Union Minister of Commerce & Industry, Shri Piyush Goyal Meets European Industry Leaders in Brussels to Deepen India–EU Industrial and Technology Co...
Cabinet approves two multitracking projects covering Four Districts across Odisha and Jharkhand, increasing the existing network of Indian Railways by...
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Cost Inflation Index enables inflation-adjusted long-term capital gains calculations through indexed acquisition cost for eligible capital asset transfers. The Cost Inflation Index for financial year 2026-27 is 384 for computing inflation-adjusted long-term capital gains on transfers of capital assets, including immovable property, securities and jewellery. It is used to determine indexed cost of acquisition by adjusting purchase cost for inflation. Long-term classification generally requires holding exceeding 36 months, with stated periods of 24 months for immovable property and unlisted shares and 12 months for listed securities.
India-EU industrial and technology cooperation advances through trade facilitation, resilient supply chains, digital innovation and expanded market access. India-EU industrial and technology cooperation was advanced through engagements addressing industrial collaboration, technology partnerships, bilateral trade opportunities and business-to-business cooperation. Discussions covered trade facilitation, investment flows, supply-chain resilience, digital innovation, competitiveness and regulatory challenges. The interactions emphasised industry-led growth, greater market access for Indian enterprises and innovation-driven partnerships under the Trade and Technology Council framework.
Preferential India-UK trade framework introduces broad zero-duty export access, self-certified origin documentation, and social-security contribution relief for temporary professionals. India-United Kingdom CETA entered into force with preferential tariff treatment, including zero-duty access in the United Kingdom for nearly 99 per cent of India's exports. The Agreement covers goods, services and cooperation in customs, digital trade, financial services, telecommunications, intellectual property and professional services. The associated Agreement on Social Security exempts Indian professionals on temporary United Kingdom assignments from double social-security contributions for up to five years. Rules of Origin certification was operationalised through self-certified Certificates of Origin issued on the eCoO 2.0 platform.
Labour market indicators showed stable overall participation, employment and unemployment, with marginal urban improvement and softer rural unemployment. Monthly labour-market estimates for persons aged 15 years and above, compiled under the Current Weekly Status approach, show stable overall labour-force participation, worker population ratio and unemployment rate in June 2026. Urban labour-force participation and worker population ratio improved marginally, while rural participation and employment remained stable. Female labour-force participation was broadly stable month-on-month. Rural unemployment eased slightly, urban unemployment rose marginally from the preceding month, and urban unemployment declined on a year-on-year basis.
Competition clearance governs full acquisition of a data-centre provider alongside co-investor economic interests in the transaction. Competition approval concerns Opal Bidco Pte. Ltd.'s acquisition of the entire shareholding in STT GDC Pte. Ltd., a data-centre provider. The transaction also provides for specified co-investors to acquire economic interests in STT GDC on a see-through basis. STT GDC operates in India through an indirect subsidiary and is among multiple data-centre participants active in India.
Windfall tax on petroleum exports revises diesel and aviation fuel levies while reducing the petrol export levy. Special Additional Excise Duty on petroleum-product exports was revised from 16 July 2026, increasing the levy on diesel and aviation turbine fuel exports while reducing it on petrol exports. Duty rates on petrol and diesel cleared for domestic consumption remained unchanged. The windfall tax framework seeks to support domestic fuel availability and discourage exporters from benefiting from differences between domestic and global fuel prices during elevated crude-oil prices.
Duty-free market access under the India-UK trade pact expands exports while preserving safeguards for procurement and policy space. The India-UK Comprehensive Economic and Trade Agreement provides duty-free access for nearly 99 per cent of Indian exports and includes reciprocal government-procurement access subject to safeguards. India retains MSME preferences, limits covered procurement to selected central entities, excludes strategic sectors, and applies minimum contract thresholds. The agreement preserves compulsory licensing and permits withdrawal of certain concessions if a future UK carbon tax adversely affects Indian exports. Its gender, SME, environment, and labour chapters contain no dispute-settlement provisions.
India-UK trade agreement expands duty-free market access and tariff reductions for exports, services, manufacturing and small enterprises. India-UK Comprehensive Economic and Trade Agreement (CETA) is stated to provide duty-free access in the UK market for 99 per cent of Indian products and to reduce or eliminate UK import tariffs across key product categories. It is expected to support Karnataka exports in manufacturing, agricultural produce, processed food, electronics, aerospace and medical devices, with certain tariff reductions phased out over time. Mode 1 services provisions are identified as beneficial to Bengaluru's IT industry, while awareness programmes and investment roadshows are proposed to help exporters and attract investment.
