Government sources have told CNBC-TV18 that India and the United States are in the final stages of negotiations for an interim trade deal, which could be signed within the next two days. While India is pushing for greater access for labour-intensive sectors, the US is seeking removal of tariff barriers in dairy and agriculture. In a parallel development, India and the US have agreed to sign a new 10-year Defence Framework Agreement during the next meeting between Defence Minister Rajnath Singh and US Secretary of Defence Pete Hegseth.Back home, the Defence Acquisition Council has cleared 10 major capital acquisition proposals worth ₹1.05 lakh crore under the Buy (Indian-IDDM) category, in a continued push for indigenous procurement. Meanwhile, the government’s newly approved ₹1 lakh crore RDI scheme will focus on strategic sectors like energy, biotechnology, deep tech, robotics, and quantum technology.
On the industrial front, sources say the government is closely monitoring the quiet return of Chinese workers from Indian electronics manufacturing units, including those supplying to Apple like Foxconn.
In the capital, the Delhi government has paused its End-of-Life vehicle impounding drive just two days after rollout, following heavy public backlash and citing infrastructure gaps.In corporate news, shares of Dreamfolks Services fell 6% on Thursday after Adani Airports CEO Arun Bansal said that airport lounge access no longer needs middlemen. This came a day after Dreamfolks CEO accused some airport operators of pressuring clients to switch service providers.Catch all these updates and more below.India-US interim trade deal could be signed within the next two days: Govt sourcesGovernment sources have told CNBC TV18 that an interim trade deal could be signed between India and the US within the next two days as the negotiations are in their final stages. While Indian officials are demanding greater access for labour-intensive industries, the US is seeking the removal of all tariff barriers in the dairy and agriculture sectors. However, government sources have indicated that India will not compromise on the interests of its farmers and can’t open these sectors completely.Read More HereIndia, US agree to sign 10-year US-India Defence FrameworkDefence Minister Rajnath Singh and US Secretary of Defence Pete Hegseth have agreed to sign the next 10-year US-India Defence Framework when they meet again this year. The decision was mentioned in a Pentagon statement that was released on July 2, a day after Singh and US Defence Secretary Hegseth held a phone conversation. “Secretary Hegseth and Minister Singh agreed to sign the next 10-year US-India Defence Framework when they next meet this year,” it said.Read More HereDAC clears 10 major defence purchases worth ₹1.05 lakh cr in self-reliance driveThe Defence Ministry on Thursday (July 3) cleared 10 major capital acquisition proposals worth approximately ₹1.05 lakh crore, reinforcing India’s defence self-reliance under the Buy (Indian Indigenously Designed, Developed and Manufactured) category. The proposals were approved by the Defence Acquisition Council (DAC), which granted acceptance of necessity (AoN) for a wide spectrum of platforms and technologies sourced through indigenous channels.Read More HereExclusive | Govt monitoring exit of Chinese workers from Indian electronics units: SourcesThe Indian government is closely monitoring the return of Chinese employees from electronics manufacturing units in the country, including key suppliers to Apple like Foxconn, sources told CNBC-TV18. While no formal restriction has been announced by Beijing, multiple Chinese workers, many in critical roles, have reportedly been asked to return home.Read More HereRDI scheme fund to be deployed in sunrise sectors such as energy, biotechnology, deep tech, and defenceIndia’s newly approved ₹1 lakh crore Research, Development and Innovation (RDI) scheme will prioritise investments in sunrise and strategic sectors such as energy transition, biotechnology, quantum technology, robotics, and space.Speaking to CNBC-TV18, Abhay Karandikar, Secretary of the Department of Science and Technology, said the scheme is designed to catalyse private sector investment in long-gestation, high-risk technologies where returns are often uncertain.
Read More HereJust two days in, Delhi pauses end-of-life vehicle impounding after public backlashFacing mounting public backlash, the Delhi government has put its End-of-Life (EOL) vehicle impounding policy on hold — just two days after its implementation — citing infrastructure gaps and lack of preparedness. Delhi Environment Minister Manjinder Singh Sirsa confirmed that the city will not impound old vehicles for now and has formally written to the Commission for Air Quality Management (CAQM) to suspend the policy.More Deets HereMaruti Suzuki seeks review of CAFE norms, flags bias against small carsAuto major Maruti Suzuki has urged the government to review the Corporate Average Fuel Efficiency (CAFE) norms, saying the current framework penalises lightweight vehicles and favours larger, more polluting cars. The company told CNBC-TV18 that 10 out of its 17 models are small cars, which are disproportionately impacted by the existing fuel efficiency targets.Read More HereExclusive: IOC invites bids to broadcast 2028 LA Olympics, expects cricket to be a game-changerThe International Olympic Committee (IOC) is inviting bids from broadcasters for the 2028 LA Olympics. The tender for the broadcast rights is now open for the Indian sub-continent. The last date to bid will be August 13. Speaking exclusively to CNBC-TV18, Anne-Sophie Voumard, Managing Director of Television & Marketing Services, IOC, said the inclusion of T20 cricket in the LA games will be a “game-changer” for India and the region.Read More HereDreamfolks shares fall 9% in two sessions; Adani Airports CEO says no ‘middlemen’ needed for LoungesShares of Dreamfolks Services Ltd. declined 6% on Thursday, July 3, after Adani Airports CEO Arun Bansal in a LinkedIn post said lounge access on airports no longer needs middlemen. Bansal’s post comes a day after Dreamfolks CEO and chairperson Liberatha Peter Kallat accused two airport operators of pressuring its clients to switch services from the company. Bansal said flyers can now enter lounges directly via Adani Airports’ digital platform. He said innovation by in-house digital lab enables seamless and direct access, adding that India’s fintech revolution proves middlemen can be eliminated.Read More HerePresident Trump announces trade deal with Vietnam that will let US goods into the country duty-freePresident Donald Trump announced a trade deal with Vietnam Wednesday (July 2) that would allow US goods to enter the country duty-free. Vietnamese exports to the United States, by contrast, would face a 20% levy. On his Truth Social platform, Trump declared the pact ”a Great Deal of Cooperation between our two Countries.’’Read More HereBeyond #NewsroomFollow the CNBC-TV18 channel on WhatsAppCatch crispy news updates on the go!- CNBCTV18 MinisWatch all #videos under one segment- CNBCTV18 BingeWe bring you real-time updates and analysis of the stock market- Real-time market updatesWe’ll see you on Friday with another engaging ‘Top 10@10.’
