DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA ● REG.NO. MCS/067/2018 - 20 RNI REGN. NO. 1543/57 JOURNALISM OF COURAGE WEDNESDAY, MAY 7, 2025, MUMBAI, LATE CITY, 18 PAGES `5.00 ● WWW.INDIANEXPRESS.COM SINCE 1932 WILL ENHANCE BILATERAL TRADE, RAISE LIVING STANDARDS Deal’s done: India-UK Free Trade India and UK see more investment, jobs; Modi and Starmer hail deal, say will catalyse both economies RAVI DUTTA MISHRA NEW DELHI, MAY 6 INDIA AND THE United Kingdom ironed out major differences during the latest round of talks in April end at London and announced Tuesday the conclusion of the long-awaited Free Trade Agreement. Prime Minister Narendra Modidescribedthedealasa“historic milestone” and UK Prime These historic (pacts) will... catalyse trade, investment, growth, job creation, and innovation in both our economies NARENDRA MODI PRIME MINISTER Minister Keir Starmer termed it a “landmark trade deal”. Both saiditwouldcreatejobs,enhance bilateral trade, and bring investment into their countries. Today we have agreed a landmark deal with India..., which will grow the economy and deliver for British people... KEIR STARMER UK PRIME MINISTER Amid fears of potential fresh tariffs under US President Donald Trump and a renewed global push for deal-making, the UK trade agreement is the first among many India is currently negotiating with including the US, the European Union, Chile, and Peru. Once the deal comes into effect, the UK tariffs on footwear, textiles, automobile components,electricalmachinery,minerals, and base metals — currently in the 2-18 per cent range — will be eliminated. This will help boost several labour-intensive sectors, the Commerce and Industry Ministry said. To protect its farmers India had excluded sensitive items such as dairy products, apples, cheese, etc from any duty concessions. India, on its part, has agreed to cut tariffs on whiskey and gin to 75 per cent from 150 per cent, and further to 40 per cent over 10 years. It will also slash automotivetariffsto10percentfrom CONTINUED ON PAGE 2 Gold standard, says Govt; template for deals on table with EU, USA RAVI DUTTA MISHRA NEW DELHI, MAY 6 THE INDIA-UK trade deal is significant in being the most comprehensive free trade deal that NewDelhihasenteredintosofar and could serve as the template forfuturetradeengagements,including the multiple bilateral dealscurrentlyundernegotiation. These include the complex tradedealunderdiscussionwith the 27-nation European Union and the fast-tracked deal being CONTINUED ON PAGE 2 First off the block, bipartisan, deepens bilateral economy story NEW DELHI, MAY 6 THREE years ago, on April 22, 2022, then British Prime Minister Boris Johnson was on an India visit where he called Prime Minister Narendra Modi his “khaas dost” and said both leaders had asked their negotiators to reach an agreement on the Free Trade Agreement by Starmer. “This agreement for mutual trade and economic cooperation between two big and open market economies of the world will add a new chapter in the development of both countries,” he said. Calling it “great news for our youth,” Modi said it would boost economic activity in India, bring “new opportunities for Indian businesses and MSMEs”. Referring to the recent trade agreements with UAE, Australia and Mauritius, he said: “India is not just reforming but is actively engaging with the world to ● makeitself avibranttrade and commerce hub.” The finalisation of the IndiaUK FTA marks three key takeaways. One, the UK has stolen a march over the two other FTAs E EXPLAINED SHUBHAJIT ROY “Diwali” of 2022. Both sides missed that deadline but they accomplished it on Tuesday marking a pivotal point on a bilateral arc, steered by Union Commerce Minister Piyush Goyal right through, that has cut across the political spectrum in London. Shortly after he announced the agreement, speaking at an ABP Network event, Modi said that he had talked to PM Keir India is negotiating with the US and the European Union. Since Brexit in January 2020, talks on a bilateral trade deal gathered momentum and the UK has been aggressively negotiating with India over the last three years. The changed geo-economicenvironmentgaveasense of urgency to the pace. After US President Donald Trump imposed universal tariffs CONTINUED ON PAGE 2 This FTA is not only about goods and services, but also about people, possibilities, prosperity PIYUSH GOYAL COMMERCE MINISTER WHAT INDIA GETS UK TO end tariffs on