The US’s imposition of a 50% tariff on Indian textile and apparel exports is expected to affect roughly 70% of the sector’s shipments to the US, a key export market.
Modi Embarks on Key East Asian Tour to Deepen Strategic Ties
Prime Minister Narendra Modi departed for Japan today, with visits to China and participation in the Shanghai Cooperation Organisation (SCO) summit lined up through September 1.
His visit aims to deepen economic and strategic ties amid rising U.S. tariffs on Indian exports. Modi plans to meet Japanese Prime Minister Shigeru Ishiba and later Chinese leader Xi Jinping and Russian President Vladimir Putin, positioning India at the crossroads of expanding regional partnerships.
Tamil Nadu Announces ₹3,000 Crore Bond Sale
The Tamil Nadu government plans to raise ₹3,000 crore through bond sales on September 2. The Reserve Bank of India will conduct the auction, offering 2, 9, and 30 year bonds of INR 1,000 crore each. The window for competitive and non‑competitive bids is open via RBI’s E-Kuber platform from 10:30 to 11:30 a.m. (11:00 a.m. for non‑competitive). This borrowing move aims to fund state needs.
Heavy Rains Trigger Flash Flood Alerts in Vidarbha
Devastating heavy rainfall lashed Vidarbha, impacting multiple districts including Nagpur, Akola, and Bhandara. Authorities issued flash flood warnings and opened flood gates at the Upper Wardha and Irai dams due to rising water levels.
Many towns such as Washim and Karanja reported submerged roads, washed-out vehicles, and a bullock cart swept away. The Regional Meteorological Centre forecasts continued intense rain through August 30, with relief expected from August 31.
‘Made in India’ Semiconductor Chip to Roll Out Soon
India is poised to make a major leap in its semiconductor capabilities. The first ‘Made in India’ chip is expected to roll out from CG Semi’s pilot facility (G1) in Sanand, Gujarat. The facility inauguration was led by Union Minister Ashwini Vaishnaw, marking a pivotal step in establishing a domestic semiconductor ecosystem and reducing reliance on imports.
Textile Industry Wrestles with US Tariff Impact
The US’s imposition of a 50% tariff on Indian textile and apparel exports is expected to affect roughly 70% of the sector’s shipments to the US, a key export market. The Southern India Mills’ Association (SIMA) cautions that the move could lead to job losses and a demand freeze. Meanwhile, the government has extended an 11% exemption on cotton import duty until December 31, 2025, providing timely relief amid raw material shortages.
