Describing former foreign minister Bilawal Bhutto-Zardari as an “immature political child,” Pakistan Tehreek-e-Insaf party has slammed him for suggesting that Islamabad could extradite “individuals of concern” to India as a confidence-building measure.
In an interview with Al Jazeera on Friday (July 4, 2025), Pakistan People’s Party (PPP) chairman Mr. Bilawal said, “As part of a comprehensive dialogue with Pakistan, where terrorism is one of the issues that we discuss, I am sure Pakistan would not be opposed to any of these things.”
Both LeT and JeM have been banned by Pakistan, according to the National Counter Terrorism Authority (NACTA). Saeed, the 26/11 Mumbai terror attack mastermind, is currently serving a 33-year sentence for terror financing. Azhar, a UN-designated global terrorist, has been proscribed by NACTA and living in an undisclosed place for the last many years.
Reacting to Mr. Bilawal’s remarks, Sheikh Waqas Akram, spokesperson of the jailed former prime minister Imran Khan-led PTI, in a statement on Saturday, said the PPP leader is an “immature political child”, the Dawn newspaper reported on Sunday (July 6, 2025).
Mr. Bilawal’s proposal was ill-advised and detrimental to Pakistan’s national security narrative, and such statements humiliate the country on international platforms, he said. “We fail to understand why Bilawal is so keen on appeasing India,” he said.
The former foreign minister, Akran said, was proving time and again that he lacked political wisdom, vision, and understanding of regional geopolitics.
“Bilawal has become a symbol of confusion and contradiction in Pakistan’s foreign policy discourse… PPP was founded by Zulfikar Ali Bhutto on the legacy of Kashmir, but today, Bilawal is betraying that legacy by pursuing political gains at the expense of Kashmiri blood,” he said.
‘Noncompliance from Delhi’
In the interview, Bilawal said that cases prosecuted against these “individuals” (Saeed and Azhar) were those related to Pakistan, such as terrorist financing. However, he noted that prosecuting them for cross-border terrorism was difficult due to what he claimed was “noncompliance” from Delhi.
“India is refusing to comply with certain basic elements that require that conviction to take place,” he said.
“It’s important… to present evidence within these courts, for people to come over from India to testify, to put up with whatever the counter-accusations will be. If India is willing to be cooperative in that process, I am sure there will be no hurdle in extraditing any individual of concern,” Mr. Bilawal said.
Where are Saeed and Azhar?
Pressed on the whereabouts of Saeed and Azhar, Mr. Bilawal stated that the former was incarcerated, while Islamabad believes the latter is in Afghanistan.
Meanwhile, Hafiz Saeed’s son too has questioned Mr. Bilawal’s remarks. “Bilawal Bhutto should not have talked about extradition of Pakistanis. His statement is against the state policy, national interest and sovereignty, and we strongly condemn it,” Saeed’s son Hafiz Talha Saeed said in a statement in Lahore on Sunday.
“Bilawal Bhutto is either unaware of ground realities or promoting the enemy’s narrative,” he said and questioned, could a state representative talk about handing over citizens to an enemy country?
Mr. Talha defended his father saying none of Saeed’s action is against Pakistan.
Saeed, who has been in Lahore’s Kot Lakhpat Jail since 2019, was subsequently convicted in terror financing cases for multiple years. His LeT is responsible for carrying out the 2008 Mumbai terror attacks that killed 166 people.
Though India has drawn red lines around its sensitive sectors—agriculture, dairy, and genetically modified (GM) food—the US continues to push for significant concessions. It has signalled a potential 6% duty relief from the 16% reciprocal tariff hike announced on 2 April, which remains on hold until 9 July.
However, three people familiar with the matter said that even if partial relief is granted, the baseline 10% tariff will continue, and an additional 10% duty—carved out from the original 16%—could still be imposed if India does not allow greater market access to these redlined sectors, something Indian negotiators have firmly rejected.
This uncertainty follows Commerce Minister Piyush Goyal’s statement on Friday that India is ready to sign the pact “only if it is in the interest of the country.”
