Policy repo rate pause with continued withdrawal of accommodation to align inflation with target while supporting growth.
The Monetary Policy Committee, under Section 45ZL publication requirements, resolved to keep the policy repo rate unchanged and to maintain a stance of withdrawal of accommodation while supporting growth. The decision rests on an assessment that headline inflation has moderated yet remains above the target, growth prospects are resilient, and key risks-food prices, monsoon distribution, global commodity and demand conditions-warrant continued vigilance. The minutes record individual members' votes and statements, outline projections for inflation and growth, and emphasise data-dependence and active liquidity management in calibrating future policy.

Mutually agreed solution ends six WTO disputes, enabling Section 232 exclusion approvals to restore market access for Indian steel and aluminium.
Termination of six bilateral WTO disputes by a Mutually Agreed Solution provides for US implementation of an exclusion-based market access mechanism for Indian-origin steel and aluminium and for India's removal of certain retaliatory duties, while maintaining prevailing basic import duties applicable to all imports.

Export liberalisation for drones enables one time general authorization for civilian UAV exports, replacing per shipment SCOMET licensing.
DGFT amended the SCOMET policy to allow exports of civilian drones/UAVs meeting specified operational criteria under a onetime General Authorization for Export of Drones (GAED), removing the need for individual SCOMET licences for each shipment within the GAED validity, while imposing post export reporting and documentary compliance and excluding software and technology from payload calculations.

Export credit insurance expansion increases cover and eases bank financing costs for exporters under enhanced policy terms.
Expansion of export credit insurance coverage and operational digitalisation at ECGC Ltd. Enhanced insurer cover is extended to larger export-credit working-capital accounts and policy-level protections are increased, with additional cover for proposals received directly from exporters. For banks meeting specified claim-to-premium performance metrics, enhanced cover is offered without extra cost provided lending is at interest rates aligned with high grade account treatment. ECGC will implement full digitalisation, an upgraded ERP for digital claims and services, and a daily live video-conference grievance redressal facility to streamline exporter access and increase covered business.

Allocation of funds for Unity Mall to strengthen ODOP market access and logistics, supported by PM GatiShakti planning.
Centre announces allocation of central funds for a Unity Mall in Dimapur as a marketplace for ODOP goods; organic certification drives and PM GatiShakti aligned logistics measures (Krishi UDAN, rail connectivity, aggregation centres, integrated warehouses, and a data center) are described to improve market access, supply chain efficiency, and planning through State Master Plan alignment and capacity building.

Free trade agreement negotiations advanced-recent round concluded with detailed treaty text discussions across multiple policy areas, further talks scheduled.
Free trade agreement negotiations between India and the United Kingdom progressed with the conclusion of the tenth negotiating round, focusing on detailed draft treaty text and technical exchanges. The round was conducted in a hybrid modality, combining in person and virtual participation, and encompassed comprehensive technical discussions across multiple policy areas to refine operative treaty language, with a further negotiating round scheduled in the near term.

Narcotics concealment in packaging detected, leading to seizure under NDPS Act after intelligence-led courier inspection.
DRI intercepted an import courier consignment declared as decorative table centers and found thousands of thermocol balls used as cushioning. Heavier thermocol balls (about 10%) were segregated by weight; cutting open 972 balls revealed polythene-wrapped white powder that tested positive for cocaine. A total of 1,922 grams of cocaine was recovered and seized under the NDPS Act. Further investigation into the consignment and related persons is ongoing.

Time Release Study shows reduced cargo release times and affirms Path to Promptness as key to expedited customs clearance.
NTRS 2023 measures cargo release time from Customs arrival to domestic clearance or carrier departure, finds reduced average import release times and lower variability across port categories, and attributes progress to coordinated trade facilitation measures. The report highlights the Path to Promptness-advance filing, risk-based facilitation, and Authorised Economic Operators-as instrumental in meeting National Trade Facilitation Action Plan targets. For exports, it distinguishes regulatory clearance (Let Export Order) from physical clearance and records that regulatory clearance targets are largely achieved, stressing stakeholder collaboration for further improvements.

Trade deficit narrows as services surplus and sectoral export gains partly offset lower merchandise exports and imports.
Combined merchandise and services exports declined in May 2023 and for April-May 2023 versus the prior year, while imports also fell; services exports strengthened, raising the services surplus which partially offset the merchandise deficit. Sectoral results were mixed: notable export gains in Electronic Goods, Oil Meals, Spices, Rice and Ceramic Products contrasted with large import contractions in Silver, Gold, Vegetable Oil and Petroleum. The release notes provisional nature of May services estimates and attributes import declines to commodity price falls and policy measures.

Seafood exports reach record levels as frozen shrimp dominance and market diversification drive fiscal year growth.
India achieved record seafood exports in FY 2022 23, shipping 1,735,286 MT worth US$ 8.09 billion, a 26.73% increase in quantity and a 4.31% rise in US$ value. Frozen shrimp remained the dominant item, contributing about 41% of volume and nearly 68% of US$ earnings; Black Tiger shrimp showed strong growth while Vannamei declined. Major markets were the US, China, EU, South East Asia, Japan and the Middle East, with divergent demand trends across regions and rising unit values in several product segments.

