weeks, indicating a pattern of instability tied to the broader conflict. Experts warn that as modern warfare evolves, non-military targets such as data centres are increasingly at risk.

Also Read: SpaceX moves toward historic IPO

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Rupee jumps to 93.53 after RBI action

The Indian rupee saw a sharp rebound on April 2, rising 1.3% to 93.53 against the US dollar, after the Reserve Bank of India (RBI) introduced new measures to tighten control over the forex market.

The central bank’s latest steps focus on reducing speculative trading that had been putting pressure on the rupee. By restricting non-deliverable forward (NDF) trades and preventing companies from rebooking cancelled derivative contracts, the RBI effectively limited opportunities for traders to bet against the currency.

This triggered a rapid unwinding of existing dollar positions. As traders rushed to exit these bets, dollar supply increased while demand for the rupee improved, leading to the sharp appreciation.

The move comes after a period of weakness for the rupee, driven by rising oil prices, global uncertainty, and continued outflows by foreign investors. These factors had pushed the currency to record lows in recent sessions.

Also Read: OpenAI raises $122 billion for AI expansion