Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism for Domestic Supplies from Unregistered Pers...
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participates in the 114th meeting of the Development Committee Plenary of the W...
Directorate of Revenue Intelligence (DRI) and Central Bureau of Narcotics (CBN) destroy 2.87 Hectares (7.08 Acres) of illicit cannabis (ganja) cultiva...
The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
Narcotics trafficking enforcement led to airport and road interceptions, baggage concealment detection, seizures, and arrests under the NDPS framework. Narcotics trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, involved intelligence-led interceptions at Bengaluru and Delhi airports and near Nagpur. Passenger baggage and a backpack were examined, leading to the seizure of amphetamine and cocaine and the arrest of three passengers. The recoveries included amphetamine concealed in baggage, a ladies' suit and a backpack lining, and cocaine contained in transparent packets within baggage.
Gold smuggling syndicate enforcement traces concealed imports through airport handlers, illicit melting, and jewellery-market disposal under customs law. Directorate of Revenue Intelligence enforcement action identified an organised gold-smuggling syndicate importing foreign-origin gold through Ahmedabad and Surat airports, followed by handover to handlers, intermediary routing, illegal melting, and cash-based supply through an Ahmedabad jewellery outlet. Further searches recovered undocumented foreign-origin gold bars and records concerning smuggled gold linked to a Dubai-based financier. The investigation identified interconnected roles across the movement, processing, and disposal of smuggled gold; three persons were arrested under the Customs Act, 1962.
Free trade agreement utilisation requires origin compliance, product standards, and documentation to secure preferential export market access. Effective FTA utilisation requires businesses to identify eligible products and markets, assess tariff preferences and rules of origin, and meet applicable quality, certification, documentation and importing-country requirements. Preferential access under agreements with the UAE, Australia, EFTA countries and the United Kingdom remains subject to each agreement's provisions and implementation status. Tariff preferences may improve price competitiveness and facilitate participation in international supply chains where product- and partner-specific conditions are satisfied.
Drug prevention awareness initiatives engage students through health education, interactive activities and pledges supporting a drug-free society. Mission Yuva Raksha advances preventive drug awareness and demand-reduction efforts among students through programmes at educational institutions in Madhya Pradesh. Sessions addressed the harmful effects of substance abuse on physical and mental health, education, family life and careers, supported by interactive learning activities. Participants were encouraged to avoid drugs, adopt healthy lifestyles, take pledges and support awareness initiatives in their schools, families and communities. Preventive education and youth engagement complement enforcement-oriented work through informed choices and community-based resistance to substance abuse.
Coastal narcotics trafficking enforcement addresses suspected maritime methamphetamine smuggling through seizure, asset recovery, and arrests under drug-control law. Intelligence-led narcotics enforcement addressed suspected coastal storage and maritime transfer of methamphetamine to Sri Lanka. Searches recovered crystal methamphetamine concealed in foil packets within duffel bags, which was seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Searches also recovered suspected drug-sale proceeds and vehicles allegedly used in transportation. Persons allegedly involved in organising coastal export, transport, storage and logistics were arrested and remanded to judicial custody.
Centralised audit framework targets lower physical branch audit coverage while preserving regulatory oversight and maintaining remuneration. For FY 2026-27, audit remuneration is to remain at existing levels. Member banks are advised to accelerate a centralised audit framework to improve cost efficiency while retaining comprehensive risk oversight. Physical statutory branch audit coverage should be reduced to cover 50% of total business, apart from centralised treasury audits. Audit coverage must align with SEBI listing and disclosure requirements and RBI guidelines, supported by a Board-approved policy for the centralised audit roadmap.
Promissory estoppel cannot prevent Government shareholding dilution where enacted legislation imposes no restriction on strategic disinvestment. Government shareholding in IDBI may be reduced or divested because the IDBI (Repeal) Act, 2003 contains no restriction on dilution of the Government's stake. A proposed amendment to limit dilution was rejected and not incorporated into the enacted law. Parliamentary statements cannot override statutory text, and promissory estoppel cannot be invoked on the basis of legislative debate statements to prevent dilution of Government shareholding. Successive Union Budget speeches also reflected a policy of transformation and strategic disinvestment of IDBI Bank.
