Exchange rate publication automated: CBIC to publish official currency rates online, replacing manual notifications and improving trade access.
The Central Board of Indirect Taxes and Customs is implementing the Exchange Rate Automation Module (ERAM) to replace manual notifications by publishing official exchange rates online in advance on the ICEGATE portal, accessible via a CBIC website link; published rates will be archived for retrospective reference and detailed operational procedures are provided in Circular 07/2024-Customs.

Policy repo rate unchanged; MPC maintains withdrawal of accommodation to align inflation to target while supporting growth.
The Monetary Policy Committee decided to keep the policy repo rate unchanged and to continue with withdrawal of accommodation to ensure CPI inflation progressively aligns to the medium term target while supporting growth. The MPC cited resilient domestic activity and an upgraded growth projection alongside persistent and elevated food inflation that risks spilling into core inflation and expectations. The Committee adopted a cautious, data dependent stance, published member votes showing a majority for status quo and minorities favoring a rate cut and neutral stance, and recorded the statutory publication schedule.

Rule-based automation for input-output norms improves faceless fixation of ad-hoc norms and streamlines Advance Authorisation processes.
DGFT has implemented a system-driven, rule-based faceless automation mechanism to determine ad-hoc Input-Output Norms and notify Standard Input-Output Norms under the Advance Authorisation scheme, integrating automated issuance, amendment and certification with post-issuance audit and risk-mitigation features and extending similar rule-based processes to other foreign trade procedures.

Seafood export volume record driven by frozen shrimp dominance and diversified market composition across major destinations.
India's seafood exports reached a record high in volume in FY 2023-24, led by frozen shrimp which dominated both quantity and dollar earnings. The release details product-level performance across shrimp subtypes and other major groups (frozen fish, meal/feed, squid, surimi, cuttlefish, chilled items), records unit-value movements and highlights the USA and China as the largest destination markets, with the top ten markets accounting for the bulk of export dollar receipts.

Customs impersonation fraud: public urged to verify document IDs and report digital payment or identity scams immediately.
Notice warns of frauds where callers or messages impersonate customs officials to demand payments or sensitive personal information, using threats about seized parcels and urgent pressure tactics. It instructs recipients not to respond or disclose credentials, to verify any Document Identification Number on the designated portal, and to report suspected incidents to the national cybercrime reporting platform.

Exports growth signals uptick in merchandise and services trade driven by petroleum, electronics and pharmaceuticals, with provisional estimates.
Provisional estimates show India's May 2024 total exports (merchandise plus services) rising, led by petroleum products, engineering goods, electronic goods, drugs & pharmaceuticals, textiles and plastic & linoleum; non petroleum/non gems & jewellery exports also increased. Services exports are estimated higher with a services surplus for April-May, but May services figures are provisional and subject to revision based on the Reserve Bank of India's subsequent data. The release details commodity level and partner country contributions and notes a larger merchandise trade deficit for April-May.

Export facilitation expands market access with inaugural shipment of premium MD two pineapples, strengthening India's fresh fruit exports.
APEDA coordinated the inaugural export of MD two pineapples to the UAE by arranging ICAR CCARI technical support for post harvest management and a sea transport protocol for fruit grown in Sindhudurg; the consignment was graded, packed and cold stored in Panvel and moved through Jawaharlal Nehru Port Trust for shipment, signaling an operational expansion of India's fresh fruit export basket.

Customs Duty Increase and Quality Control measures strengthen domestic toy industry access to online marketplaces and skills development.
The DPIIT workshop aims to integrate domestic toy manufacturers with online marketplaces to scale consumption and develop marketing skills while aligning with trade and quality measures: increased Basic Customs Duty on toys, DGFT sample testing of imports, a Quality Control Order, BIS licensing provisions for small manufacturers, cluster development support under SFURTI, and promotional initiatives to expand market access.

Clean economy investment mobilization via IPEF forum enabling concessional finance and private capital commitments for sustainable projects.
The IPEF Clean Economy Investor Forum mobilized capital and market linkages for sustainable infrastructure, climate technology, and renewable energy projects. India's delegation highlighted domestic opportunities and reforms while Indian companies and climate-tech start-ups were shortlisted to pitch to global investors. The Forum launched a Catalytic Capital Fund to deploy concessional finance, technical assistance, and capacity building to expand resilient clean-economy project pipelines, alongside private investor commitments and an offtake arrangement supporting green hydrogen production for export.

Electronic disbursal of duty drawback: automated PFMS transfers to exporters' bank accounts to speed and increase transparency.
CBIC will electronically disburse Duty Drawback payments directly into exporters' bank accounts via the Public Finance Management System, automating transfers for claims processed through the Customs Automated System and replacing the prior CCDA and consolidated cheque mechanism to reduce manual intervention, improve transparency and accelerate payment under the framework of section 75 of the Customs Act, 1962.

Manufacturing incubators enable startups to access shared pilot and scaling facilities, fostering collaboration and market access.
DPIIT is promoting the establishment of manufacturing incubators to provide shared pilot, prototyping, test-bed and scaling facilities that reduce capital barriers for product startups, enable early-stage manufacturing and market access, and foster collaboration between startups, corporates, academic and research institutes; eligible entities may leverage government schemes such as Startup India, AICs, NIDHI, TIDE, BIRAC and iDEX to support incubation efforts.