Wheat exports surge as market diversification and APEDA-led trade facilitation push shipments toward a new record.
India's wheat exports surged in April-October 2021-22, with volumes rising from 0.51 MT to about 3.2 MT and values from $135 million to $872 million, positioning shipments to surpass the prior annual high. Exports are concentrated in neighbouring markets-Bangladesh being the principal destination-and new markets were entered in 2020-21. APEDA initiatives including trade fairs, virtual buyer seller meets, laboratory recognition and financial support for infrastructure and quality measures are credited with facilitating market access, while a relatively higher unit export price is identified as a competitive constraint.

Export compliance and infrastructure: APEDA strengthens lab recognition, unit registration and traceability to boost market access and standards.
APEDA advances export readiness by recognizing and upgrading testing laboratories, registering export units and pack houses, enforcing Quality Certification and residue monitoring, and registering meat processing plants to meet international sanitary and food safety standards; it complements these measures with financial assistance for infrastructure, market development, and state level action plans aligned with the Agriculture Export Policy to boost market access and compliance.

FDI liberalisation expands foreign ownership and streamlines investment access, aided by PLI incentives and a national single window.
The Department emphasises targeted measures to restore industry and attract investment: coordinated PLI schemes across 14 sectors, a digital National Master Plan for integrated infrastructure (PM GatiShakti), progressive FDI liberalisation in key sectors, creation of a National Single Window System for regulatory approvals, Project Development Cells, India Industrial Land Bank GIS portal, and regulatory compliance reductions alongside IP rule reforms and startup support funds to strengthen innovation and manufacturing capacity.

Drug trafficking detection at airport: customs intercept body packing and arrest under NDPS Act following medical ejection.
Customs intercepted a passenger suspected of body packing; medical imaging and supervised ejection produced 91 pellets yielding cocaine. Forensic testing confirmed the substance, customs maintained hospital surveillance, and the passenger was arrested under the NDPS Act, with further investigation ongoing.

Exchange rate adjustment: Turkish Lira conversion revised for customs import and export valuations, effective as notified.
Amendment to the customs exchange-rate schedule substitutes the SCHEDULE-I entry for Turkish Lira at serial No.18, prescribing distinct rupee-equivalent rates for import and export valuations, and designates the effective date on which the revised Schedule-I entry will operate for customs valuation and related regulatory calculations.

Customs exchange rate update sets new rupee conversions for Turkish lira effective late December, altering import and export valuation.
Amendment to the customs exchange rate schedule substitutes the Schedule entry for the Turkish Lira and prescribes revised rupee conversion rates to be applied for customs valuation, with distinct rates for imported goods and export goods, effective from the stated date.

GST administration strengthened as new IRS officers complete training, urged to adopt data driven decision making and public service.
Passing out parade for newly trained IRS (Customs & Indirect Taxes) officers concluded with the cohort prepared to administer the Goods and Services Tax; leadership urged continual learning, bold decision making and a shift toward data driven administration to address enforcement and compliance challenges, and the academy recognised individual excellence through merit awards for top performers.

Comprehensive Economic Cooperation Agreement negotiations to be expedited, with ministers directing officials to accelerate talks for an early interim pact.
Ministers of India and Australia agreed to accelerate negotiations toward a Comprehensive Economic Cooperation Agreement (CECA), directing officials to intensify rounds of talks and pursue an early interim agreement, while stressing that the agreement should be balanced, mutually beneficial, and consistent with a rules-based international trading system.

Monetary policy: RBI keeps policy repo rate at 4% and maintains accommodative stance to support recovery.
The MPC decided to keep the policy repo rate unchanged at 4.0% (reverse repo 3.35%, MSF/Bank Rate 4.25%) and to continue an accommodative stance to support a nascent, uneven recovery while ensuring inflation remains within the medium term target; CPI inflation for 2021 22 is projected at 5.3% and real GDP growth at 9.5% with noted risks from supply disruptions, elevated core inflation and the Omicron variant. The repo rate decision was unanimous; one member dissented on retaining the accommodative stance.

International professional cooperation establishes joint standards and training to enhance audit quality and cross border accountancy services.
A Memorandum of Understanding creates a framework for mutual cooperation between ICAI and the Polish Chamber of Statutory Auditors on member management, professional ethics, technical research, CPD, accountancy training, audit quality monitoring, and information exchange, including collaboration on innovative accounting and audit techniques and joint anti-corruption and anti-money laundering efforts.

