Biggest Tax Law Overhaul in 64 Years | South Africa’s ‘Generous’ Offer to US | India-China Ties Take Off Again | Ultraviolette’s $21M EV Boost

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. SOUTH AFRICA RUSHES TO AVOID US TARIFF HIT South Africa is racing to avert the US’s steepest sub-Saharan tariff yet — 30% on some exports. Pretoria says it’s ready to offer a “broad, generous” trade deal, including more imports of US poultry, blueberries, and pork, to save an estimated 30,000 jobs in an economy with 33.2% unemployment. Agriculture Minister John Steenhuisen and Trade Minister Parks Tau argue SA exports — just 0.25% of US imports — aren’t a threat. Talks, however, are tangled with US concerns over SA’s land reform and race-based job laws, which Trump has criticised. Steenhuisen calls it a “new era” of tariffs tied to politics, while Tau brands the process “unprecedented” and outside WTO norms. INDIA–CHINA FLIGHTS SET FOR TAKE-OFF After four years, direct India–China flights could return by September. New Delhi has told carriers to be ready, with an announcement expected at the SCO summit in China. IndiGo is already preparing. Flights were halted after the 2020 Galwan Valley clashes that froze ties. Recent thaw: India resumed tourist visas for Chinese nationals and agreed to restart the Kailash Mansarovar Yatra. PM Modi is due in Tianjin on Aug 31 for his first China visit in seven years. ULTRAVIOLETTE CHARGES UP WITH $21M FUNDING Bengaluru-based premium e-motorcycle maker Ultraviolette has raised $21M, led by Japan’s TDK Ventures, with continued backing from Zoho, Lingotto, and notable angel investors. Funds will scale manufacturing, R&D, and expand retail from 20 to 100 cities. CEO Narayan Subramaniam says the TDK tie-up accelerates its push for advanced batteries, intelligent systems, and global expansion. NEW TAX ERA FOR INDIA Parliament has passed the Income Tax Bill, 2025, replacing the 1961 Act from April 1, 2026. The rewrite halves the law’s size to 536 sections, swaps “assessment year” for “tax year,” reintroduces some deductions, and keeps tax rates unchanged. It enables tech-driven faceless assessments but retains search-and-seizure powers, raising privacy concerns. The Bill now awaits the President’s assent. ₹18,500 CR PUSH FOR CHIPS, POWER & METRO The Union Cabinet has cleared ₹18,500 crore for manufacturing and infrastructure. Four new semiconductor projects in Odisha, Punjab, and Andhra Pradesh — including a silicon carbide fab in Bhubaneswar — will create 2,000+ skilled jobs. Also approved: the ₹8,146 crore 700 MW Tato-II hydro project in Arunachal Pradesh and Lucknow Metro’s ₹5,801 crore Phase-1B expansion Learn more about your ad choices. Visit megaphone.fm/adchoices