Monetary policy holds rates steady, reduces export credit refinance, and advances banking and market reforms to support stability and inclusion.
The statement holds policy rates steady while reducing export credit refinance to 15% of eligible export credit and maintaining targeted overnight and term repos to manage liquidity. It notes slowing industrial activity, significant food price pressures from uneven monsoon distribution, decelerating non-food credit amid alternative financing and loan sales, contained current account pressures, and retains a 5.5% growth projection for 2014-15. Regulatory measures include finalising differentiated bank licensing, revised NBFC norms, LCR implementation with limited government securities as Level 1 HQLA, an Early Warning System, Central Fraud Registry, streamlined KYC, and reforms to develop government securities and market liquidity.

Possession and sale of foreign fireworks are illegal in India, punishable and subject to seizure; report occurrences to police.
Possession and sale of fireworks of foreign origin in India are prohibited and punishable. Smuggled fireworks containing the hazardous chemical potassium chlorate pose ignition and explosion risks. Fireworks are classified as a restricted import item and the manufacture, possession, use and sale of explosives combining sulphur with any chlorate are banned by national notification. No import licences for fireworks have been issued under the applicable explosives rules, and reports of possession or sale should be made to the police for enforcement.

Customs strategic reform: shift to risk based compliance and a legislated data exchange framework to modernise border administration.
TARC's Second Report directs the CBEC to adopt a customs vision and strategic plan shifting from revenue centric administration to proactive, trust based compliance management, risk based exception interventions and post clearance audit; to build enterprise risk management, national targeting and technology led systems; and to establish a robust, legislated framework for inter agency data exchange-including common standards, an SPV and consolidated data infrastructure, layered authorisations, SLAs/MoUs, audit safeguards and dedicated personnel such as CIOs and data scientists-while reconstituting CEIB as a national Economic Intelligence Bureau.

Partner Country designation at an international trade fair promotes trade expansion and investment outreach under Make in India.
India's Partner Country designation at Hannover Messe 2015 advances a government-led strategy to promote trade, attract investment and showcase industrial capabilities under the 'Make in India' campaign. The Department of Commerce has appointed the Engineering Export Promotion Council, India Brand Equity Foundation and the Confederation of Indian Industry as lead agencies to coordinate participation. Indian exhibitors across major export sectors will seek technology collaborations, business tie-ups and investment, while the initiative aims to strengthen bilateral commercial ties and expand exports and services engagement.

Capital goods competitiveness scheme creates centres, parks, testing and technology fund to raise industry technology and exports.
The government approved a scheme to enhance competitiveness in the capital goods sector through five components: Advanced Centres of Excellence for R&D; Integrated Industrial Infrastructure Facilities (Machine Tool Parks) formed and operated by SPVs to provide production ecosystems and reduce logistics costs; a Common Engineering Facility for textile machinery offering shared services via SPVs; a Testing and Certification Centre for earthmoving machinery to support mandatory testing and limit outdated imports; and a Technology Acquisition Fund to co fund acquisition and development of strategic technologies, financed by public budgetary support and industry contributions.

Indirect tax revenue growth reported, showing year on year increase and differential performance across customs, excise and service tax.
Increase in provisional indirect tax revenue collections for April-August 2014 shows aggregate collections up 4.6% year on year and equal to 31.2% of the 2014-15 Budget Estimate; service tax rose by 15.1%, central excise by 0.5% (exclusive of certain cesses), and customs by 0.3%, with monthly and cumulative figures provided for comparison against the prior year and budgeted amounts.

Export credit support expanded: increased NEIA corpus and enhanced underwriting leverage to back larger overseas project exports.
Approval expands financial support to the National Export Insurance Account by increasing the NEIA Trust corpus and raising underwriting capacity, supplemented by foreign currency funds on lent as buyer credit with NEIA cover to enable underwriting of larger overseas project exports with significant Indian content and long repayment tenors.

Foreign Trade Policy: digital reforms and procedural timelines to simplify exports and strengthen market diversification.
The policy advances a composite Foreign Trade Policy focused on export competitiveness through product targeting, branding and timelines, combined with administrative and digital reforms to reduce transaction costs: chapter re alignment, online inter ministerial consultations, paperless electronic authorisations, expanded EDI connectivity, capacity building for new exporters, and prescribed timelines and digitization for SEZ approvals and operations.

Trade in Services liberalisation expands movement of professionals and investment between India and ASEAN under comprehensive regulatory commitments.
The Agreement creates a comprehensive framework to liberalise services and investment between India and ASEAN, incorporating provisions on transparency, domestic regulations, recognition, market access, national treatment, enhanced participation for developing countries, joint committee, review, dispute settlement and denial of benefits. Parties made GATS plus commitments through individual schedules; India tabled three schedules and agreed not to make additional requests to CLMV states. An annex on Movement of Natural Persons defines Business Visitors, Intra Corporate Transferees and Contractual Service Suppliers, while independent professionals remain undefined.

Foreign direct investment approvals authorised inbound equity and structural conversions across multiple sectors, with deferrals, rejections, and non requirement advisories.
Government approved twenty-two FDI proposals on FIPB recommendations authorising inbound equity, ECB conversions into equity, issuance of convertible instruments and delisting-driven acquisitions across pharmaceuticals, telecom, IT, aviation, power, NBFC and other sectors. Approvals regularise prior inflows and increase foreign shareholdings up to proposed levels, with specified conditions. Nine proposals were deferred for additional scrutiny, four were rejected for non-compliance with foreign participation norms, and five were advised as not requiring FIPB approval because they fall under automatic routes or outside FIPB remit.

Industrial production growth: core industries show mixed July performance with gains in coal, electricity and cement.
The Index of Eight Core Industries (weight 37.90% of IIP) stood at 163.9 in July 2014, with the combined index rising year on year and showing positive cumulative growth for April-July 2014 15. Coal, electricity and cement recorded notable monthly and cumulative gains, while crude oil, natural gas, refinery products, fertilizers and steel displayed mixed or weaker monthly performance; detailed monthly and annual indices and growth rates are annexed and certain refinery figures are prorated and subject to revision.