Recipient-generated e-invoicing under reverse charge enables eligible taxpayers to obtain IRNs for domestic unregistered supplies and imported services. Eligible active registered recipients meeting the applicable aggregate annual turnover threshold may report recipient-generated self-invoices for specified reverse-charge domestic supplies from unregistered persons and imports of services. RCMDOM and RCMIMP must be selected as the relevant e-invoice supply types when reporting through an authorised Invoice Registration Portal. Submission and validation of prescribed invoice particulars would generate an Invoice Reference Number, subject to applicable GST provisions, notifications and e-invoice specifications.
Reservation Policy Implementation in public financial institutions was examined through capacity building, practical deliberations, and measures for consistent application. Implementation of the Government of India's Reservation Policy across public sector banks, public sector insurance companies, sectoral regulators and public financial institutions was addressed through capacity building to support uniform and effective application. Deliberations considered practical implementation issues, operational challenges and actionable measures for consistent policy application, alongside related welfare measures and interactive discussion of implementation questions.
Organic agricultural export certification supports overseas market access for Palmyra Jaggery Powder through export-oriented producer linkages. APEDA facilitated the maiden sea export of NPOP- and EU-certified organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria. The initiative seeks to diversify India's organic export basket, create market linkages for traditional Palmyra-based products, and improve producer access through export-oriented value chains. It covers organic cultivation and reports improved price realisation for participating farmers and the manufacturer compared with the domestic market. APEDA supports certified organic and value-added agricultural exports through market development, quality compliance, and overseas buyer linkages.
Data-driven trade governance enables integrated monitoring, application analysis and evidence-based policy inputs through the National Strategic Trade Command Centre. The National Strategic Trade Command Centre provides an integrated analytics and visualisation platform consolidating trade data to monitor trade indicators, scheme performance, application pendency, processing timelines, regional trends and compliance-related parameters. It enables analysis across national trade performance, Regional Authorities, schemes, products, destination markets and individual applications, subject to role-based access permissions. Initial dashboards cover key trade-facilitation and regulatory processes, including SCOMET, export promotion schemes, certificates of origin, importer-exporter registration and restricted imports and exports.
Private capital mobilisation should use competitive financing, guarantees and risk mitigation to expand productive employment and productivity. Private capital mobilisation is treated as essential to employment generation and productivity growth. Private enterprises, MSMEs and startups should remain central to job creation, with financing assessed by employment and productivity outcomes rather than volume. Guarantees, risk-mitigation instruments, local-currency financing and lower transaction costs are identified as means to expand affordable and predictable access to capital. Methodologies underlying governance indicators should be transparent, objective, evidence-based and responsive to diverse development experiences.
Narcotics smuggling through misdeclared air cargo triggered seizure, arrest, and ongoing investigation into concealed hydroponic weed imports. A Bangkok-origin air-cargo consignment declared as PU Tubes was examined on suspicion of mis-declaration. Plastic spools were found to contain concealed cavities holding polythene-wrapped packets of compacted green substance, preliminarily identified as suspected ganja/marijuana and described as hydroponic weed. The concealed substance, packaging and concealment material were seized under the NDPS Act, 1985. One person was arrested, and follow-up searches produced leads for continuing investigation.
Unaccompanied baggage gold smuggling: concealed hardware and insider coordination triggered interception, seizure, and arrests under customs law. Foreign-origin gold smuggling through the unaccompanied baggage channel involved concealment of gold within hardware items and coordinated retrieval through warehouse personnel and intermediaries. Intelligence-led interception resulted in recovery and seizure of foreign-origin gold concealed in a floor spring, metal locks, a grease gun and a door closer. The arrangement used a trolley secured by a pre-decided number-lock combination, with a warehouse staff member, mediator and receiver allegedly involved in delivery of the concealed gold.
Opium cultivation licensing grievance redressal advances through public hearings, administrative remedies, policy recording, and a planned cultivator helpline. Opium cultivation licensing grievances were addressed through a public hearing where cultivators raised irrigation, climatic, single-plot licensing, and village-wise allocation concerns. Participants were informed of available legal provisions and administrative remedies. Requests for more licences and larger cultivation plots were considered, with policy matters recorded. A helpline is intended to assist cultivators during the 2026-27 licensing operation.
