Former RBI Governor Raghuram Rajan to Serve on Federal Reserve Task Force

India's Prime Minister, Narendra Modi, has directed key government ministries to find goods that the country relies heavily on imports for and replace them with locally made products. This move aims to protect the Indian economy from global shocks, according to officials familiar with the matter. The Prime Minister's Office has asked ministries to list categories where imports are high and where domestic manufacturing can step in. Reducing import dependence is seen as a way to strengthen India's economic resilience, especially during times of global supply chain disruptions or price volatility. India imports a wide range of products, including electronics, machinery, chemicals, and crude oil. By promoting local production, the government hopes to create jobs and boost the 'Make in India' initiative. The order is part of a broader strategy to make India more self-reliant and reduce its vulnerability to external factors. Officials say the ministries will now work on identifying specific products and developing plans to increase domestic output. This effort is expected to involve cooperation with industry bodies and state governments. While the details are still being worked out, the directive signals a continued focus on import substitution as a key economic policy. The goal is not just to cut the import bill but also to build a stronger manufacturing base that can sustain growth even when global conditions are tough.

Jeff Bezos, the founder of Amazon, has donated $10.1 million to improve the Watts Towers Arts Center Campus in Los Angeles. The money comes from his Earth Fund and will be used to expand the park area and add cooling features. These upgrades aim to make the cultural center a stronger hub before the 2028 Olympic Games come to the city. Los Angeles Mayor Karen Bass praised the donation, calling it an important step for the community. She said the investment supports the city's goals of creating more green spaces and preparing for climate change. The Watts Towers are a famous set of 17 interconnected sculptural towers built by Italian immigrant Simon Rodia. The arts center hosts events and exhibitions for the local community. This grant is part of Bezos's larger effort to give billions to environmental causes through his Earth Fund. The improvements will not only serve residents but also help the city look its best for the Olympics. The project is expected to start soon and should be finished before the global sports event in 2028.

The Food and Drug Administration (FDA) has sealed a shop owned by the family of Siya Goyal after finding that it was operating without a valid license and suspected adulteration in its products. During an inspection, officials seized a total of 4,172 kilograms of stock, valued at approximately Rs 8.14 lakh. The seizure was due to concerns over labeling violations and possible adulteration of goods. The FDA stated that the shop's products did not meet required standards, leading to the sealing of the premises. The action was taken to ensure consumer safety and enforce compliance with food safety regulations. This incident highlights the importance of proper licensing and quality control in food businesses. The FDA continues to monitor establishments to prevent the sale of substandard or unsafe products. The shop will remain sealed until the owners rectify the issues and obtain the necessary licenses.

The UK's National Crime Agency (NCA) has revealed that a group of fraudsters who claimed they could supply millions of boxes of nitrile gloves during the pandemic spent the money on luxury cars and watches. Nitrile gloves were in high demand for healthcare workers. The NCA said the group did not actually have any gloves to sell. They took money from buyers and used it to fund a lavish lifestyle. The fraudsters bought expensive items like high-end cars and designer watches. This case is part of a wider pattern of Covid-related scams. Many criminals tried to exploit the pandemic by selling fake or nonexistent medical supplies. The NCA continues to investigate such frauds. The agency warned buyers to be cautious when dealing with unknown suppliers, especially during a crisis. The group's activities caused significant financial losses to businesses and governments that were trying to obtain essential protective equipment. The luxury purchases were a way to hide the stolen money. The NCA has not disclosed the total amount stolen but said it was substantial. No arrests have been made public yet. The investigation is ongoing.

India’s commerce minister, Piyush Goyal, has praised the ongoing trade negotiations between India and the European Union, describing the potential deal as fair, equitable, and balanced. Speaking after discussions in Brussels, Goyal said the talks reaffirmed the shared direction of the India-EU relationship. The two sides are working to finalize a comprehensive free trade agreement that would boost economic cooperation and remove barriers to trade. The EU is one of India’s largest trading partners, and a deal is expected to cover areas such as goods, services, investment, and intellectual property. Goyal’s comments come after several rounds of negotiations, with both sides expressing optimism about reaching a mutually beneficial agreement. The minister emphasized that any final deal must take into account the interests of both parties, ensuring a level playing field. The India-EU trade relationship has grown steadily, and a successful agreement could further strengthen ties between the two economies.

IBM CEO Arvind Krishna said that concerns about advanced artificial intelligence are causing companies to delay technology deals. This statement came as IBM released preliminary second-quarter results that fell short of Wall Street expectations, leading to a sharp drop in the company's share price and wiping out about $70 billion in market value. Krishna acknowledged that IBM had not been quick enough to adapt to changing market conditions. However, the news had the opposite effect on cybersecurity stocks. Investors expect that as AI grows more powerful, companies will need to spend more on protecting their systems. This anticipation drove a surge in cybersecurity shares, adding millions in value to firms in that sector. The contrasting reactions highlight the shifting priorities in the tech industry. While traditional tech companies like IBM face challenges from evolving AI technology, businesses that focus on security are seen as essential for the new era. Krishna's comments suggest that the rapid pace of AI development is causing hesitation among buyers, which could slow growth for some tech companies, but it also creates opportunities for others. The market's response shows how quickly investor sentiment can change in response to executive remarks. IBM's misstep underscores the importance of agility in the fast-moving tech landscape.