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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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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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Address to the Nation by the President of India, H.E. Smt. Pratibha Devisingh Patil on the eve of the 65th Independence Day

August 15, 2011

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Following is the text of the President of India, Smt. Pratibha Devisingh Patil’s address to the Nation by on the eve of the 65th Independence Day:

"Dear Citizens,

As I speak to you on the eve of our 65th Independence Day, I extend my warmest greetings to all of you living in India and overseas.  To the members of our Armed Forces and Para-military forces who guard our frontiers, and our internal security forces, I extend special greetings. 

This significant day in our nation’s calendar takes us back to the events that made our country, a free nation.  It is to Mahatma Gandhi - the Father of our Nation, to all the other leaders of our freedom movement, and to the millions of people of our country, who fought with bravery and courage, that we pay homage. Our independence was won on the principles of truth and non-violence. It is this, as well as the transformational impact it had in other parts of the world, that makes our freedom struggle exceptional.  In Asia and in Africa, voices of freedom against oppression and colonial power, were encouraged by India’s example.  We can be proud that we all belong to a country that has proved its greatness through values, which have found such a wide resonance.  We, as the inheritors of that great legacy, carry a responsibility to stand by truth and justice; to continue to conduct ourselves, in a manner that is in consonance, with India’s standing, as a progressive and responsible country, where values of democracy, harmony and tolerance are deeply embedded.

                Today, our nation stands at a threshold.  There are important issues on which we must focus, and as we do so, keep in mind that these are times, when we should also be on our guard, about not straying away from our main objective, of strengthening the nation in its many aspects.  This is a time for introspection, a time to take well thought out measures, and to prepare well for the future.  There have been occasions earlier, when confronted with many questions, we did find answers.  The real strength of a nation is judged not by the challenges it faces, but by its responses.  Therefore, as we analyze, make policies, legislate, implement schemes and enforce laws, we must not, forget that the purpose of all our efforts is to move on the path of progress while ensuring that morals and ethics in our society do not get eroded.

                India is the world’s largest democracy. The country has performed well economically with a growth rate of 8.6 percent last year.  We are committed to the welfare of all and are pursuing an inclusive growth agenda. There is much promise, much potential, much hope and much optimism about our future prospects.  I point this out so that, as we deal with the challenges, we should not be unmindful of either our achievements; or of our past; or the principles on which our freedom, Constitution and democracy rest; or very importantly, of our future.  Our actions today, our decisions today, will fashion our tomorrow.  A deep sense of responsibility is a call of our times.  All institutions and all citizens, have to demonstrate great maturity and, if I may say so, a degree of self-restraint, as we deal with our problems.

Corruption is a cancer affecting our nation’s political, economic, cultural and social life. It is necessary to eliminate it.  Government, Parliament, Judiciary and society at large, should ponder about this, and find out ways to handle it in a manner that is practical, implementable and sustainable.  There cannot be just one panacea or remedy to deal with it, but a system of transparency and accountability should be put in place at various levels, and, then, effectively enforced. It would require preventive and punitive measures, as well as adoption of rational approaches as we pursue the anti-corruption agenda.  India is known for its sobriety and wisdom, balanced and sensible thinking.   As is said in one of our shlokas, “अति सर्वत्र वर्जयेत ”, which means that anything in extreme should be avoided.   We need strong institutions and we need good governance in the country.  Our institutions need to be fortified and our governance constantly improved. We should analyze the situation and find considered solutions to address the challenges we are facing in a thoughtful manner. 

                As we look at our past performance, we can draw strength from the fact, that the framework of our Constitution has served us well.  The institutions created by it - the Executive, the Legislature and the Judiciary - have been stable and have achieved much.  The separation of powers, the elaborate system of checks and balances, have given our country a governance structure in which equilibrium is maintained, when every institution respects the field of responsibility of the others.  Credibility of institutions depends upon their conduct, which must be in accordance with the constitutional framework. We should strengthen them and their ability to take corrective actions, whenever required.  There should be no effort, consciously or otherwise, that will lead to the erosion of institutional credibility and authority.

Dear Citizens,

Parliament represents people from all parts of our country and a broad spectrum of political thought. Its legislation is an outcome of collective thinking and application of minds. Many path-breaking laws have been made by the Parliament of our country.  New laws will also be formulated by legislative bodies.  There can be discussions, debates, discourses among the people of the country for public opinion to emerge, which is an essential input in a true democracy. The different shades of opinion should be channelized, through elected representatives for the formulation of necessary legislation.  We should not forget that we have to preserve the democratic values of our country and, for this, healthy conventions of parliamentary procedures should be upheld. Members of Parliament can contribute immensely to issues of national development.  There are several instances of commendable initiatives being taken by our elected representatives, including one where young Parliamentarians in the country have come together, cutting across all party lines, to work on malnutrition. I appreciate these initiatives. There is possibility of other such issues which could be collectively addressed by Parliamentarians belonging to all political parties.

Moreover, I strongly feel good electoral practices are linked with a strong functional democracy. Various proposals have been made, from time to time, to reform the electoral process, including on State funding of elections and debarring the participation of criminals in elections.  These should be examined early for adoption as a part of our efforts to further enhance the healthy functioning of our democracy and to cleanse the system.

