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    After 35 years, India's sovereign rating upgraded to 'A-' by JCR on solid growth, resilient financial system
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September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
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Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
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Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
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GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
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State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
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NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
Show AI Summary
Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
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Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
Show AI Summary
Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
Show AI Summary
Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
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Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.
September 2, 2026
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Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
Early foreign-exchange trading saw the rupee weaken against the US dollar amid renewed US-Iran tensions, risk aversion, higher Brent crude prices, and a stronger dollar. Safe-haven demand, inflation concerns linked to potential oil-supply disruption, expectations of a September Federal Reserve rate increase, and higher US Treasury yields supported the broad dollar rally. RBI monitoring of the rupee's decline was noted.
September 2, 2026
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Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.
September 2, 2026
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E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.

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Customs, DGFT & SEZ

Text of Address by Ms. Nirmala Sitharaman Minister of State (Independent Charge) for Commerce and Industry of India at the Plenary Session of the 10th Ministerial Conference of the WTO on 16 December 2015

December 16, 2015

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1. It is an honor for me to participate in the Tenth Ministerial Conference of the WTO. I thank you, Madam Chairperson, the Government and the people of Kenya, for the excellent arrangements and the warm hospitality extended to me and my delegation.

2. This Ministerial coincides with the 20th anniversary of the organization and assumes special importance being the first WTO Ministerial taking place in Africa – a continent of promise.

3. I warmly welcome the newly acceded members, Yemen, Seychelles and Kazakhstan. We also look forward to welcoming Afghanistan and Liberia to the WTO. These countries are valued friends of India and their accession to the WTO is an important affirmation of the strength of the multilateral trading system.

4. The expanding membership of the WTO, the functioning of its unique dispute settlement system, the work in its regular Committees, the progress made thus far in the Doha Development Agenda (DDA), underscore the important role played by this great institution. India applauds the achievements of the WTO, and remains committed to strengthening it further.

5. The 20th anniversary of the WTO is also an occasion for introspection and to assess where we are today.

6. We have come to Nairobi with an open mind, determined to make this Conference a success for us, for Africa and for the world.

7. However, Madam Chairperson, the situation could be more encouraging. The reform process which was started after the Uruguay Round in the form of the Doha Round appears to be in jeopardy. Negotiations have spilled over into Nairobi, which makes matters very complicated. The manner and haste with which important negotiating meetings are being convened does not inspire confidence.

8. The DDA may have run into obstacles but it is in our collective interest to continue to work on all pillars, keeping its development dimension intact. We are of the firm view that this Ministerial must clearly re-affirm the Doha Development Agenda and all Ministerial Declarations and Decisions taken since 2001 when we launched the Doha Round. These are all important. Let us not waste time negotiating which of these we should reaffirm and welcome.

9. We must respect our negotiating mandates and work within the established framework of the DDA and the tried and tested WTO principles.

10. It is our duty to safeguard the legitimate interests of poor farmers and the food security of hundreds of millions in developing countries. We cannot continue with the rhetoric of a development agenda without even a reasonable attempt to address issues which are of primary concern to developing economies. For decades, a handful of farm lobbies of some countries have shaped the discourse and determined the destiny of millions of subsistence farmers of the developing countries. The reduction in the massive subsidization of the farm sector in developed countries which was the clear cut mandate of the DDA is now not even a subject matter of discussion today, leave aside serious negotiations.

11. It is in recognition of these concerns that the G-33 has strongly argued the case for an effective special safeguard mechanism for developing countries and for changing the rules relating to public stockholding for food security purposes. These are not new issues. We are disappointed at the cavalier manner in which these issues are being pushed into the future. On the other hand, there is a sudden inexplicable zeal to harvest Export Competition. On this we are told that there is convergence when in fact, there appears to be little.

12. It is regrettable that longstanding issues of interest to a large number of developing countries are being put aside for the future and new issues of recent vintage are being taken up with unusual enthusiasm.

13. India welcomes a strong LDC package for adoption at this Ministerial but there is much more to be done to facilitate full integration of LDCs into world trade.

14. India was the first developing country to extend duty-free quota-free access to all LDCs in line with the Hong Kong ministerial mandate. Our scheme provides comprehensive coverage, including tariff lines of interest to our friends in the Cotton-4. Moreover, our scheme is underpinned by simple, transparent and liberal rules of origin. India has recently made available substantial and commercially meaningful preferences in services to LDCs.

15. We are gathered here today in Africa, a land of opportunity and promise. There is no better place to resolve that we must and shall complete the DDA. We must provide a clear political direction for the post-Nairobi work.

Agricultural reforms remain the corner stone of the DDA negotiations. We must deliver on all three pillars of the negotiations in a balanced manner. As the Hon. President of Kenya said yesterday,

Quote “the agriculture negotiations in the Doha Round are the ones from which developing countries can derive most gains…..Africa’s farmers simply cannot compete against heavily subsidized farmers in developed countries” Unquote.

The situation is no different in most other developing countries as far as the agriculture sector is concerned.

16. Services sector is equally important for developing countries for growth as well as job creation. Besides the accelerated flow of goods, easier flow of services is, therefore, equally important. The liberalization of services trade, particularly in Modes 1 and 4, needs to figure high on the development agenda. A special initiative on Services sector is needed. To achieve this, it is imperative to put in place a simple and transparent regulatory framework that encourages growth in the Services sectors.

17. An open, non-discriminatory and inclusive multilateral trading system contributes to maximizing gains for all its Members. Plurilateral approaches by definition impinge on the multilateral trading system and cannot be a substitute for it. It is important that such arrangements complement, and not segment, the multilateral trading system.

18. I have taken careful note of calls by some members to commence work on “new issues” within the WTO. Madam Chairperson, we should resist the temptation of overloading the WTO agenda at this stage with “new issues” when we are still grappling with the completion of work in the DDA.

19. As trade Ministers, history will judge us poorly if the outcomes of the DDA perpetuate inequities in global trade. It is vital to keep the aspirations of millions of people living in the developing world in clear focus. India is prepared to constructively contribute in all areas within the framework of the negotiating mandates and the core principles of the WTO. We must act with a sense of common purpose and urgency. As we commemorate the 20th Anniversary of the WTO, let us reaffirm the DDA and resolve to conclude it in a spirit of mutual accommodation and goodwill.

Thank you.

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