BACK PAGE | PAGE 28 BRANDWAGON | PAGE 9 Gill firstAsianTest skipper to score double ton in England INTERNATIONAL | PAGE 7 PradaKolhapurifiascoshows perilsofme-toobranding PUNE, FRIDAY, JULY 4, 2025 US jobs report slams the door on Fed July rate cut FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XVI NO. 132, 28 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 83,239.47 ▼ 170.22 NIFTY: 25,405.30 ▼ 48.10 NIKKEI 225: 39,785.90 ▲ 23.42 HANG SENG: 24,069.94 ▼ 151.47 `/$: 85.32 ▲ 0.39 `/€: 100.62 ▲ 0.26 BRENT: $68.78 ▼ $0.33 GOLD: `96,933 ▼ `124 IN THE NEWS RBI to conduct seven-day VRRR auction today RBI WILL CONDUCT a seven-day variable rate reverse repo auction (VRRR) for the second time on Friday, reports fe Bureau. Through the operation, it will drain out `1 lakh crore and these funds will be reversed on July 11. “On a review of the current and evolving liquidity conditions, it has been decided to conduct a variable rate reverse repo (VRRR) auction on Friday,” RBI said in a release. The liquidity surplus stood at `3.75 lakh crore as on Wednesday. Services sector activity climbs to 10-month high THE UPTICK IN India's services sector was strongest in 10 months in June, fuelled by robust demand and easing inflation, according to a survey by HSBC Holdings Plc, reports fe Bureau. ■ PAGE 2 Meesho files IPO papers to raise `4,250 crore E-COMMERCE UNICORN MEESHO has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) through the confidential route, reports Ayanti Bera. ■ PAGE 4 FE S P EC I A L BRICS and India’s balancing act The 17th edition of the BRICS summit will be held in Brazil on July 6-7 ■ EXPLAINER, P9 WAIVERLIKELYFROMRECIPROCALLEVYSETTOBEEFFECTIVEJULY9 India‘veryclose’tosealing interimtradedealwithUS ● Indian team pitches hard for cut in steel, aluminum duties FE BUREAU New Delhi, July 3 THE MUCH-AWAITED interim trade deal between India and the US,which is crucial for New Delhi to avoid a sharp tariff escalation in goods shipments to the world's largest economy, could be announced anytime soon,official sources said here on Thursday. Negotiations were “very close” to conclusion, they added. The formal announcement of the deal may coincide with the US Independence Day (Friday), or it might take place over the weekend,or latest by early next week, the source added. Indian negotiators have remained engaged with the US team in Washington for the interim deal forthe eighth day on Thursday. Reuters reported from Washington that negotiators have been asked to be prepared for a potential announcement. While the immediate gain for India from the deal would be the exemption from the recipro- COMING SOON ■ Indian negotiators were engaged with US team in Washington for the interim deal for eighth straight day on Thursday ■ New Delhi has also sought cuts or exemptions from sector-specific duties imposed or planned by US ■ The immediate gain for India would be exemption from the ■ Under the deal, India may allow imports of some processed, genetically modified animal feeds reciprocal tariff that is to come into force from July 9 Willretaliateifhurt: ChinaonUS-Vietnamdeal CHINASAIDITwasexamining a trade deal that the US and Vietnam clinched and would retaliate if its interests were hurt — a sign that tensions betweenBeijingandWashington risk worsening as more of the pacts are finalised. “We are happy to see all partiesresolvetradeconflicts with the US through equal cal tariff of 26% that would otherwise come into force from July 9, New Delhi also sought cuts or exemptions from sector-specific duties imposed or being negotiations but firmly oppose any party striking a deal at the expense of China’s interests,” He Yongqian, a spokeswoman for the ministryofcommerce,saidat a press briefing in Beijing on Thursday. “If such a situation arises, Chinawillfirmlystrikebackto protect its own legitimate planned by the US. While India seeks to draw red lines in regard to the US demand for duty cuts on farm and dairy goods, Bloomberg reported FE BUREAU New Delhi, July 3 BOOST TO PREPAREDNESS ■ Defence Acquisition Council has accorded 'Acceptance of Necessity' to 10 capital acquisition proposals ■ Procure- ments include armoured recovery vehicles and electronic warfare system and surface-to-air missiles siles,an official statement said. These procurements will provide higher mobility, effective air defence, better supply chain management and augmenttheoperationalpreparedness of the armed forces,it said. Approvalswerealsoaccorded for procurement of mine ■ Mine counter measure vessels, super rapid gun mount also to be purchased counter measure vessels,super rapid gun mount and submersible autonomous vessels. "Theseprocurementswillenable mitigation of potential risks posedtothenavalandmerchant vessels,"theministrysaid. Continued on Page 12 Corporate affairs, labour ministries in talks for combining the two schemes Govt mulls mergerof newjobs schemewith internship drive MANU KAUSHIK New Delhi, July 3 THE EMPLOYMENT-LINKED incentive (ELI) scheme, which was recently approved by the Cabinet, may be merged with the PM Internship Scheme (PMIS) to achieve optimum efficacy of the two in boosting job creation,according to official sources. Officials from the ministry of corporate affairs (MCA), which is spearheading PMIS, and the ministry of labour and employment,which will drive the ELI scheme, have already metoncetodiscussthepossibility of combining both the schemes,the sources added. “Theintegrationwillbebeneficial for the interns (under PMIS) and the participating companies.After training, the interns have to find regular employment. For companies