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August 18, 2026
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Export-import operations advance through operational preparedness review and planned port-led industrial and logistics development initiatives.
Operational preparedness for full land-based export-import operations at Vizhinjam Seaport was reviewed, including the Vehicle Traffic Management System. EXIM cargo operations follow a trial shipment of the port's first export container to Valencia. Mission Samudra is proposed to support port-led industrial and logistics development alongside these operations. The deep-water port was developed through a public-private partnership model and had obtained commercial commissioning certification before its dedication to the nation.
August 18, 2026
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Industrial corridor development prioritises empowered SPVs, integrated infrastructure and investor-ready parks to accelerate manufacturing investment and operations.
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August 17, 2026
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RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
August 17, 2026
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Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
August 17, 2026
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Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
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Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
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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August 16, 2026
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LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
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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.

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Customs, DGFT & SEZ

PM's speech in the Lok Sabha debate on Corruption

August 25, 2011

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Following is the text of Prime Minister Dr. Manmohan Singh’s uncorrected speech in the Lok Sabha on corruption:

“PRIME MINISTER : Hon. Speaker Madam, I am very happy that at long last, the House had a debate on the issue of corruption. I thank all the Members who participated in this debate.

Madam, that corruption is a major national issue is something a matter about which there is unanimity in the country. That we should collectively work to find credible approaches, credible solutions to deal with this scourge is also a matter, which unites all sections of thinking public opinion in our country.

Madam, I share that perception; and on behalf of our Government, I would like to assure this august House that in the two and A half years of period that is left to us, we will do everything in our power to clean the system of this country.

Madam, Dr. Murli Manohar Joshi is not here. Yesterday, he made a powerful speech and he turned into a personal attack on me as if I am the fountain head of corruption and that I have knowingly connived at corruptions of some of my colleagues.… (Interruptions)

MADAM SPEAKER: Nothing else will go on record.

PRIME MINISTER : Madam, I consider it beneath my dignity to enter into an argument on issues which are before the PAC, issues which are in our courts. In my seven years as Prime Minister even when the Opposition Members have accused me of many crimes, I have never used harsh language in describing the conduct of any Member of this House.

Madam, I would like to assert before this House that I have a public life in the service of this country for nearly 41 years. In these 41 years of my public life, 20 years in Parliament I have tried to serve this country to the best of my ability.

I, as Finance Minister, inherited an economy with bankrupt treasury, with foreign exchange reserves totally exhausted, with credit worthiness of our country seriously in doubt. We turned around that economy. We have ensured that this economy, the bankrupt economy that we inherited, has become one of the fastest growing economies of the world.

Madam, whatever the Members of the Opposition may say, the fact is that India is respected all over the world. I think that is because of the inherent strength of our economy, of our polity, of our democratic system but at the margin, in these seven years or as earlier as Finance Minister, I did make a small contribution in my own way to enhance the prestige of this country, and therefore, while charges are leveled against me, it hurts but I am not going to convert this forum into a forum for accusation one way or the other. All I can say is that if any wrongdoing has been done by me, I invite the Leader of the Opposition to look at my property which I may have accumulated in the last 41 years, my members of my family … (Interruptions)

I would accept the verdict of the Leader of the Opposition if they find that I have used public office to amass wealth for myself or for any member of my family.

Madam, in the course of seven years as Prime Minister, I may have made mistakes. Who is above making mistakes? To err is human but to accuse me of evil intentions, of conniving at corruption is a charge I firmly repudiate.

Madam, this is not an occasion to trade allegations to and fro and I am not going to deal with this matter as the matter is before the court or before the various Committees of Parliament and they will come with their own conclusions. I would, however, like to say that corruption is a multifaceted problem. Therefore, we, as a nation, have to find practical, pragmatic means but effective means to tackle it, and this is not merely the responsibility of the Central Government. The State Governments are responsible for over 50 per cent of the total national spending and the conduct of the State Governments, which is the one way people come in contact with Government, is essentially the responsibility of the States. There is anger in the country. There is anger about the misuse of public offices.

Therefore, both at the Centre and the States, it is our obligation to clean up the system of governance to reforming and to ensure that we leave behind for our children and grand children a system of public administration which is capable of meeting the challenge of the 21st Century. I commit our Government to doing precisely that. In my address to the nation from the ramparts of the Red Fort, I listed a number of areas where in the next couple of months I would like our Government to take initiative and I stand committed to whatever I promised from the ramparts of the Red fort.

Madam, corruption sources are numerous. Until the early 90s, the biggest single source of corruption was the licensing system, the industrial licensing system, the import controls and the foreign exchange controls. The liberalisation that we brought about has ended that part of this corruption story.

Another major part of corruption was the rates of taxation which were so exorbitant that people were tempted to enter into corrupt practices to reduce their tax liabilities. We have, I venture to suggest, ourselves and the successor Governments worked hard to simplify to streamline the taxation system and on balance there is less scope for corruption as far as taxation matters are concerned. Even though I recognise that a residual element is still there and we have to work together through various mechanisms, including goods and services tax which is now in public domain and, which is, I believe, an obligation which our country must fulfil if it wants to move forward. But, there are many other areas where corruption still persists. We have to tackle this problem from various angles.

