BRICS finance cooperation advances: joint economic outlook, COVID response and social infrastructure financing with digital tools.
BRICS Finance Ministers and Central Bank Governors endorsed a joint Statement on Global Economic Outlook and Responding to COVID 19 Crisis with an annex on policy experiences, and approved a Technical Report on Social Infrastructure: Financing and Use of Digital Technologies. They welcomed conclusion of a Cooperation and Mutual Administrative Assistance instrument in customs and addressed central bank priorities including Financial Inclusion, the Contingent Reserve Arrangement, and Information Security Cooperation to support coordinated post pandemic recovery and resilience.

Export Promotion: virtual buyer-seller meets and a platform aim to strengthen spice trade links and market access.
An export promotion initiative by the Spices Board and the Embassy of India, Bangkok held an International Buyer-Seller Meet and webinar linking over 240 Indian exporters with Thai importers to strengthen trade linkages and continuity of sourcing. The Board announced a virtual trade facilitation platform to provide market information, virtual office facilities, and host virtual trade fairs, training and seminars to support exporters and expand market access for spices including chillies, turmeric, garlic and value added products.

Memorandum of Understanding strengthens professional accountancy cooperation and exchange of training, ethics, research and development opportunities.
Approval of a Memorandum of Understanding establishes bilateral cooperation between the Institute of Chartered Accountants of India and the Institute of Professional Accountants of Russia for exchange of views and information on Professional Accountancy Training, professional ethics, technical research, professional development, seminars, conferences, joint activities, and reciprocal website linkage to promote the accountancy profession and facilitate professional opportunities and export of accountancy services.

Import relaxation for non living GM soya cake allows limited imports subject to environmental clearance and customs monitoring.
The Government authorised import of 12 Lakh Metric ton of crushed and de oiled GM soya cake (non living only) by relaxing Condition 6(b) of the General Notes Regarding Import Policy of the ITC (HS) 2017 for ITC HS codes 23040020 and 23040030 through Nhava Sheva and LCS Petrapole until 31 October 2021 or until further orders.

Export target strategy: India advances engineering trade with ASEAN and boosts FDI measures to meet national export goals.
India engaged ASEAN through the India ASEAN Engineering Partnership Summit to prioritise ASEAN as a key market for engineering exports, promote B2B and value chain integration including MSME participation and Industry 4.0 cooperation, and to advance export objectives supported by government measures to attract FDI and the Production Linked Incentive scheme to boost manufacturing and exports.

Merchandise export target mobilises industry associations to scale manufacturing via incentives and ecosystem facilitation.
Mobilise industry associations to achieve enhanced merchandise exports through coordinated policy facilitation, incentives, and ecosystem measures. Central mechanisms include targeted production-linked incentives, a one-stop digital Investment Clearance Cell, sectoral investment focus, One District One Product to build district exportable products, and an India Industrial Land Bank with GIS-enabled industrial area data. Industry associations are asked to propose interventions, support exporters, engage with States and missions, and help build resilient global supply chains within a SAFE ecosystem to scale manufacturing and diversify exports.

Monetary policy stance maintained: repo rate unchanged to support growth while monitoring inflationary risks and expectations.
The MPC meeting (August 4-6, 2021) resolved to keep the Policy Repo Rate unchanged and to continue an accommodative stance to revive and sustain growth while ensuring inflation remains consistent with the medium term CPI target. The decision followed assessment of global supply disruptions, elevated commodity prices, nascent domestic recovery with large output slack, and staff projections showing near term inflation pressures driven largely by supply shocks. All members voted to keep the repo rate unchanged; the accommodative stance was supported by five members with one reservation.

Export growth in agricultural and processed food products driven by targeted export promotion and quality compliance measures.
India's APEDA basket exports rose 44.3 percent in April-June 2021 over the same period in 2020, from USD 3338.5 million to USD 4817.9 million. Major increases occurred across cereals preparations and processed items, meat/dairy/poultry, rice and other cereals. APEDA measures credited for this growth include B2B exhibitions and Virtual Buyer Seller Meets, GI product promotion, laboratory recognition and upgrading for export testing, financial assistance for infrastructure and quality improvement, registration of pack houses and processing units, traceability systems, and dissemination of international trade information.

Exchange Rate Determination: notified currency rates set for import and export valuation under customs conversion rules.
Determination of exchange rates for customs valuation: the notification fixes rate of exchange for specified foreign currencies, listing separate rupee equivalents for imported goods and for exported goods in annexed schedules; Schedule I rates are per one unit and Schedule II per one hundred units. The rates apply from the stated effective date and the notification supersedes the prior exchange rate notification except as to prior actions.

Export Targets drive policy: FTA strategy revamped to secure market access and boost goods and services exports.
The Commerce Ministry announced a coordinated export-promotion framework to meet ambitious merchandise and services export targets by aligning Export Promotion Councils, foreign missions and state/district mechanisms, deploying policy instruments such as a new Foreign Trade Policy, single-window customs clearance, Production Linked Incentives and SEZ reforms, and revamping Free Trade Agreement strategy to pursue industry-informed FTAs and Early Harvest Agreements in priority markets.

