Business
Turkey further cuts rates, lira dips to new record low

The Turkish central bank lowered interest rates for the third successive month despite high inflation, causing the embattled national currency lira to sink to new historic lows against the US dollar.
The Monetary Policy Committee (MPC) of the bank decided during a key meeting to lower the benchmark interest rate to 15 per cent with a cut of 100 basis points.
The bank has previously lowered rates by 300 basis points since August, in line with Turkey’s President Recep Tayyip Erdogan’s belief that higher interest rates result in higher prices, Xinhua news agency reported.
On Wednesday, ahead of the MPC meeting, Erdogan reiterated his hostility to high rates, vowing in the Parliament that he would battle it “until the end.” Meanwhile, he also vowed to take measures to protect the low-income groups in the face of rising living costs.
Following the MPC’s decision of cutting rate, Turkish lira dipped to a fresh record low of 11.2 against the greenback.
The lira suffered one of its biggest falls of the year on Tuesday, losing about 4 per cent against the dollar, and traded at 10.45 per dollar, four days after it passed the physiological mark of 10 per dollar.
Turkey’s large short-term external debts and low foreign currency reserves mean that it is one of the most vulnerable emerging markets to tighter external financing conditions.
“In the upcoming 12 months period, Turkey has to repay (external) debts amounting to $167 billion, thus it needs foreign currency… in this context, the lira will not be returning to former levels,” independent Economist Mustafa Sonmez told Xinhua.
Many big companies have euro or dollar-denominated loans, and their repayment in the coming months may pose problems with the devaluation of the Turkish currency, analysts warned.
The inflation, which is under 20 per cent annually, the highest rate in years, is causing price increases which in turn results in higher costs for imports, fuel and basic household goods, all of which are now much more expensive.
With the arrival of winter, “the rise in global oil and natural gas prices also increases Turkey’s energy bill,” said Enver Erkan, Chief Economist at Istanbul’s Tera Securities.
Erkan said in a note to investors that the rise in energy bills will in turn increase inflation, giving rise to a vicious circle for households.
During his 19-year rule, Erdogan had offered economic stability to Turks until a currency meltdown in 2018, which resulted in high inflation and unemployment.
The lira has lost 30 per cent of its value since the start of 2021. It has been put under further strain by concerns that the US Federal Reserve may raise interest rates sooner than expected.
In a supermarket in the capital city Ankara’s Hilal neighbourhood, young employee Hamit Tekin told Xinhua that he is busy changing price tags on food items the recent days because of the successive price hikes.
“For me, it’s my job, but for clients, it’s a very real burden. Consumers complain about the price hike and the difficulties of making ends meet,” he added.
National
CM Nitish meets Bihar Governor Arif Mohammad Khan, discusses key issues

Patna, July 3: Ahead of the Bihar Assembly elections, Chief Minister Nitish Kumar met Bihar Governor Arif Mohammad Khan at Raj Bhavan on Thursday, and reportedly discussed key issues.
CM Nitish reached Raj Bhavan around 11 a.m., and the meeting lasted for about 30 minutes, during which several important administrative issues were discussed.
According to sources, the meeting primarily focused on the appointments of Vice Chancellors in universities across Bihar.
“This meeting was not political but related to higher education and the appointment of Vice Chancellors and other officials in the state’s universities,” sources said.
The Bihar government, ahead of the Assembly elections, is working to resolve issues across departments, including Higher Education, ensuring timely appointments, fund releases, and smooth educational activities.
The appointment of Vice Chancellors is considered crucial to avoid administrative bottlenecks during the election period.
Bihar Assembly elections are expected to be held in October-November this year, and the Election Commission of India may announce the schedule soon.
Before the elections, the Nitish Kumar-led government is keen to clear pending administrative issues to ensure smoother governance and to prevent disruptions in universities during the election season.
Several universities in Bihar are awaiting appointments and transfers of Vice Chancellors, registrars, examination controllers and other officials. The Governor, as Chancellor of state universities, along with the Chief Minister, play a key role in these appointments.
Arif Mohammad Khan took charge as the Governor of Bihar in 2025 after serving as the Governor of Kerala from 2022 to 2025.
A senior politician, Khan has previously held important positions in the Central government as a BJP leader.
This meeting holds significance as the state gears up for elections, with the government looking keen to complete critical institutional appointments before the Model Code of Conduct comes into effect.
National
AAP’s decision to go solo in Bihar polls draws ‘publicity stunt’ jibe from INDIA bloc ally

