World
India's Modi sets aside billions for jobs, allies in post-election budget
India’s government assigned billions of dollars for job creation and regions run by key coalition partners in a budget aimed at cementing the coalition and winning back voters after Prime Minister Narendra Modi’s election setback.
Tax changes unveiled in the budget included a higher levy on equity investments to allay concerns the market might be overheating and lower taxes for foreign companies to attract more investment.
INDIAN PM MODI VISITS RUSSIA VISIT FOR FIRST TIME SINCE START OF UKRAINE WAR
The $576 billion in total outlays included $32 billion for rural programs, $24 billion to be spent over five years to create jobs, and more than $5 billion for two states ruled by coalition partners.
“In this budget, we particularly focus on employment, skilling, small businesses, and the middle class,” Finance Minister Nirmala Sitharaman said on Tuesday.
The government will also implement reforms across factors of production, including land and labor, she said.
Subsequent budgets would continue to focus on those areas, Sitharaman said while presenting her seventh annual budget.
Despite the new spending, India cut its fiscal deficit target to 4.9% of gross domestic product in fiscal year ending on March 31, 2025, from 5.1% in February’s interim budget, helped by a large surplus of $25 billion from the central bank.
The government also marginally reduced gross market borrowing to 14.01 trillion rupees.
Economist had blamed the distress in rural areas and a weak job market for a poor poll showing that cost Modi’s Bharatiya Janata Party (BJP) its absolute majority. They say land and labor reforms are essential for India to sustain strong economic growth.
Asia’s third-largest economy grew 8.2% in the past fiscal year and the government sees growth of 6.5% to 7% this fiscal year, a report showed on Monday.
India’s Finance Minister Nirmala Sitharaman holds up a folder with the Government of India’s logo as she leaves her office to present the union budget in the parliament in New Delhi, India, July 23, 2024. (REUTERS/Altaf Hussain)
Sakshi Gupta, principal economist at HDFC Bank, said the budget managed to strike a balance between policies supporting growth and maintaining fiscal discpline.However, implementing more ambitious reforms, will be “challenging” for the coalition, Gene Fang, associate managing director for sovereign risk at Moody’s Ratings, told Reuters.
Previous attempts to make it easier for companies to acquire land and lay off staff have repeatedly faced pushback from states concerned about protests such measures might provoke.
Among measures aimed at boosting employment, the budget included incentives for companies to train staff as well as and cheaper loans for higher education, Sitharaman said.
India’s reported urban unemployment rate is 6.7%, but private agency the Centre For Monitoring Indian Economy pegs it higher, at 8.4%.
The budget also maintains spending on long-term infrastructure projects at 11.11 trillion rupees, with states assigned 1.5 trillion rupees in long-term loans to fund such expenditure. Some will be linked to reform milestones in areas such as land and labor, which Sitharaman said the government intended to push in its third term.
In a concession to the government’s allies, Sitharaman said it would hasten loans from multilateral agencies for the eastern state of Bihar and the southern state of Andhra Pradesh.
TAX CHANGES
India raised to 20% from 15% its tax rate for equity investments held for less than a year, while the rate for those held longer than 12 months rose to 12.5% from 10%. The taxes will be applicable from Wednesday.
The government also increased the tax on equity derivative transactions that have drawn retail investors, which will be implemented from Oct. 1.
Shares and the rupee declined after the budget announcement but recovered most of the losses with main stock indexes .NSEI, .BSESN ending the day down about 0.13%.
The tax changes were a short-term negative for the market, but could pay off in the longer term, said Vineet Arora, investment manager at Singapore-based NAV Capital Emerging Star Fund.
“It is expected to help in stabilizing the market and attracting investors with a long-term perspective on the Indian economy,” Arora said.
Corporate tax for foreign companies was cut to 35% from 40%, with the aim of encouraging more investment, while a lower tax burden for lower income consumers, expected to encourage spending, helped drive consumer stocks to record highs.