Champion Services Sectors action plan establishes BIS council to develop harmonized Indian standards strengthening service quality and export competitiveness.
Approval of an Action Plan designates twelve Champion Services Sectors for focused attention. The Bureau of Indian Standards has established a Services Sector Division Council to develop Indian Standards for services; 84 standards are published and Indian Standards are harmonized with international standards where possible to ensure service quality meets global expectations. The announcement situates this standardization effort alongside reported increases in services exports over recent years.

Container shortage mitigation measures including task force coordination and operational reforms announced to increase container availability.
Government instituted an inter-disciplinary task force of ministries, CBIC and industry stakeholders to increase container supply and logistics efficiency through measures such as enhanced import of empty containers, improved coordination between exporters and shipping lines, release of abandoned/detained/seized containers, and increased duty-free stay, together with rail freight discounts for empty repositioning, dwell-time monitoring, and promotion of bulk/break-bulk movements to support higher export volumes.

Toy import regulation tightened through mandatory testing and quality order, paired with duties and domestic cluster support.
India applies mandatory sample testing of each imported toy consignment and implemented the Toys (Quality Control) Order from 01.01.2021, accompanied by an increased Basic Custom Duty, while also promoting domestic manufacturing through cluster support under SFURTI and targeted artisan assistance.

Exchange rate amendment for Turkish Lira revises import and export valuation rates under Customs Act by official notification.
Amendment to the customs exchange rate schedule substitutes the Schedule-I entry for the Turkish Lira, supplying new rupee-equivalent rates for import and export valuation and taking effect from the Notification's stated effective date; the change amends Notification No.98/2021-CUSTOMS (N.T.) and requires application of the revised conversion rates in customs assessments and compliance.

Gold smuggling enforcement: seizures reported while clandestine trade prevents accurate estimation, prompting policy and operational measures.
Enforcement against gold smuggling has produced substantial seizures reported for successive fiscal periods, but total smuggled quantities cannot be accurately estimated because the activity is clandestine. The government notes no credible study exists to assess the impact of unofficial trade on the organized bullion and jewellery sectors and states that it pursues policy interventions alongside operational anti-smuggling measures.

Free Trade Agreement momentum expands India UAE market access, leveraging UAE platforms for Indian exporters and supply chains.
The government and industry are promoting DP World's India Mart Traders Market and access to Jebel Ali Free Zone as operative mechanisms to expand Indian exporters' market access in the UAE, supported by warehousing, packaging, low cost finance and supply chain facilitation. These commercial platforms, together with an India UAE Free Trade Agreement in advanced negotiation, are presented as strategic conduits to accelerate Brand India, include MSMEs and use the UAE as a springboard to GCC and African markets.

Seizure of undeclared diamonds: hidden in consumer-goods export packaging, prevented illicit export and investigation opened.
Customs at the Delhi Air Cargo Export Commissionerate seized a parcel declared as low value 'plastic hot fix' that concealed pouches of cut and polished diamonds totaling 1,082 carats, packaged to evade detection and destined for Hong Kong; the shipment was treated as contraband and investigations remain ongoing.

Trade ambition: government urges industry to scale services and merchandise exports with facilitation, incentives and FTAs.
A national trade ambition urges industry to set accelerated targets to scale services and merchandise exports, with the government positioned as partner and facilitator. Support measures include incentive programmes, regulatory compliance reduction, free trade agreement negotiations, and exploration of overseas commercial platforms. Mission-mode implementation of foundational public services and technological support are highlighted to improve ease of living and ease of doing business, while sectoral priorities include textiles and semiconductors.

Foreign investment automatic route widens manufacturing access; contract manufacturing and e commerce sales permitted without prior approval.
The Government announced PLI incentives, the PM Gati Shakti National Master Plan for multimodal connectivity, institutional facilitation through Empowered Group of Secretaries and Project Development Cells, a National Single Window to consolidate clearances, DPIIT led compliance simplification, industrial corridors and a GIS enabled India Industrial Land Bank, targeted schemes for less developed and hilly regions, promotion of 24 priority sub sectors, and an investor friendly FDI policy allowing most manufacturing under the automatic route including contract manufacturing and sales via wholesale, retail and e commerce without government approval.

Production linked incentive schemes to boost manufacturing competitiveness and exports through targeted multi sector incentives and cabinet approved selection.
The Production Linked Incentive (PLI) initiative creates a central, multi-year incentive framework to boost manufacturing, employment and exports across specified priority sectors. It covers three pre-existing sectors and ten newly approved sectors, plus a subsequently approved drones sector, with implementation by the relevant Ministries/Departments. Sector selection is based on recommendations after inter-ministerial deliberation and requires Cabinet approval for inclusion; no expansion proposals are currently pending from the recommending body. The schemes aim to attract investment, improve efficiency, and integrate Indian manufacturers into global value chains.