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September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.

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Customs, DGFT & SEZ

Speech of the Union Finance Minister Shri P.Chidambaram at India Day: “India - next wave of Inclusive growth”

May 3, 2013

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Following is the Speech of the Union Finance Minister Shri P. Chidambaram at India Day: “India - Next Wave of Inclusive Growth today at ADB Meeting at IEML, Greater Noida today:

President, ADB, President, FICCI, delegates to the ADB Annual meeting and friends,

I am happy to be here today, when there is renewed optimism in India’s growth story. Seven years ago, when I addressed the opening session of the India Day at the ADB’s Annual Meeting at Hyderabad, I had exhorted you to participate in our efforts. Today, my confidence stems from the fact that while India may not be insulated from the difficulties plaguing the world, India‘s economic fundamentals are strong. With the economic and fiscal reforms already put in place including those on the anvil, I expect India’s growth to be robust and sustainable. I am confident that it will gather further momentum in the coming years. India has become an attractive destination for foreign investors. We have opened up the economy further to foreign direct investments.

The Indian growth story is fascinating. Let’s look at it in the global context:  

·     The global economy is yet to recover from the economic meltdown of 2008 which has impacted on both growth and employment opportunities across countries. Compounding the problems further is the European debt crisis.

·     Recent signs of economic recovery have been weak and is uncertain. Global economic growth has slowed down from 3.9 percent in 2011 to 3.2 percent in 2012. According to IMF projects, it is expected to recover only to 3.5% in 2013. The growth rate in the advanced economies, which are our major markets, declined from 1.6 per cent in 2011 to 1.3 per cent in 2012. The US fiscal difficulties continue, with sequestration and the prospect of yet another fight over debt still holding back growth. The crisis in the Euro-zone also continues to pose serious risks for the global economy, notwithstanding the OMT announced by the ECB. Actions in even a tiny economy like Cyprus, have ripple effects across the world.

While, the Indian economy grew at 6.7%, 8.6%, 9.3% and 6.2% in the four years from 2008-09 to 2011-12, respectively, GDP growth is expected to decline to 5.0 to 5.5 per cent in fiscal 2012-13. Clearly, the persistence of the global slowdown has finally impacted us significantly. I must, however, candidly admit that some of the reasons for our slowdown are home-grown. The boost to demand given by the monetary and fiscal stimulus following the global crisis of 2008 was significant. This helped in strong recovery with final consumption growing at an average of over 8 per cent annually between 2009-10 and 2011-12. An unfortunate consequence of this, however, was somewhat high and stubborn inflation. It is this that led to a strong contractionary monetary response that slowed consumption demand. Starting 2011-12, corporate investments have been adversely affected. As the growth slowed down and Government revenues failed to keep pace with welfare spending, the fiscal deficit emerged as a matter of concern. With Government savings falling and private savings also shrinking, the current account deficit (CAD) widened to 4.6 per cent in H1 of 2012-13 from 4.0 per cent in H1 of the previous year.

We are addressing this problem proactively. However, we must remember that even in face of worst possible confluence of adverse global and domestic factors, we remained, even in 2012-13, one of the fastest growing large economies in the world. Nevertheless, I am not satisfied with the 5%+ growth rate. India’s potential growth rate is 8%+ and we cannot afford to become complacent and sit back. We are a mature and vibrant democracy. We have taken effective steps to rein in economic slowdown and fiscal stress in the past few months. These measures have begun taking effect.

India’s Inherent Strengths: At the forefront of all this is the focus on inclusive growth. What is “inclusive” growth? It is growth that is broad-based, shared and one that focuses on the poor. A recent estimate was that for every one percent of GDP invested in infrastructure, India creates almost three and a half million direct and indirect jobs. With our focus on investments in the infrastructure sector, I want you to consider the reasons why I think India’s growth is likely to be high and sustained for decades:

·         First, India’s population is young. According to a recent IMF study, India’s demographic dividend could add about 2% to per capita GDP growth over the next two decades.

·         Second, India is focusing on building world class infrastructure. This policy thrust has spin-offs in terms of job creation and enhanced investments in the manufacturing. For instance, the Delhi Mumbai Industrial Corridor, entailing over $ 90 billion in investment, will link Delhi to Mumbai’s ports, covering an overall length of 1483 km passing through six States. This project will have nine mega industrial zones of about 200-250 sq. km. each, high speed freight lines, three ports, six airports, a six-lane intersection-free expressway connecting the country’s political and financial capitals, and a 4000 MW power plant, and provide a plug and play environment for manufacturing investment.

