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Current Affairs 7 August 2026

In short

  • Centre removes import duty on select smartphone and electronics parts
  • India consumer inflation likely breached 4% RBI target in June

…and 18 more stories on ENVIRONMENT, POLITY, DIPLOMACY, GOVERNANCE.

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ECONOMY

Centre removes import duty on select smartphone and electronics parts

The Union government has scrapped import duties of 7.5% and 5% on certain parts used to manufacture mobile phones and other electronic devices.[1] This move is aimed at boosting domestic electronics manufacturing and improving cost competitiveness of India-based factories.[1] Companies such as Apple and Xiaomi, which assemble phones in India, are expected to benefit from lower input costs.[1] The decision aligns with the broader Make in India and Phased Manufacturing Programme strategy to deepen value addition in the electronics sector. It comes amid growing global supply-chain diversification away from China and India’s attempt to position itself as a key smartphone manufacturing hub. The duty removal may temporarily reduce customs revenue but is expected to be offset by higher production, exports, and employment in the sector. The change was notified within the last 24 hours and is likely to reflect soon in industry pricing and sourcing decisions.[1]

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The recent removal of import duties on select smartphone parts primarily aims to

ECONOMY

India consumer inflation likely breached 4% RBI target in June

A Reuters poll indicates that India’s consumer price inflation (CPI) likely rose above the Reserve Bank of India’s medium-term target of 4% in June, for the first time in 16 months.[1] Analysts attribute the rise to higher food and fuel prices, a weak monsoon, and global cost pressures linked in part to the U.S.–Iran conflict.[1] The uptick in inflation may complicate RBI’s future monetary policy decisions, especially regarding interest rate cuts. While inflation has remained within the RBI’s 2–6% tolerance band, breaching the 4% target raises concerns about persistent price pressures. The monsoon’s uneven distribution is expected to affect sowing of key crops such as cotton, soybeans, and corn, impacting food supply and prices.[1] Financial markets and policymakers are watching upcoming official CPI data closely to assess the extent and persistence of the inflation rise.[1]

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The Reserve Bank of India’s medium-term CPI inflation target is

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Current Affairs by JobSafal