Foreign investment screening cooperation advances investment flows alongside trade, technology, supply-chain resilience and prospective investment-protection commitments. India and the European Union concluded a work programme on foreign direct investment screening, exchanging best practices to facilitate investment flows. Trade and Technology Council cooperation addresses market access, standards harmonisation, supply-chain requirements, deep-tech innovation and critical dependencies. The parties also discussed free trade agreement ratification, World Trade Organization reform, and prospective investment-protection and geographical-indications agreements. The Council provides an institutional mechanism for cooperation on trade, trusted technology and economic security.
Balance of payments reporting shows a current account surplus despite a wider trade deficit and portfolio investment outflows. Balance of payments data for April-May 2026 records a current account surplus, supported by increased net services receipts, higher inward remittances and a marginal reduction in net income outgo. The merchandise trade deficit widened as imports rose more than exports. The overall balance of payments moved into deficit, while net foreign direct investment increased and net foreign portfolio investment recorded a larger net outflow.
Online betting money laundering investigation examines alleged proxy accounts, simulated salary payments, cross-border routing, and custodial investigation of the money trail. Money-laundering allegations concerning an online betting syndicate involve purported routing of betting proceeds through fictitious or proxy bank accounts, simulated salary payments, share-capital investments, and foreign institutional channels. An Ebix Group chairman was arrested in connection with the alleged money trail and remanded for investigation. The investigating agency states that prosecution complaints have been filed and that separate state economic-offence and central investigations address connected cases. Political-link allegations were denied, and the stated laundering assertions remain under investigation.
Money laundering asset attachment addresses alleged fund diversion through false invoices, inflated construction costs, shell entities and accommodation entries. Provisional attachment under the Prevention of Money Laundering Act was undertaken in an alleged financial-fraud investigation involving a hospital company. The allegations concern diversion of company funds through purportedly false medical-implant invoices and inflated hospital-construction costs routed through a related company. Accommodation-entry operators and shell entities were allegedly used to conceal the origin of illicit funds. The proceeding arose from a Serious Fraud Investigation Office chargesheet against the hospital promoters.
Money-laundering investigation into online betting proceeds leads to custodial remand amid allegations of layered fund routing. A special PMLA court remanded Ebix Group chairman Vikas Garg to Enforcement Directorate custody in an investigation into alleged money laundering linked to online betting operations. The agency alleged that betting proceeds were routed through accommodation entries, shell entities and layered transactions into entities owned or controlled by Garg, and were used to acquire shares, securities and other assets. It also alleged dissipation or encumbrance of Ebix shares and an attempt to mortgage or sell property treated as proceeds of crime.
India-UK CETA tariff elimination strengthens export prospects for labour-intensive leather, jute, jewellery and agricultural products in British markets. India-UK CETA tariff concessions are expected to improve West Bengal's export competitiveness in the United Kingdom. Duty-free access applies to tea, mangoes and betel leaves, while import duties on jewellery have been removed. Labour-intensive leather, jute, and gems and jewellery sectors are identified as principal beneficiaries, with tariff removal also improving seafood export prospects. Further competitiveness measures are proposed to help exporters use the agreement's trade opportunities.
Zero-duty market access under CETA enables Indian jewellery exporters to enter overseas markets without import tariffs. Zero-duty access under the India-UK Comprehensive Economic and Trade Agreement enables eligible Indian gem and jewellery exports to enter the United Kingdom market without UK import tariffs. The agreement is expected to improve market access and support value-added manufacturing, employment, skill development, and the participation of artisans, micro, small and medium enterprises, and exporters in West Bengal's gem and jewellery sector.
UK-India trade agreement introduces wider market access, tariff reductions and social security arrangements to support bilateral commerce. The UK-India Comprehensive Economic and Trade Agreement has entered into force, providing expanded market access, tariff reduction and trade facilitation. India receives zero-duty access for nearly all exports to the UK, while UK products entering India receive duty-free or reduced-tariff treatment. The framework covers goods including textiles, leather, engineering products, food, cosmetics, alcoholic beverages and premium cars. A bilateral social security agreement has also been operationalised to support wider commercial engagement.
Data governance expectations propose stronger lifecycle controls, quality standards, accountability and third-party data-sharing safeguards for regulated financial entities. Draft regulatory guidance on data governance proposes expectations for regulated financial entities to maintain data that is accurate, consistent, secure and fit for purpose. The framework addresses data-governance arrangements, defined roles, data architecture, metadata and data lineage, data quality, and third-party data-sharing arrangements. It applies to specified banking entities, financial institutions, non-banking financial companies, asset reconstruction companies and credit information companies, and invites stakeholder feedback on the proposed framework.