Limited tangible gains
Indian officials are concerned that despite multiple policy shifts aimed at signalling openness, tangible gains from Washington remain limited. “India has made several gestures, starting with the Union Budget, to improve the trade climate. But feedback from the US side suggests their focus remains largely on pushing exports,” said the first of the three people cited above.
India is also reassessing the timing and framing of pending policy measures thought to be sensitive to American tech interests, including the Digital Competition Bill, a comprehensive e-commerce framework, and new income attribution rules for non-resident enterprises, Mint reported on 30 June.
The recalibrations are being considered to align with broader trade deal goals and demonstrate India’s commitment to regulatory transparency and investment facilitation.
New Delhi aims to finalize the agreement before the US’s 9 July reciprocal tariffs deadline. The US wants India to reduce duties on its agricultural and dairy goods, ease entry barriers for shrimp, and eliminate non-tariff curbs on dairy exports.
The US remains India’s largest export market. In FY24, India exported goods worth $77.52 billion to the US—18% of total exports ($433 billion)—while imports stood at $42.2 billion, resulting in a $35.32 billion trade surplus. In FY25, exports to the US rose 11.6% to $86.51 billion, while imports grew 7.4% to $45.33 billion, widening the surplus to $41.18 billion, commerce ministry data showed.
Moves to ease tensions
In a calibrated move to ease trade tensions, India announced a round of tariff cuts in the Union Budget presented on 1 February—before the formal launch of the Bilateral Trade Agreement (BTA) through a joint statement on 13 February.
The average customs duty was reduced from 11.65% to 10.66%, with cuts spread across technology, automobiles, industrial inputs, and space-linked imports.
Duties on motorcycles were cut from 50% to 40% (for engines below 1,600cc) and to 30% (above 1,600cc). Mobile phone parts and LCD TVs also saw reductions, while import taxes on satellite installation equipment—including spares—were eliminated. Lithium-ion batteries were reclassified as core auto components, making them eligible for incentives.
Duties on synthetic flavouring essences were slashed from 100% to 20%, fish hydrolysate from 15% to 5%, and several waste and scrap items saw their 5% duty eliminated—benefiting $2.5 billion in US exports to India.
Among the politically sensitive concessions, bourbon whiskey saw its import duty reduced from 150% to 100%, just before the Prime Minister’s visit to the US in February. Harley-Davidson motorcycles also benefited from a tariff cut—from 50% to 30%—announced in the Union Budget.
Ethernet switches under the ‘carrier-grade (others)’ category—a major US export segment worth $653 million in FY24—saw duties halved from 20% to 10%.
India also withdrew the 6% equalization levy or ‘Google tax’ on foreign digital firms, a key concern for US companies. It revised safe harbour rules to offer more tax incentives to EV and battery manufacturers. Lithium-ion batteries for EVs and hybrids were reclassified to qualify for additional incentives.
Not at cost of critical sectors
“There’s a noticeable shift in India’s approach to trade negotiations with the US compared to earlier rounds. While this may be part of a broader global positioning strategy, it should not come at the cost of India’s critical sectors,” said a former commerce ministry official, the second of the three people cited earlier, who requested anonymity.
“It now appears that negotiators are making greater efforts to seal a deal—unlike in earlier times, when the stance was more firm and clear: if the trading partner didn’t agree to core interests, India was willing to walk away,” this official said.
“Despite Trump’s frequent criticism of India’s tariff policies, duty reductions suggest a shift towards facilitating US exports,” said Ajay Srivastava, former Indian Trade Service officer and co-founder of the Global Trade Research Initiative (GTRI). “India is making calculated moves to ease trade amid a tense global environment, especially in sectors like technology, auto, electronics, and waste recycling,” he said.
Another move aimed at supporting bilateral trade came in March, when the Directorate General of Foreign Trade (DGFT) extended the export obligation period for walnuts under the Advance Authorization scheme from 180 days to 18 months—bringing it in line with most other products.