whichareinvestinginthetrainingoftheinterns,iftheyendup absorbing these interns, they EMPLOYMENT PUSH ■ Officials of the corporate affairs ministry, which is spearheading the PM Internship Scheme (PMIS), and labour and employment ministry have held talks ■ Possible integration may increase participation in the PM internship scheme, say experts ■ Talks also on to integrate `99,446-crore ELI scheme to push employment generation and improve employability across sectors recently got the Cabinet’s nod ■ Govt has sharply the National Apprenticeship Promotion Scheme and National Apprenticeship Training scheme with the ELI scheme will get additional benefits under the ELI scheme,” said a source. He added that discussions are also on to integrate the National Apprenticeship Promotion Scheme (NAPS) and National Apprenticeship Trainingscheme(NATS)programmes — run by the ministry of skill development and entrepreneurship — with the ELI scheme.“These are standalone announcement of the deal is likely in the next few days 26% Govtclears`1-lakh-crdeals tobuymade-in-Indiaarms THE DEFENCE ACQUISITION Council (DAC) on Thursday approved purchase of assorted equipment worth `1.05 lakh crore for the armed forces, all fromindigenoussources.Thisis the first major decision to acquire defence goods after Operation Sindoor,which displayed the country's enhanced prowess in precision airstrikes. The DAC,headed bydefence minister Rajnath Singh, accorded'Acceptance of Necessity(AoN)'for10capitalacquisition proposals forprocurement of armoured recovery vehicles, electronicwarfaresystem,integrated common inventory managementsystemforthetriservicesandsurface-to-airmis- ■ A formal increased the target for PMIS to 700,000 internships in FY26 schemes but they can be dovetailed into each other. The modalitiesarestillbeingworked out.Bywayofmobilisingcandidates through its employment exchangesandonlineportal,the labourministryisalreadyworking with the MCA on PMIS,” a source said. Experts said that a possible integration would increase the participation in the PMIS since candidateswillhaveabettervis- ibility on the permanent employment opportunities after the completion of their internships.Sofar,thepilotprojectofPMIShasreceivedalukewarmresponsewherejustabout 8,000 interns have joined companies in the first round — way short of the 125,000 target set bythe government for the pilot project (FY25). Continued on Page 12 rights and interests,” she added,withoutelaboratingon whatthosestepswouldentail. China’s comments come after US President Donald Trumpsaidhehadreachedan agreementwithVietnam that places a 40% levy on any goods deemed to be transshipped through the country. —BLOOMBERG that the country might allow imports of some processed, genetically modified animal feeds. Continued on Page 12 Tata maybuy out investors in Resurgent ● ICICIVenture, Kuwait & Oman funds seeking $2.1-bn valuation POWER PLAY ■ Tata Power owns 26% in Singapore-based power generation and transmission firm Resurgent via a subsidiary BAIJU KALESH & PR SANJAI July 3 TATAGROUP IS in talks to buy out other shareholders in Resurgent Power Ventures, according to people familiar with the matter. Tata Power, which owns a 26% stake in Singapore-based powergenerationandtransmission firm Resurgent through a subsidiary, is working with an adviser to help buy the stakes held by ICICI Venture Funds Management, Kuwait InvestmentAuthorityand Oman Investment Authority, the people said,askingnottobeidentified. ICICIVenture,KIAand OIA, which hold 74% in Resurgent, areseekingavaluationofabout $2.1 billion forthewhole company, including debt, the people said.Discussions are ongoing and there’s no certainty that an agreement will be reached,theyadded. Representatives for Tata Power, ICICI Venture and OIA didn’t reply to requests seeking comment. KIA declined to comment. Resurgent Power’s portfolio ■ It is working with an adviser to help buy the stakes held by ICICI Venture, Kuwait and Oman investment funds ■ The three investors hold a 74% stake in Resurgent ■ Resurgent’s portfolio includes a 75% stake in Prayagraj Power Generation includesastakeofabout75%in Prayagraj Power Generation,as well as other power transmission operators in north India, ICICI’swebsite shows. KIA and an arm of the Oman State General Reserve Fund, or SGRF, invested in Resurgent in 2019,when they bought out the shares from a unitofCDPQ,nowknownasLa Caisse. In 2020, SGRF merged with the Oman Investment Fund to form OIA. —BLOOMBERG Tata Motors eyes PLI sops worth `6,500 cr SWARAJ BAGGONKAR Mumbai, July 3 WITHANEXPANDEDproducts’ portfolio and a ramp-up in production,Tata Motors is looking togenerateanincomeofaround `6,500 crore through the government’s scheme to promote electric vehicle (EV) sales in the next fewyears. The carmaker is hoping to generate`4,000crorefromthe passengervehicle(PV)category, while the balance `2,500 crore is expected to come from commercialvehicle (CV) sales under theproduction-linkedincentive (PLI) scheme forautomobiles. The Mumbai-based company, which is the country’s largest producerof electric passenger, light and heavy commercialvehicles,receivedbenefits of `385 crore—`250 crore forPVsand`135croreforCVs— undertheschemeduringFY25. DuringFY24,thisstoodat`142 crore—`102 crore for PVs and `40 crore forCVs. ATata Motors spokesperson confirmed that the firm will avail the full benefits of PLI, which is offered till FY28. “We currently have three products—Tiago,Tigor,Punch— givingarunrateof`40croreper month in PLI incentives.With theHarrierandNexonalsocomingin,wewillbeabletotakethis to `700 crore by FY26 end,” a companyexecutive told FE. Continued on Page 12