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Original analysis, derived from public data. India-anchored.

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China's national flag flying against a clear sky

Geopolitics

India Runs Its Biggest Trade Deficit With the Country It Trusts Least

Most of the world now views China more favorably than the US. India is one of only six holdouts, and by wide margins, even as its largest trade deficit with any country runs with China.

July 17, 2026

A container ship named SM Manali, homeport Mumbai, loaded with stacked shipping containers under gantry cranes at an Indian port

Business

India's Sharpest Tariff Tool Only Works on Countries Without a Deal

Six government working groups are shortlisting up to 100 products to replace with local output. New trade deals with the UK, EFTA and Australia have just locked in tariff cuts across most of India's tariff book, in categories the list is chasing.

July 17, 2026

A large parabolic satellite dish antenna angled skyward against a clear blue sky

Technology

Jio's 1,600 Satellites Will Run on Spectrum Pricing Its Own Lobby Called Unfair

IN-SPACe just cleared Reliance Jio's 1,600-satellite constellation for administrative spectrum assignment, the very pricing rule Jio's own trade body called unfair to terrestrial telecom a year earlier.

July 17, 2026

A shopkeeper at a dry fruit and grocery stall reads a newspaper beside a Paytm UPI QR code payment sign

Business

India Is Reviving the UPI Fee It Killed to Beat Credit Cards

India zeroed out the UPI merchant fee in 2020 to beat credit cards, then only ever subsidized the smallest transactions. Now it wants large merchants, who never got the subsidy, to start paying again.

July 17, 2026

The bronze charging bull statue outside the Bombay Stock Exchange on Dalal Street, Mumbai

Markets

Reliance's Promoter Stake Just Crossed the Line That Forces Index Funds to Sell

Reliance's promoters spent an estimated Rs 8,500-9,000 crore this quarter to push their holding past 50 percent, read on the Street as confidence. Nifty and MSCI's free-float formulas read the same filing as a reason to trim the stock.

July 17, 2026

Close-up of a server rack with illuminated blue ventilation holes and status lights in a data center

Technology

RBI Wants Banks to Own the Data Risks They Outsourced to Third Parties

RBI's new draft rules make banks name a senior officer who owns their data end to end, even when a fintech, BaaS platform or NBFC partner actually produced it.

July 16, 2026

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