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At a media event in Delhi, Union Petroleum Minister Hardeep Singh Puri refuted assertions about impact on vehicular efficiency with the use of ethanol-blended fuel. He addressed them as part of a “vilification campaign” being facilitated by “vested, economic interests” which won’t work.

Mr. Puri underlined that similar attempts were made when compressed biogas was introduced. “You must have faith in your agriculture, biomass, annadaata and urjadaata. Things will work out,” he argued.

Incidentally, the Petroleum Minister’s remarks follow a similar assertion made by his counterpart at Transport Ministry Nitin Gadkari. At The Hindu mind event Thursday, he had refuted similar assertions as “politically motivated”.

“Have not heard of any engine failures in five years”

Mr. Puri argued there has not been a single case of engine failure or breakdown since E20 became a base fuel about 10 months back. Specifically referring to Brazil’s 27% ethanol blend, Mr. Puri underlined, “Yes the calorific value may be maximum 3% lower, but in the last five years, I have not heard of any engine failure.”

Holding ethanol to be a success, the Petroleum Minister emphasised, “There is no problem with the engine. The German and Japanese are also running the same engine, they will (also) tell you there is no case of engine failure.” Thus, he held, the attempt at vilification will not work.

‘No sugar syrup’

Mr. Puri underlined sugar in the form of syrup was not being used for blending, Instead, sugar in the form of “heavy sea molasses” was being utilised to blend.

He explained that after the sugar syrup is taken out of the cane, it is wrenched to derive molasses. Thereafter, it is wrenched further until “nothing is left” to derive the sea heavy molasses.

‘Scientifically validated’

India’s ethanol blending programme is scientifically validated, globally proven, strategically crucial for the nation’s energy independence and ensures farmer welfare, said the Indian Sugar and Bio-Energy Manufacturers Association (ISMA), as per a report from Coimbatore.

The ethanol blending programme has emerged as a game changer for over five crore sugarcane farmers across India. More than ₹1.18 lakh crore has been transferred to farmers through the ethanol eco system. This improves the financial health of sugar mills, ensures timely payments to farmers, and helps manage excess sugar inventories, ultimately stabilizing sugarcane prices and protecting farmer incomes, it said in a press release.

Globally, countries such as Brazil use ethanol blends ranging from E20 to E100 without reports of widespread vehicle issues. Brazil currently blends over 27 % ethanol in its petrol, with advancements to achieve 30% base blend by 2030.

“Ethanol-blended fuel is not just a technological choice—it is a national imperative,” said Deepak Ballani, Director General of ISMA.

Rupee depreciated 13 paise to close at 87.71 (provisional) against U.S. dollar on Friday (August 8, 2025), weighed down by weak domestic equities as India-U.S. trade deal uncertainty continues to dent domestic market sentiments.

Forex traders said rupee is trading in a narrow range amid extended weakness in the domestic equities and foreign fund outflows may also weigh on the domestic currency.

Moreover, President Donald Trump’s aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50% — making them among the most heavily taxed U.S. imports globally, further dented market sentiments.

At the interbank foreign exchange, the domestic unit opened at 87.56 and moved in a range of 87.52-87.75 during the day before settling at 87.71 (provisional), lower by 13 paise from its previous close.

On Thursday, the rupee settled 14 paise higher at 87.58 against the U.S. dollar.

“The Indian rupee declined on Friday on a recovery in the U.S. dollar and weak domestic equities. Uncertainty revolving around the trade war also pressurised the rupee. However, softness in crude oil prices prevented a sharp fall,” Anuj Choudhary – Research Analyst, commodities and currencies, Mirae Asset Sharekhan, said.

Mr. Choudhary further noted, “Rupee is likely to trade with a negative bias amid ongoing trade war between India and U.S. as Mr. Trump hiked tariff on Indian imports to 50%.

“Extended weakness in the domestic equities and FII outflows may also weigh on the domestic currency. However, overall weakness in the U.S. dollar amid weakening labour market and rising odds of rate cut may support the rupee at lower levels.”

On August 6, the United States announced an additional 25% tariff on all Indian imports, on top of an existing 25% duty, taking the total duty to 50% effective August 27.

Meanwhile, Brent crude prices rose 0.60% to $66.83 per barrel in futures trade.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16% to 98.24.