This is expected to benefit the US, which accounted for 66.8% of India’s walnut imports in 2024, valued at $1.07 billion. “With a longer timeframe to process and re-export walnuts, Indian traders can plan imports more efficiently,” Srivastava said.
Despite these gestures, Indian officials say they are cautious about fast-tracking policies that might compromise regulatory freedom. One such measure is the e-commerce policy, which has drawn strong interest from Amazon and Walmart-owned Flipkart. “The policy, originally due in 2023, is likely to be deferred,” said the third person cited above. “Given the shifting global scenario, this isn’t the right time.”
Clearing the decks for the entry of US satcom major Starlink is also seen as a measure to woo the US leadership. The move signals India’s willingness to accommodate key American business interests, especially in strategic sectors like telecommunications and digital infrastructure.
Unlikely to benefit
Trade experts believe these concessions are modest and won’t significantly narrow the US trade deficit—the key objective behind Trump’s reciprocal tariff drive.
“President Trump expects much bigger gains from India. These are minor in his view—crumbs, not concessions,” said Biswajit Dhar, economist and trade expert at the Council for Social Development. “His priority is cutting the trade deficit, and that can only happen if the US substantially increases exports to India.”
Washington has shown no sign of easing tariffs on Indian metal exports. As first reported by Mint on 3 April, India opted for dialogue over retaliation. As per another Mint’s report, the first tranche of the BTA had reached Trump’s desk after being cleared by US Trade Representative Jamieson Greer.
However, optimism has faded amid signs that Trump 2.0-era tariffs of 50% on Indian steel and aluminium may remain in force during this phase of the agreement.
“The current 50% US tariff on Indian steel is likely to stay unless the BTA explicitly includes a waiver—similar to what the US offered the UK. Without such a concession, Indian steel exports to the US will likely remain stagnant. While the short-term revenue impact may not be severe, it represents a missed strategic opportunity in a high-value market. Countries like South Korea, Japan, and Vietnam, which may secure preferential access, could gain at India’s expense,” said Ravi Saxena, CEO and founder of Wonderchef, a kitchen appliance company.
NEW DELHI: The recent tensions over the Dalai Lama‘s announcement that China will have no role in his reincarnation seemed set to intensify with the Chinese ambassador to India, Xu Feihong, rejecting his statement and also the support expressed by Union minister Kiren Rijiju for the Tibetan spiritual leader‘s decision.While Rijiju had clarified that he had spoken in his personal capacity as a devotee, Xu said in a post Sunday that “no interference by any external forces will be allowed”. The Indian govt had said in response that India takes no position on issues of faith and religion.“It has been noted that some Indian official recently made some remarks regarding the reincarnation of the Dalai Lama,” said Xu on X. “Chinese govt opposes any attempts by overseas organisations or individuals to interfere in or dictate the reincarnation process. Xizang (Tibet) is an inalienable part of China’s territory.” Xu said the Dalai Lama will have no role in his reincarnation. “The conferment of their religious status and titles is the prerogative of the central govt of China. The reincarnation and succession of the Dalai Lama is inherently an internal affair of China.”
The latest data from the Reserve Bank of India (RBI) shows that external commercial borrowings (ECBs) by Indian corporations reached $11.04 billion in March, a six-year high. For FY25, total ECB filings reached a record $61.18 billion, marking a 26% year-on-year growth. Notably, non-banking financial companies (NBFCs) accounted for 43% of these inflows, significantly higher than their historical share of 20-37% over the previous five years. Is this surge a reflection of growing corporate ambition and global integration? Or does it signal persistent weakness in our domestic credit architecture?
First, the persistent interest rate differential between domestic and international markets has created a textbook case of arbitrage and rational corporate behaviour. JSW Steel, for example, raised $900 million at just 180 basis points (bps) above secured overnight financing rate (around 4.4% currently). That is significantly cheaper than domestic marginal cost of funds-based lending rate (MCLR)-linked loans at nearly 9%. The advantage persists even after accounting for hedging costs. Industry data indicates that fully hedged ECBs still offer a 20-30 bp cost advantage over domestic borrowing options. Second, the RBI’s liberalised ECB framework, which permits a firm to raise $750 million annually under the automatic route, has made things easier. In March alone, $8.34 billion was raised through this route.
