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August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
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LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
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Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
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
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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.

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News and Press Release

Four-Year Achievements & Initiatives of the Ministry of Statistics and Programme Implementation

July 4, 2018

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Union Minister for Statistics and Programme Implementation, Shri D.V. Sadananda Gowda addressed media on the four-year achievements of the Ministry. Shri Vijay Goel, Minister of State for Statistics and Programme Implementation was also present.

2.  The last four years have been very significant years in terms of major policy decisions and adoption of new technology and systems for more efficient and effective data management and dissemination. The major initiatives undertaken during the last four years to further improve statistical system to meet data requirements in emerging socio-economic scenario of the country included the following:

  • The Government adopted the United Nations Fundamental Principles of Official Statistics in 2016 for promoting good practices and professional ethics in production and dissemination of Official Statistics. In furtherance of these Principles, a National Policy on Official Statistics is being evolved.
  • The Collection of Statistics (Amendment) Act, 2017 was enacted to extend the jurisdiction of Collection of Statistics Act, 2008 to the State of Jammu & Kashmir.
  • Base year revision for estimates of Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Consumer Price Index Number (CPI) were carried out. Steps have been initiated for next revision of base years.
  • Government has recently constituted a Committee for Sub-National Accounts under the Chairmanship of Prof. Ravindra H. Dholakia, ex-IIM, to upgrade existing norms and evolve new ones for computation of economic data at State and District levels for revision of the base year of GDP. The earlier such Committee was set up in the year 1972.
  • The Ministry notified General Guidelines on Quality Assurance for Official Statistics in April, 2018 for voluntary compliance by Government agencies for improving quality of statistical products as per the Generic National Quality Assurance Framework endorsed by the United Nations Statistical Commission.
  • The Ministry has also notified General Guidelines on Socio-Economic Indices in April, 2018 to help the Government agencies in improving the quality of indices like the CPI, IIP and WPI.
  • To address the demand for more frequent data on employment and unemployment, the Ministry launched Periodic Labour Force Survey (PLFS) in April, 2017.
  • Draft National Indicator Framework has been developed for monitoring progress on Sustainable Development Goals (SDGs).
  • As part of Digital India Initiative of the Government, the Minsitry introduced new digital technologies for data collection, compilation and dissemination. The Ministry has developed a web based micro data archive to enable users to access the data of socio-economic surveys and economic census.
  • The Ministry has participated in Smart India Hackathon 2018 organised at Hubli for promoting innovation in Official Statistics. The prototype solutions developed by teams of engineering students are being considered for refinements.
  • The National Statistical System Training Academy (NSSTA) of the Ministry has imparted trainings on official statistics to more than 2700 personnel in 132 different courses.
  • Through its scheme of Support for State Statistical Strengthening Program the Ministry has provided financial assistance of ₹ 276 crore to 14 States/UTs for improving their Statistical Systems and more States/UTs are joining the scheme.
  • During the last four years, NSSO has conducted all India surveys on diverse topics of relevance such as Land & livestock holdings, Housing conditions, unorganised Enterprises, Domestic Tourism, education, and health.
  • The results of 6thEconomic Census were released in 2016 to provide a list frame of all enterprises and establishments engaged in various economic activities, and data on nature of activities and employment size.
  • Indian Statistical Institute (ISI) is an autonomous body under the Ministry. The R.C. Bose Centre for Cryptology and Security was set up in the Indian Statistical Institute for conducting research in the field of cryptology and security and organize training courses in the subject area. The ISI has also established Sampling and Official Statistical Unit (SOSU) at Kolkata for undertaking research in the theoretical, applied statistics and economics. Financial support was provided to ISI for development of infrastructure of Tezpur (Assam) Centre.
  • Government has taken various steps to strengthen statistical systems in North-Eastern Region. Funding of ₹ 46.76 crore was provided to North-Eastern States of Sikkim, Mizoram and Manipur States for strengthening of their statistical systems and for improved data flow. Financial Assistance of ₹ 14.80 crore has been provided to the Directorates of Economics & Statistics of NE States to carry out various surveys of NSSO and strengthen and extend the reach of surveys in North-Eastern region.The process of opening of two new Regional Offices of NSSO at Aizwal (Mizoram) and Itanagar (Arunachal Pradesh) and upgrading two Sub Regional Offices at Agartala (Tripura) and Imphal (Manipur) in North-East has been initiated.
  • Consistent to the federal spirit, the Ministry has been conducting annual conferences of Central and State statistical organizations in which common statistical issues are discussed and shorted out.
  • India has been actively participating at various international statistical forums. India hosted the 8th Meeting of Heads of National Statistics Offices of BRICS nations in 2016 at Jaipur, and the 8th Meeting of Heads of SAARC Statistical organizations in 2016 at Delhi. India has also participated in the International Comparison Programme (ICP) of United Nations Statistical Commission over the years.
  • Government has declared 29th June, the birth anniversary of Late Prof. P. C. Mahalanobis, as Statistics Day. A theme is announced on each Statistics Day for focusing attention by statistical agencies for a year. The 12th Statistics Day was celebrated on 29th June, 2018, which was the 125th birth anniversary of Late Prof. Mahalanobis. The theme “Quality Assurance in Official Statistics” was announced on this day. A commemorative coin of ₹ 125 and circulation coin of ₹ 5 denomination were released by Hon’ble Vice President of India.
  • A number of amendments have been made in the Guidelines for Members of Parliament Local Area Development Scheme (MPLADS) during the last four years to cater to the welfare requirements of the general public, including convergence with flagship schemes of the Government. A new Integrated MPLADS portal has been developed for use of all the stakeholders. It provides a single point of reference for all stakeholders including Hon’ble MPs, District authorities and general public at large, thus brining transparency and accountability in execution of works carried out under the Scheme. All MPLAD fund releases are being made only through this website. An informative dashboard has been developed for the MPLADS which provides information at various levels and time lines.
  • The Ministry is responsible for monitoring of Central Sector Infrastructure Projects costing ₹ 150 crore or more. As on 01.03.2018, a total of such 1304 projects are being monitored through Online Computerised Monitoring System (OCMS). During last four years, the number of projects under monitoring has increased from 710 to 1304. The monitoring has resulted in reduction of cost overrun with respect to original cost from 19.4% in March, 2014 to 13.4% in February, 2018 and reduction in the time overrun with respect to original schedule from about 30% in 2014 to 20% in 2018.

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