Illicit cannabis cultivation: crop destruction followed legal formalities, while investigation continues in a remote wildlife sanctuary. Illicit cannabis cultivation was located by a joint DRI and CBN team across five stretches of remote, densely forested wildlife-sanctuary land near village Jamniapani, Shirpur, District Dhule, Maharashtra. The cultivation covered 2.87 hectares. Following requisite legal formalities, the cannabis crop was destroyed using a rotavator in the presence of Police and Forest Department officials. Investigation remains in progress.
Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period. Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth. Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri. Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment. Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.
Union Finance Minister Shri Pranab Mukherjee has expressed confidence that we are in a position to sustain high economic growth in the coming decades and create a more inclusive outcome for our society. The ambitious programme of providing unique identities to the people will enhance the access of poor and marginalized to public services and enable efficient delivery of benefits directly to the targeted population, stated Shri Mukherjee while speaking at Hindustan Times Leadership Summit, here today.
The government has adopted a multi-pronged strategy for inclusive growth and to ensure equality of opportunity for all. This includes rapid growth for reducing poverty and creating employment opportunities, improving access to essential services in health and education, empowerment through education and skill development and creating employment opportunities supplemented by the Mahatma Gandhi National Rural Employment Guarantee programme. The Rashtriya Krishi Vikas Yojana was launched with a view to improve agriculture productivity and ensure food security. We have outlined a strategy for taking the green revolution to the Eastern part of India and have also renewed the thrust for the development of physical infrastructure, added the Minister.
The Finance Minister emphasized the need for an enabling Government, which does not try to directly deliver to the citizens everything that they need but steps in to safeguard the interests of citizens who are left out in the growth process.
Following is the text of Finance Minister's speech:
"It gives me immense pleasure to be here today among eminent leaders from diverse fields and opinion makers of our times. I am very happy to see that this event is gradually evolving into an occasion for some serious thinking on issues of India's contemporary relevance. The topic for my speech today namely "Balancing Reforms with Inclusive Growth: Agenda for the Future"- is one such issue with which the Indian polity has been engaged over the last two decades.
The current phase of globalization has shrunk the world and made boundaries between countries irrelevant. At one level, it has reduced us to a single entity, such that developments in one part of the global have implications on the other part, often pronounced one's at that.
As a result, the challenges and opportunities of development, in general, and that of sustaining high growth over an extended period of time, in particular, have become more complex. Moreover, the process of change is not linear, nor is the outcome uniform for everyone. There are always choices to be exercised from competing alternatives and objectives. The process is indeed challenging.
This could not have been better demonstrated than by the unfolding of the global financial crisis. This crisis has suddenly exploded before us the pitfalls of an unquestioning dependence on the functioning of liberal markets to sustain and enhance human well-being. In a sense, it has reinforced a belief that has always been close to every policy maker's heart in India. Yet we have also seen how these very markets have been the means to bring unprecedented prosperity to a large part of the world over an extended period of time. They have opened up possibilities for many of us in the developing world to make progress in addressing the persistent problems of poverty, livelihood, health, education and security.
In an ideal case, there should not be any conflict between the objectives of economic development, the reforms for sustaining high growth and ensuring that growth is also inclusive. These objectives should be mutually reinforcing and an integral part of the development strategy. However, in reality that is not always the case. In India structural factors like poverty, illiteracy, deprivation and lack of adequate connectivity have created segmentation in our markets and among our people. As a result while some of us have been able to ride the wave of prosperity that the economic reforms have ushered in the country, there are others who are struggling to stay afloat, as they can barely participate in the markets.
With development and economic reforms, the focus of economic activity has decidedly shifted towards the non-governmental actors. In fact, the need of the hour is to have an enabling government. Let me elaborate.
An enabling Government does not try to directly deliver to the citizens everything that they need. Instead, it creates an enabling ethos so that individual enterprise can flourish and ordinary citizens can, for most parts, provide for the needs of one another. At the same time, the Government steps in to help those who do not manage to do well for themselves. The Government has to safeguard the interests of citizens who are left out in the growth process. It is this balance in policy that we have tried to evolve since the UPA Government led by the Indian National Congress first came to power in 2004.
