Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
THE family of Christian Michel, the British businessman accused of acting as a middleman in the AgustaWestland VVIP helicopter deal, has appealed to the UK government to push for his release from Delhi’s Tihar Jail.
Michel’s relatives met Foreign Office minister Catherine West in London on Tuesday (26). The Foreign, Commonwealth and Development Office (FCDO) said the minister listened to their concerns and updated them on ongoing steps being taken.
The case was also raised by prime minister Keir Starmer with his Indian counterpart, Narendra Modi, during his recent visit to London for the signing of the India-UK free trade agreement.
“The UK government is committed to seeing Christian Michel’s case resolved as soon as possible,” an FCDO spokesperson said. “We continue to provide consular assistance to Mr Michel and his family and have consistently raised his case with the Indian government.”
British officials at the High Commission in Delhi regularly meet Michel in detention, most recently on August 14.
Michel’s son, Alois, said: “An Indian court has recently rejected my father’s appeal for release from prison, even though he has already served the maximum sentence of seven years for the charge on which he was extradited. I have requested the UK government to approach the International Court of Justice because India is not respecting its obligation to the rule of law.”
Indian courts have ruled that Michel still faces charges, including forgery, which could carry a life sentence. He was extradited from Dubai in December 2018 and arrested by the CBI and Enforcement Directorate (ED).
The ED claims Michel received £25.8 million in kickbacks from AgustaWestland, allegations he denies. According to investigators, the helicopter deal signed in February 2010 caused losses of around £341m to the Indian exchequer.
In February this year, the Supreme Court of India granted Michel bail in a CBI case, followed by a Delhi High Court order granting bail in the ED case. However, he has yet to furnish bail bonds. His family fears that accepting bail terms may lead to further charges.
UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.
According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.
The SMMT had earlier reported that exports to the US dropped 55.4 per cent in May compared with the same month last year, with smaller falls recorded in April and June.
"The US remains the largest single national market for British built cars, underscoring the importance of the UK-US trade deal, and July's performance illustrates the impact of this deal," the SMMT said.
The agreement, finalised in May and effective from June 30, cut tariffs on UK car exports to 10 per cent on up to 100,000 vehicles a year.
In April, US President Donald Trump had imposed a 27.5 per cent tariff, reducing demand and forcing manufacturers, including Jaguar Land Rover (JLR) and Aston Martin, to scale back or suspend shipments.
Almost 80 per cent of cars made in the UK last year were exported, mainly to the European Union.
The UK auto industry is largely made up of foreign-owned brands such as Japan’s Nissan and India-owned JLR.
The US is also a major market for UK-produced luxury models from Bentley and Rolls-Royce, both owned by German groups.
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The Enforcement Directorate searches were conducted at locations linked to the Gupta brothers, Piyoosh Goyal of World Window Group, and entities such as Sahara Computers and ITJ Retails Pvt Ltd.
INDIA's financial crime fighting agency, the Enforcement Directorate (ED) on Tuesday carried out searches at locations connected to the Gupta brothers of South Africa and their associates in a money laundering case.
The action followed a Mutual Legal Assistance Request (MLAR) received by India from South Africa in connection with the "state capture scam," reported PTI quoting sources.
The three brothers of Indian origin—Atul, Ajay, and Rajesh Gupta—are accused of siphoning off billions of rands in South Africa through their ties with former president Jacob Zuma. The brothers and Zuma have denied any wrongdoing.
The Guptas and their families moved to Dubai after Zuma was removed from office in 2018.
Searches were conducted at locations linked to the Gupta brothers, Piyoosh Goyal of World Window Group, and entities such as Sahara Computers and ITJ Retails Pvt Ltd.
ED sources told PTI they also searched premises of Ram Ratan Jagati in Ahmedabad, who was described as a "key person" in the money laundering network.
Jagati allegedly set up a shell company named JJ Trading FZE in Dubai, which was used by Piyoosh Goyal and the Gupta brothers for money laundering, according to the sources.
The Gupta brothers had shifted to South Africa after the fall of apartheid, building their business empire through Sahara Computers and later expanding into IT, media, and mining. Some of their assets in South Africa were recently auctioned by the government there.