New Delhi, July 3: Aam Aadmi Party (AAP) chief Arvind Kejriwal’s announcement of contesting the upcoming Bihar Assembly elections alone has invited a slew of reactions from political parties. Various parties, its ally or adversary, reacted on expected lines; however, the harshest one came from the Congress party, its erstwhile alliance partner in the INDIA bloc.
From JD(U) to Congress and others, all elicited a common view that AAP remains a non-player in the Bihar electoral landscape and its political plunge will have no impact on the power equations there.
JD(U) leader Rajiv Ranjan said that AAP’s decision to contest all 243 seats in Bihar shows clear and deep cracks in the INDIA bloc.
“This alliance is already in ruins and is now headed for further decline, as Kejriwal has himself said that the INDIA bloc was formed for the 2024 elections,” he said.
He added that AAP’s foray into the Bihar arena will have a bearing on the INDIA bloc partners, including RJD, as Tejashwi Yadav and his party will find it difficult to rally support.
Congress leader Akhilesh Prasad Singh said this looks nothing more than a ‘publicity stunt’.
“AAP has no presence in Bihar, people don’t even know Kejriwal’s party name. By such announcements, he is trying to stay in the news. Kejriwal may be known to people here, but his party is non-existent in Bihar, he said.
Another Congress leader, Tariq Anwar, said AAP was welcome to contest elections in Bihar but warned of more backlash than support.
“Every party is independent to contest elections as per its own choice. AAP can also decide its fortunes in upcoming elections, but it is a fact that AAP has no base in Bihar, it has no elected representative in Bihar, even at the panchayat level,” he said.
“Deciding to take a political plunge in such a situation could incur more losses than benefits,” he added.
Notably, AAP supremo Arvind Kejriwal, addressing a press conference in Gujarat’s Gandhinagar on Thursday, said, “AAP will contest Bihar polls alone. The INDIA bloc was only for the Lok Sabha polls; there is no alliance with Congress now.”
When probed further, he said, “If there was any alliance, then why did Congress contest in Visavadar bypolls. They came to defeat us. BJP sent Congress to defeat us and cut the votes.”
National
Rahul Gandhi questions Maha govt over farmer suicides, BJP counters with facts during Cong-NCP rule

New Delhi, July 3: Leader of Opposition (LoP) in the Lok Sabha Rahul Gandhi on Thursday criticised the BJP-led Maharashtra government over farmer suicides and accused the Centre of ignoring their plight. This prompted a swift response from the BJP, which cited findings and facts about farmer deaths in the state during the Congress-NCP rule to set the record straight.
The political blame game on farmer suicides began over the Fadnavis government’s admission that 767 farmers committed suicide in the state in the past three months. The state government told the Legislative Assembly on Tuesday that 767 farmer suicides were reported in the state, primarily in the Vidarbha region.
The Congress MP used the farmers’ deaths to mount an attack on the Centre, accusing it of callousness and gross indifference to their plight. He said that 767 families have been devastated and shattered, but the government remains unmoved.
“Is this just a statistic? No. These are 767 shattered homes. 767 families that will never recover. And the government? Silent. Watching with indifference,” he asked on X.
Rahul further said the farmers are sinking deeper into debt every day, but the government continues to look away. Their plight remains ignored while there is no government assurance or promise on the Minimum Support Price (MSP) for agricultural products.
BJP IT cell chief Amit Malviya was quick to counter Rahul’s charge with facts and figures of farmers’ suicides, when the state was ruled by Congress-led governments in the past.
Amit Malviya said the Congress leader must think before blurting out baseless charges. He said that Rahul must look at the utter failures and misgovernance of the Congress-NCP governments, which saw a spate of farmer deaths during their reign.
Sharing details of farmers’ deaths, Amit Malviya stated that more than 55,000 deaths took place in the 15-year rule of the Congress-NCP government and asked, ‘Who was accountable for this?’
The graph shared by him, compiled with data gathered from NCRB and P. Sainath, shared details of ‘mass suicides’ in different government tenures, starting from 1999 to 2014.
“From 1999-2004, about 16,512 farmers committed suicide while from 2004-2009, about 20,566 farmers committed suicide while from 2009 to 2014, 18,850 farmers killed themselves,” it pointed out.
Notably, the Vidarbha region in Maharashtra has gained infamy over the years because of an abnormally high number of suicides by farmers. For decades now, the region has been hogging headlines over sorry state of affairs for the farming community.
Rahul Gandhi, further escalating his attack on the Centre, said that farmers’ demand for loan waivers remains ignored, but the Modi government continues to give big loans to corporates and billionaires.
“Modi ji promised to double farmers’ income – today, the reality is that the lives of those who feed the nation are being cut in half. This system is killing the farmers,” Congress MP claimed.
Giving a firm retort, Amit Malviya said that the politics of counting the dead looks repulsive, but it’s important to show Rahul Gandhi and Congress the mirror.
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