Index of Eight Core Industries shows marginal contraction driven by declines in energy and refinery sectors, with mixed sectoral performance.
The Index of Eight Core Industries reports a marginal year on year decline in the combined index for April 2015, while April-March 2014-15 cumulative growth was positive. Sectoral results were mixed: coal and steel rose in April; crude oil, natural gas, refinery products, fertilizers, cement and electricity declined or were flat. The release uses base 2004 05=100, provides monthly and annual index series and growth rates, notes revisions to April 2014 data, and states that figures are provisional.

Level playing field in defence procurement after withdrawal of tax exemptions, encouraging private and foreign OEM investment.
The Government removed excise and customs exemptions previously available to the Ordnance Factory Board and Defence PSUs, instituting a level playing field by equalising tax treatment between public suppliers and Domestic Private Players in defence procurement. Complementary measures include raising the FDI cap to 49%, de-reservation of many industrial licence items, and procedural simplifications to encourage private and foreign OEM investment in defence manufacturing and exports.

Payment system regulation must balance enabling innovation with ensuring interoperability and cybersecurity safeguards.
Safe, secure and efficient payment systems are foundational to economic stability and must scale to process large retail volumes generated by inclusion initiatives. India's recent innovations-from interbank switches, RTGS/NEFT and cheque truncation to RuPay, Aadhaar-enabled payments and NUUP-have enhanced interoperability and access but impose capacity, cybersecurity and coordination challenges. Technology and mobile channels offer multi-channel delivery opportunities, yet heterogeneity of platforms and operational frictions slow adoption. Regulators must balance enabling innovation with oversight on non-bank participation, virtual currencies, cloud and cross-border mobile transactions to maintain system safety and inclusivity.

Foreign direct investment approvals: multiple proposals cleared while several others were deferred or rejected across sectors.
Central government approved a set of FDI proposals recommended by the Foreign Investment Promotion Board, authorising foreign equity infusions, increases in foreign shareholding, LLP conversions, warrants issuance, share transfers and swaps, exemptions and post-facto regularisations across sectors including pharmaceuticals, aviation, healthcare, publishing, IT services, private security, venture capital and single brand retail. Several applications were deferred pending policy scrutiny in banking, telecom, broadcasting, internet services and alternative investment funds, some were rejected for non compliance or unsuitable restructuring, and one proposal was withdrawn.

Global monetary policy spillovers risk competitive easing; IMF rules and stronger multilateral capital and safety nets are needed.
Prolonged unconventional monetary policy and sustained exchange rate intervention can compress risk premia, induce portfolio rebalancing and cross border capital flows, and shift demand away from other countries without raising net global demand. To prevent destabilizing spillovers and a cycle of competitive easing and crises, multilateral institutions should define new rules of the game, screen UMP and exchange interventions, provide pre qualified liquidity lines without stigma, and bolster development banks to supply patient risk capital while countries pursue structural reforms and prudent investment.

Foreign trade statistics show declining merchandise flows and a widened trade deficit despite positive services receipts.
Merchandise exports and imports for April 2015 declined year on year in dollar and rupee terms, with crude oil imports dropping substantially and non oil imports rising, producing a larger merchandise trade deficit; services for March 2015 showed net export receipts. Figures are provisional and include commodity wise breakdowns and percent changes to illustrate shifts in trade composition.

Indirect tax revenue growth: provisional April receipts rose substantially year-on-year, strengthening BE target attainment.
Provisional indirect tax revenue collections for April 2015 rose 46.2% year-on-year and represented 7.4% of the 2015-16 Budget Estimate. Central Excise more than doubled and achieved 8.1% of its BE, Customs grew and achieved 6.9% of its BE, and Service Tax increased to achieve 7.2% of its BE; excise figures exclude cess administered by other departments.

Exporters grievance redressal strengthened through advisory Board of Trade and a Council for Trade Development and Promotion.
An advisory Board of Trade and a Council for Trade Development and Promotion are proposed to enhance consultation; sector councils remain available. Administrative measures include policy-relaxation procedures with personal hearing before a Policy Relaxation Committee, Grievance Committees at headquarters and regional offices, a web-based EDI complaint monitoring system, dedicated telephonic and email channels for EDI and importer-exporter code issues, Quality Complaint and Trade Dispute Committees in multiple offices, and a national customs consultative mechanism with field-level arrangements.

Special Economic Zone setup allows central, state or private promoters to establish zones with fiscal benefits for agro food units.
A Special Economic Zone (SEZ) may be established by the Central Government, a State Government or any person for manufacture, services, or as a free trade warehousing zone; proposals recommended by the State Government are considered by the Board of Approval, and fiscal incentives and duty concessions available to SEZ units apply equally to agro and food processing industries.