(With inputs from agencies)
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Donald Trump speaks with the press as he meets with Narendra Modi in the Oval Office of the White House on February 13, 2025. (Photo: Getty Images)
US tariffs on Indian imports rise to as much as 50 per cent
Nearly 55 per cent of India’s $87bn exports to US could be affected
Exporters warn of job losses and call for loan moratoriums
India says support measures will be offered to affected exporters
US PRESIDENT Donald Trump’s doubling of tariffs on Indian imports took effect on Wednesday, raising duties on some shipments to as much as 50 per cent. The move escalates trade tensions between India and the United States.
A 25 per cent tariff announced earlier in July was followed by another 25 per cent duty linked to India’s purchases of Russian oil, taking total tariffs to as high as 50 per cent on items such as garments, gems and jewellery, footwear, sporting goods, furniture and chemicals. These rates are on par with those imposed by the US on Brazil and China.
The new tariffs are expected to affect thousands of small exporters and jobs, including in prime minister Narendra Modi’s home state of Gujarat. Exporter groups estimate nearly 55 per cent of India’s 87 billion dollars in merchandise exports to the US could be impacted, benefiting competitors such as Vietnam, Bangladesh and China.
India and the US have held five rounds of talks since April to try to reach a trade agreement, but differences over access to India’s farm and dairy sectors, as well as India’s rising imports of Russian oil, led to a breakdown.
Officials on both sides blamed political misjudgment and missed signals for the collapse. US Census Bureau data shows their two-way goods trade totalled 129 billion dollars in 2024, with a US trade deficit of 45.8 billion dollars.
White House trade adviser Peter Navarro confirmed the new tariffs would take effect as announced. “Yeah,” he said when asked if the increased tariffs on India’s exports would be implemented on Wednesday.
Indian officials had earlier indicated hope that US tariffs could be capped at 15 per cent, the rate applied to some other US trade partners including Japan, South Korea and the European Union.
The additional tariffs will affect goods such as textiles, chemicals and leather. Exporters say this could create a price disadvantage of 30–35 per cent compared to competitors.
“The move will disrupt Indian exports to the largest export market,” said SC Ralhan, president of Federation of Indian Export Organisations. He suggested the government provide a one-year moratorium on bank loans for affected exporters, besides extending low-cost credit and easier loan access.
A US Customs and Border Protection notice allows a three-week exemption for Indian goods shipped before the deadline. These shipments can enter the US under the earlier lower tariffs until September 17.
Steel, aluminium and derivative products, passenger vehicles, copper and other goods subject to separate tariffs of up to 50 per cent under the Section 232 national security trade law remain exempt.
India’s response
India’s Commerce Ministry did not immediately respond to requests for comment. However, an official said on condition of anonymity that exporters hit by the tariffs would be given financial assistance and encouraged to diversify to markets such as China, Latin America and the Middle East.
Rajeswari Sengupta, an economics professor at Mumbai’s Indira Gandhi Institute of Development Research, said a weaker rupee could provide indirect support to exporters by helping them regain competitiveness.
Officials say trade talks with the US are continuing. India has not announced any change in its stance on Russian oil purchases. Russian officials in New Delhi have said Moscow expects to continue supplying oil to India.
Broader ties
Despite the tariff dispute, both countries have stressed their broader strategic partnership. On Tuesday, the US State Department and India’s Ministry of External Affairs issued identical statements saying senior officials met virtually and expressed “eagerness to continue enhancing the breadth and depth of the bilateral relationship.”
Both sides also reaffirmed their commitment to the Quad grouping, which includes the US, India, Australia and Japan.
(With inputs from agencies)
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Craftsmen work on diamonds at a diamond processing unit in Surat, India, August 15, 2025. (Photo credit: Getty Images)
THE SURAT Diamond Bourse, billed as the world's largest office complex and bigger than the Pentagon, remains largely empty with only a few traders working.
Business has slowed, and the outlook is uncertain.
India’s diamond exports have fallen to a two-decade low due to weak Chinese demand. Now, higher US tariffs under president Donald Trump are set to hit the industry’s biggest market, which takes nearly one-third of its $28.5 billion annual exports of gems and jewellery.