Remission of Duties and Taxes: RoDTEP issues transferable electronic duty credits to refund unrebated export taxes and levies.
The RoDTEP scheme refunds currently un refunded indirect duties, taxes and levies borne on exported products, including prior stage cumulative taxes on inputs and distribution levies, excluding amounts already exempted or remitted. Eligible exporters receive rebates as a percentage of FOB value, with some products subject to per unit value caps. Implementation is by Customs via an IT system and refunds are issued as transferable duty credits in electronic scrips maintained in a central electronic ledger.

De-notification of ICDs and CFSs now time-bound with nodal officer coordination and faster closure process.
De-notification of Inland Container Depots, Container Freight Stations and Air Freight Stations is governed by a streamlined, time bound procedure requiring custodians to apply to the jurisdictional Principal Commissioner/Commissioner of Customs; disposal of un-cleared, seized and confiscated goods is a prerequisite. A Nodal Officer at Deputy/Assistant Commissioner level will coordinate disposal and formalities, and the de-notification must be completed within a maximum of four months from receipt of a complete application.

Trade balance shows deficit despite strong export recovery, driven by higher imports and rising oil prices.
India's July 2021 external trade shows robust year on year export growth across merchandise and services while imports rose more sharply, producing a merchandise-driven monthly trade deficit. Merchandise exports expanded across many commodity groups though several agricultural and primary items declined. Oil imports rose significantly in value amid higher global prices; non-oil and non-gold imports also increased. Services exports delivered a provisional surplus, partially offsetting the merchandise shortfall. July services figures are estimated and subject to RBI revision.

Agricultural export promotion: India's APEDA exports five apple varieties to Bahrain for consumer promotion programme.
APEDA, collaborating with HPMC, exported a first consignment of five apple varieties to Bahrain sourced from Himachal Pradesh farmers and exported by APEDA registered DM Enterprises; the shipment will be showcased at an Al Jazira retail apple promotion programme commencing 15 August 2021 to familiarise Bahraini consumers with Indian apple varieties as part of market development efforts.

Essential Commodities Act stock limits eased food price volatility; import and duty measures increased availability.
The Government deployed buffer stocks of pulses and supplied them free to National Food Security Act beneficiaries, imposed stock limits on certain pulses under the Essential Commodities Act to curb hoarding, eased import restrictions and entered into memoranda with suppliers, and reduced import duties and related cesses on selected pulses and palm oil to increase availability and moderate prices.

Import controls on toys: mandatory testing, higher duty and compulsory standards certification to protect safety and promote domestic makers.
No ban on toy imports exists; instead, the government enforces import controls through mandatory sample testing with return or destruction on failure, increased Basic Customs Duty, and a Quality Control Order imposing compulsory standards certification and licensing for toys, applicable to domestic and foreign manufacturers, while supporting domestic industry via innovation challenges, virtual fairs, and MSME and cluster finance and infrastructure schemes.

Monetary policy: repo rate unchanged at 4% with an accommodative stance to support growth and anchor inflation.
The MPC maintained the policy repo rate at 4.0 per cent and an accommodative stance to revive and sustain growth while ensuring inflation remains within the medium-term target of 4% 2%, assessing current inflation as largely transitory supply-driven, noting global recovery divergence, elevated commodity prices, improving domestic activity with ample liquidity, and projecting CPI inflation at 5.7% and real GDP growth at 9.5% for 2021-22.

Export promotion measures expand trade facilitation and incentives to boost competitiveness and market access for exporters.
Government implements export-promotion measures enabling duty-free import of inputs and capital goods via Advance Authorization and EPCG facilitation, extends export credit support under an Interest Equalization framework, operationalizes export duty/tax remission through RoDTEP while maintaining rebate support under RoSCTL, and provides Transport and Marketing Assistance for specified agricultural exports alongside a digital Certificate of Origin platform to increase FTA utilisation.

Free Trade Agreement negotiations resumed to pursue a balanced, comprehensive and mutually beneficial trade framework.
Resumption of India-EU Free Trade Agreement negotiations is agreed to pursue a balanced, ambitious and comprehensive trade framework; commodity inclusion or exclusion will be finalised after extensive stakeholder consultations and consideration of each side's interests. A concurrent review of existing FTAs seeks to maximise export potential, benefit domestic industry and make agreements more user friendly and trade facilitative.

Agri-export promotion partnership to boost Karnataka exports through joint technology, traceability, and capacity-building initiatives.
The MoU between APEDA and the University of Agricultural Sciences, Bangalore creates a collaborative framework to boost agri-exports from Karnataka by jointly developing precision-farming technologies, diversifying export products and destinations, establishing product-specific clusters, market intelligence and traceability systems, and standard operating procedures. It emphasizes capacity building-promoting Farmer Producer Organizations/Companies, organizing B2B/B2C fairs, establishing a capacity building centre, and launching a Post Graduate Certification-alongside value chain development, real-time pest and disease solutions, and zoning/compartmentalization for animal and poultry exports.