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Current Affairs 4 August 2026

In short

  • Centre removes import duty on select smartphone and electronics components
  • India’s consumer inflation in June likely breaches RBI’s 4% target after 16 months

…and 13 more stories on POLITY, ECONOMY, ENVIRONMENT, DIPLOMACY.

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ECONOMY

Centre removes import duty on select smartphone and electronics components

The Union government has scrapped import duties on certain components used in manufacturing mobile phones and other electronic devices in India.[1] The move removes existing 7.5% and 5% levies on specified parts, aiming to lower production costs and boost domestic value addition in the electronics sector.[1] Officials expect companies like Apple, Xiaomi and other global manufacturers to benefit, potentially enhancing India’s position as a smartphone production hub under the Make in India and PLI schemes.[1] The duty cuts are part of a broader strategy to align with global value chains and maintain India’s competitiveness vis-à-vis other Asian manufacturing centres.[1] Industry bodies have welcomed the decision, noting it could support exports and job creation in assembly and ancillary industries.[1] However, there may be short-term revenue implications for the exchequer as customs collections on these items decline.[1] The effectiveness of the measure will depend on how quickly firms adjust sourcing and investment decisions.[1]

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The recent removal of import duty on select smartphone parts in India eliminated which rates on these components?

ECONOMY

India’s consumer inflation in June likely breaches RBI’s 4% target after 16 months

A Reuters poll of economists indicates that India’s consumer price inflation (CPI) for June likely exceeded the Reserve Bank of India’s medium-term target of 4% for the first time in 16 months.[1] The primary drivers cited are higher food and fuel prices, partly influenced by a weak monsoon and global factors including the U.S.-Iran conflict impacting crude markets.[1] Analysts expect headline inflation to edge above 4%, though still within the RBI’s tolerance band of 2–6%.[1] This could complicate prospects for near-term rate cuts, with the Monetary Policy Committee likely to maintain a cautious stance focused on price stability.[1] Food inflation is reported to have risen on account of supply disruptions and weather-related impacts on key crops.[1] The data will be closely watched ahead of the RBI’s upcoming policy review, as sustained overshooting of the target might prompt tighter communication or stance adjustments.[1] Inflation trends also have implications for real incomes, fiscal planning, and bond yields.[1]

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The Reserve Bank of India’s medium-term CPI inflation target is set at which level?

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Current Affairs by JobSafal