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    Govt rolls out foreign asset disclosure scheme for small taxpayers
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August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
Show AI Summary
Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
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Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
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Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
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Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
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Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
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Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
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Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
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Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
August 14, 2026
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Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
August 14, 2026
Show AI Summary
Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
August 14, 2026
Show AI Summary
International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
August 14, 2026
Show AI Summary
Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
August 14, 2026
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International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
August 14, 2026
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Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
August 13, 2026
Show AI Summary
International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
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Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
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Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
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GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.

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Make In India Week concludes on a high note showcasing India’s manufacturing prowess Manufacturing, Design and Innovation has been brought to the centre stage – Amitabh Kant

February 18, 2016

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Press Information Bureau

Government of India

Ministry of Commerce & Industry

18-February-2016 16:39 IST

            Curtains came down on the first ever Make In India Week in Mumbai with the biggest show of manufacturing prowess, concluding on a high note.  The week long event  -

·         Created avenues for showcasing, connecting and collaborating for manufacturing in India

·         Promoted an Investment enabling environment

·         Provided encouragement to to Design, Innovation, Youth and Startups

·         Provided a  platform where global CEOs, think tanks, policy makers, Diplomats and Political leaders converged

            Addressing the Closing Press Conference in Mumbai today, Secretary, Department of Industrial Policy & Promotion, Mr. Amitabh Kant said the Make In India Week witnessed a business commitment of ₹ 15.20 lakh crore in investment.  “Make In India Week in Mumbai has been phenomenal hit. It has successfully brought manufacturing, design and innovation to the centre-stage” Mr. Kant said.

            Maharashtra Chief Minister Mr. Devendra Fadnavis said his state was successful in attracting investment worth ₹ 8 lakh crores across sectors. He said a Task Force is being set up headed by the State Industry Minister to ensure that MoUs signed are translated into actual investments. 

Facts at a glance

            More than 8 lakh people visited the Make In India Expo and other events, of which 49,743 were registered delegates.   102 countries were represented in the mega expo.

            A total of 150 events were organized under the Make In India Week banner while more than 25,000 people participated in  Seminars and Symposia, where over 1,200 experts from various walks of life from Ministers, Chief Ministers, policymakers, industrialists, academicians and spiritual gurus spoke on wide ranging issues concerning business and society.

            The Make In India Expo was spread over 23 lakh sqft area, housed under air-conditioned hangers in 27 halls.  215 exhibitors show cased their strengths and opportunities in 11 sectors covering aerospace & defence, automobiles, chemicals & petrochemicals, construction machinery, food processing, infrastructure, IT & electronics, industrial equipment & machinery, MSME, pharmaceuticals and textiles.  17 Indian states and 3 countries – Germany, Sweden and Poland had their pavilions in the Make In India Centre.

Make In India Week also provided platform for nearly 8,200 Business-to-Business,  Business –to-Government and Government –to-Government meetings.

Key deals concluded during the MIIW

•      Sterlite Group company TwinStar Display Technologies & MIDC for LCD manufacturing unit in technical collaboration with Autron of Taiwan

•      BAE Systems and Mahindra for assembling and testing of M777 Howitzers

•     ORACLE’s USD 400 million investment in India to set up 9 incubation center

•     Trivitron healthcare manufacturing unit in Chennai

•  Gujarat Government and Vestas (Denmark) for wind mill blades manufacturing unit at Ahmedabad

•       Raymond Industries to invest ₹ 1400 crore for manufacturing linen yarn and fabric facility

•       Mahindra & Mahindra: Investment – ₹ 8000 crores (Nashik: ₹ 6500 crores, Chakan – ₹ 1,500 crore)

•       Gujarat Government and Tar Kovacs Systems (France) for offshore platform to develop marine applications in Gujarat

•       Tar Kovacs and Government of Karnataka for setting up ocean based renewable energy project

•       Yes Bank and IREDA for financing of renewable power projects

•       Ascendas | Investment: ₹ 4571 crore | Employment: 1.09 Lakh

•       Mercedes | Investment: ₹ 1500 crore | Employment: 4270

•       Rashtriya Chemicals and Fertilizers | Investment: ₹ 6204 cr | Employment: 140

•       Godrej Industries| Investment: ₹ 3000 cr | Employment: 2000

•       JSW Jaigarh Port Ltd | Investment: ₹ 6000 crores | Employment: 1000

•       CREDAI and MCHI for 5.7 Lakh affordable homes with an investment of ₹ 1.1 lakh  crore and 7.6 lakh jobs

