Today's evening news wrap includes updates on national politics, foreign affairs, business and international security. An SBI report revealed that India's fuel bill may rise by $ 12 billion in FY27 if it stops Russian oil. Centre withdrew Income Tax Bill in Lok Sabha and the new Bill is set to be introduced on August 11. The Election Commission has asked Rahul Gandhi to sign declaration on "vote chori" claim. Meanwhile, the US reiterated its "direct involvement" claim in India-Pakistan ceasefire. Israel approved plan to take control of Gaza City.
India's fuel bill may rise by $ 12 billion in FY27 if it stops Russian oil imports, says SBI
According SBI analysis, discontinuing Russian oil imports for the remainder of FY26 could result in a $9 billion increase in the fuel bill during FY26, whilst FY27 might witness an escalation of $11.7 billion owing to price rises.
Since 2022, India has sharply increased purchases of discounted Russian oil, priced under a $60-per-barrel cap. The move, adopted after Western sanctions on Moscow over the Ukraine invasion, was aimed at bolstering the country’s energy security amid shifting global supply lines. Read full story
Centre withdraws Income Tax Bill in Lok Sabha, new Bill to be introduced on August 11
Finance minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025, in the Lok Sabha, announcing that the government would present a revised version after incorporating changes proposed by the select committee.
Sources, cited by PTI, said the updated bill, set to be introduced in the Lok Sabha on August 11, will include most of the panel’s recommendations. Read full story
EC asks Rahul Gandhi to sign declaration on 'vote chori' claim; Congress leaders hits back
After Rahul Gandhi alleged voter roll manipulation, the Karnataka chief electoral officer (CEO) urged him to provide evidence under oath—a call that was also reiterated by the CEOs of Maharashtra and Haryana.
Gandhi hit back at the poll body, posing five questions and demanding accountability as he said, "India's democracy is priceless - the consequences of its theft will be dire. Now the public is speaking - enough is enough!" Read full story
US reiterates India-Pakistan ceasefire claim, says 'we got involved directly'
US secretary of state Marco Rubio has claimed that Washington “got involved directly” during a war between India and Pakistan, crediting US President Donald Trump with playing a decisive role in delivering peace between the two nuclear-armed neighbours.
India, however, has repeatedly rejected claims of third-party mediation, insisting that the decision to halt hostilities with Pakistan resulted from direct talks between the Directors General of Military Operations (DGMOs) of the two countries’ armed forces. Read full story
Israel approves plan to take control of Gaza, military begins troop build-up near border
Commercial satellite imagery shows a significant buildup of Israeli troops and equipment along the Gaza border, which US officials say points to possible preparations for a new ground offensive in the Palestinian territory.
The development follows Israel’s security cabinet approving a plan to seize control of Gaza City, according to Prime Minister Benjamin Netanyahu’s office, though it stops short of the full occupation he had earlier suggested. Read full story
India's fuel bill may rise by $ 12 billion in FY27 if it stops Russian oil imports, says SBI
According SBI analysis, discontinuing Russian oil imports for the remainder of FY26 could result in a $9 billion increase in the fuel bill during FY26, whilst FY27 might witness an escalation of $11.7 billion owing to price rises.
Since 2022, India has sharply increased purchases of discounted Russian oil, priced under a $60-per-barrel cap. The move, adopted after Western sanctions on Moscow over the Ukraine invasion, was aimed at bolstering the country’s energy security amid shifting global supply lines. Read full story
Centre withdraws Income Tax Bill in Lok Sabha, new Bill to be introduced on August 11
Finance minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025, in the Lok Sabha, announcing that the government would present a revised version after incorporating changes proposed by the select committee.
Sources, cited by PTI, said the updated bill, set to be introduced in the Lok Sabha on August 11, will include most of the panel’s recommendations. Read full story
EC asks Rahul Gandhi to sign declaration on 'vote chori' claim; Congress leaders hits back
After Rahul Gandhi alleged voter roll manipulation, the Karnataka chief electoral officer (CEO) urged him to provide evidence under oath—a call that was also reiterated by the CEOs of Maharashtra and Haryana.
Gandhi hit back at the poll body, posing five questions and demanding accountability as he said, "India's democracy is priceless - the consequences of its theft will be dire. Now the public is speaking - enough is enough!" Read full story
US reiterates India-Pakistan ceasefire claim, says 'we got involved directly'
US secretary of state Marco Rubio has claimed that Washington “got involved directly” during a war between India and Pakistan, crediting US President Donald Trump with playing a decisive role in delivering peace between the two nuclear-armed neighbours.
India, however, has repeatedly rejected claims of third-party mediation, insisting that the decision to halt hostilities with Pakistan resulted from direct talks between the Directors General of Military Operations (DGMOs) of the two countries’ armed forces. Read full story
Israel approves plan to take control of Gaza, military begins troop build-up near border
Commercial satellite imagery shows a significant buildup of Israeli troops and equipment along the Gaza border, which US officials say points to possible preparations for a new ground offensive in the Palestinian territory.
The development follows Israel’s security cabinet approving a plan to seize control of Gaza City, according to Prime Minister Benjamin Netanyahu’s office, though it stops short of the full occupation he had earlier suggested. Read full story
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