Gross Domestic Product for Q2 2013-14 rose modestly in volume and substantially in current price terms.
GDP for Q2 2013-14: factor cost at constant (2004-05) prices is Rs. 13.68 lakh crore (4.8% growth); at current prices Rs. 25.05 lakh crore (12.4% growth). GDP at market prices is Rs. 26.19 lakh crore (current prices, 13.0% growth) and Rs. 14.30 lakh crore (constant prices, 5.6% growth). Sectoral highlights include strong growth in financing and services and weakness in mining and manufacturing. PFCE is the largest expenditure component; GFCF and GFCE rose in current prices. Major subsidies' growth fell sharply while indirect tax revenue grew 6.1%.

Exemption from stockholding limits for IEC registered exporters allows export bound edible oils, oilseeds and rice to be excluded.
Exporters with IEC registration may exclude stocks of edible oils, edible oilseeds and rice that are demonstrated to be intended for export from the calculation of statutory stockholding limits. Wholesalers, retailers or dealers with IEC must show that whole or part of their stocks are export bound; those demonstrated export stocks shall be excluded from the base for computing stock limits, subject to verification.

Mandatory jute packaging: requirement for food grains and sugar with limited exemptions and contingency relaxations.
Mandatory jute packaging requires compulsory packing of the bulk of food grains and a portion of sugar in jute material for the jute year, subject to specific exemptions (exported sugar, fortified sugar, small consumer packs, very large bulk packs) and export-exemption guidelines; the Ministry of Textiles may further relax obligations in consultation with user ministries during supply disruptions or exigencies within a capped additional allowance, under the statutory mandate to promote raw jute production and protect persons engaged in its production.

Financial restructuring scheme amendment extends eligibility for certain state distribution companies, enabling bonds and state guarantees.
Amendment moves the cutoff date for reckoning eligible short-term liabilities for issuance of bonds and reschedulement for three States and extends scheme access for them until a specified deadline; the scheme continues to provide State takeover and guarantee of debt, lender comfort through bond/reschedulement mechanisms, conditional central incentives for AT&C loss reduction, and obligations on States and DISCOMs for revenue flow, tariff rationalisation, timely audits, and narrowing the ACS-ARR gap.

Voluntary Compliance Encouragement Scheme highlighted as pathway for service tax disclosure with waiver of interest and penalties upon payment.
The Pavilion promoted the Voluntary Compliance Encouragement Scheme (VCES), inviting voluntary disclosure of prior service tax liabilities with waiver of interest, penalty and proceedings on payment of declared tax dues. A dedicated VCES help desk accepted declarations and provided clarifications, supported by public engagement activities and a Customs and Central Excise help desk to assist traders and assesses and to boost scheme uptake.

Agriculture export promotion continued under APEDA scheme with four components supporting exporters across the supply chain.
Continuation of the Agriculture Export Promotion Plan Scheme assigns APEDA to implement four components- infrastructure development, transport assistance, market development and quality development-under a multi-year expenditure framework and component-wise allocations to deliver need-based interventions across the export supply chain to enhance exporters' capacity.

Coir industry employment expanded through modernization, women focused schemes and product diversification to boost rural livelihoods and exports.
The coir sector is a labour intensive rural employer and growing export earner that has expanded geographically and diversified products; policy measures-women focused training (Mahila Coir Yojna), MSME interventions in modernization, technology transfer, skill development, SFURTI cluster support, market promotion and welfare schemes-combined with new machinery and innovative products (coir wood, coir pith, composites) are presented as the operative mechanisms to boost productivity, income, employment and environmental benefits in rural areas.

Voluntary compliance scheme promotes disclosure of past service tax dues with waiver of interest, penalties and prosecution consequences.
The Central Board of Excise & Customs publicized the Voluntary Compliance Encouragement Scheme (VCES) to enable persons who omitted service tax payments to file declarations and discharge outstanding tax liabilities; on payment of declared tax there is a complete waiver of interest, penalties and other consequential proceedings. A VCES help desk was established to accept declarations and answer queries, complemented by public outreach activities to encourage uptake.

