Steel sector competitiveness to be boosted through tariff, non tariff and supply side measures to curb imports and enhance exports.
Measures to support competitiveness in the steel manufacturing sector focus on coordinated tariff and non tariff interventions and supply side support to curb unnecessary imports and boost exports. The Ministries committed to exploring protective and facilitative trade measures to address under utilised domestic capacity and external protectionist barriers, and to provide targeted relief such as concessional raw materials for MSME steel manufacturers to enhance export competitiveness.

Early recognition of stressed assets requires lender review and inter creditor agreement to enable time bound resolution.
Directs lenders to recognise incipient stress via Special Mention Account categories, report large exposures to the Central Repository, and undertake a prima facie review within a thirty day Review Period after default. Where a resolution plan is pursued, lenders must adopt Board approved policies, enter an inter creditor agreement for multi lender accounts, satisfy Independent Credit Evaluation requirements for large exposures, complete documentation and security perfection, and ensure absence of default during monitoring; delayed implementation triggers additional provisioning and supervisory action.

Export promotion and internal trade synergy to coordinate central and state measures, expedite credit access and customs facilitation.
The central initiative coordinates ministries, states and industry to boost exports and domestic manufacturing by improving credit access for exporters, expediting customs clearances with X ray scanners, implementing a pharmaceutical Track & Trace system, and rolling out a phased rebate scheme for state and central taxes; it also prioritises anti dumping investigations for MSME products, fast tracking export credit claims, product specific cluster development, state export strategies, and exploring deemed approval for licences.

Economic growth forecast cut signals downside risks to the economy from domestic slowdown and global trade tensions.
Reserve Bank of India revised its GDP projection for 2019-20 down to 7.0 per cent, attributing the downgrade to weakened domestic investment, subdued overall demand including rural private consumption, and export weakness amid global trade tensions; the revision accounts for recent policy rate cuts and notes downside risks from weak global demand while identifying supportive factors such as political stability, high capacity utilisation, improved business expectations, buoyant equity markets and higher financial flows.

Industry self-reliance urged to replace subsidy dependence, boosting competitiveness, import substitution and stronger export engagement.
The Commerce Minister urged a shift to industry self-reliance by reducing dependence on central subsidies and grants, asserting that subsidy removal and large-scale domestic production promote import substitution, better product quality and stronger export capacity; he called for coordinated action by central ministries, State Governments, export bodies and industry to enhance the trade enabling environment, improve policy frameworks, monitoring, transparency and anti-corruption measures through the advisory and consultative functions of the Board of Trade and the Council for Trade Development and Promotion.

Draft ITC (HS) Export Policy 2019 consolidates tariff lines, retains existing regimes, and records policy and compliance conditions.
The DGFT draft ITC (HS) Export Policy 2019 consolidates all eight digit tariff lines into Schedule 2, retaining existing export regimes while adding items previously unstated, incorporating post January 2018 notifications, non tariff regulations and ICEGATE compliances. Entries will show EXIM code, item description, Export Policy (Free/Restricted/Prohibited/STE) and Policy Conditions. The draft cross references SCOMET, CITES/Wildlife restrictions and prescribes documentary and procedural controls (e.g. AQ&CS international animal health certificates, APEDA certification, pre shipment inspection), invites stakeholder comments during a limited consultation period, and provides SOPs for restricted export licence filing.

Industrial incentives and infrastructure needs: measures urged to boost cross border trade and leverage central export schemes.
The Finance Commission reviewed Meghalaya's Industrial Policy-2012 offering subsidies and enhanced State Capital Investment Subsidy for women and disability promoted enterprises and extra support for industries in backward areas, and highlighted the need to strengthen transport and connectivity to support tourism and border trade, while urging use of central export and export infrastructure schemes to increase exports to neighbouring countries.

Export promotion: joint meeting to coordinate trade policy, logistics and state engagement to boost exports and manufacturing.
A high-level interministerial meeting chaired by the Commerce Minister will coordinate measures for export promotion, domestic manufacturing strengthening and import reduction, focusing on logistics improvement and agricultural exports. Secretaries of central departments, Export Promotion Councils, industry representatives, and state-engagement mechanisms will align to implement Foreign Trade Policy objectives through advisory and facilitation roles.

Sixth Schedule autonomy: Finance Commission to examine ADC functions, revenue sharing and funding shortfalls urgently.
The meeting summarised that under the Sixth Schedule three Autonomous District Councils exercise legislative and administrative powers over land, customary law, local justice, village courts and local development; primary revenue sources per Paragraph 8 consist of local taxes and tolls while royalties from minerals are shared with the State. Representatives reported revenues only cover basic administration, not development; the Fourteenth Finance Commission made no award for ADCs and no State Finance Commission exists, matters the visiting Commission will examine before making recommendations.

Appellate Board and digital communications modernised; copyright societies must publish comprehensive annual transparency reports and enhance disclosures.
The draft substitutes the Copyright Board with an Appellate Board having prescribed appointment and Technical Member qualifications, modernises service and publication by permitting electronic communication and website publication instead of Official Gazette notices, and imposes enhanced transparency and governance obligations on copyright societies including a mandatory Annual Transparency Report with detailed financial and distribution disclosures, searchable repertoires, segregation of undistributed royalties, quarterly publication to locate rightsholders and refund mechanisms for long-undistributed royalties while preserving authors' claims.

