Growth-led debt sustainability: active, counter-cyclical fiscal policy and public investment to support recovery and resilience.
The Survey advocates a calibrated policy mix of early containment, staged fiscal and monetary support, and medium-term structural reforms to secure a V-shaped recovery while protecting productive capacity. It emphasises active, counter-cyclical fiscal policy and public investment under the National Infrastructure Pipeline to promote growth and thereby support debt sustainability, warns against prolonged regulatory forbearance with a recommended immediate Asset Quality Review after its withdrawal, and prioritises scaling up healthcare spending, private-sector innovation, agricultural resilience, export promotion and targeted social protection as core components of recovery.

Agricultural reform market freedom expands farmer access to private markets, credit and risk mitigation support.
The Survey describes government promotion of market freedom through three agricultural reform statutes to benefit small and marginal farmers by liberalising APMC constraints, alongside reforms in the Essential Commodities framework and agricultural marketing. It highlights the Agriculture Infrastructure Fund, credit expansion and inclusion of livestock and fishers in the Kisan Credit Card scheme, and outlines risk mitigation and transfer programmes including crop insurance, PM KISAN and expanded foodgrain distribution under PM GKAY.

Sovereign credit ratings underestimated India's fundamentals; Survey urges transparent, objective methodology and resistance to pro cyclical pressures.
The Survey finds sovereign credit ratings systematically underrate India relative to fundamentals-across growth, fiscal, external and institutional indicators-and urges that sovereign credit rating methodology be made more transparent and objective to reflect willingness and ability to pay, noting India's zero default history, low external sovereign debt and substantial reserve adequacy that mitigate default risk.

Food inflation easing signals likely moderation in overall inflation as supply interventions and measurement reforms take effect.
Overall inflation is expected to moderate as food inflation eases and supply side restrictions unwind. The Survey links elevated headline CPI combined inflation to supply disruptions and higher food prices while WPI remained benign. It endorses short term measures-PSF interventions, buffer stocks, export and import adjustments-and medium term investments in cold storage and post harvest technology. For policy and measurement, it recommends focusing on core inflation, revising the CPI base year to reflect changed consumption patterns, and incorporating e commerce price data into price indices.

Current account surplus driven by import contraction and export-support measures reshapes external sector stability and policy focus.
India's merchandise trade deficit narrowed as imports fell more sharply than exports, driven by a decline in POL imports and later recovery in non-POL exports; services receipts and remittances supported external receipts, producing a current account surplus in the first half. Robust FDI and FPI inflows bolstered reserves and improved debt vulnerability indicators even as debt service costs rose. Central bank interventions moderated exchange-rate volatility while policy measures-PLI, export duty remission, logistics and digital initiatives-are presented as structural complements to macroeconomic management.

V-shaped recovery confirmed as industrial output rebounds, supported by stimulus, MSME relief and manufacturing incentives.
Rising IIP and eight-core indices confirm a broad-based V-shaped recovery in industrial activity, driven by increased weights of items recording growth and progressive unlocking. The government's remedial and reform package under Atmanirbhar Bharat Abhiyan, targeted MSME credit support, and the Production Linked Incentive Scheme are operative policy measures bolstering manufacturing, exports and demand. Strengthening FDI inflows, regulatory simplification, and planned fiscal and capital expenditure are identified as complementary factors to consolidate recovery and expand industrial capacity.

Sustainable Development integration: policy and finance measures to mainstream SDGs and mobilise climate finance for national action.
Sustainable development is central to India's strategy, with SDG mainstreaming through the Voluntary National Review, state and district localisation, and private sector participation; climate action requires integrated domestic and international finance with global consensus on climate finance definitions and mechanisms; and sustainable finance measures include responsible financing guidelines, priority sector lending for renewables, a prospective Social Stock Exchange, and expansion of the green bond market.

Illicit heroin importation intercepted at an international airport, triggering NDPS and Customs prosecution and investigation.
Air customs officers intercepted two foreign passengers and recovered multiple pouches of a white powder that diagnostic testing indicated was prima facie heroin of commercial quantity. The seizure is treated as contravention of the prohibition on possession and transportation of narcotic drugs and as an offence attracting prosecution under the narcotics penal provisions read with customs law, and further investigation is ongoing.

Direct agri-export facilitation enables Varanasi airport to clear perishables for international shipment, improving market access for farmers.
An APEDA initiative created direct air export capability at Varanasi airport, enabling perishable consignments to be shipped internationally. Operational measures include cold room storage, customs clearance on-site, clearing agents and AD code registration support, plant quarantine/phyto-sanitary clearance, and airline-bonded trans-shipment facilities, reducing transit time and spoilage risk for Farmer Producer Organisations and regional exporters.

Trade balance shows overall surplus for April-December despite wider merchandise deficit and modest services contraction.
Merchandise exports were flat in December 2020 but fell cumulatively for April-December 2020-21; specific commodity groups showed varied month on month performance. Imports rose in December yet contracted sharply cumulatively, with oil imports down both monthly and cumulatively and non oil imports rising monthly but declining over April-December. Services registered a modest contraction in the latest month with an estimated December value pending RBI revision. Combined merchandise and services trade produced an overall surplus for April-December 2020-21, reversing the prior year deficit.