Semiconductor and mobile manufacturing incentives support domestic production, component sourcing, design investment, exports and resilient electronics supply chains. Semicon 2.0 and the Mobile Phone Manufacturing Scheme provide manufacturing support to expand domestic electronics production, exports and local value addition. Semicon 2.0 covers chip design, equipment and materials, fabrication, advanced packaging and testing, research, and talent development, while supporting semiconductor intellectual property and critical-component manufacturing. The mobile-phone scheme provides production-linked incentives linked to eligible sales, with additional support for domestic component sourcing and Indian investment in product design and research. The measures seek to reduce import dependence and strengthen domestic critical-technology capabilities.
India-UK trade liberalisation expands tariff preferences, services access and skilled professional mobility while preserving protections for sensitive domestic sectors. The India-United Kingdom Comprehensive Economic and Trade Agreement establishes preferential tariff treatment for goods and expands cooperation in services, digital trade, government procurement, investment and professional mobility. India retains protections for sensitive sectors through phased tariff reductions and quota-based access, while duties on British automobiles and alcoholic beverages are reduced in stages. The accompanying social-security convention exempts eligible Indian professionals temporarily assigned to the United Kingdom from simultaneous contributions in both jurisdictions, supporting skilled-worker mobility and reducing employment-related costs.
Railway capacity augmentation strengthens multimodal connectivity, freight movement, operational reliability and lower-emission transport across Odisha and Jharkhand. Railway capacity augmentation is approved through doubling of the Paradeep-Haridaspur route and construction of a fourth line on the Rajkharsawan-Dangoaposi route. The projects aim to reduce congestion, improve railway operational efficiency and reliability, and strengthen integrated multimodal connectivity. Enhanced capacity is intended to support freight transport of coal, iron ore, dolomite, limestone and gypsum, improve regional and tourist connectivity, promote logistics efficiency, and reduce oil imports and carbon emissions.
Union Finance Minister Shri Pranab Mukherjee held meeting with the stakeholders of different Industry Groups to get their inputs for General Budget 2011-12, here today. This was the second meeting in the series of pre-Budget consultations held by Finance Minister with the stakeholders of different sectors. First meeting was held on Friday, the 7th January, 2011 with the stakeholders of agriculture sector.
In his opening remarks, the Finance Minister said that a good performance of industry is vital for the overall growth of the economy and for the growth of government revenues to fund critical public expenditure on social and infrastructure development in the economy. He said that Indian industry, particularly the manufacturing sector, has been an important growth driver in recent years. The Finance Minister said that we have seen the economy clock over 9 per cent GDP growth in the years prior to the global economic slowdown, which impacted us in years 2008 and 2009. Shri Mukherjee said that we have done well in recovering our growth momentum from this slowdown and the impact of other external shocks over the last two years. Shri Mukherjee said that the recovery has been broad based with agriculture, industry and services all contributing to the consolidation of the growth process and he is happy to see the performance of the industrial sector in the past few months.
The Finance Minister said that the industrial production has achieved a cumulative growth rate 10.3 per cent during April-October 2010. Sustained robust expansion in capital goods and consumer durables segments is an indication of the pick-up in industrial activity, he added. The Finance Minister further added that the strong growth in capital goods also suggests an improvement in investment and business confidence. Merchandise exports during April-October of this financial year have increased by a healthy 27 per cent, said the Finance Minister.
The Finance Minister Shri Mukherjee said that the Government is conscious of two major concerns relating to the pace of development of infrastructure and investments in Research and Development (R&D). He said that both these issues have a direct bearing on the productivity of Indian enterprise. Shri Mukherjee said that the investment in infrastructure sector is also the key to sustainable and inclusive growth. He said that our spending on R&D as a ratio of GDP is very low in comparison to other emerging economies and we need to make all possible efforts to invest in R&D and innovate in order to remain competitive. In both these areas, the Finance Minister said that the Government alone would not be able to achieve the desired outcomes without the complementary efforts of the private sector, be it in the form of Public Private Partnership (PPP) or purely private initiatives. He asked for the suggestions from representatives of industry present to enhance and strengthen the private sector participation in infrastructure and R&D initiatives.
The Finance Minister Shri Mukherjee said that he would also like to hear specific short and medium term suggestions from the stakeholders of industry sector for sustaining a double digit growth in industry and for stepping up the growth of manufactured exports. He asked for their specific observation about the corporate tax collections in the current financial year which are not keeping up with the anticipated trend.
After that the stakeholders representing the different industry groups gave their suggestions for consideration for General Budget 2011-12.
Industry growth solicited: stakeholders urged to propose infrastructure, R&D and corporate tax measures ahead of budget.
The Finance Minister stressed sustaining industrial growth and revenue mobilisation for public expenditure, citing robust industrial production and exports. He identified inadequate infrastructure development and low R&D spending as key constraints on productivity and competitiveness, urged enhanced private sector participation including PPPs, and requested specific short- and medium-term industry proposals to sustain industrial growth, increase manufactured exports, and address underperforming corporate tax collections for consideration in the General Budget 2011-12.
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