EPCG scheme procedure simplification eases export obligation compliance and extends installation certificate timelines with uniform composition fees.
DGFT has simplified the EPCG Scheme by extending the timeframe for submission of Installation Certificates, introducing a simplified and reduced composition fee for Export Obligation extensions, and applying a uniform composition fee for Policy Relaxation Committee decisions on EO extensions and export regularisation; these steps are coupled with expanded automated, rule based processing to reduce manual intervention and speed compliance and service delivery.

Quality Control Orders ensure compliance in leather and footwear, with eased certification and targeted industry upscaling.
The Ministry announced implementation of two Quality Control Orders for leather and footwear effective 1 August 2024, committing to smooth and flexible QCO certification procedures; micro and small MSME units are exempt, imports of soles for exported footwear are exempt, and manufacturers may declare old stock before the effective date and sell declared stock until 30 June 2025.

Time Release Study shows reduced cargo release times and faster automated clearance after duty payment under pre payment verification.
The National Time Release Study 2024 provides a quantitative national assessment of cargo clearance times from arrival to customs release or carrier departure, compares current performance with prior periods to measure progress under the National Trade Facilitation Action Plan, and records reduced average release times at most ports with notable improvements at Integrated Check Posts and Air Cargo Complexes; it also notes near-instant automated release following duty payment under the Pre-payment Customs Compliance Verification initiative and documents that advance/facilitated/AEO bills of entry have materially lower release times than port averages.

Supply chain resilience urged through coordinated trade frameworks and partnerships to secure critical sectors and investment flows.
Emphasis was placed on bolstering Supply Chain Resilience through coordinated multilateral and plurilateral initiatives, promotion of the India Middle East Europe Economic Corridor, alignment of investment, trade, environment and energy policies, multimodal connectivity, public private partnerships, and investments in critical infrastructure to secure supply chains for critical minerals, semiconductors, pharmaceuticals and green energy.

Export growth momentum continues, led by engineering, electronics and pharmaceuticals, supporting combined goods and services expansion.
Combined merchandise and services exports for June and for April-June 2024 are estimated to have grown relative to the prior-year periods, with services estimates provisional pending RBI data. Key merchandise drivers cited for June include engineering goods, electronic goods, drugs and pharmaceuticals, coffee and chemicals. Non-petroleum and non-gems & jewellery exports increased for both the month and quarter, while merchandise imports also rose, widening the merchandise trade deficit and affecting the overall trade balance.

Pesticide residue control: public consultation launched on draft procedure for sesame seed exports to the USA.
The Department proposes a draft procedure for control of contamination of residues of pesticides in sesame seeds for export to the USA, modeled on the EU export procedure, and invites stakeholders and the public to submit comments and suggestions to the Department via the designated email channel before the stated deadline to finalize procedural requirements for export compliance and market access.

Monetary policy anchoring: preserve price stability and align demand management with long term growth prospects.
Monetary policy must act as the anchor of the economy by stabilising aggregate demand around productive capacity and preserving price stability. It should be forward looking given lagged data and uncertain transmission, adhere to an instrument-goal alignment, avoid time inconsistency, and use clear communication to anchor expectations. Policy risk assessment must weigh domestic strengths-domestic financing of investment, financial stability, fiscal consolidation, demographic dividend, and digitalisation-against challenges in skills, formal employment, infrastructure, exports, and climate transition.

Trade cooperation advanced through MoUs, customs coordination and sectoral collaboration to facilitate bilateral commerce.
India and Qatar agreed to finalise Memoranda of Understanding on food safety and exchange of pre-arrival information to enhance trade facilitation and customs control, to expeditiously remove impediments to bilateral trade, and to activate the Joint Business Council to implement private-sector proposals. The JWG identified priority cooperation sectors-gems and jewellery, pharmaceuticals, food processing and security, MSME collaboration, customs cooperation, and trade in local currency-and scheduled continued engagement with the next meeting in 2025.

Bilateral trade target with Russia prioritised alongside an FDI commitment under India EFTA to boost investment and industry ties.
The government seeks to grow bilateral trade with Russia and to secure significant foreign direct investment under the India EFTA agreement, emphasising that the FDI commitment excludes portfolio flows and requires industry partnership. National export and industrial competitiveness targets are supported by macroeconomic stability, reforms to ease doing business, strengthened product quality standards, increased investment in innovation and R&D, and measures to reduce compliance burdens. Large infrastructure and welfare initiatives are linked to employment, manufacturing competitiveness, and improved living standards, while sustainability efforts are encouraged in collaboration with industry.

Mutual recognition of organic certification permits single certification market access and organic logo use, streamlining export compliance across borders.
Mutual recognition of organic product certification permits reciprocal acceptance of accredited transaction certificates issued under each jurisdiction's organic regime, allowing products produced in conformity with those standards to be sold in the partner market as organically produced and to display the exporting jurisdiction's organic logo; the arrangement eliminates dual certification, reduces compliance costs, and facilitates export of major organic commodities.

Foreign exchange regulation reforms to simplify export and import compliance and empower authorised dealer banks, inviting public feedback.
Draft FEMA regulations and directions propose rationalising export and import rules to simplify compliance for small exporters and importers and to empower Authorised Dealer banks to provide faster, more efficient foreign exchange services. The Reserve Bank has published the draft texts and invited public feedback by a stated deadline via email using a specified subject line, as part of its developmental and regulatory policy measures.

Export Realisation Period clarified with authorised dealer extensions, advance payment conditions, project approval and caution-listing mechanisms.
The draft Regulations require exporters to submit an annexed Export Declaration Form and supporting documents to the Authorised Dealer within a prescribed period, mandate that the full export value be realised and repatriated within a specified realisation period subject to Authorised Dealer extensions or permitted reductions, regulate advance payments and their interest ceilings and refund obligations, require prior Authorised Dealer approval for deferred-payment and project exports, and provide for caution-listing of exporters who fail to realise export value after opportunity to be heard.

Ease of Doing Business: government commits to regulatory simplification and industry engagement to boost investment and innovation.
The central government committed to fostering a conducive business environment by advancing Ease of Doing Business, Start Up India support, Intellectual Property Rights facilitation, Free Trade Agreements, SEZs, GeM adoption and export promotion; convening broad industry stakeholders to solicit feedback on constraints affecting MSMEs, startups and sectoral investors and directing officials to examine and act on recommendations to promote investment, infrastructure provision, PPP mechanisms, technology and skills development and regulatory simplification.

Farmer protection measures expanded to extend registration validity and provide interest subvention, disaster assistance, and mechanization support.
The government will address Tobacco Board staffing shortages, consider waiving penalties for excess tobacco production, and extend registration validity from one year to three years with optional digital registration. Financial measures include promoting interest subvention under the Agriculture Infrastructure Fund, arranging interest-free higher education loans for farmers' children with extended repayment, and increasing assistance during natural calamities. Technical directives to ICAR-CTRI include mechanisation, alternatives to SOP fertilizer, residue-avoiding plant protection chemicals, and development of solar/electric curing barns.

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.