Global: PM Modi, President Putin & President Xi will attend the SCO Summit in China on Aug 30, with possible high-level talks. The U.S. economy grew faster in Q2, GDP revised to 3.3% from 3.0%, led by AI-driven investment, though tariffs remain a drag. The EU announced removal of tariffs on U.S. industrial goods and duty-free access for some farm/seafood items, including lobster. Mexico’s 2026 budget proposes higher tariffs on Chinese cars, textiles & plastics, potentially extending to other Asian nations. U.S.–Japan trade talks stalled after Tokyo canceled a key visit, delaying Japan’s $550 bn investment deal. Japan’s inflation eased slightly to 3.0% but stayed above target, while factory output fell 1.6% in July. India: The govt may raise GST on business & first-class air travel from 12% to 18% (with input credit), while economy fares stay at 5%. FDI rules under Press Note 3 could be eased for non-sensitive sectors to attract Chinese investment. Industrial activity improved—July IIP rose 3.5% vs 1.5% in June, manufacturing up 5.4%, infra goods 11.9%. But core sector growth slowed to 2%, with 4 industries contracting. Tamil Nadu’s textile industry sought relief from U.S. tariffs, demanding higher export incentives & faster EU deal. Govt extended cotton import duty exemption till Dec 31, 2025.

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