Closer scrutiny, however, reveals that much of the recent ECB activity has been directed towards refinance rather than new investment. According to the RBI’s State of the Economy April bulletin, Indian companies faced $25.8 billion in ECB principal repayments between April 2024 and February. Firms like Mangalore Refinery and JSW Steel have used new offshore borrowings to refinance existing obligations, extend maturities, and manage rollover risk. Though financially prudent, refinancing reflects a balance sheet strategy, not a growth impulse. Thus, the current ECB surge is surely easing debt pressures for firms but is doing little to catalyse fresh investments in the economy.
The growing reliance on ECBs, including for refinancing purposes, highlights persistent challenges in India’s credit intermediation. The domestic credit market has seen significant tightening over the past year. Bank credit growth slowed from 20.2% in FY24 to 11% in FY25—a deceleration driven not just by the high base effect but also by regulatory actions. The RBI’s tightening of prudential norms for unsecured retail credit and NBFC lending has led banks to adopt a more cautious stance. Also, persistent challenges in deposit mobilisation have constrained banks’ lending capacities, compounding the strain on capital access for many firms.
Even the RBI’s repo rate cut to 6.0% in April has not meaningfully improved credit conditions, particularly for firms outside the highest rating categories. Most banks have only marginally reduced their MCLR by 5-10 bps, far short of the central bank’s 50-bp cut. Such sluggish monetary transmission has only heightened the attractiveness of overseas borrowing.
The distortions in the financial intermediation process are evident when even large, creditworthy Indian corporations find it more rational to assume currency risk than to access domestic capital. From a macroeconomic point of view, this is where the risks loom large. While the rupee has been stable of late, backed by the RBI’s robust foreign exchange reserves ($685.7 billion as of May 16) and around 880 tonnes of gold holdings, this calm is not guaranteed. India’s geopolitical neighbourhood remains volatile, as does global risk sentiment. A sudden Fed pivot, a commodity shock, or a trade conflict could easily pressure the rupee. And when it does, firms with unhedged or poorly matched external liabilities could face severe stress.
It is not merely a theoretical concern. Indian corporates have a mixed record on hedging. Around 45% of ECB exposures have remained unhedged in some years, particularly among infrastructure and services firms that claim natural hedges through dollar revenues. But in volatile markets, even those hedges often prove illusory. The 1997 Asian financial crisis and the 2013 taper tantrum teach us how rapidly currency market equilibria can shift.
There are systemic implications, too. The concentration of ECB activity in sectors with cyclical revenue patterns (steel, energy) and entities with potential asset-liability mismatches (NBFCs) creates correlation risk that could amplify financial system stress during an economic downturn.
More worryingly, preference for offshore borrowing could slowly erode the depth of domestic capital markets. If large, creditworthy corporates increasingly bypass Indian banks and bond markets in favour of foreign capital, it leaves the domestic system to cater largely to sub-prime borrowers, the government, and small businesses. Such an outcome is hardly a balanced one. It leaves Indian financial intermediaries with less capacity to diversify risk, making the economy more exposed to external shocks.
Policy-wise, the RBI must now tread carefully. Liberalising ECBs was never meant to replace domestic credit development. It was intended to complement it. The time may be right for policy recalibrations, including tighter disclosure norms around ECB end use and hedging disclosure norms, more rigorous monitoring of sectoral exposures, and, above all, a determined push to deepen India’s corporate bond market. Without these, what is individually optimal for firms may collectively undermine the resilience of India’s financial system—a classic fallacy of composition that policymakers would be wise to address before market forces impose their own costly correction.
The authors teach at the Indian Institute of Management Ranchi and Jindal Global Law School, O P Jindal Global University, respectively.
Disclaimer: Views expressed are personal and do not reflect the official position or policy of FinancialExpress.com. Reproducing this content without permission is prohibited.
NEW DELHI: International news agency Reuters’ X account was withheld in India for a few hours but restored later on Sunday after the government intervened to say it had not sought the blocking of the handle.
