Samsung Exports Lose Spark As PLI Ends; Parliament Braces For 16-Hour Debate On Operation Sindoor; India Eyes V-BAT Combat Drone Deal With US; And More

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Samsung Exports Lose Spark As PLI Ends

Samsung’s smartphone exports from India fell nearly 20 per cent in Q1 FY26 to $950 million, after the company stopped receiving benefits under the government’s production-linked incentive (PLI) scheme. The export dip highlights India’s 10–15 per cent cost disadvantage against Vietnam and China without subsidies. Industry executives warn the trend could derail India’s bid to become a global smartphone manufacturing hub, especially with Apple and Dixon Technologies also set to lose PLI benefits after FY26.

The government has yet to decide on extending the scheme, though it recently launched a Rs 22,919-crore components incentive. Samsung, which exported $4.4 billion in FY25, is seeking PLI incentives for FY22, citing Covid disruptions. Officials say legalities of an extension are still under review.

Parliament Braces For 16-Hour Debate On Op Sindoor

Parliament will witness a high-stakes debate Monday on the Pahalgam terror attack and Operation Sindoor, with both the ruling NDA and Opposition set to deploy their top leaders. Sources said Home Minister Amit Shah, Defence Minister Rajnath Singh, and Foreign Minister S Jaishankar are expected to speak, with PM Modi likely to intervene.

From the Opposition, Rahul Gandhi, Mallikarjun Kharge, and Akhilesh Yadav may lead the charge. A 16-hour debate is planned in each House. The NDA will also field MPs who visited global capitals to explain India’s response. All eyes are on whether Shashi Tharoor, who praised the government’s actions, will speak for the Congress.

India Eyes V-BAT Combat Drone Deal With US

India is in advanced talks with US-based Shield AI to acquire V-BAT combat drones under a $4.5 billion emergency procurement programme launched after Operation Sindoor. The deal, capped at $35 million for the Indian Air Force, includes plans for a joint venture with JSW Defence to manufacture the drones locally. The V-BAT, a fixed-wing, VTOL ISR platform, is already used by US Marine units and offers a small logistics footprint and rapid deployment capability.

As part of the tie-up, JSW Group will invest $90 million over two years, including $65 million in the first year, to set up compliance systems, build manufacturing capacity, and train Indian personnel for large-scale production.

Other Developments

JSW Motors Launched To Drive Group’s $3 Bn EV Ambitions

Sajjan Jindal-led JSW Group has launched a new entity, JSW Motors, to spearhead its foray into electric and new energy vehicles, separate from its existing JV with MG Motor India. CEO Ranjan Nayak said the company will invest up to $3 billion over five years and roll out its first EV in H2 of FY26. Vehicles will be developed and built in India, with collaborations across Italy, Germany, South Korea and China.

JSW’s 630-acre automotive hub is coming up in Maharashtra’s Chhatrapati Sambhajinagar. Nayak said the group’s goal is to deliver world-class, affordable NEVs and help drive India’s transition to clean, energy-secure mobility.

TCS To Lay Off Over 12,000 Employees Globally In 2025

Tata Consultancy Services (TCS) will lay off around 2 per cent of its 6.1 lakh global workforce, over 12,000 employees, mainly at the middle and senior levels, as part of its shift toward becoming a “Future-Ready organisation.” The company cited limited redeployment feasibility despite re-skilling efforts. Experts say economic headwinds, shrinking margins, and AI disruption are prompting Indian IT majors to rethink staffing.

TCS says client delivery will remain unaffected and laid-off staff will receive support. The NITES union has urged the Labour Ministry to intervene, accusing TCS of undermining job security. Infosys and Cognizant also downsizing.

US, EU Seal 15 Per cent Tariff Deal To End Trade War

The US and European Union have agreed to a trade deal imposing a 15 per cent tariff on most EU exports, including automobiles, averting a potentially crippling transatlantic trade war. The agreement was announced Sunday after US President Donald Trump met European Commission President Ursula von der Leyen at his Turnberry golf club in Scotland. Trump had earlier threatened a 50 per cent tariff, later reduced to 30 per cent.

The new deal excludes pharmaceuticals and metals, while existing steel and aluminium duties remain. The EU also pledged $750 billion in energy purchases, $600 billion in investments, and increased military procurement from the US. Von der Leyen called the deal a step toward “stability and predictability.”

India Calls Out West's Hypocrisy Over Russian Oil

India cannot be expected to “switch off its economy,” said Indian High Commissioner to the UK Vikram Doraiswami, rejecting Western criticism of India’s Russian oil imports. In an interview with Times Radio, Doraiswami noted that some European nations still buy rare earths and energy from countries they ask India to avoid.

He said India had been pushed out of traditional energy markets due to Western sanctions and must secure affordable supplies. “We import over 80 per cent of our energy,” he said. Doraiswami also pointed to historic arms embargoes from the West and reiterated India’s support for ending the Russia-Ukraine conflict through dialogue, citing PM Modi’s call for peace.

From The States

Bihar SIR Enters Final Phase

With the draft electoral roll for Bihar set to be published on August 1, the Election Commission has entered the final two phases of its Special Intensive Revision: scrutiny and deletions. Around 65 lakh names may be missing, including 22 lakh deceased and 7 lakh duplicate voters. Another 36 lakh marked as “permanently shifted or untraceable” could be removed unless they re-register during the claims period.

The focus now shifts from BLOs to 243 EROs and over 4,400 assistant officers tasked with processing appeals and deletions. No voter will be removed without notice and a reasoned order. Voters and parties can file claims and objections from August 1 to September 1. The final roll will be published on September 30.

Raj’s Birthday Visit To Uddhav Sparks Talk Of Alliance

In a major political signal ahead of Maharashtra’s local body polls, MNS chief Raj Thackeray visited cousin Uddhav Thackeray at Matoshree on his 65th birthday, his first visit in over a decade. Raj, who was accompanied by senior MNS leaders, tweeted a photo with Uddhav and called him the “Shiv Sena President,” bolstering Uddhav’s claim to the Sena title.

The meeting has triggered fresh speculation about a potential MNS–UBT alliance. Uddhav welcomed the gesture, saying, “I am doubly happy.” With the two leaders sharing a stage earlier this month to oppose Hindi’s imposition in Maharashtra, political watchers see the ties steadily warming.

You’re all caught up—until next time.