Dear Citizens,

The Census has just been completed in our country.  We are now a nation of 1.2 billion, constituting about a sixth of the global population. We will reap a demographic dividend, only when our population is educated and equipped with the necessary skills.  This entails a focus on education and skill development, to build their capacities to meet the requirements of the nation.  They can add immensely to India’s economy - in the service sector, cutting edge technologies, manufacturing, industry, and agriculture. We are a country shaped by the experiences, sacrifices and hard work of our citizens.   Indians have shown tremendous enterprise and there are many success stories.  They have earned goodwill for the country wherever they are working or they are settled.  They have done us proud.  Moreover, we must inculcate respect for pluralism, harmonious living and compassion, all of which are a part of our legacy of always upholding the highest human values. 

 

The underlying purpose of our work is to provide to all citizens, opportunities of progress and to eradicate poverty, hunger, disease and illiteracy. I have always said that, it is a growing Gross Domestic Product along with the welfare of the people, that are the twin pillars of a progressive nation. Today, anti-poverty programmes, social welfare schemes, and a commitment to ensure food security, form the core of our inclusive agenda strategy.  There are also a host of special economic packages for the under-developed regions of our nation. Welfare schemes create an entitlement for individuals belonging to identified groups.  Delivering the benefits to them is our duty and lack of delivery, a failure. Government efforts need to be supported by voluntary agencies, NGOs and, indeed, by citizens themselves who can be development partners of the Government. Implementation needs to be done in a transparent manner and by creating accountability and integrity in functioning. The country cannot afford the loss of resources meant for its development.  

We must persist with our efforts to bridge differentials in economic growth in the country. 68 percent of our population continues to reside in rural areas with a majority dependent on agriculture. Yet, agriculture is one area where we are yet to reach full potential.  We need a model to revolutionalize agriculture, from the time when agricultural operations start, till harvest is reaped and beyond, where post-harvest processing aspects are addressed.  Institutions linked to making available credit, seeds, fertilizers and pesticides, have to be pro-active and work in co-ordination with each other.  There should be greater use of technology in the agricultural sector to enhance productivity. Also, issues and problems relating to dry land farming, including labour shortage require to be addressed in a focused manner. We may need to examine whether existing rural employment programmes, can be utilized for agricultural land of farmers, whether small holders or otherwise, in rainfed areas.  This will help to stabilize agriculture in these areas.  At the same time, warehousing and cold storage facilities for agricultural produce in the country require to be augmented. Decentralized warehousing will make food distribution not only easier and quicker, but it would be a low cost option that also cuts on wastage during transportation. I have on several occasions called on the corporate sector, as well as small and medium enterprises to seriously engage with agriculturists and farmers, particularly in the rainfed areas, to avail of the many opportunities of working together for mutual benefit.  Let the public sector entities take the lead in this regard.  The integration of agriculture with the other sectors of the economy would not only be useful for agriculture, but would generate positive impulses in other sectors as well.

                Our Census sadly shows that there has been a decline in the gender ratio in the 0 to 6 age group.  It has touched a low level of 914 girls as compared to a 1000 boys.  It reflects the continuing preference of boys in our society and the bias against the girl child. We need to fight social prejudices which have resulted in this situation, and also work to eradicate the practices of dowry, child marriage and female foeticide, which we are continuing to battle even in the 21st Century.  Let each citizen of the country vow to fight these social evils.  There are laws against them but we need to ensure compliance and create awareness.  Moreover, crime against women needs to be dealt with most sternly.  Women and men are the two wheels of the chariot of the nation and both need to be strong. Women have tremendous capabilities and capacities to contribute in any field, when given an opportunity.  We have seen the success of the movement of the Self Help Groups in our country.  Eighty percent of them are all-women groups.  They operate at the lower rung of the economic strata and carry out activities on a limited scale.  These groups have provided women not only with possibilities of income generating activity, but have given them confidence and a sense of self-esteem. Government should pro-actively take measures to universalize this movement, which will be beneficial to our agenda of women’s empowerment. 

Dear Citizens,

Events of far reaching consequences are taking place in the world. In a globalised world, these developments have ramifications beyond borders.  We are all aware of the consequences of the global financial meltdown of 2008. Uncertainty is again confronting the world economy, and would need to be tackled through co-ordinated global action, as also by suitable precautionary measures in our country.  Our economy has fundamental strength and resilience, and its large domestic market can help it maintain steady growth rates. However, price rise is an issue engaging our attention, and would have to be dealt with.  Rising prices affects families and especially those of our fellow citizens living below the poverty line.  Efforts must be made to find ways and means to soften the impact of inflation, so that the benefits of growth are not blunted.

Also, we are all aware of the threats that terrorism is posing to peace everywhere.  The attack in Mumbai last month is yet another grim reminder of the destruction that can be caused by terrorism.  We need to be ever-vigilant, to fight this menace which is a global phenomenon. 

Dear Citizens,

I recall the words of Swami Vivekanand, “this national ship of ours my countrymen, has been plying for ages, carrying civilization and enriching the whole world with its inestimable treasures.” Dear Citizens, the challenge for us, is how effectively we carry forward the nation from now onwards.  Let history be the judge that during our time, we found the right answers to the challenges we faced, and acquitted ourselves with dignity and continued to work with unity, to build the India of our dreams.  

Dawn will break tomorrow and our flag will flutter.  Whatever task you are doing in the interest of the country  is important, and I call on all citizens to pledge, that they will work with full commitment and dedication, honesty and integrity and with a sense of pride.  If we do this, there is much that we will be able to achieve as a nation.

With these words, I wish all citizens the very best on the occasion of Independence Day.

 

Jai Hind!"

 

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