Good Agricultural Practice promotion for Isabgol: webinar identifies seed quality, varietal development and FPO-led value addition to boost exports.
The webinar prioritized capacity building for farmers and FPOs in seed production and GAP, development of weather resilient high yield Isabgol varieties, and quality seed production. It recommended seed treatment, crop protection, and judicious pesticide use to meet international standards, alongside FPO based aggregation, value addition support, youth engagement in processing and market linkage strategies to increase exportable supply.

Millet export promotion enabling market linkages and a coordinated action plan to boost international sourcing and sales.
APEDA organized a Virtual Buyer-Seller Meet with millet exporters and Farmer Producer Organizations to strengthen market linkages, coordinate with research and nutrition stakeholders, and prepare a five-year Action Plan focused on increasing millet exports, identifying organic clusters, registering FPOs and exporters on the Farmer Connect Portal, and mapping potential international markets to operationalise sourcing and export development.

Foreign Trade Policy reform aims to boost exports, reduce transaction costs and develop district export hubs nationwide.
The Ministry will introduce a new Foreign Trade Policy focused on boosting merchandise and services exports by reducing transaction costs, enhancing ease of doing business, and creating a low cost operating environment through improved logistics and utilities. A central implementation element is the District Export Hubs initiative, to be advanced by the Department of Commerce and regional DGFT authorities with State and UT collaboration. Policy formulation has involved extensive stakeholder consultation and public submissions which will be examined for incorporation.

WTO Trade Policy Review affirms India's reform commitments and urges permanent solution for public stockholding food security.
The WTO Trade Policy Review of India recorded the Government's commitment to ongoing economic and regulatory reform, citing implementation of the Goods and Services Tax, liberalisation of the foreign investment regime, and the National Intellectual Property Rights policy. India emphasised that trade remedial measures are applied transparently in accordance with WTO provisions and urged a permanent solution for Public Stock Holding for food security, while noting lower applied tariff rates than WTO commitments and proactive implementation of the Trade Facilitation Agreement to improve cross border trade performance.

Export promotion via virtual buyer-seller meet expands agricultural and processed food trade opportunities with Bhutan.
APEDA, with the Indian Embassy in Bhutan, organized a Virtual Buyer-Seller Meet to promote exports of Indian agricultural and processed food products to Bhutan by facilitating government and trade stakeholder engagement, product presentations, and buyer seller linkages; the event-fifteenth in APEDA's series-featured Bhutanese agencies and Indian trade associations and was held virtually due to the COVID 19 pandemic.

Customs exchange rates set for specified foreign currencies, determining conversion for import and export from the notified effective date.
The Central Board of Indirect Taxes and Customs, under the Customs Act authority, supersedes the prior notification and prescribes distinct import and export conversion rates for specified foreign currencies in two annexed schedules, with Schedule I quoted per one unit and Schedule II per 100 units, effective from the stated operative date and applicable for customs valuation and related conversion purposes.

Authorised Economic Operator liberalisation offers MSMEs expedited customs clearance and relaxed eligibility requirements with a rapid decision timeline.
The Liberalised MSME AEO Package relaxes eligibility and documentary requirements for MSMEs holding a line Ministry certificate and a clean two year compliance record, allows enrolment after filing a minimum number of customs clearances in a year, and commits to an expedited electronic decision timeline for tier 1 applications. The programme simplifies application formalities, reduces bank guarantee obligations for MSMEs, and confers facilitative benefits-including Direct Port Delivery/Entry, priority refund processing, Client Relationship Manager support, exemption or reduction of bank guarantees, deferred duty payment at import clearance, and enhanced facilitation under Mutual Recognition Agreements for higher tiers.

Sanitary and phytosanitary measures compel exporters to upgrade quality compliance and post harvest systems for coriander exports.
Promotion of coriander production and exports through coordinated interventions focused on quality, post harvest management, value addition and market access. Emphasis on distribution of improved disease resistant seed varieties to combat stem gall, adoption of Good Agricultural Practices and Integrated Pest Management, compliance with quality and sanitary and phytosanitary (SPS) requirements, use of common facility centres and mobilization of Farmer Producer Organizations for aggregation and supply chain efficiency.

Trade deficit widened as imports rose faster than exports, altering December trade composition and cumulative flows.
India's December 2020 merchandise trade shows marginally lower exports alongside higher imports, resulting in a widened monthly trade deficit. Non-petroleum and non-gems & jewellery exports grew year-on-year for December, while oil imports declined and non-oil, non-gems & jewellery imports increased. Commodity-level shifts-large percentage gains in certain cereals, oil meals and iron ore exports and steep declines in silver and newsprint imports-drove the monthly changes reflected in the preliminary value tables for December 2020 and April-December 2020-21.

RoDTEP benefit availability tied to eligibility, exclusions, and procedural compliance; entitlement applies from implementation date.
The RoDTEP scheme creates a remission mechanism for duties and taxes on exports by specifying eligible tariff lines, applicable rates and value caps, excluded categories, and procedural rules for grant and utilisation of duty credits. Benefit entitlement is conditional on notified eligibility, exclusions and fulfilment of procedural requirements; entitlement is effective from the scheme implementation date even if detailed rates and parameters are prescribed shortly thereafter.