There are Central Government programmes administered by the State Governments but there are leakages. Therefore, we must find ways and means of reforming the system of public administration so that these leakages can be plucked. Malfunctioning of public distribution has been widely commented upon. We must, therefore, devise new methodologies to ensure that Public Distribution System will be free of malpractices. This is an obligation which we can discharge only with full collaboration with the State Governments and discharge we must. But I would like this House to endorse the reform of the Public Distribution System, where the ordinary people come in contact with Government machinery or meeting the basic needs of existence of livelihood, is cleaned up.

Madam, yet another source is, where Government contracts are given in a manner which creates suspicion that something is going wrong. Therefore, we need a Public Procurement Act, as some other countries have, to streamline our contracting mechanisms in a manner in which there will be less scope for corruption in future.

Madam, in certain areas, greater competition itself will reduce the scope for corruption. But, we still know that there are areas of infrastructure where competition can at best be only limited. There is scope for regulation. We have, in the last couple of years, put in place regulatory mechanisms, but the functioning of these regulatory mechanisms, especially with regard to the management of the infrastructure, is something which requires attention. That is yet another area where we must find ways and means to streamline the regulatory system, so that there is less scope for corruption.

I could go on. But I do not want to repeat what I said from the ramparts of the Red Fort. The House has my assurance that we will work in full public glare to fulfil what we have promised. I have set up a group under Shri Pranab Mukherjee to look at the scope for reducing the amount of discretion that ministers have at the Centre. This group has made some important suggestions. They will be considered by the Cabinet and we will put in place a mechanism to reduce the scope for misuse of discretionary power or to eliminate discretionary power wherever it can be done without detriment to public interest or achievement of public good.

Madam, it is in the context of corruption that the last few weeks have seen momentous developments. Shri Anna Hazare has gone on fast. His plea is that we should adopt the Jan Lokpal Bill that has been drafted by them. The background of this whole exercise is well known to this august House. We have sittings together with the five representatives of Shri Anna Hazare, including himself, who met with our five representatives and a large measure of agreement was reached with regard to the shape of the Lokpal Bill that we should have. On certain matters there was disagreement and that disagreement could not be resolved and therefore we have referred that matter for consideration of the All Parties Committee and the said consensus was that the Government should come with its own version of the Bill and various Parties would then reflect on what to do with that Bill. We discharged that obligation. We submitted that Bill to Parliament. It has now been referred to the Standing Committee.

This Standing Committee can consider all options and we can find ways and means of ensuring that the Bill that has been prepared by Shri Anna Hazare is given due consideration by this Committee. Also, along with this, there are other ideas. There is Dr. Jayaprakash Narayan’s group which produced a Bill; there are ideas which have been mentioned in a paper by Shrimati Aruna Roy. All these matters can be discussed, debated and a consensus can be built up in the Standing Committee. We are open to all suggestions. We will work with all sections of this House to have a Lokpal, who is strong, who is effective and about which there is a national consensus.

We have produced a Bill which reflects the thinking of our Government. But we are open to persuasion and we have an open mind and when we discuss this Bill, whether in Parliament or in the Standing Committee, we will work with a single minded devotion to ensure that we leave behind for posterity a Lokpal Bill which does credit to our concerns for meeting the challenge of corruption.

Madam, yesterday there was a very good meeting of all political parties. All political parties agreed that we should request Shri Anna Hazare to give up his fast and that we should find ways and means to ensure that ideas reflected in the Jan Lokpal Bill are given adequate consideration in parliamentary processes and that we should come forward with a strong, effective Bill which has the broad support of the country as a whole. I commit our Government to working with all sections of the House to realise this dream. Therefore, I urge all Members of the House to join me in making an appeal to Shri Anna Hazare that he has made his point. It has been registered with us. I respect his idealism. I respect him as an individual. He has become the embodiment of our people’s disgust and concern about tackling corruption. I applaud him, I salute him. His life is much too precious and therefore, I would urge Shri Anna Hazare to end his fast.

We will find effective ways and means of discussing the Jan Lokpal Bill along with the Government version of the Bill along with Shrimati Aruna Roy’s Bill, along with the ideas in the paper that Dr. Jayaprakash Narayan has submitted. All ideas should be discussed, debated so that we have a Bill which is the best possible Bill, which will help us to deal with the problem of corruption.

Madam, it has been mentioned to me that Shri Anna Hazare and his colleagues are very keen that their Bill should be discussed in the Parliament. I have not thought over this matter in great depth, but a thought comes to me that perhaps we could have a debate in this House on all the Bills that are in the public domain and have a discussion what are the weak points of various Bills and what are the strong points of various Bills and at the end of that debate, send the whole record for consideration of the Standing Committee of the Parliament. I have a feeling that this will meet the point that Shri Anna Hazare and his colleagues have been making that Parliament must have a chance to give its views on their Bill before sending it to the Standing Committee and therefore, I submit to this august House that this is one via media which will respect the parliamentary supremacy and, at the same time, enable Parliament to take on board ideas contained in the Lokpal Bill drafted by Shri Anna Hazare and his colleagues.

Madam, I conclude by appealing to all sections of the House to join in appeal that I have made to Shri Anna Hazare that his life is much too precious.

We would like him to live a long life and a happy life in the service of our people.

He has registered his point. Therefore, we respectfully request him to end his fast. I think that if we do it, then this would be a befitting finale to this very constructive debate on corruption and in tackling it that has taken place in this House since yesterday.”

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