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From escalating Iran-US tensions and TCS’s artificial intelligence push, to a likely uptick in retail inflation and India-New Zealand deepening strategic ties, here are the key developments across geopolitics, technology, economy and global relations.

Smartphone market set to post a steep 10 per cent decline in June quarter as price rise impacts demand

Let’s start with India’s smartphone market, which is expected to witness its sharpest decline since the pandemic. Shipments are projected to fall 10–12 per cent in the April-June quarter as rising memory costs push up handset prices and weaken demand. Analysts say production costs have driven smartphone prices up by around 15 per cent, with further increases likely, especially affecting entry-level buyers and slowing overall sales.

India, UK trade pact to come into force from July 15: An Explainer

Next, the India–UK Comprehensive Economic and Trade Agreement will come into effect on July 15, providing 99 per cent of Indian exports with duty-free access to the UK. The agreement is expected to benefit sectors such as textiles, footwear and food products, while also reducing tariffs on select UK imports, including cars and premium alcohol. It also eases social security rules for Indian professionals working in the UK.

Net direct tax collection grows over 16% so far in FY27

Moving to tax collections, net direct tax revenue rose over 16 per cent between April 1 and July 16, supported by a 22 per cent increase in corporate tax receipts. Corporate tax collections reached ₹2.4 lakh crore, while overall net direct tax collections crossed ₹6.5 lakh crore, giving the government a strong start towards its annual target of ₹26.97 lakh crore in direct tax collections.

Volkswagen’s global model cull could boost India’s role as production, export hub

Turning to the auto sector, Volkswagen Group’s global restructuring plan through 2030 is unlikely to impact its India strategy, with the country expected to become a larger manufacturing and localisation hub. The company is likely to focus future investments on highly localised, export-oriented models built on shared platforms, while low-volume imports and niche vehicles will face stricter commercial evaluation.

Script & VO: Prethicshaa Gurumoorthy

Published on July 15, 2026