World
Author Amy Griffin sues woman who alleged she stole her stories of sexual abuse in memoir ‘The Tell’
LOS ANGELES (AP) — Author Amy Griffin sued a former classmate for defamation on Monday, saying the woman’s statements in a New York Times story and a subsequent lawsuit alleging Griffin appropriated her stories of sexual abuse for her bestselling 2025 memoir “The Tell” are false in “every element.”
Griffin’s lawsuit, filed in federal court in Nevada, says that in 2025 her former middle school classmate “told The New York Times — and through it, the world — that Amy Griffin is a fraud and a thief.”
The lawsuit says that in the woman’s telling, “Mrs. Griffin stole the rape of another woman and built a bestseller on it.”
A Times spokesperson said the lawsuit misrepresents its story and reporting. The former classmate said her account will prove true in court.
In “The Tell,” a hit that became an Oprah’s Book Club selection, Griffin, a venture capitalist and memoirist, recounts being sexually abused as a child by a teacher at her middle school in Amarillo, Texas, and writes that years later she recovered memories of the experience by undergoing therapy using the psychedelic drug MDMA.
The Times story published six months after the book included stories from a classmate who said some of Griffin’s experiences were eerily similar to her own. Then in March the woman filed a lawsuit in California state court, which Griffin is fighting and seeking to have dismissed.
The Associated Press doesn’t typically name people who say they have been sexually abused unless they come forward publicly or otherwise consent. The woman who sued Griffin filed her lawsuit as Jane Doe, and her name did not appear in the Times story.
Griffin says documentation backs her in every aspect
Griffin’s lawsuit says the most essential fact is that she put her account of her abuse in writing in 2020, and in 2021 she provided another detailed and documented account in an interview with the Amarillo Police Department. Both accounts match up with the book, and both came before Griffin is alleged to have extracted the woman’s abuse story by having someone posing as a talent agent call her in 2022, according to the lawsuit. The statute of limitations prevented the criminal investigation from moving forward.
Griffin’s lawsuit says the woman falsely claimed to be another middle school classmate who appears in “The Tell” under the pseudonym “Claudia,” whose meeting with the author is recounted in the book. The lawsuit Griffin had not talked to the woman in more than 35 years, had never been part of the same church youth group as alleged, and was demonstrably not in the Palm Springs area in 2019 — or the years before or after — when the woman claims the two of them met for coffee.
Griffin’s lawsuit says the coffee shop conversation with “Claudia” took place thousands of miles away in the presence of a collaborator, and that the woman in the Times story had been unable to produce any evidence the meeting with her had taken place.
Accuser says this is an attempt to silence her
In an email to The Associated Press sent through her lawyers, the woman said the shame and humiliation from her sexual assault were unimaginable and she was “violated all over again after reading about my own experiences in Amy’s book.”
“Despite trying to remain anonymous, Amy has now chosen to use her immense wealth and influence to try and silence me,” the email said. “She has had her lawyers identify me publicly as well as sue me. I am shocked and disappointed that she would choose to take this route, especially since she herself knows the truth.”
Griffin’s lawsuit seeks a declaration that the allegations that she stole the woman’s abuse stories are false, along with financial damages to be determined at trial.
New York Times stands by its reporting and story
Griffin’s lawsuit, while not naming the Times as a defendant, is harshly critical of the paper, saying it “deemed the story too good to scrutinize” despite Griffin’s lawyers making it clear the woman’s account was “demonstrably false.”
Times spokesperson Danielle Rhoades Ha said in an email to the AP that the lawsuit and related filings “repeatedly misrepresent The New York Times story and its reporting,” and that the article “is markedly different in key aspects put forth” in both women’s lawsuits.
Rhoades points out that many of the allegations Griffin is pushing back against did not appear in the Times’ story, including that the woman they spoke to was “Claudia,” or that a person posing as a talent agent on Griffin’s behalf called to get her stories of abuse.
And Rhoades said the Times story did not say Griffin “misappropriated” the woman’s story, and she said claims that the reporters did not vet their story are false, and that they “engaged extensively with Ms. Griffin’s legal representatives prior to publication including meticulous fact checking.”
“Our story was about a publishing phenomenon, the reliability of memories recovered while under the influence of MDMA and the impact of a bestselling memoir on the author’s hometown,” Rhoades said. “Our reporters’ only agenda was to pursue the facts, including corroboration of accounts from all sources.”