•       Government of Jharkhand and Vedanta Ltd

•       Government of Jharkhand and Adani group to set up a thermal power plant with a total capacity of 1,600 MW to be supplied to Bangladesh Grid

•       Agreement between Government of Jharkhand and Adani Group to set up a Coal based Methane fertilizer plant

•       Uber and Skill Development and Entrepreneurship Department (SDED) of the Maharashtra government

•       Solar Industries and Government of Maharashtra to set up a Nagpur plant for manufacturing of ammunition for armed forces

Policies / initiatives unveiled

·         Rs 2,200 crore Electronics Development Fund was unveiled by the Communications & IT Minister Shri Ravi Shankar Prasad to finance innovations, research and development in electronics manufacturing sector

·         National Capital Goods Policy was unveiled by the Heavy Industries Minister Shri Anant Geete aimed at creating an ecosystem for a globally competitive capital goods sector.

·         Investment Opportunities in Food Processing Industry by Ms.Harsimrat Kaur Badal.

·         E toll policy covering 360 toll plazas on the National Highways across the country.

State specific policies

            The Maharashtra government unveiled five new policies during the Make In India Week:

1. Maharashtra Retail Policy, 

2. Single Window Policy, 

3. Maharashtra Maritime Industries Policy.

4. Electronics Policy covering FAB manufacturing

5. Special package for SC/ST entrepreneurs.

            Odisha Industrial Development Plan 2025,  Jharkhand Industrial Promotion Policy 2016 were also unveiled during the week.

            Make In India Mittelstand initiative was aimed at attracting Small & Medium Enterprises from Germany to set up manufacturing facilities in India.  19 Mittelstand companies had enrolled for the programme.

Focus on Design, Innovation & Start Up

            Shri Amitabh Kant said, one of the key focus areas of Make In India Week was Design, Innovation & Start Ups. On Spot prize of ₹ 2 crore by Qualcomm for Startups in India today.

            Hackathon, organized by the consortium of IITs provided a platform for innovators, programmers and engineers. Two teams each providing innovative solutions in water, energy and transportation were awarded during the week.

            Other key initiatives of the Make In India Week included Industry- Academia Partnership, role of design in manufacturing, Make In India : Way Forward seminar with focus on domestic manufacturing, digital India initiative, smart cities and skill India programme.

Participation

             Key Government delegates during the week included Mr. Stefan Lofven, Prime Minister of Sweden, Mr. Juha Sipila, Prime Minister of Poland, Mr. Piotr Glinski, First Deputy Prime Minister of Poland, Yosuke Takagi, Minister of Economy, Trade & Industry, Japan,  Cesar Fergozo, Minister of Asia and Middle East, Mexico, Ignasius Jonan, Transportation Minister of Indonesia and Som Prasad Pandey, Industry Minister of Japan.

             Union Ministers who participated in the Make In India Week that was inaugurated by the Prime Minister Mr. Narendra Modi included – Mr. Arun Jaitley,  Mr. Manohar Parrikar, Mr. Nitin Gadkari, Mr. Ravi Shankar Prasad,  Mr. Kalraj Mishra, Ms. Nirmala Sitharaman, Mr. Piyush Goyal, Mr. Dharmendra Pradhan, Mr. Anant Geete, Mr. Santosh Kumar Gangwar, Ms. Harsimrat Kaur Badal and Col Rajyavardhan Rathore.

             Key Indian CEOs who were present included Ratan Tata, Cyrus Mistry, Mukesh Ambani, Kumar Mangalam Birla, Anand Mahindra, Gautam Adani, G V Sanjay Reddy (GVK), Ajay Piramal, Y C Deveshwar (ITC) among others.

             Key foreign CEOs who attended the MIIW included  John Chambers of CISCO Systems,  Markus Wallenberg of SEB, (Sweden),  Doug DeVos of Amway, Hakan Bushke of SAAB, Sweden,  Edward Monser IV of Emerson, USA, Mats H Olsson of Ericsson and Karol Zarajczyk of Ursus, Poland.

The way forward

The Make In India Week concluded with a

·         commitment to achieving the vision of 25% contribution to GDP through manufacturing

•       Striving to provide investment enabling environment to Foreign and Domestic investors

•       Promoting quality jobs through development of innovation and design ecosystem

•       Forging partnerships for manufacturing sector development for enabling “Champions of Manufacturing”

•       Active cooperation with States for promoting manufacturing  across all States in India and remotest part of the country

•       Promoting Industry and Academia linkages for joint research and product development to drive frugal engineering

•       Focus on spreading awareness about promoting manufacturing in under developed areas of the country

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