INDIA: Key Regulatory Updates: RBI Payment Mandate, Green Steel, Airport Safety, and Bihar
RBI e-Kuber Mandate: Starting July 16, all central government payments exceeding ₹75 crore must be processed through the RBI’s e-Kuber platform, ensuring greater transparency and streamlined fund flow management.
Green Steel in Infrastructure: Draft guidelines propose that, from FY 2027–28, all central government infrastructure projects must use green-certified steel, supporting India’s broader decarbonization goals in construction and public procurement.
Airport Flight Path Safety Rules: The Civil Aviation Ministry has issued draft rules to identify and remove obstructions to airport flight paths, including trees, buildings, and antennas. The public comment period for the draft closed on July 9.
Bihar Labour Law Update: The Bihar government has notified an amendment to the Bihar Factories Rules, revising Schedules II to XIX. Notably, in selected provisions, the term “woman” now explicitly refers to pregnant women and lactating mothers, enhancing worker protection in sensitive categories.
United States: Senate Approves $925 Billion Defense Bill, Passes Sweeping Fiscal Package
The Senate Armed Services Committee has approved the FY2026 National Defense Authorization Act (NDAA), increasing total defense spending to $925 billion, which includes $500 million in military aid to Ukraine. The bill also rejects the proposed retirement of the A-10 aircraft.
Separately, the Senate passed the final version of the “One Big Beautiful Bill”, a comprehensive fiscal package that extends tax cuts, introduces tip income deductions, and is expected to add $3.3 trillion to the national deficit.
Canada: Retaliatory Tariffs on U.S. Steel Delayed Amid Ongoing Talks
Canada has postponed the imposition of retaliatory tariffs on U.S. steel and aluminum imports, shifting the planned July 21 hike to August 1. The move comes as bilateral negotiations continue, aimed at resolving the dispute without escalation.
Germany: Chancellor Merz Urges Quick Resolution to EU–U.S. Tariff Tensions
German Chancellor Friedrich Merz is pressing for a “quick” resolution to trade tensions with the United States, warning of potential 50% retaliatory duties. He has called on G7 nations to align over the weekend to avoid further escalation.
United Kingdom: Cybersecurity in Focus as Government Considers Mandatory Breach Reporting
The UK government is responding to reports of unreported cybersecurity breaches, including at Marks & Spencer (M&S). The Cabinet is actively exploring legislation to mandate incident reporting, placing national cybersecurity under renewed scrutiny.
Japan: Upper House Elections Set for July 20, Diet Prepares for Late-July Session
Upper House elections in Japan are scheduled for July 20, while the Diet remains in recess. The government is preparing for a late-July session, with a focus on finance and trade policy.