On the domestic equity market front, Sensex tumbled 765.47 points to settle at 79,857.79, Nifty declined 232.85 points to 24,363.30.

Foreign institutional investors (FIIs) offloaded equities worth ₹4,997.19 crore on a net basis on Thursday, according to exchange data.

Meanwhile, President Trump has ruled out the possibility of trade negotiations with India, until the issue of tariffs is resolved.

“No, not until we get it resolved,” Mr. Trump said in the Oval Office on Thursday in response to a question on whether he expects increased trade negotiations with India since he has announced 50% tariffs on the country.

Last week, Mr. Trump had announced a 25% reciprocal tariffs on India that came into effect from August 7.

The U.S. President also signed an executive order slapping an additional 25% levy on India for New Delhi’s purchases of Russian oil, bringing the total duties to 50%, among the highest imposed by the U.S. on any country in the world.

The additional 25% duty will come into effect after 21 days or August 27.

Electric vehicle giant Tesla, which is expanding its presence in India, has rented 8,200 sq. ft. of commercial space in Delhi’s Aerocity for a starting rent of ₹17.22 lakh per month, according to CRE Matrix.

Real estate data analytics firm CRE Matrix, which has reviewed the registration document of leasing transactions, said that Tesla India Motor’s & Energy Pvt. Ltd. has taken on lease 8,200 sq ft area at Worldmark 3 project in Aerocity from Oak Infrastructure Pvt. Ltd.

The space has been taken for a 9-year lease, with a starting rent of ₹17.22 lakh.

The starting rent is ₹210 per sq ft. The rentals will increase by 15% every 36 months. The lease registration happened on July 30, 2025.

Elon Musk-led Tesla made its India retail debut last month with a store in the Bandra Kurla Complex business district in suburban Mumbai. The company is selling the China-made ‘Model Y’ with a price tag of nearly ₹60 lakh after accounting for the high import duties.

Recently, Tesla leased a 33,000 sq. ft. area in a commercial building at Gurugram, Haryana, which can be used as a service centre and sales outlet, according to CRE Matrix.

The company registered a 9-year lease for the unit in Gurugram’s Orchid Business Park.

Tesla will be paying a starting rent of ₹40 lakh for the Gurugram property. There is a clause in the agreement under which the rent will escalate by 4.75% per annum.

The chargeable area is 33,475 sq ft, while the super-built-up area of the property is 50,914 sq ft, CRE Matrix had said, adding that there is a 3-year lock-in.

The property has been leased from Garwal Property, and the lease was registered on July 28.

Equity benchmark indices Sensex and Nifty tumbled on Friday (August 8, 2025) amid non-stop foreign fund outflows and tariff-related jitters.

The 30-share BSE Sensex tanked 765.47 points or 0.95% to settle at 79,857.79. During the day, it tumbled 847.42 points or 1.05% to 79,775.84.

The 50-share NSE Nifty dropped 232.85 points or 0.95% to 24,363.30.

From the Sensex firms, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the laggards.

However, NTPC, Titan, Trent, ITC and Bajaj Finserv were the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,997.19 crore on Thursday (August 7, 2025), according to exchange data. Domestic Institutional Investors (DII), however, bought stocks worth ₹10,864.04 crore in the previous trade.

The initial 25% tariffs announced by the U.S. on Indian imports came into effect Thursday (August 7, 2025).

In Asian markets, Japan’s Nikkei 225 index settled in positive territory, while South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng ended lower.

European markets were trading mostly in the green.

The U.S. markets ended on a mixed note on Thursday (August 7, 2025).

Global oil benchmark Brent crude climbed 0.59% to $66.82 a barrel.

On Thursday (August 7, 2025), the Sensex edged higher by 79.27 points or 0.10% to settle at 80,623.26. The Nifty went up by 21.95 points or 0.09% to 24,596.15. On Thursday, the Sensex edged higher by 79.27 points or 0.10 per cent to settle at 80,623.26. The Nifty went up by 21.95 points or 0.09 per cent to 24,596.15.

Finance Minister Nirmala Sitharaman on Friday (August 8, 2025) withdrew the Income Tax Bill, 2025, in the Lok Sabha, and the government will come out with an updated version of the legislation after incorporating changes suggested by the Select Committee.