Production Linked Incentive schemes boost manufacturing investment, exports, and employment, transforming value chains and localization.
Production Linked Incentive (PLI) schemes incentivize domestic manufacturing in 14 targeted sectors to increase production, attract investment, generate employment and shift exports to higher value added goods. The framework ties sector specific incentive outlays to production and investment thresholds, resulting in approved beneficiaries across multiple sectors, disbursements to eligible firms including MSMEs, supplier relocation, increased localization and technology transfer, thereby strengthening domestic value chains and supporting import substitution.

Infrastructure planning improves multimodal connectivity and regional logistics under a coordinated national master plan framework.
The Network Planning Group recommended upgrading the Khowai-Teliamura-Harina road to a two lane with paved shoulder under PM GatiShakti NMP principles, planned on an EPC basis financed by an Official Development Assistance loan; NMP data overlays guided alignment to optimize logistics while minimizing impacts on forests and sensitive zones, and interministerial NPG consultations informed integrated planning.

EXIM trade facilitation strengthened as FFFAI unveils e-Bill of Lading and advances training and international networking.
FFFAI's Diamond Jubilee emphasises EXIM trade facilitation and capacity building for customs brokers and logistics service providers through training at the Indian Institute of Freight Forwarders and international networking via FIATA and IFCBA. The Federation announced the unveiling of a Diamond Jubilee Souvenir, Coffee Table Book and an e-Bill of Lading (eBL) to support EXIM operations, and highlighted collaboration with government agencies and stakeholders to promote professionalism, operational standards, and cross-border coordination in customs brokerage and freight forwarding.

NDPS contraband destruction: authorised incineration under hazardous waste rules removes seized narcotics to prevent smuggling.
Air Cargo (Exports) Customs carried out authorised incineration of seized NDPS contraband, comprising heroin, ganja and other psychotropic substances, at a State Pollution Control Board authorised Centralised Bio Medical Waste Treatment Facility pursuant to hazardous and other waste management rules, effecting disposal across multiple seizure cases to prevent re entry of narcotics into smuggling channels.

Customs seizure of smuggled gold disrupts coastal trafficking in a coordinated maritime interdiction operation.
Coordinated maritime surveillance and interdiction by customs and coast guard based on intelligence led to interception of two suspect fishing vessels off the Vedhalai coast, recovery of jettisoned contraband from the seabed, seizure of foreign-origin gold along with the boats and a vehicle, apprehension of shore receivers, and initiation of ongoing investigative and evidentiary procedures.

Exchange rate determination under Customs Act fixes specified import and export currency conversion rates effective early June.
The Central Board of Indirect Taxes and Customs prescribes distinct conversion rates for specified foreign currencies into Indian rupees for imported and export goods, annexed as Schedule I (per unit) and Schedule II (per 100 units), superseding the prior notification except for prior actions, and declares the rates to operate from the stated effective date for customs valuation purposes.

International trade engagement boosts India's global economic standing and accelerates FTA negotiations and export-led growth.
India is pursuing accelerated free trade agreement negotiations and outward market engagement to elevate its global economic importance, emphasising export diversification and scaling goods and services exports. Policy emphasis rests on leveraging the demographic dividend, acquiring technology, strengthening supply chain partnerships and using Indian missions abroad to expand market access. These trade initiatives are presented alongside structural macroeconomic reforms that have produced low inflation and stronger foreign exchange reserves, framing a long term trajectory of economic resilience and export led growth.

Protected species prohibition bars possession and export of ambergris, prompting seizure and arrests under wildlife law.
The DRI intercepted a vehicle on the Tuticorin coast following specific intelligence and seized a consignment of ambergris; five occupants were detained, four persons were arrested and remanded, and the vehicle used to transport the contraband was confiscated as part of enforcement action under the statutory prohibition on possession, export and transport of ambergris.

Memorandum of Understanding to promote mutual cooperation in accountancy, professional mobility, and capacity building between institutes.
Approval is granted for a Memorandum of Understanding between the Institute of Chartered Accountants of India and The Chartered Accountants of the Maldives to establish mutual cooperation for advancement of accounting knowledge, professional development, increased professional mobility, and capacity building. The MoU provides for exchange of information, training, ethics, technical research, seminars, student exchanges and ICAI technical due diligence to assist CA Maldives towards membership of the International Federation of Accountants.

Trade and technology cooperation to resolve tariffs, IPR, investment and regulatory barriers while advancing climate commitments and green finance.
Promotes the India EU Trade and Technology Council (TTC) as a platform to address tariff and duty concerns, intellectual property protection, investment barriers, regulatory compliance reduction, sectoral regulation needs (including waste management), and mechanisms for green financing and zero carbon technology adoption, while calling for a level playing field between developed and emerging economies and adherence to Paris Agreement commitments.