footwear, textiles, automobile components, electrical machinery, minerals and more WHAT UK GETS INDIA TO cut tariffs on automotives, whiskey, gin, cosmetics, lamb, salmon, chocolate, biscuits & more Notify local body polls in Maharashtra within 4 weeks: SC Says reservation has become like train coach, those in won’t let others in ANANTHAKRISHNAN G NEW DELHI, MAY 6 UNDERLINING THAT the constitutionalmandatefordemocracy at the grassroots level must be “respected and ensured”, the Supreme Court, in an interim direction Tuesday, ordered the holdingof localbodyelectionsin Maharashtra, with OBC reservation set to the percentage which existed before the submission of the Jayant Kumar Banthia Commission report in July 2022. While hearing the matter, Justice Surya Kant, presiding over a two-judge bench, remarked that reservation in India has become like a train journey where people who have already entered a coach do not want to let anyone else in. “The thing is, in this country, the reservation business has be- Judge gets nudge to quit after panel found ‘credence’ in allegations 07/05/2025 105 133 165 70 Focusoncriticalequipment,supplychains;borderdefencesbeingstrengthened FRIEDRICH MERZ ELECTED GERMAN CHANCELLOR HOURS AFTER SHOCK DEFEAT INFIRSTROUND PAGE 14 SHUBHAJIT ROY & AMRITA NAYAK DUTTA NEW DELHI, MAY 6 BUSINESS AS USUAL BY UNNY NEW ORGAN DONATION REGISTRY WITH WAITING LIST THAT PATIENTS CAN TRACK PAGE 10 PAGE 1 ANCHOR NEW DELHI, MAY 6 THE WORLD WEIGHING ITS response to the Pahalgam terror attack, the government is working on a multipronged military strategy to reestablish deterrence against Pakistan’s hostile behaviour, The Indian Express has learnt. This has been the main and clear brief given to the military and security establishment by the political top brass over the last week of consultations. Theprocess,sourcessaid,will look at all credible options, includingamilitaryretaliation,but the objective of “re-establishing deterrence” is firmly set. Thereisagrowingrealisation within the top levels of the government that the deterrence establishedbytheBalakotairstrike in February 2019 has “worn off”, anditistimeto re-establishthat, sources said. This means that multiple re- CONTINUED ON PAGE 2 CASH AT HOME APURVA VISHWANATH Told to re-establish deterrence, armed forces work on strategy and options come like a railway. Those who have entered the bogie, they don’t want anyone else to enter. That is the whole game,” he said. The bench, also comprising JusticeNKSingh,askedtheState Election Commission to notify the polls within four weeks and said efforts should be made to complete it within four months. The elections have been held up for some years now – the last local body polls were held in 2016-2017 – due to a dispute over OBC reservation. In August 2022, the Supreme Court ordered that status quo be maintained in the matter. The Jayant Kumar Banthia Commission, set up by the Maharashtra government in March 2022 to examine the question of OBC reservation in local bodies, recommended 27 percentrepresentationforOBCs THE THREE-MEMBER panel of judges probing the allegations against Justice Yashwant Varma has found credence in the allegation of cash being found at his official residence in Delhi when a fire broke out there on March 14, The Indian Express has learnt. It is learnt that Chief Justice of India Sanjiv Khanna wrote to Justice Varma on May 4, now a judge of the Allahabad High Court, sharing a copy of the report. The CJI is learnt to have prefaced the report with an option for Justice Verma to tender Yashwant Varma was transferred out of Delhi HC March 20 his resignation. Sources said CJI Khanna also informallydiscussedthereport’s conclusion with his colleagues over tea before the Court proceedings began on May 5. Appointed by the CJI on March 22, the panel, comprising Justice Sheel Nagu, Chief Justice of the High Court of Punjab & Haryana;JusticeGSSandhawalia, CONTINUED ON PAGE 2 Ex-CEA’s book: Union Bank admits lapses; publisher got `3-cr advance HITESH VYAS & RITU SARIN MUMBAI, NEW DELHI, MAY 6 Personnel prepare for mock drill at the CSMT in Mumbai on Tuesday. Ganesh Shirsekar taliatory options against Pakistan are being discussed, and India is continuing to build up its arsenal through a range of newacquisitionswhilestrengthening its deployment and defences along the Line of Control. It is planning for stocking and uninterrupted supply chains for contingencies. Sources said