World
Russia linked to arson attacks on properties connected to UK PM Keir Starmer, police say
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Officials on Monday revealed new details about a series of arson attacks targeting properties connected to U.K. Prime Minister Keir Starmer, alleging the suspects were recruited and directed by a Russian-speaking handler.
According to police and court reporting, the suspects were promised payment to carry out a coordinated campaign in London in May 2025, including attacks involving a vehicle and two properties linked to Starmer.
A new investigation reported that the handler is believed to be a diplomat trained in information warfare and part of a broader Russian sabotage and disinformation operation directed from Moscow, according to the Kyiv Post.
Ukrainian national Roman Lavrynovych, 22, and Romanian national Stanislav Carpiuc, 27, were convicted in connection with the arson plot after Lavrynovych was recruited by a Russian-speaking Telegram handler known as “El Money,” according to police and court reporting. Kyiv Post reported that Carpiuc was also born in Ukraine. A third defendant, Petro Pochynok, 35, was acquitted.
BRITISH POLICE INVESTIGATE FIRE AT PRIME MINISTER KEIR STARMER’S LONDON HOME
British Prime Minister Keir Starmer speaks during a meeting on Feb. 24, 2026. (Kin Cheung / POOL / AFP via Getty Images))
According to police, Lavrynovych was recruited through Telegram by a Russian-speaking handler saved in his phone contacts as “El Money,” who allegedly directed him through a series of increasingly serious tasks while promising payment in return.
“Look, you attacked the home of a very high-ranking person in Britain. I’ll send you the money you need to leave the city,” the handler allegedly wrote in one message cited by investigators, according to Kyiv Post.
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Officials arrest a Ukrainian man who was later found guilty of setting on fire houses linked to U.K. Prime Minister Starmer. (Metropolitan Police)
The handler reportedly offered Lavrynovych Russian citizenship in exchange for carrying out the attacks and frequently voiced support for Russian President Vladimir Putin, according to the outlet. Evidence also suggested that “El Money” was trained in information warfare by propagandists and intelligence operatives, the outlet said.
Investigators added that Russian operatives allegedly coordinated the campaign remotely through social media platforms and Telegram, using fake far-right and Muslim online communities to sow division and fear in the U.K., Kyiv Post said.
The Russian Embassy has reportedly denied any involvement, rejecting “any attempt to associate Russia or its foreign ministry with unlawful activities,” according to the report.
SYNAGOGUE IN LONDON TARGETED IN ATTEMPTED ‘ANTISEMITIC HATE CRIME,’ UK POLICE SAY
Police officers stand outside Britain’s Prime Minister Keir Starmer’s private home, after it was damaged by fire in a suspected arson attack in north London, Britain, May 13, 2025. (REUTERS/Toby Melville)
According to officials, the three arson attacks occurred over a five-day period in May 2025.
The first attack took place on May 8, when a Toyota vehicle formerly owned by Starmer was set ablaze.
A second fire was set on May 11 at the entrance of a residential property that was managed by a company in which Starmer had previously served as a director and shareholder.
The third attack occurred on May 12 at a house that is owned by the prime minister.
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Russian President Vladimir Putin holds a video conference meeting outside Moscow on April 7, 2026. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
“The actions of the two men involved in these arson attacks were incredibly reckless, and it was sheer luck that nobody was killed or injured,” Commander Helen Flanagan, head of Counter Terrorism Policing London, said in a statement.
Police said Lavrynovych was arrested on May 13 last year after detectives linked the suspect to the attacks through CCTV footage and phone records indicating he had conducted reconnaissance ahead of the fires.
Authorities said Carpiuc was arrested on May 17 in the departure lounge at Luton Airport moments before boarding a flight to Romania.
World
Video. WATCH: Bolton says Trump played like violin by Iran
Updated:
Iran outmanoeuvred US President Donald Trump “like a violin” in negotiations, walking away with far better terms after sensing his desperation for a deal to end the war, former National Security Adviser John Bolton told Euronews.
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