Morning Brief: US-India Trade Talks Set To Begin Tomorrow; Bangladesh on Alert After Army Chief’s Terror Attack Warning; India On Track To Be Top Global Market In March; And More

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US-India Trade Talks Set To Begin Wednesday

Indian and US officials will begin talks on Wednesday (26 March) to finalise the framework of a proposed bilateral trade agreement, aiming for a two-stage pact with the first phase expected by September-October. The initial focus will be on tariff reductions, including on high-end cars, EVs, whiskey, and farm products, amid US pressure for lower duties. The discussions come just days before the April 2 deadline for potential "reciprocal tariffs," though it remains unclear if the US will raise tariffs during ongoing negotiations. Indian officials have not disclosed specific expectations but emphasized the importance of economic integration and investment. This in-person meeting follows virtual talks and will set the stage for formal negotiations in the coming months.

Bangladesh on Alert After Army Chief’s Terror Attack Warning

Bangladesh Army chief General Waqar-Uz-Zaman has warned of possible terrorist attacks in the country within the next month and urged heightened vigilance. Speaking to senior commanders in Dhaka, he indicated receiving intelligence of a potential strike in the coming week and cited concerns raised by US senators over rising extremism. His warning comes amid increasing attacks on minorities and lawlessness following the ousting of Sheikh Hasina’s government last year. He stressed the need for decisive action to curb visible crimes that are instilling fear among the public. Meanwhile, Bangladesh has received 11,500 tonnes of parboiled rice from India as part of a 450,000-tonne import deal, with deliveries continuing in phases.

India Set To Be Top Global Market In March

The Nifty erased its losses for the year as markets extended gains for a sixth consecutive session, driven by optimism over the limited impact of US reciprocal tariffs set to take effect next week. India, which was the worst-performing major market through February 2025, is now on track to be the best performer this month. The rally comes exactly five years after the nationwide pandemic lockdown, when the Nifty had recorded a steep 33% drop for the month. On Monday, the Nifty rose 1.32 per cent to 23,658.35, while the Sensex gained 1.4 per cent to 77,984.38 but remained 155 points below fully recovering its losses. Analysts suggest the correction may be over, with the market potentially heading toward record highs despite concerns over a global tariff war.

Other Developments

India To Scrap 'Google Tax' A Day Before Trump's Retaliatory Tariffs Kick In

India will remove the 6 per cent equalisation levy on online ads by companies like Google and Meta from April 1, a day ahead of possible US retaliatory tariffs on April 2. The move, part of amendments to the Finance Bill introduced by Finance Minister Nirmala Sitharaman, comes amid ongoing trade talks between India and the US. The government has also proposed removing tax exemptions for these companies that were offered in place of the levy. Experts say the decision, which follows past US threats of tariffs on Indian goods, could help smooth trade relations. The levy, introduced in 2016 and expanded in 2020, had drawn US criticism, with former President Donald Trump now pulling out of a global tax deal on reallocating multinational profits.

Banks To Simplify Retrieval Of Rs 78,213 Crore Unclaimed Deposits

Indian banks will introduce a simplified common format to help account holders or their nominees retrieve over Rs 78,213 crore in unclaimed deposits. The process will include a standard application, declaration forms, and a list of required documents, with banks expected to fully implement the online mechanism by FY26. Public and private sector banks will follow the Reserve Bank of India's (RBI) latest guidelines, which require publishing details of unclaimed deposits on their websites from April 1. Currently, unclaimed deposits, inactive for over 10 years, are transferred to the RBI’s Depositor Education and Awareness Fund, which saw a 26 per cent rise last year.

The Trump administration accidentally included a journalist in a private Signal chat discussing secret US military plans for strikes on Yemen’s Houthi group. The journalist, Jeffrey Goldberg of The Atlantic, was mistakenly added to the group, which included senior officials like the Vice President and the Defence Secretary. Goldberg quickly deleted sensitive information, including details about a CIA officer and ongoing operations. A White House spokesperson confirmed the authenticity of the messages and said the error was under review. President Trump dismissed the incident, stating he was unaware of it and expressing his dislike for The Atlantic.

BYD Overtakes Tesla in Revenue Amid Global Expansion

Chinese automaker BYD surpassed Tesla in revenue last year, hitting $107.2 billion in 2024 as it expanded aggressively into global markets. The company saw a 29 per cent year-on-year increase, outperforming Bloomberg’s forecast and eclipsing Tesla’s $97.7 billion revenue. BYD’s net profit surged 34 per cent to a record $5.5 billion, driven by strong domestic sales and an ambitious push into Europe. The firm sold nearly 4.3 million vehicles in 2024, a 40 per cent jump from the previous year, while its February sales spiked 161 per cent to 318,000 units. BYD’s latest "Super e-Platform" battery technology, boasting 1,000-kilowatt peak charging speeds, positions it ahead of Tesla’s Superchargers, further intensifying competition in the EV market.

From The States

After Nalanda, Vikramshila University Set For Revival In Bihar

Work has begun to revive Vikramshila, another ancient centre of learning in Bihar, a decade after Nalanda University was re-established. The Bihar government has identified 202.14 acres in Bhagalpur for a Central university, nearly a decade after the Centre approved the project in 2015 with a Rs 500 crore sanction. The Archaeological Survey of India has been working since December to develop the ancient Vikramshila site for tourism, with preservation efforts uncovering key features of the ruins. The site, once a renowned Buddhist learning centre under the Pala dynasty, was home to 208 monk cells where scholars practiced Tantrayana Buddhism.

SC Raps UP Govt Over Prayagraj Demolitions

The Supreme Court on Monday (24 March) rebuked the UP government for demolishing houses in Prayagraj within 24 hours of serving notice, saying it had "shocked the conscience of the court". However, the court’s outrage seemed focused on the speed of the demolition rather than addressing the issue of illegal encroachments. The UP government argued that multiple notices had been issued months in advance, giving homeowners sufficient time to respond. Despite this, the court appeared sympathetic to the petitioners and hinted at allowing them to rebuild their houses.

Kathua: With Rifle In Hand, J&K DGP Joins Search For militants

Jammu and Kashmir’s Director General of Police Nalin Prabhat, along with other senior officers, joined the combing operation in the dense forests, marking a rare instance of a police chief taking part in such an operation. The search was launched after militants, suspected to have crossed the border into Saniyal village in Hiranagar sector, engaged in a brief firefight with security forces on Sunday. Prabhat, who carried an AK-47, stayed at the site until midnight and returned the next morning to continue the operation. Authorities believe five to six militants are still hiding in the area as security forces intensify their efforts.

You’re all caught up—until next time.