that there could be “one, two or three” options — indicating multiple options — of “hurting Pakistan”, and the idea PAGE7 isto“imposecosts”onitsbehaviour. Whether that changes behaviourornot,butitisimportant toimposethecosts,sourcessaid. In this context, sources said theessenceistotakeactionsthat CONTINUED ON PAGE 2 UNION BANK of India is understood to have paid 50 per cent in advancetoRupaPublicationsfora bulk order worth around Rs 7 crore for 2 lakh copies of former Chief Economic Advisor KrishnamurthyVSubramanian’s book ‘India@100: Envisioning Tomorrow’sEconomicPowerhouse’ —acontentiouspurchasethathas Former CEA K V Subramanian raised questions of propriety, The Indian Express has learnt. On Tuesday, the bank acknowledged “lapses” in the purchase, and said it was examining the issue, even as its shares plummeted by 6.18 per cent to Rs118.35ontheBSE.Inafilingto exchanges, the bank said that it “has made the said procurement”. “However, there were certain lapses in the procurement,whicharebeingexamined by the bank,” it said. The Indian Express had first reported Sunday that one of the key reasons for Subramanian’s recall last month by the GovernmentastheInternational Monetary Fund’s Executive Director, on its behalf, was an CONTINUED ON PAGE 2 SC judges have conservative financial portfolio, invest in FDs, PFs SANDEEP SINGH MUMBAI, MAY 6 A CLOSE look at the assets of Supreme Court judges reveals thatmostof themhaveaconservative investment portfolio. Barring two judges, who have not segregated the details of their financial assets, all have kept a bulk of their savings in bankdeposits,fixeddepositsand provident funds. Theassets,includingthoseof their spouses and dependents, disclosed Monday night also shows that every judge owns at least one real estate asset. The data shows that while three judges have assets exceeding Rs 25crore,threeothershavefinancialassetsbetweenRs5croreand 25 crore. There are eight justices whose financial assets are between Rs 1 crore and Rs 5 crore. Theremainingsevenhavefinancial savings under Rs 1 crore, of which four have less than Rs 50 lakh in financial savings. As many as 21 of the 33 judges who disclosed their assets had aggregate savings of Rs 270 crore in financial instruments. Cumulatively, these judges and their spouses also owned 73 real estate assets, and nearly 12 kg of gold. Except for two judges who haven’t provided segregated details,thecumulativefinancialassets of 19 judges are Rs 128.5 crore. Of this, FDs and bank deposits add up to Rs 86.19 crore; General Provident Fund and Public Provident Fund total Rs 25.44 crore; and shares and mutual funds are valued at Rs 16.87 crore. In other words, FDs, GPF and PPF of the 19 judges account for 86.9 per cent of their total financial assets, underlining the conservative nature of their financial portfolios. Justice K V Viswanathan, whowasasuccessfullawyerun- EXPRESS NETWORK WHO OWNS WHAT: THE SUPREME COURT MAKES ASSETS OF ITS JUDGES PUBLIC PAGE 11 The Supreme Court has made public assets of its judges. So far 21 of the 33 judges have disclosed their assets. File til he was elevated as a judge of the Supreme Court in May 2023, accounted for more than half of the total savings of all 21 in the list. With Rs 137 crore, his financialassetsaccountformorethan 50 per cent of the total financial assetsof all21justices.Thejudge has, however, disclosed that he paid as much as Rs 91.47 crore in taxes between 2011-12 and 2024-25.IntheAssessmentYear 2024-25, he paid taxes amounting to Rs 6.7 crore. Justice Viswanathan, with Rs 137croreinassets,hasnotsegregated it into cash, mutual funds and shares. The other judge who has not provided segregated details,JusticeVikramNath,hasdeclared financial assets of Rs 4.75 crore. The properties owned by the 21 judges range from agricultural land and residential plots to flats and commercial properties.Whiletheyhavecollectively acquired 29 flats and 13 houses, they also own 19 plots, seven parcels of agricultural land and five offices or shops. Mostjudgessaidthegoldand silver they held was ‘stree dhan’ — property a woman receives during her lifetime voluntarily from her family. They also hold substantial amounts of silver (64.5 kg). These do not include theancestralandinheritedproperties. The data also shows that just three judges, Justices Pamidighantam Sri Narasimha, Manmohan and Viswanathan, account for a bulk — more than 79 per cent — of all financial CONTINUED ON PAGE 2