·         Third, India has a large portion of its population engaged in agriculture. We intend drawing this large workforce into the high value addition jobs created by investments in manufacturing. An ambitious skill development programme is underway to equip our populace with requisite skills and integrate into the emerging job market.

·         Fourth, India’s household final consumption is a healthy 57 percent of GDP. As incomes grow, a significant portion of it will be spent. In recent years, growing rural demand has added to healthy urban middle class consumption demand growth, buffering India somewhat, though not entirely, from paucity of aggregate demand that plagues the world.

These factors underlying India’s growth prospects are supported by many other drivers like the energy and vibrancy of our entrepreneurs, a strong services sector, emerging knowledge spheres and sunrise sectors, and a large and growing number of engineers and scientists.

  • Our fiscal deficit in 2012-13 is estimated at 5.2%. We may better this target. The Budget 2013-14 estimates a fiscal deficit of 4.8% at the end of the financial year. I am confident that this will steadily reduce to 3% or even less by 2016-17.
  • For fiscal consolidation, we have focused on controlling outgo on subsidies through better targeting. These include rationalisation of fertilizer subsidies, capping of the number of subsidized LPG cylinders, decontrol of petrol prices, gradual rationalisation of diesel prices and introduction of direct benefit transfer system to substantially eliminate leakages and to help better targeting of subsidies in various programs. Measures to pass through fuel prices will also help reduce demand for oil imports, and thus the CAD. However, let me stress that our fiscal consolidation has a human face and the Government will continue to provide support for the poor and the needy.
  • We have set up a Cabinet Committee on Investment to address and resolve bottlenecks impacting implementation of large projects. It has already cleared investments to the tune of USD 27 billion.
  • FDI regime in areas like multi / single brand retail, airlines etc. have been further liberalized and I am confident there will be forward movement in areas like insurance and pensions.
  • A 15% investment allowance for capital investment exceeding Rs. 100 Crore or about USD 20 million within a specified timeframe has been announced. This is in addition to the normal depreciation available for new plant and machinery.
  • Tax incentives for first-time home buyers have been provided. This is expected to give impetus to construction industry.
  • Public Sector Units have been advised to accelerate their capex investments.
  • Concerted steps have been taken to provide impetus to P&NG exploration and coal production (with likely medium term benefits for the CAD).
  • An independent regulatory authority will be announced shortly for the road sector and coal sector, and for tariff setting in the Railways.
  • Alleviation of coal shortages affecting power generation is being addressed by importing coal and assuring supply of definite quantities of domestic coal.
  • The Bengaluru-Chennai Industrial Corridor and Bengaluru-Mumbai Industrial corridor have been conceived to provide robust infrastructure support for industrial growth in these high potential areas.
  • MSME sector is being given special attention.
  • Two new major ports have been identified for development.
  • Fillip is being given to green, sustainable energy projects.
  • Steps have been taken to address CAD by moderating gold demand through higher import duties and efforts to monetize idle gold stocks lying with citizens and Gold ETF AMCs.
  • Steps are also being taken to address food price inflation through efforts targeting higher production of protein foods, and improved supply chain logistics to enable comprehensive procurement, processing and distribution of agri produce that would potentially reduce wastage and control food price inflation.

Simultaneously, steps are being taken to cover the most remote, least developed areas and populations in the widening infrastructure and financial scope. Integrated action is being taken in primary health, education, low-cost housing and food distribution. Pilot schemes are being launched through innovative public private partnership models.

For financial inclusion, the central bank, the RBI, has asked rural banks to set up 25% branches in un-banked regions. As on March 31, 2012, regional rural banks had a network of 16,914 branches in the country. Roll-out plans have been drawn up for opening upwards of 1700 more per year. Private banks have also started rural branches. A private bank opened 101 rural branches in December last, across six states as part of its financial inclusion plan to provide banking services in unbanked villages.

The government is, separately, aiming at skilling 500 million youth by 2022 through the ambitious Skill Development Program. About USD 2.5 billion is spent on training rural below-the-poverty-line youth.

I am sure that today’s discussions will lay out the contours of the half a trillion dollar opportunity available to the private sector to invest in our infrastructure during the next four years as well as demonstrate how this is going to be a transformational change that will benefit the lowest rungs of society.

DSM/RS/ka

(Release ID :95530)

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