Reuters’ X account was blocked from being accessed in India overnight, leading to speculations.
The government asked the Elon Musk-owned platform for an explanation and said that it had not sought such a move. X restored access to the account shortly after.
India has become one of the ‘world’s most equal societies’ when it comes to income equality, according to the latest data released by the World Bank. It has surpassed the United States, China, the G7 and G20 countries to rank fourth in the world. India currently has a Gini Index of 25.5, and stands behind only three nations – the Slovak Republic, Slovenia and Belarus.
The Ministry of Social Welfare issued a statement that said, “This shows how India’s growth is being shared more fairly among its people. The government has focused on reducing poverty, increasing financial access, and giving welfare help directly to those who need it.”
What is the Gini Index?
The Gini Index is a key indicator of income distribution within a country, where a score of 0 represents perfect equality and 100 signifies absolute inequality. India’s latest Gini Index score reflects a more equitable income distribution than that of several developed economies, including China (35.7), the United States (41.8), and all G7 and G20 nations. This marks a notable shift from 2011, when India’s score stood at 28.8, indicating a consistent trend towards greater income parity over the past decade.
As per the latest data, over the same 12 years, India has moved out of 171 million individuals in extreme poverty. World Bank data also suggests that the extreme poverty rate has lowered significantly from 16.2% to 2.3%; shared at the Spring 2025 Poverty and Equity Brief.
ANI reported that government schemes contributing towards the same included PM Jan Dhan Yojana and Ayushman Bharat, among others.
India’s key welfare schemes have significantly boosted financial inclusion and social support. Over 55 crore bank accounts have been opened under PM Jan Dhan Yojana. Aadhaar now covers 142 crore people, enabling Direct Benefit Transfers that saved Rs 3.48 lakh crore by March 2023.
Ayushman Bharat offers free health coverage of Rs 5 lakh per family, with 41 crore health cards issued. Stand-Up India supports SC-ST and women entrepreneurs with loans, while PM Vishwakarma Yojana aids artisans through training and credit. PMGKAY ensures food security for over 80 crore citizens through free food distribution.
BIRMINGHAM, England (Reuters) -A devastating spell from Akash Deep left England teetering on 153-6 chasing an unlikely 608 for victory on the final day of the second test on Sunday, with India needing four more wickets to secure their first test win at Edgbaston.
England’s pursuit of what would be by far the largest successful run chase in test history took a dramatic turn for the worse when they lost both overnight batters before captain Ben Stokes fell on the stroke of lunch.
The session was delayed due to rain as the covers came off and on again before play restarted under bright sunshine. Ten overs were lost as a result of the delay before England resumed on their overnight score of 72-3.
Deep, who dismissed Ben Duckett and Joe Root late on day four, continued his demolition job on a seaming pitch that suddenly came alive after four days as a good batting track.
Ollie Pope was the first to go for 24, playing on a rising delivery that crashed into the stumps.
The fast bowler trapped Harry Brook lbw with an off-cutter that took the batter by surprise, hitting him on the inside of his knee.
Brook hobbled away in pain as the umpire’s finger went up and even a review could not save him, leaving England reeling at 83-5.
Stokes and Jamie Smith steadied the ship with a 70-run partnership off 115 balls, abandoning their usual Bazball approach as the spinners also found purchase on the rough parts of the pitch.
With lunch beckoning, however, Washington Sundar struck to remove Stokes lbw for 33, the hosts trailing by 455 runs and staring at a massive defeat.
England lead the series 1-0 after winning the first test at Headingley.
(Reporting by Rohith Nair in Bengaluru;Editing by Ed Osmond)
The statement follows the 14th Dalai Lama’s confirmation of a succession plan, in which he asserted that the decision would rest with a trust, not the Chinese government
Xu Feihong, Chinese Ambassador to India and the 14th Dalai Lama | File Image
Amid the ongoing debate around the succession of the Dalai Lama, the Chinese Ambassador to India said on Sunday that the 14th Dalai Lama does not hold the authority to decide whether the centuries-old reincarnation system will “continue or be abolished”.