Exchange rate update: customs notification substitutes South African rand import and export conversion rates under the Customs Act.
Amendment to customs exchange rate schedule substitutes the listed conversion rates for the South African rand for import and export valuation under the authority of the Customs Act, replacing the prior Schedule-I entry with distinct rates for imported and exported goods effective 1st June, 2019.

Exchange rate determination for customs conversion of specified foreign currencies into Indian rupees, effective from 17 May 2019.
Determination of the Rate of Exchange for conversion of specified foreign currencies into Indian currency for customs valuation of imported and exported goods; separate rates for imports and exports are prescribed in two annexed schedules and shall operate with effect from 17th May, 2019, superseding the earlier notification of May 2019 except as to prior actions.

Trade deficit widens as imports outpace exports, with services surplus partially offsetting the gap.
Overall trade performance in April 2019 records a widening external gap as combined merchandise and services transactions yield an increased overall trade deficit relative to the prior year, driven by faster import growth than export growth. Merchandise exports rose marginally while merchandise imports grew at a higher rate, enlarging the merchandise trade deficit. Service receipts for the latest available month show positive growth and contribute a surplus that partially offsets the merchandise deficit. All figures are provisional and subject to RBI revision.

APAR digitisation launched for Group B and C officers, streamlining appraisal submission and HR management online.
Launch of SPARROW-CBIC implements online writing of Annual Performance Appraisal Reports for Group B and C officers, with the Directorate General of Human Resource Management as the implementing agency, deployed across over four hundred CBIC formations and covering over forty-six thousand employees to standardise and streamline appraisal submission and support departmental digitisation and paperless working.

Trade facilitation and customs cooperation sharpened to secure cross-border trade and build regional capacity for modern enforcement.
The Conference reviewed regional initiatives to advance trade facilitation, secure cross-border trade, and enhance Customs cooperation across the Asia Pacific. Delegations and WCO regional bodies assessed progress on programmes, identified capacity and technical assistance needs, and discussed security measures, performance measurement, trusted trader frameworks, e-commerce challenges, and technological and logistical responses to support Customs operations.

SPS protocol enables export of Indian chilli meal to China, advancing bilateral agricultural market access and inspection standards.
A bilateral SPS Protocol was signed to permit export of Indian chilli meal to China, defining sanitary, phytosanitary and inspection conditions and addressing market access concerns as part of a series of commodity-specific India-China agricultural protocols that set export eligibility, inspection requirements and trade facilitation measures.

Customs regional cooperation promotes trade facilitation and security through capacity building, e commerce governance and trusted trader focus.
A multilateral meeting hosted by India as Vice Chair of the Asia Pacific region convened customs leaders and WCO regional bodies to coordinate implementation of WCO programmes focused on trade facilitation, cross-border e commerce, capacity building for small island economies, review of the Revised Kyoto Convention, trusted trader schemes, performance measurement, and security cooperation, supplemented by a Trade Day engaging industry and think-tanks to inform customs policy and operational priorities.

India-Africa trade strategy: diaspora-led proposals for finance, logistics, visa ease and rupee trade to deepen bilateral commerce.
The Commerce Ministry held a two-day Digital Video Conference with Indian business communities in eleven African countries to inform an India-Africa trade and investment strategy, noting Africa's market potential and India's existing trade share. Key operational proposals from the Diaspora include improving Line of Credit facilities, establishing Indian banking/financial institutions in Africa, enhancing Buyers' Credit, liberalising visa policies, instituting direct flights, exploring rupee trade, creating a buyer-supplier database, developing a trade dispute settlement mechanism, and increasing targeted trade exhibitions and institutional presence. The Department of Commerce pledged to share these suggestions with relevant stakeholders for incorporation into policy.

Foreign exchange management: calibrated capital account liberalisation and regulated derivatives to preserve macroeconomic and forex market stability.
Regulation of cross border transactions under the foreign exchange statute seeks to facilitate external trade and payments while preserving an orderly forex market. Current account transactions are largely liberalised with limited targeted restrictions; capital account liberalisation is a calibrated process dependent on price, fiscal and financial stability. Policy priorities include a hierarchy favouring real sector and equity direct investment, preference for long term rupee denominated debt, measured expansion of derivatives and on shore hedging, and caution regarding rupee internationalisation and regulatory arbitrage from offshore markets.

Monetary policy rate cut with a neutral stance to support inflation targeting while addressing growth headwinds.
The MPC reduced the policy repo rate by 25 basis points and maintained a neutral monetary policy stance, aligning actions with the objective of achieving the medium term CPI inflation target of 4% within a +/-2% band while supporting growth. The decision reflects downward revisions to near term inflation projections driven by subdued food and fuel inflation and softer inflation expectations, alongside a moderated growth outlook and noted downside and upside risks including oil and food price volatility, global slowdown, and fiscal considerations. Voting positions and individual member statements are recorded.