A new version of the Income Tax Bill will be introduced in the Lok Sabha on August 11.

The updated version of the Income Tax Bill, according to sources, will incorporate most of the recommendations of the Select Committee.

“To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday,” sources said.

The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income Tax Bill, which was introduced in the Lok Sabha on February 13.

Soon after its introduction in the Lower House, the Bill, which will replace the six-decade-old Income Tax Act, 1961, was referred to the Select Committee for scrutiny.

The 31-member Select Committee had made some suggestions on the Bill.

They also favoured continuing tax exemption on anonymous donations made to religious-cum-charitable trusts in the new law, besides suggesting that taxpayers be allowed to claim TDS refund even after the ITR filing due date without paying any penal charges.

The government in the new Bill has exempted non-profit organisations (NPOs) from taxing anonymous donations received by purely religious trusts. However, such donations received by a religious trust that may also have other charitable functions, like running hospitals and educational institutions, will be taxed as per law, as per the Bill.

The country’s biggest lender SBI on Friday (August 8, 2025) posted a 12% increase in standalone net profit at ₹19,160 crore for the first quarter of the current financial year.

The bank had earned a net profit of ₹17,035 crore in the same quarter of previous fiscal year.

Total income rose to ₹1,35,342 crore during June quarter 2025-26, from ₹1,22,688 crore a year ago, State Bank of India said in a regulatory filing.

Interest earned by the bank improved to ₹1,17,996 crore, as compared to ₹1,11,526 crore in June quarter FY25. Operating profit too increased to ₹30,544 crore from ₹26,449 crore.

On the asset quality front, the bank witnessed an improvement with gross non-performing assets (NPAs) declining to 1.83% of gross advances at the end of June quarter, from 2.21% a year ago.

Similarly, net NPAs, or bad loans, fell to 0.47% from 0.57%. However, provisions and contingencies rose to ₹4,759 crore during the first quarter as compared to ₹3,449 crore in the same period a year ago.

Capital adequacy ratio of the bank improved to 14.63%, from 13.86% in the same quarter of FY25.

On a consolidated basis, net profit of SBI Group rose to ₹21,627 crore from ₹19,681 crore a year ago, registering an increase of 10% year-on-year. Total income also improved to ₹1,66,992 crore from ₹1,52,125 crore.

Kerala’s Finance Minister K.N. Balagopal on Friday (August 8, 2025) said the United States of America (USA)‘s punitive tariffs on India could send shock waves through Kerala’s economy. 

He said U.S. President Donald Trump’s “tariff bullying”, ostensibly to punish India for importing crude from Russia, has raised the spectre of the State’s economy regressing to the grim COVID-19 pandemic period. 

Trump tariffs: Live updates

Mr. Balagopal said the tariffs would hit Kerala’s seafood, spices, agriculture and coir sectors hard.

Mr. Balagopal said Mr. Trump’s real gambit was to use the threat of prohibitive tariffs as a crowbar to wrench open India’s massive market with immense purchasing power for U.S. products, including farm produce, and not discipline Russia, from which the U.S. procures valuable uranium and fertilisers.

“For one, lesser-priced milk cartons from foreign countries would imperil Kerala’s 14 lakh dairy farmers”, he said. 

Hence, large-scale procurers of spices, farm produce, dairy and seafood from Kerala would offer local suppliers lower prices to make the commodities competitive in foreign markets. “Consequently, the suppliers would pass on the revenue shortfall to farmers, who will likely reduce wages and workers’ benefits”, Mr Balagopal added. 

Impact on IT sector

He said the jury was still out on how the punishing 50% tariffs would hit Kerala’s software industry. He noted that Tata Consultancy Services (TCS) had laid off 12,000 middle-level employees, including senior personnel with decades of experience. 

He said Mr. Trump’s “protectionist and isolationist” policies also imperilled technical job aspirants from Kerala, chiefly software and hardware engineers. (Mr Trump had earlier warned Google, Meta and Microsoft, among other global software and computing majors, against hiring Indian talent ostensibly to protect U.S. jobs)

‘Trade deal with U.K. fraught with peril’

Mr. Balagopal said India’s trade agreement with the United Kingdom (U.K.) was also fraught with peril for State economies.

