India’s Fintech Boom | Dollar Rebounds | Tesla-Samsung Deal | Gaza Aid Plan

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 1. “No Fences, Just Food” – Trump’s Gaza Pledge With emotion in his voice, U.S. President Donald Trump has announced the setup of “food centres” across Gaza—open, unfenced zones where civilians can access aid freely. Speaking from Scotland after meeting UK PM Keir Starmer, Trump said, “You can’t fake starvation… They have to get food and safety right now.”Starmer echoed the urgency, calling the situation “an absolute catastrophe.” Despite daily Israeli pauses for aid delivery, relief efforts remain insufficient. Only 60 trucks entered Gaza recently, well below the World Food Programme’s target of 100 per day. Trump also issued a direct message to Israeli PM Netanyahu: “You have to end it.” Global pressure is rising—from London to Paris—as the focus shifts from geopolitics to humanitarian survival. 2. “₹12,000 Trillion & Counting” – India’s Digital Payments Boom India’s digital payment ecosystem has logged over 65,000 crore transactions worth ₹12,000 trillion between FY19 and FY25. From remote villages to roadside kirana stores, adoption is widespread.Minister Pankaj Chaudhary said the Payments Infrastructure Development Fund has enabled 4.77 crore touchpoints, boosting financial inclusion across Northeast India and J&K.The RBI Digital Payments Index has risen to 465.33 (Sept 2024), up from the base of 100 in 2018, signaling how deeply embedded digital payments are today.With UPI, BHIM incentives, TReDS for MSMEs, and alternative credit data, India is not just going cashless—it’s unlocking formal credit access for millions. 3. “Dollar Dents Euro as Trade Tensions Cool” After months of anxiety, the dollar is back in form. A fresh U.S.-EU trade agreement—brokered by President Trump and EU’s Ursula von der Leyen—halved proposed tariffs on EU goods to 15%, easing global fears of a trade war.The dollar rose 1.25% against the euro, 0.59% against the yen, and 1% against the Swiss franc. The pound too dipped 0.67% to $1.335.Investor sentiment improved further with U.S.–Japan and U.S.–China dialogues also in progress. U.S. stocks held steady, and eyes now turn to upcoming Fed and BOJ meetings, with both expected to hold rates steady.Meanwhile, Bitcoin dipped to $118,205, and Ethereum fell just below $3,801. 4. “Tremors Trigger Readiness Drills” – Quake Near Andamans A 6.3 magnitude earthquake shook the Bay of Bengal near the Andaman and Nicobar Islands at 12:11 am on July 29. The quake struck at a depth of 10 km; no damage or casualties were reported.This follows a 3.2 magnitude quake in Faridabad on July 22, felt across Delhi-NCR.In response, Delhi, Haryana, and UP have kicked off large-scale disaster drills—running from July 29 to August 1—focusing on earthquakes and industrial hazards.Coordinated by the NDMA and Indian Army, the drills aim to tighten disaster preparedness across the capital region. 5. “Musk’s $16.5B Chip Bet” – Samsung’s Foundry Lifeline Tesla CEO Elon Musk has signed a $16.5 billion chip deal with Samsung Electronics, reviving hopes for the company’s struggling fab in Taylor, Texas.Tesla’s next-gen AI6 chips will be produced there, and Musk says he’ll “personally walk the line” to speed up progress. The deal runs through 2033 and could vastly exceed the initial commitment.Samsung, which already supplies Tesla’s A14 chips, had struggled to find customers for the Texas fab. This order sent Samsung shares soaring nearly 7%, their highest since Sept 2023.While AI6 chip production is expected around 2027–28, this tie-up offers Samsung a much-needed lifeline—especially as it trails TSMC in the foundry race and posted a $3.6B loss in the past six months. Learn more about your ad choices. Visit megaphone.fm/adchoices