The Eleventh Five Year Plan endorsed a need for inclusive growth to ensure equality of opportunity for all. A multi-pronged strategy was adopted. This included rapid growth for reducing poverty and creating employment opportunities, improving access to essential services in health and education, empowerment through education and skill development and creating employment opportunities supplemented by the Mahatma Gandhi National Rural Employment Guarantee programme. The Rashtriya Krishi Vikas Yojana was launched with a view to improve agriculture productivity and ensure food security. We outlined a strategy for taking the green revolution to the Eastern part of India. We also renewed the thrust for the development of physical infrastructure.
For our Government, inclusive development is an act of faith. In the last five years, our Government has created entitlements backed by legal guarantees for an individual's right to information and her right to work. This has been followed-up with the enactment of the right to education in 2009-10. As the next step, we are working on the draft Food Security Bill which is presently in the public domain for discussions. To fulfil these commitments, the spending on social sector has been rapidly increased and now stands at 37 per cent of total plan in 2010-11. Another 25 per cent of the plan allocations are devoted to the development of rural infrastructure. With growth and the opportunities that it generates, we hope to further strengthen the process of inclusive development.
We recognize that the success of this strategy rests on sustaining high growth over an extended period of time. Growth of income is important in itself, but it is as important for the resources that it brings in. These resources provide us with the means to bridge the critical gaps that remain in our development efforts, particularly with regard to the welfare of the vulnerable segments of our population. It is equally important that these resources are effectively used.
We are acutely conscious that if these resources have to bear fruit we have to tackle issues of governance and service delivery. We have taken up an ambitious programme of providing unique identities to the people, focusing initially on the poor. Provision of identity will enhance the access of poor and marginalized to public services and enable efficient delivery of benefits directly to the targeted population.
The Government is striving to improve the regulatory environment in the country. There are no off-the-shelf solutions available to the regulatory dilemmas facing any developing country. Each country has to chart its own path on the regulatory reform road based on its native genius and the conditions on the ground. India too is striving to achieve the golden mean.
The Eleventh Plan set a target of an average 9 per cent GDP growth for the country as a whole. The fact we have been able to average nearly 9 per cent growth in GDP in the four year period from 2004-05 attests to the fact that we have the capacity to do it. Moreover, the success in managing the economic slowdown in the wake of the global financial crisis and engineering a quick turn-around shows a growing maturity for policy management in a globalized world. It has highlighted the importance of pursuing reforms, to make the economy more competitive and the oversight system more efficient and sensitive to new developments.
We have to build and sustain an economy where the growing capabilities and rising aspirations of individuals can be matched with an expanding set of opportunities for people to enjoy. The economy should be able to support productive employment for all those who enter the labour force. It requires a massive scaling-up of our physical and social infrastructure and skill up-gradation. Then alone can the benefits of economic growth percolate down effectively to the most marginalized and vulnerable segments of the population.
Looking ahead, I am very hopeful that we will be able to create the right balance between the need for reforms to sustain high growth and, at the same time, deepening the inclusive character of our development process.
There are several factors that have emerged from the performance of the economy in the last 12 to 18 months. Combined with performance over the last couple of years, this augur well for the Indian economy. The savings and investment rates have reached levels that even ten years ago would have been dismissed as a pipedream for India. As the demographic dividend begins to pay off in India, the savings rate is likely to rise further, provided we are able to create productive employment opportunities. Moreover, the arrival of India's corporations in the global market place is optimistic prognosis for the economy in the medium to long run.
Today, as I stand before you, I am confident that we are in a position to sustain high economic growth in the coming decades and create a more inclusive outcome for our society. I have faith in the Indian entrepreneurial spirits and we have the political will to do the needful to sustain this momentum."
Inclusive growth: legal entitlements and administrative reforms to secure targeted access to public services and benefits.
Inclusive growth anchored by an enabling State is the core policy: legal entitlements (right to information, right to work, right to education) and a draft Food Security Bill underpin expansion of targeted social spending; regulatory and administrative reforms, including a national identity programme, are designed to improve governance, target benefits, and enable private and civic actors to meet needs while the State safeguards those excluded by market processes.
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