In Surat, where more than 80 per cent of the world’s rough diamonds are cut and polished, orders are shrinking as the US tariffs undermine buyer confidence.
Smaller exporters have limited options, while bigger firms are considering moving part of their operations to countries like Botswana, which faces a lower 15 per cent tariff. India’s current 25 per cent tariff is set to double on 27 August.
"We are in a wait-and-watch mode until the end of August but may increase production in Botswana if this continues," said Hitesh Patel, managing director of Dharmanandan Diamonds, which expects US tariffs to cut its annual revenue by 20–25 per cent.
Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC), said the industry was cutting working days and hours to adjust to slower demand.
At the Surat Diamond Bourse, more than 4,700 offices have been sold but fewer than 250 are in use, with several firms reconsidering plans to move in, a bourse official said.
A Mumbai-based diamond company owner, who bought office space last year, said he had postponed shifting. "U.S. tariffs have already shaken our business, and we don't want the added hassle of moving from Mumbai to Surat," he said, requesting anonymity.
In December 2023, prime minister Narendra Modi inaugurated the Surat Diamond Bourse, spread over 6.7 million square feet, larger than the Pentagon’s 6.5 million. Modi called it a symbol of "new India's strength and new resolve".
The bourse, with nine interconnected towers of 15 floors each, also houses banks, customs offices, vaults, and a jewellery mall, designed as a one-stop hub for the global diamond trade.
LITTLE SPARKLE DESPITE PEAK SEASON
Surat’s units usually step up production during this period to meet US demand ahead of Christmas and New Year. This year, many workers are unsure if they will have jobs.
"Demand has slumped so badly that the diamond packets I sold for 25,000 rupees ($285.84) last year now barely fetch 18,000," said Shailesh Mangukiya, who runs a polishing unit in Surat. He said his workforce has been cut in half to 125.
Parikh of GJEPC said without a trade deal to lower tariffs, 150,000 to 200,000 workers could lose jobs.
Industry officials said US buyers are likely to shift to suppliers in Israel, Belgium and Botswana.
Exporters are looking to Asia, Europe and the Middle East to offset US losses, but finding new buyers is difficult, they said. Many are reducing rough diamond purchases and working with small inventories, while some smaller units are offering discounts to survive.
India’s domestic demand, however, is holding. The country recently overtook China as the second-largest diamond market.
"Our sale for the last 10–15 days has slowed down a little but not that much because the loss of American demand is being compensated by some good demand in the Indian market," said Hitesh Shah, a partner at Venus Jewel, which supplies brands including Tiffany & Co and Harry Winston.
(With inputs from Reuters)
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Ambani, the younger brother of Asia’s richest man Mukesh Ambani, has business interests across sectors including power and defence. (Photo: Reuters)
INDIA's federal investigator, the Central Bureau of Investigation (CBI), has registered a criminal case against tycoon Anil Ambani following a complaint from the State Bank of India (SBI) alleging fraud, the agency said on Saturday.
Ambani, the younger brother of Asia’s richest man Mukesh Ambani, has business interests across sectors including power and defence.
According to SBI, Anil Ambani and his former telecom company Reliance Communications “misappropriated” bank funds by carrying out transactions that violated loan terms.
The bank said it suffered a loss of 29.29 billion rupees (£248.4 million) due to the actions.
The CBI said the case had been filed and that the complaint would undergo “thorough investigation”. On Saturday, the agency searched premises linked to Reliance Communications and Anil Ambani’s residence.
A spokesperson for Ambani said he “strongly denies all allegations and charges” and “will duly defend himself”.
“The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Ambani was a non-executive director of the company, with no involvement in the day-to-day management,” the spokesperson said.
“It is pertinent to note that SBI, by its own order, has already withdrawn proceedings against five other non-executive directors. Despite this, Ambani has been selectively singled out.”
Anil Ambani was last in the public spotlight seven years ago when Indian politician Rahul Gandhi accused him and prime minister Narendra Modi of irregularities in the Rafale jet deal with France. Both Ambani and Modi denied the allegations.
In December 2018, India’s Supreme Court rejected demands for an investigation into the jet deal, saying it did “not find any substantial material on record to show that this is a case of commercial favouritism to any party by the Indian government”.