Monetary policy corridor symmetry urged; mixed member views on repo rate adjustments to balance inflation and growth.
Members recommended restoring symmetry in the monetary policy corridor, positioning the Marginal Standing Facility roughly one notch above the policy repo rate while diverging on repo rate direction: some advocated a tightening to address inflation and external risks, others opposed changes to support growth, and a minority proposed easing alongside measures to ease SME credit access.

Cost records and cost audit obligations: companies must maintain prescribed cost records and obtain cost audits where applicable.
The draft rules require identified classes of companies to maintain Cost Records in prescribed form for each financial year, enabling calculation of per unit production or operation costs and margins, and mandate that companies required to maintain such records obtain a Cost Audit by a cost auditor who must submit a prescribed Cost Audit Report to the Board within the specified period.

Liquidity support to MSEs via refinance to SIDBI at prevailing repo rate to finance receivables and ease stress.
A dedicated refinance facility to SIDBI under Section 17(4H) will provide liquidity support to MSEs by financing receivables, including export receivables, directly or via selected intermediaries, priced at the prevailing term repo rate with a 90-day flexible draw/repayment window and limited-term availability governed by SIDBI's Board policy. Separately, incremental credit to medium enterprises by scheduled commercial banks (excluding RRBs) over the stated outstanding amount will qualify as priority sector lending for a temporary period, within the overall priority sector target, to ease sectoral liquidity tightness.

Risk Management System rollout enhances export customs clearance, reducing dwell time and promoting compliance and trade facilitation.
An IT-based Risk Management System (RMS) for export Customs clearance is established as a trust-based trade facilitation mechanism that relies on accurate trade declarations, shortens dwell time through risk-led automated processing, reduces transaction costs, and is being rolled out across EDI-enabled Customs stations with nationwide expansion contingent on trade compliance with legal and procedural requirements.

Services competitiveness council proposed to strengthen sector coordination and boost services export strategy for global market access
Proposal to constitute a Joint Task Force between government and industry and to establish a Services Competitiveness Council to map stakeholders, address vertical-specific challenges, create cohesive roadmaps, and pursue regulatory and sectoral measures to diversify and strengthen India's services export performance across targeted sectors.

Mens rea in financial crimes should be required except where law clearly excludes it, guiding investigative standards and policy.
The address urges that financial crime enforcement rest on an agency with multidisciplinary expertise and advanced technology, robust international information sharing, and procedures to expose all conspirators. Legally, financial offences should ordinarily require proof or lawful presumption of mens rea, with narrow strict liability exceptions; investigators must avoid treating bona fide business or policy decisions as crimes and should respect the divide between policy making and policing. Agency redesign should follow three pillars: clearly defined objectives, precisely enumerated powers, and carefully designed accountability mechanisms.

Free trade agreement impact: FTAs to be reviewed and domestic reforms pursued to protect manufacturing and competitiveness.
The Committee mandated continued FTA engagement while scrutinising adverse impacts on manufacturing and the trade balance, noting regional differences (SAFTA surplus, improved Indo ASEAN exports offset by essential imports, and a large deficit with China). It emphasised existing FTA review mechanisms and a Department of Commerce impact study for mid course corrections, and stressed that export competitiveness depends on domestic reforms (GST, labour law reform, infrastructure) and on reducing transaction costs and border procedural barriers.

Index of core industries shows year on year growth with mixed sectoral performance and provisional data revisions.
The combined Index of Eight Core Industries (weight 37.90% in the IIP) rose year on year, with the index at 156.2 in September 2013 reflecting an eight percent increase versus September 2012. The press release provides provisional monthly and April-September cumulative movements for each core industry, noting notable rises in coal, refinery products, cement and electricity, a sharp decline in natural gas, marginal crude oil growth with cumulative moderation, and revisions made where prior year data were updated.