Conflicting Reports On India-US Trade Deal; MGB Likely To Project Tejashwi As CM Face; And More

Report Claims US-India Near Trade Deal; Tariffs May Drop to 15-16 Per Cent

The United States and India are approaching a significant trade agreement that could see Washington slash tariffs on Indian exports from 50 per cent to 15-16 per cent, according to sources cited by the business daily Mint. The deal hinges on India reducing its purchases of Russian oil.

President Donald Trump confirmed Tuesday that Prime Minister Narendra Modi assured him during a phone call that India would scale back Russian oil imports. "He's not going to buy much oil from Russia," Trump told reporters, warning that "massive" tariffs would continue otherwise.

India has become the world's second-largest buyer of Russian crude since 2022, importing 1.6 million barrels daily in early 2025, up from just 50,000 barrels per day in 2020.

The proposed deal includes India potentially raising its import quota for non-GMO American corn from the current 0.5 million tonnes annually. Both nations are also seeking a mechanism to periodically revisit tariffs and market access.

The trade agreement's final details may be announced at the upcoming ASEAN summit. PM Modi, however, is unlikely to attend the event. More details below.

Modi to Skip ASEAN Summit in Malaysia, Jaishankar to Represent India

Prime Minister Narendra Modi is likely to miss the ASEAN Summit in Kuala Lumpur, Malaysia, scheduled from October 26-28, with External Affairs Minister S. Jaishankar expected to attend instead. Malaysian PM Anwar Ibrahim confirmed Modi will participate virtually in the ASEAN-India summit.

Sources attribute the decision to scheduling conflicts, including the upcoming Bihar assembly elections and Chhath Puja celebrations. Additionally, the absence of concrete outcomes from ongoing India-US trade negotiations may have influenced Modi's travel plans.

Commerce Secretary Rajesh Agrawal recently concluded discussions with US officials to advance bilateral trade talks.

Modi's planned visit to Cambodia has also been postponed. India has maintained dialogue partnership with ASEAN since 1992, elevated to a strategic partnership in 2012.

PMO Working on MSME Reforms Package, Expected by Early December: Report

The Prime Minister's Office is coordinating with the MSME and Finance Ministries to introduce a reforms package for micro, small, and medium enterprises by early December 2025, according to government sources cited in a report by Business Standard.

The initiative aims to address tax and compliance challenges facing MSMEs, which employ over 110 million people and contribute approximately 30 per cent to India's GDP. Proposed measures include reducing regulatory requirements, simplifying GST filing procedures, and expanding credit access through enhanced guarantees of up to Rs 20 crore for exporters.

Other developments

Yogi Adityanath Urges Boycott of Halal-Certified Products, Links Them to Terrorism

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday called for a boycott of halal-certified products, alleging the profits fund "terrorism, forced conversion, and love jihad." Speaking at RSS centenary celebrations in Gorakhpur, he claimed UP has banned such products.

"Whenever you buy something, make sure it doesn't have the halal certification tag," Adityanath said, stating that halal-certified items—from soaps to matchsticks—generate Rs 25,000 crore despite lacking government recognition.

He emphasized historical struggles against "political Islam," citing leaders like Chhatrapati Shivaji and Maharana Pratap. "Our ancestors fought not only against the British but also political Islam, which undermined the faith," he stated.

Adityanath also praised the RSS for its role in constructing the Ayodhya Ram Mandir, contrasting their dedication with opposition parties who questioned the temple's construction.

Delhi Prepares for Grand Chhath Puja Celebrations with Over 1,000 Sites

Delhi is gearing up for elaborate Chhath Puja festivities beginning October 25, with the government identifying over 1,000 sites across the capital for the four-day festival.

Chief Minister Rekha Gupta announced that BJP representatives, including MPs, MLAs, and councillors, will participate in a special cleanliness drive at Chhath ghats in their localities.

Art, Culture and Language Minister Kapil Mishra introduced a single-window clearance system for obtaining permissions to host Chhath Puja events. Special preparations are underway at Yamuna river ghats and locations including Dwarka, Hathi Ghat, Pitampura, and Sonia Vihar.

The government plans to construct model Chhath ghats, with one designated in each district. This marks an increase from last year's 929 locations.

Belgian Court Dismisses Mehul Choksi's Extradition Objections, Rules Claims "Irrelevant"

The Antwerp Court of Appeal rejected fugitive diamond trader Mehul Choksi's arguments against extradition to India, ruling his objections were "irrelevant" in a 17 October order.

Choksi, accused in the Rs 13,000-crore Punjab National Bank fraud case, argued that extradition would breach his right to a fair trial under the European Convention on Human Rights and expose him to politically motivated prosecution. He also raised concerns about prison conditions and medical care in India.

The court found no substantial evidence supporting his claims of judicial bias or political persecution, noting the offences were neither political nor discriminatory in nature. India provided assurances regarding prison conditions where Choksi would be held.

Bihar election corner

Mahagathbandhan To Likely Project Tejashwi Yadav As CM Face

The Mahagathbandhan has reportedly reached a consensus to project RJD leader Tejashwi Yadav as its chief ministerial candidate for the Bihar Assembly elections. A formal announcement is expected today, along with the campaign slogan "Chalo Bihar, Badlein Bihar."

The development comes amid ongoing seat-sharing disputes between alliance partners. Senior Congress leader Ashok Gehlot arrived in Patna on Wednesday, 22 October, to mediate tensions within the alliance, which comprises the RJD, Congress, and smaller parties disagreeing over approximately a dozen seats.

After meeting RJD chief Lalu Prasad Yadav and Tejashwi, Gehlot downplayed the conflicts, stating that "friendly fights" over 5-10 seats in a 243-member assembly were not significant. The RJD has announced 143 candidates while Congress fielded 61, with both parties facing direct contests in six constituencies.

Meanwhile, internal unrest has erupted within Bihar Congress, with several leaders accusing state leadership of corruption in ticket distribution and planning protests at the party headquarters.