SEZ export contribution highlighted as government reiterates measures to facilitate SEZ scheme implementation and major export sectors.
Government measures to facilitate implementation of the Special Economic Zone (SEZ) Scheme are influenced by stakeholder inputs and aim to speed and improve operational effectiveness. The disclosure reports that SEZs contribute a substantial share of national exports and identifies major SEZ export sectors including engineering, chemicals, pharmaceuticals, petrochemicals, apparel and garments, gems and jewellery, and IT/ITES, as presented in a parliamentary reply.

Leather sector development programme advances modernization, skills, infrastructure and environmental compliance for competitiveness and employment.
The Indian Leather Development Programme is a Central Sector scheme providing targeted support across six sub-schemes: investment grants for modernization and new plant and machinery; placement-linked human resource development; artisan cluster support with common facilities and market linkages; establishment of institutional training facilities; financial support for environmental compliance including CETPs and cleaner technologies; and creation of Mega Leather Clusters offering integrated infrastructure, HRD, R&D and export services. Funds are released to implementing agencies and complementary projects have funded CETPs, hazardous waste facilities and cluster infrastructure to improve competitiveness and employment.

No export restrictions on cotton permit foreign buyers to procure from India freely, with contract registration removed.
There is no restriction on export of cotton and the requirement for registration of export contracts has been removed by Notification No. 102 (RE-2013)/2009-14 dated 08.12.2014, permitting foreign purchasers to procure cotton from India without contract-registration formalities; reported export data identify China, Bangladesh, Vietnam, Pakistan and Taiwan as principal destination markets.

Minimum import price for cardamom set to regulate import quality and volume, with Spices Board oversight and support.
Implementation is led by the Spices Board, which provides financial assistance for infrastructure, trade promotion, product development, North East processing, Spice Parks, and certification; it operates six quality evaluation laboratories with two more being established, enforces a minimum import price for cardamom to regulate import quality and volume, monitors imported spice quality, and chairs the Codex Committee on Spices and Culinary Herbs to support international standards.

Export incentive schemes expand transferable duty credit scrips usable for customs and tax payments, with e commerce export support.
The Foreign Trade Policy 2015-2020 reduces EPCG export obligation for domestic procurement, increases rewards for high domestic content exports, and streamlines procedures through digital filing and elimination of repeated document submissions. It establishes the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), issuing fully transferable duty credit scrips usable for customs, excise and service tax payments, and extends MEIS support to specified e commerce export sectors.

SEZ policy reform proposing eased domestic sale rules and allowing best FTA rates for clearance.
Recommendations propose strengthening Single Window Clearance via better centre-state coordination, improving SEZ institutional and administrative frameworks, ensuring policy stability, adopting sector-specific incentives and aggressive marketing, and permitting SEZ manufacturers to clear goods domestically at the most favourable Free Trade Agreement rates to facilitate integration with the domestic economy.

Foreign direct investment approvals expand across sectors after FIPB recommendations, enabling downstream investments and stake changes.
Central Government, based on FIPB recommendations, approved a set of FDI proposals spanning increases in foreign equity participation, post facto downstream investments, share transfers and swaps, allotment of equity and AIF unit issuance; the approvals cover sectors including pharma, retail, insurance, telecom and finance, while a number of proposals were deferred pending further compliance and others were rejected.

Core industries index shows marginal year on year decline while annual cumulative growth remains positive, signalling mixed industrial performance.
The Index of Eight Core Industries for March 2015 is 177.8, down 0.1% year on year, with April-March 2014-15 cumulative growth of 3.5%. Sectoral outcomes vary: coal and electricity show positive cumulative gains; crude oil and natural gas record cumulative declines; refinery products and other sectors display mixed monthly and annual movements. Data are provisional and revised March 2014 indices reflect updated inputs; a comparability qualification applies to refinery products.

Export incentive compliance monitored through reimbursements, duty-foregone reporting and show-cause notices enforcing Foreign Trade Policy obligations.
The statement reports EOU export values and national share, quantifies reimbursements (CST/DBK/TED) and duties foregone as export promotion incentives under the Foreign Trade Policy, and notes that misuse of incentives triggers administrative action, evidenced by issued show-cause notices and penalties over the reported years.

Import duty on sugar raised to restrict imports and protect domestic prices, alongside trade and excise policy changes.
The Government increased the import duty on sugar to restrict imports and withdrew the Duty Free Import Authorization scheme for sugar; it also shortened export obligation discharge under the Advanced Authorization Scheme to six months and exempted ethanol from excise duty when supplied for blending, measures intended to improve price sentiments and industry liquidity to aid clearance of cane dues.

Policy repo rate debate: split recommendations to cut or hold, citing growth, inflation, transmission, and exchange rate concerns.
Policy recommendations were split: four Members advocated cuts in the policy repo rate (two preferring a larger cut with forward guidance, two a smaller cut given fiscal, monsoon and external uncertainties), while three Members recommended no change until earlier cuts transmitted; one Member proposed a modest reduction in the statutory liquidity ratio. Divergent views reflected assessments of weak aggregate activity, moderating inflation with monsoon upside risk, exchange rate considerations, and risks from volatile capital flows and GDP rebasing uncertainty.