India-US Back At Negotiating Table Next Week; Govt Releases New Industrial Classification Framework For Public Consultation; And More

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India-US Trade Talks to Resume Next Week

India and the United States will restart trade negotiations next week following a diplomatic breakthrough reflected in social media posts of Prime Minister Narendra Modi and President Donald Trump. Chief trade negotiator Rajesh Agarwal will lead the Indian delegation to Washington.

The talks had been suspended after the US imposed tariffs of up to 50 per cent on Indian imports due to New Delhi's continued energy ties with Moscow.

Trump stated he was "pleased to announce" continued negotiations and looked forward to speaking with Modi "in the upcoming weeks."

"India and the US are close friends," Modi said in response, responding to Trump's description of him as a "dear friend." The Prime Minister expressed confidence that negotiations would "unlock the limitless potential of the India-US partnership."

Fitch Upgrades India's FY26 Growth Forecast to 6.9 Per Cent On Strong Domestic Demand

Credit rating agency Fitch Ratings has revised India's FY26 growth outlook upward to 6.9 per cent, from its earlier projection of 6.5 per cent, citing robust domestic demand and favourable financial conditions.

The upgrade follows India's impressive Q1FY26 GDP growth of 7.8 per cent, surpassing the previous quarter's 7.4 per cent. The services sector led the surge with 9.3 per cent growth, while private consumption expanded 7 per cent during April-June.

Fitch highlighted strong momentum indicators, including the Composite PMI index reaching a 17-year peak in August and industrial production hitting a four-month high in July. Recent GST reforms are expected to boost consumer spending, potentially adding 10 basis points to growth.

However, the agency warned of external risks from escalating US trade tensions, with 50 per cent tariffs on Indian imports creating investor uncertainty despite expectations of eventual reduction.

Other developments

Popular Trump Supporter, Conservative Activist Shot Dead At College Event In US

Conservative commentator Charlie Kirk, 31, was fatally shot on September 10 during a campus event at Utah Valley University. Reports say a single gunshot struck him in the neck, leading to his death. Kirk was addressing students when the shot was fired, leading to chaos at the site.

Authorities initially took a person into custody but released them after interrogation.

President Donald Trump confirmed Kirk’s death, calling him “legendary” and lamenting the loss. Utah Governor Spencer Cox labelled the incident a “political assassination”.

Nepal Protesters Propose Former Chief Justice as Interim Prime Minister

Nepal's 'Gen-Z' protest movement has proposed former Chief Justice Sushila Karki to serve as interim prime minister following violent demonstrations, the Nepal Supreme Court Bar Association secretary told an international news agency Wednesday.

The decision emerged from a four-hour virtual meeting where participants agreed no politically affiliated youth should lead discussions. Karki, who has no political ties, was chosen for her 'neutrality and credibility' as Nepal's first and only woman Chief Justice.

The proposal follows violent clashes Monday that killed at least 22 people after protesters, angered by proposed social media bans, set fire to Parliament House, the President's Office, and the Prime Minister's residence.

Karki, 73, served as Chief Justice from 2016-2017 and presided over landmark transitional justice cases, reinforcing judicial independence despite facing an impeachment motion that was later withdrawn.

Government Releases Draft Industrial Classification Framework to Capture Digital Economy Growth

The Ministry of Statistics and Programme Implementation released the draft National Industrial Classification (NIC)-2025 for public consultation on Wednesday, seeking to modernize India's economic taxonomy after 17 years.

The revised framework expands from 1,304 to approximately 1,900 sub-classes, incorporating emerging sectors like renewable energy, fintech, e-commerce, and digital healthcare. New categories include platform-based services, virtual asset providers, and environmental technologies, reflecting India's economic transformation.

"The draft NIC-2025 has been formulated under an expert committee comprising eminent academicians, economists, and industry associations," MoSPI stated, noting extensive stakeholder consultations.

The classification aligns with UN Statistical Commission's ISIC Revision 5 for global data comparability while addressing national requirements. Comments are invited until September 20 through email and online portals.

The framework, which underpins statistical surveys, business registrations, and policy design, will provide policymakers and researchers sharper insights into India's evolving economic structure across health, agriculture, telecom, and finance sectors.

Government Exempts Critical Mineral Mining from Public Consultations for Security Reasons

The Ministry of Environment, Forest and Climate Change has exempted mining projects involving atomic, critical and strategic minerals from mandatory public consultations, citing "national defence and security requirements."

The decision, announced through an office memorandum, follows requests from the Defence Ministry and Department of Atomic Energy. While public consultations are no longer required, projects will undergo "comprehensive appraisal" by central-level expert committees regardless of size.

The Defence Ministry had highlighted supply risks for rare earth elements crucial for radar, sonar and precision-guided munitions, while the DAE emphasised thorium's importance for India's atomic energy programme.

This move aligns with government efforts to fast-track critical mineral project approvals, including recent amendments to forest clearance rules and dedicated categories on the Parivesh portal.

You’re all caught up—until next time.