The statement comes after the 14th Dalai Lama confirmed his succession plan, in which he asserted that the decision would rest with a trust, not the Chinese government, and made it clear for the first time that he believes he will be reincarnated.
“The reincarnation of Dalai Lamas neither began from him nor will end due to him,” Ambassador Xu Feihong wrote on X, adding that the current Dalai Lama is only one part of a long-standing religious tradition spanning over 700 years.
Referring to the practice of Living Buddha reincarnation as a “unique succession method of Tibetan Buddhism,” the envoy said the system is active and widespread, with over 1,000 reincarnation lineages currently present in Xizang (Tibet) and Tibetan-inhabited regions of Sichuan, Yunnan, Gansu, and Qinghai.
Facts You Must Know about #DalaiLama Reincarnation:The 14th Dalai Lama has affirmed that the institution of the Dalai Lama will continue. In fact, as a unique succession method of Tibetan Buddhism, the practice of Living Buddha reincarnation has continued over 700 years.… pic.twitter.com/kYgj2LXLub— Xu Feihong (@China_Amb_India) July 6, 2025
Dalai Lama On Succession
The 14th Dalai Lama made it clear that a trust — not the Chinese government — will decide the succession of the next Dalai Lama, the highest spiritual authority in Tibetan Buddhism.
Speaking in Dharamshala during a major convention of Buddhist leaders gathered to mark his 90th birthday, the Dalai Lama clearly indicated for the first time that he believes he will be reincarnated.
In a long-awaited statement, he announced that the process of identifying his successor would begin with consultations involving spiritual leaders, the Tibetan Government-in-Exile, and other key stakeholders.
Beijing responded swiftly, reiterating its claim that any reincarnation must be approved by China’s central government.
It pointed to a 2007 regulation passed in Tibet asserting state authority over the recognition of reincarnated lamas — a position rejected by the global Tibetan community.
Location :
Himachal Pradesh, India, India
First Published:
Newsindia ‘Reincarnation Not His Call’: Chinese Envoy To India Counters Dalai Lama On Succession
Rain delayed start of the fifth day of the ongoing second Test match between India and England at Edgbaston in Birmingham on Sunday. With 536 runs to defend and seven wickets to take on the final day, India have the upper hand but the Edgbaston rain might hamper the visitors’ plans to level the series 1-1.
According to a ESPNCricinfo report, it had rained overnight in Birmingham and the Sunday morning also experienced a fair chunk of the same. With the hover cover on, the players has started their warm-ups under overcast conditions before the rain gods opened up just before the start of play on the day.
While it might a good news as far as England are concerned to save the Test match, but for India it’s equally frustrating. In a video posted by England cricket, its pelting down at Edgbaston at the moment, with a long delay in sight.
The official X (formerly Twitter) account of international news agency Reuters has been blocked in India, reportedly “in response to a legal demand”, as per notice displayed by the social media platform.
However, a spokesperson for the government told PTI that there is no legal requirement made by it Centre to withhold the account, and it is working with X to resolve the issue.
Reuters’ X account is likely to be restored soon, the report added.
‘Working with X to resolve problem’
“There is no requirement from the Government of India to withhold Reuters and we are continuously working with X to resolve the problem,” the spokesperson told PTI.
An email sent to Reuters seeking comments did not elicit a response, the report added.ank
Reuters account among many others listed during Op Sindoor: source
The report cited other sources, who said that the demand for blocking of Reuters’ X account was made during Operation Sindoor in May. It was also among several hundreds other accounts listed for being blocked from access in India, but this wasn’t done then, it added.
The source added that Elon Musk-owned X seems to have now acted on that request and blocked Reuters’ X handle in India. However, since the issue is not relevant at present, the government has asked X to explain the blocking and lift the embargo.
“An order was issued on May 7 (during Operation Sindoor) but it was not enforced. X seems to have enforced that order now which is a mistake on their part. Government has reached out to X for resolving it at the earliest,” an official source said.
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