India Weekly Roundup (June 29 – July 5, 2025): Key Developments Beyond the Headlines

As the first week of July 2025 unfolds, India continues to witness a dynamic blend of developments—from critical monsoon challenges and financial policy shifts to global diplomacy and historic sports moments. This weekly roundup brings you the most significant news stories that shaped the nation—excluding entertainment—offering insights into what truly matters for the country's people, economy, and global position. Each headline holds its own weight, reflecting the resilience and transition of a fast-evolving India.

Monsoon Havoc in Northern India

• Heavy monsoon rains have caused significant disruption in northern India, particularly in Himachal Pradesh, where structural damage and blocked roads have been reported. The India Meteorological Department (IMD) has forecast above-normal rainfall across most parts of the country for July, raising concerns about potential flooding in Uttarakhand and Haryana. Authorities have been urged to monitor river catchment areas closely and remain vigilant for landslides and waterlogging, especially in states prone to such hazards, including Himachal Pradesh, Jammu & Kashmir, and Uttarakhand. Emergency preparedness measures are being heightened to address the risks posed by the intensified monsoon season.

Financial Rule Changes Effective July 2025

• Several significant financial rule changes have taken effect in India as of July 2025, impacting banking, taxation, and digital services. The Income Tax Department now mandates Aadhaar linkage for new PAN card applications to curb fake identities. The income tax return filing deadline for AY 2025-26 has been extended to September 15. IRCTC has introduced Aadhaar OTP verification for Tatkal railway bookings beginning July 15, along with restricted booking times to prevent agents.

• Banking charges are also seeing revisions. Axis Bank and ICICI Bank will implement new fees for ATM usage and branch transactions. For example, ICICI will charge Rs 125 for international ATM withdrawals and Rs 150 post three free monthly branch transactions. SBI and HDFC have updated credit card rules, including transaction fees and reward limits on insurance.

• UPI users will benefit from a simplified chargeback process introduced by NPCI. The GSTN has tightened GST return filing rules to improve compliance and audit accuracy. Additionally, small savings scheme interest rates may be revised for the July–September quarter. These changes aim to enhance financial transparency, reduce fraud, and improve service access and efficiency for all users.

Surge in IPO Market Activity

• India’s IPO market is poised for a resurgence, with around $2.4 billion expected to be raised in July 2025. This uptick is bolstered by recovering investor confidence following earlier disruptions from global geopolitical tensions and a U.S. trade war. Notable companies planning IPOs include HDB Financial Services, Credila Financial Services, National Securities Depository Ltd. (NSDL), Aditya Infotech, and M&B Engineering. LG Electronics India is also preparing a $1.8 billion IPO, while JSW Cement and SMPP plan offerings of approximately $470 million each. India remains the world’s second-largest IPO market in 2025, with $5.86 billion raised so far.

Progress in India-US Trade Relations

• As the July 9 deadline approaches, U.S. President Donald Trump has indicated optimism about finalizing a trade deal with India. He believes India is ready to lower trade barriers for U.S. companies, which could pave the way for an agreement and avert the 26% tariff announced on April 2. The deal is expected to cover critical sectors such as agriculture and automobiles, aiming to ease trade tensions and boost economic ties between the two nations.

India's Economic Outlook Remains Positive

• Despite global challenges like market volatility, geopolitical tensions, and climate risks, the Reserve Bank of India’s annual report states that the Indian economy is set to remain the fastest-growing major economy in 2025-26. This optimistic outlook is supported by strong macroeconomic fundamentals, a robust financial sector, and a focus on sustainable growth.

Neeraj Chopra Clinches Gold at Inaugural Neeraj Chopra Classic

• Olympic champion Neeraj Chopra secured the gold medal at the inaugural Neeraj Chopra Classic held at Bengaluru's Kanteerava Stadium. His winning throw of 86.18 meters outpaced competitors, including Kenya’s Julius Yego and Sri Lanka’s Rumesh Pathirage. The event, attended by over 14,500 spectators, marked a significant milestone in India's athletics scene, showcasing the nation's growing prominence in field events.

India Dominates England in Second Test at Edgbaston

• In the second Test match at Edgbaston, India declared their second innings at 427-6, setting England a formidable target of 608 runs. Captain Shubman Gill led with a stellar 161, adding to his first-innings 269. England struggled in response, ending day four at 72-3, with key wickets falling early. India's bowlers, particularly Akash Deep and Mohammed Siraj, maintained pressure, positioning India for a potential series-leveling victory.

Muharram Observance Leads to Market Closures on July 7

• Due to the observance of Muharram, both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will remain closed on July 7, 2025. This closure follows the weekend, resulting in a three-day hiatus for the stock markets. Investors are advised to plan their trading activities accordingly.

India-US Trade Deal Prospects Improve Ahead of July 9 Deadline

• As the July 9 deadline approaches, discussions between India and the United States regarding a trade agreement have intensified. U.S. President Donald Trump expressed optimism about finalizing a deal, which could prevent the imposition of a 26% tariff announced earlier. The agreement is expected to address key sectors, including agriculture and automobiles, aiming to strengthen economic ties between the two nations.

RBI Intervenes as Indian Rupee Hits ₹85.69 Against US Dollar

• The Indian Rupee experienced a decline, reaching ₹85.69 against the US Dollar. In response, the Reserve Bank of India (RBI) intervened to stabilize the currency. This depreciation is attributed to global economic uncertainties and fluctuating oil prices, prompting concerns over import costs and inflationary pressures.

Prime Minister Modi Embarks on Five-Nation Tour

• Prime Minister Narendra Modi commenced a five-nation tour, beginning with a visit to Ghana. The trip aims to bolster India's trade and technological partnerships across Africa and other regions. This marks Modi's longest foreign tour in a decade, reflecting India's strategic focus on expanding its global diplomatic and economic engagements.

India’s journey through the past week reflects a country in motion—balancing nature’s fury, economic recalibrations, and international ambitions. From the evolving monsoon scenario to the vibrancy of the stock markets and diplomatic outreach, these events are more than headlines—they are indicators of transformation. Staying updated with such developments not only informs citizens but also empowers them to engage thoughtfully with the nation's changing narrative.

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