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    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
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    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.

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      Customs, DGFT & SEZ

      Performance of Special Purpose Vehicles for Implementation of 39 Projects

      July 9, 2014

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      The overall performance and achievement of the Special Purpose Vehicles (SPVs) for implementation of 39 projects sanctioned during the Tenth and Eleventh Five Year Plan Periods are quite satisfactory.  Out of 39 projects sanctioned in the 10th and 11th Five Year Plan periods under Industrial Infrastructure Upgradation Scheme (IIUS), 21 projects have been completed and the remaining are at various stages of implementation.  Sanction has been withdrawn in respect of two projects as these projects could not start implementation activities in more than two years despite efforts made by this department.

      Most of the projects have been delayed on account of land related issues and environment clearance. Some projects have also been delayed on account of shortfall in contributions from Industrial stakeholders and State Governments.

      The latest independent evaluation of the Scheme was carried out in December 2011 by National Productivity Council (NPC). The findings of the Evaluation Study of NPC indicate that the Scheme has provided a robust platform for development of common facilities like R&D labs, Skill Upgradation Centre, Common Tool Rooms, Prototyping Centres, Effluent Treatment Plants and basic infrastructure (road, water, supply, power, etc.) which are essential for the clusters. Majority of these clusters belong to Small and Medium Enterprises who have taken up green initiatives and components to curb pollution.

      The project-wise complete list of projects sanctioned and fund generated of 37 projects is at Appendix-I.

      The IIUS has been revised as ‘Modified Industrial Infrastructure Upgradation Scheme (MIIUS)’ for taking up new projects in the 12th Five Year Plan Period and under this scheme only State Implementing Agency (SIA) such as State Industrial Development Corporation, is authorised to implement the project.  Due to modification in the scheme, projects in the 12th Plan Period cannot be undertaken by SPV or Special Purpose Entity (SPE), however new projects have been undertaken through SIA. 

      The details of projects sanctioned along with fund earmarked for different State Implementing Agencies are at Appendix-II.  

      Appendix-I

      STATEMENT REFERRED TO IN REPLY TO RAJYA SABHA UNSTARRED

      QUESTION NO. 269 FOR ANSWER ON 9.7.2014.

      Project Sanctioned  in the 10th Five Year Plan Period

       

      S N

      Name of the Industrial Cluster

      State

      Date of Approval

      Total Project Cost (Rs. Cr.)

      Approved  GOI grant (Rs. Cr.)

      Released GOI grant (Rs. Cr.)

      Funds generated from all stakeholders  (Financial Progess in Rs. Cr.)

      Physical Progress

       

      1

      Pharma Cluster, Hyderabad

      AP

      04.11.2004

      66.16

      49.62

      48.13

      62.08

      Complete

       

      2

      Chemical  Cluster, Ahmedabad

      Gujarat

      14.03.2005

      71.35

      41.39

      40.14

      69.41

      Complete

       

      3

      Chemical Cluster, Ankleshwar

      Gujarat

      02.07.2004

      152.83

      50.00

      49.47

      161.40

      Complete

       

      4

      Chemical Cluster, Vapi

      Gujarat

      25.03.2004

      54.31

      40.49

      39.27

      71.25

      Complete

       

      5

      Foundry Cluster, Belgam

      Karnataka

      28.10.2004

      24.78

      18.58

      18.02

      24.38

      Complete

       

      6

      Machine Tools Cluster, Bangalore

      Karnataka

      28.10.2004

      135.50

      49.12

      47.64

      149.09

      Complete

       

      7

      Textile Cluster, Ichalkaranji

      Maharastra

      14.03.2005

      65.07

      32.70

      31.72

      67.00

      Complete

       

      8

      Auto Components Cluster, Pune

      Maharastra

      06.09.2004

      59.99

      44.99

      44.54

      63.05

      Complete

       

      9

      Auto Components Cluster, Pithampur

      MP

      28.10.2004

      62.97

      47.23

      45.81

      67.64

      Complete

       

      10

      Textiles Cluster, Ludhiana, Punjab

      Punjab

      06.09.2004

      17.19

      12.69

      12.30

      17.24

      Complete

       

      11

      Marble Cluster, Kishangarh

      Rajasthan

      28.10.2004

      27.84

      26.04

      26.77

      50.17

      Complete

       

      12

      Auto Components Cluster, Chennai

      TN

      02.07.2004

      47.49

      27.74

      26.90

      54.67

      Complete

       

      13

      Cereals Pulses & Staples Cluster, Madurai

      TN

      06.09.2004

      39.96

      29.97

      29.07

      40.03

      Complete

       

      14

      Foundry/Pump/Motor Cluster, Coimbatore

      TN

      14.03.2005

      55.30

      39.39

      38.99

      55.57

      Complete

       

      15

      Leather Cluster, Ambur

      TN

      14.03.2005

      67.33

      43.93

      43.49

      96.34

      Complete

       

      16

      Textiles Cluster, Tirupur

      TN

      09.03.2004

      143.00

      50.00

      49.50

      157.60

      Complete

       

      17

      Multi Industry Cluster, Haldia

      WB

      04.03.2005

      58.85

      35.97

      34.89

      52.76

      Complete

       

      18

      Iron & Steel Cluster, Raipur

      Chhatishgarh

      04.03.2005

      55.06

      31.76

      30.79

      58.33

      Complete

       

