Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
1. China’s Magnet Freeze Jolts Indian Auto Industry
India’s auto sector is on edge as China stalls rare earth magnet exports to Indian firms—even while approving shipments to other countries. These magnets, essential for EV and auto component manufacturing, are now in short supply. Major players like Bosch and Mahle have seen export approvals for their German and U.S. arms, but not for their Indian subsidiaries.
Industry bodies ACMA and SIAM raised the red flag in a May 29 meeting with the heavy industries ministry, warning production could halt by July. Bajaj Auto has already sounded the alarm.
With no short-term fixes, automakers may be forced to import full motors from China, undermining the ‘Make in India’ initiative and risking incentives under the PLI scheme. Experts warn this is not just a trade glitch—it’s a geopolitical chess game that needs urgent diplomatic moves.
2. Trump Bans Harvard-Bound Foreign Students
In a sweeping move, Donald Trump has barred foreign students from entering the U.S. if they’re enrolled at Harvard University, citing national security concerns. This comes just weeks after a federal court blocked an earlier attempt to restrict international students.
At the core of the issue is a data-sharing dispute—Washington claims Harvard failed to fully comply with requests regarding misconduct by foreign students, which the university denies.
Adding fuel, an internal State Department cable has instructed embassies to scrutinize all visa applicants bound for Harvard. The message is clear: the U.S. may no longer be the academic haven it once was.
3. GST Shake-Up May Scrap 12% Slab
The GST Council is eyeing a major rate revamp—eliminating the 12% tax slab and shifting to a simplified 3-tier structure: 5%, 18%, and 28%. A near consensus is forming around the idea, with officials saying the 12% slab has lost relevance.
Essential goods may drop to 5%, while the rest may rise to 18%—a move that could pinch pockets if not handled carefully.
Experts caution the shift must be phased, revenue-neutral, and come with clear guidance to avoid chaos. With GST collections booming—₹22 lakh crore in FY25—the timing may be ripe for reform.
4. Amul Milk Makes European Debut
India’s dairy pride, Amul, has officially launched fresh milk in Spain through a partnership with leading Spanish co-op COVAP. The rollout begins in Madrid and Barcelona, and will soon expand to cities across Spain and Portugal—eventually reaching Germany, Italy, and Switzerland.
At the Madrid launch, Amul MD Jayen Mehta called it a landmark in PM Modi’s vision to globalize Indian brands. COVAP’s president hailed the deal as a win-win for farmers in both nations.
As the UN marks 2025 as the International Year of Cooperatives, this launch is symbolic of how Indian agri-brands are going global.
5. Musk Withholds $100M, Trump Ties Fray
Elon Musk is making headlines again—but this time for holding back $100 million from a promised $300 million pledge to Donald Trump’s reelection campaign, reports The Wall Street Journal.
The fallout reportedly began when Musk found out Trump met privately with OpenAI’s Sam Altman—Musk’s tech rival. Trump’s team even delayed an event to avoid Musk’s ire.
Inside sources also claim Trump grew tired of Musk’s erratic leadership at the Department of Government Efficiency (DOGE), appointing someone to monitor his moves.
Tensions worsened after Musk publicly slammed Trump’s “Big Beautiful Bill” for slashing green energy funding. With Musk’s White House visits dwindling and his political capital fading, the billionaire may be quietly exiting the Trump orbit.
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