“Cheerleaders for slashing the import duty on luxury cars such as Jaguar and Land Rover from 100% to 10% and drastically cutting duty on imported scotch whisky would do well to remember that the trade concessions would adversely impact the GST revenue of States”, he said.

Mr. Balagopal said the shortfall in revenue would, among other things, imperil Kerala’s expanding social welfare security net, including payment of welfare pensions and medical insurance schemes for government employees, pensioners and senior citizens.

He said importing luxury cars at a negligible import duty from European nations would not incentivise basing production in India, thereby whittling down India’s attempt to generate more employment opportunities. The measure would also affect medium and small-scale industrial units that supply industrial parts, as well as the automobile industry.

Mr. Balagopal said the U.K.’s lifting of tariffs on farm, seafood, meat, poultry and allied products from India, including Kerala, was of no consequence.  

“Products from Kerala, including milk, will have to compete with comparable products from Scandinavian countries and Australia, which subsidise milk production and sell at competitive rates. Similar products from India will likely remain on the shelves”, he said. 

U.S. President Donald Trump’s steep 50% tariffs on Indian imports could severely undermine India’s manufacturing ambitions and slow economic growth, Moody’s Ratings said on Friday (August 8, 2025).

Mr. Trump imposed an additional 25% tariff on Indian goods on Wednesday (August 6, 2025), citing India’s continued purchases of Russian oil, taking the total tariff to 50%— far higher than those levied on other Asia-Pacific countries.

Moody’s said India’s real GDP growth may slow by around 0.3 percentage points from its current forecast of 6.3% for the fiscal year ending March 2026.

“Beyond 2025, the much wider tariff gap compared with other Asia-Pacific countries would severely curtail India’s ambitions to develop its manufacturing sector, particularly in higher value-added sectors such as electronics, and may even reverse some of the gains made in recent years in attracting related investments,” the ratings agency said.

Reducing Russian oil imports to avoid penalty tariffs could also make it harder for India to secure alternative crude supplies in sufficient quantities, Moody’s said.

A larger import bill would widen the current account deficit, especially amid weaker tariff competitiveness that could deter investment inflows.

“We expect there will likely be a negotiated solution that falls between the two scenarios described above,” Moody’s said.

“The magnitude of the drag on growth from tariff obstacles will influence the government’s decision to pursue a fiscal policy response, although we anticipate the government will adhere to its focus on gradual fiscal and debt consolidation.”

The Reserve Bank of India (RBI) kept its key rates unchanged as expected on Wednesday and retained its “neutral” policy stance following a surprise 50-basis-point rate cut in June.

Global trade uncertainties, fueled by the U.S. tariffs, have also unsettled foreign investors. Foreign portfolio investors have sold $900 million worth of Indian equities so far in August, after $2 billion in outflows in July.

India’s benchmark equity indices— the Nifty 50 and the Sensex — fell 2.9% in July and are down 0.7% so far in August, as investor anxiety rises amid escalating trade tensions.

Pinterest missed Wall Street expectations for second-quarter profit on Thursday, overshadowing robust revenue and user growth, sending its shares down over 8% in extended trading.

The social media platform reported adjusted profit per share of 33 cents, missing analysts’ average estimate of 35 cents, according to data compiled by LSEG.

However, revenue rose 17% to $998.2 million, beating expectations of $974.8 million.

The growth was driven by a surge in Gen Z users—who now represent more than half of Pinterest’s user base— and the platform’s AI-powered tools, which have attracted advertisers seeking personalised and automated campaigns.

Pinterest’s results follow Meta and Reddit’s strong second quarter performance last week. In contrast, Snap reported its slowest quarterly revenue growth in over a year.

The company’s focus on direct-response ads, designed to prompt specific actions like shopping, app downloads, or website visits, continued to drive ad demand. Its stock has risen about 35% so far this year.

“We’ve found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers,” CEO Bill Ready said in a statement.

Pinterest has third-party ad deals with Google, Amazon.com and advertising platform Magnite.

Global monthly active users on the platform rose 11% to 578 million, exceeding estimates of 553 million.

Pinterest expects third quarter revenue to be between $1.03 billion and $1.05 billion, compared with estimates of $1.03 billion.