      19

      Metallurgical Cluster, Jajpur

      Odisha

      02.07.2004

      80.60

      47.00

      45.59

      88.16

      Complete

       

      20

      Coir  Cluster, Alappuzha

      Kerala

      04.11.2004

      56.80

      42.60

      41.31

      54.75

      96.00%

       

       

      21

      Auto Components Cluster, Vijaywada

      AP

      02.07.2004

      30.67

      23.01

      22.31

      30.66

      98.00%

       

       

      22

      Leather Cluster, Kanpur

      UP

      04.03.2005

      14.34

      9.32

      8.83

      13.56

      Complete

       

      23

      Gem & Jewellery Cluster, Surat

      Gujarat

      04.11.2004

      61.00

      45.61

      44.15

      45.64

      75.75%

       

      24

      Rubber Cluster, Howrah

      WB

      29.03.2005

      29.74

      15.71

      14.8350

      27.99

      94.00%

       

      25

      Foundry Cluster, Howrah,

      WB

      04.03.2005

      95.03

      38.68

      32.57

      54.02

      57.00%

       

      26

      Engineering Cluster, Nashik

      Maharastra

      11.03.2008

      67.26

      42.87

      41.59

      56.48

      Complete

       

      27

       Pandhurna Industrial Cluster, Chhindwara

      MP

      02.02.2009

      66.78

      43.07

      41.77

      61.41

      92.00%

       

      28

      Handloom Cluster, Chanderi

      MP

      11.03.2008

      27.80

      20.30

      13.09

      9.57

      34.00%

       

      29

      Auto Cluster, Adityapur

      Jharkhand

      13.08.2008

      65.63

      47.79

      28.42

      21.40

      33.00%

       

      30

      Readymade Garments Cluster, Jabalpur

      MP

      11.03.2008

      55.58

      30.67

      16.95

      19.76

      36.00%

       

      31

      Plastic, Polymer and Allied Cluster, Balasore

      Odisha

      26.03.2010

      81.90

      58.20

      33.14

      36.89

      45.00%

       

      32

      Tiruchirapalli Engineering and Technology Cluster, Tirruchirapalli

      TN

      01.10.2010

      102.81

      58.28

      34.00

      52.08

      51.00%

       

      33

      Marathwara Automobile Cluster, Aurangabad

      Maharastra

      31.05.2010

      81.35

      58.20

      50.81

      47.78

      59.00%

       

      34

      Baddi Infrastructure, Baddi

      HP

      19.11.2010

      80.50

      58.28

      49.51

      62.40

      78.00%

       

      35

       Bamboo Technology Park, Guwahati

      Assam

      01.10.2010

      62.28

      52.63

      45.91

      32.76

      53.00%

       

      36

      Narol Textiles Infrastructure and Environment Management, Narol

      Gujarat

      19.11.2010

      145.30

      58.28

      17.48

      39.30

      27.00%

       

      37

      Kolhapur Foundry Cluster

      Maharastra

      31.01.2012

      42.63

      30.92

      9.27

      14.71

      35.00%

       

      38

      Handloom Cluster, Bhagalpur

      Bihar

      01.10.2010

      20.82

      15.69

      1.56

      Sanction was withdrawn   vide order dated 28.06.2013; the SPV has refunded the central grant.

       

      39

      Hand Tools Technology Centre, Jalandhar

      Punjab

      01.10.2010

      79.49

      58.28

      17.48

      Sanction was withdrawn   vide order dated 24.07.2013; the SPV has refunded  ₹ 15.22 crore of central gant and ₹ 4.40 crore of interest earned.

       

      Appendix-II

      STATEMENT REFERRED TO IN REPLY TO RAJYA SABHA UNSTARRED QUESTION NO. 269 FOR ANSWER ON 9.7.2014.

      S. No.

      Name of Project Proposal

      State

      Central grant (Rs. Cr.)

      1

      Industrial Area  Zuangtui, Aizawl

      Mizoram

      15.22

      2

      Bodhjungnagar Industrial Area

      Tripura

      41.90

      3

      Industrial Growth Centre, Urla, Distt. Raipur

      Chhattisgarh

      12.15

      4

      Sirgitti Engineering Cluster

      Chhattisgarh

      8.32

      5

      Industrial Infra Upgradation of IMT Manesar

      Haryana

      29.27

      6

      Industrial Infra Upgradation at IMT, Bawal

      Haryana

      29.27

      7

      Industrial Area, Kandrauri

      HP

      26.97

      8

      Industrial Area, Pandoga

      HP

      33.46

      9

      SIDCO, Industrial Growth Centre, Samba

      J &K

      7.45

      10

      Industrial Estate, Kathua

      J &K

      12.91

      11

      Devipur Industrial Area

      Jharkhand

      27.36

      12

      Tupundana Industrial Area, Ranchi

      Jharkhand

      8.11

      13

      Existing Cluster at Ernakulam

      Kerala

      45.44

      14

      Kolhar Industrial Area, Bidar

      Karnataka

      48.36

      15

      Bangalore Aerospace Park, Devenhalli

      Karnataka

      47.43

      16

      Industrial Area, Sitapur

      MP

      12.75

      17

      Angul Aluminium Park

      Orissa

      43.01

      18

      Punjab Small Industries and Export Corporation Ltd. (PSIEC) Estate

      Punjab

      16.58

       

      Total value of  `in-principle` already issued

       

      465.96

      The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in Rajya Sabha today.

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