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    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
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July 31, 2026
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Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
July 31, 2026
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Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
July 31, 2026
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Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
July 31, 2026
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Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
July 31, 2026
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Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
July 31, 2026
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Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
July 31, 2026
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Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
July 31, 2026
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Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
July 31, 2026
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Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
July 31, 2026
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Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
July 31, 2026
Show AI Summary
Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
July 31, 2026
Show AI Summary
Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
July 30, 2026
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Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
July 30, 2026
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Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
July 30, 2026
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Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
July 30, 2026
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Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
July 30, 2026
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Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.

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Customs, DGFT & SEZ

Inauguration of KPCS Plenary 2019

November 18, 2019

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The Plenary meeting of the Kimberley Process Certification Scheme (KPCS) is being hosted by India, the present Kimberley Process (KP) Chair, from 18th to 22nd November, 2019 in New Delhi. The Plenary meeting was inaugurated by Commerce Secretary, Dr. Anup Wadhawan. Speaking on this occasion Commerce Secretary said that India, as a founding member of KP, has been actively involved in the development of KP as an important protocol in trade of diamonds which has ensured that 99.8% of the diamonds in the world are conflict free. He further added that we need to keep KP efficient and effective as a process to maintain this conflict diamond free status. He informed the gathering that India is committed to make this process stronger in terms of further strengthened administration and implementation, efficient in terms of delivery of what it promises, more transparent and empathetic towards the living standards of people who are dependent on the production, trade and manufacture of diamonds.

In his address Commerce Secretary stated that India has given leadership to address the issue of differentiation between Natural Diamonds and Lab Grown Diamonds and will take further initiatives to have better differentiation and ensure responsible business on this front. He also said that India always advocates consensus based decision making process, as it ensures that even the weakest voice is heard.

Commerce Secretary informed that India is sensitive to the issues and challenges of artisanal and small scale mining and acknowledges the contribution made by the KP members, observers and agencies for their upliftment.  We need to continue supporting artisanal and small scale mining countries with capacity building, technical assistance and education on valuation, differentiation between Natural and Lab Grown diamonds, importance of legal and formal mining practices said Commerce Secretary.

Currently, India exports around USD 24 billion cut and polished diamonds. It is expected that India will reach an export target of USD 1 trillion in coming years and the gem and jewellery sector particularly cut and polished diamonds will contribute significantly to achieve this target.

The importance of KPCS is immense to India as more than one million people are directly employed by the diamond industry. The industry also plays pivotal role in sustaining livelihoods of these people.

During the inaugural session meetings of different working groups and committees of Kimberley Process Certification Scheme (KPCS) were held. Three special forums regarding Financial inclusion and women empowerment through sustainable livelihood creation, Diamond industry - Adapting to change, Diamond origin and identification were also held during the Plenary meeting.

India is one of the founder members of Kimberley Process Certification Scheme and is the Chair of Kimberley Process for the year 2019. India had earlier chaired KPCS in the year 2008. Additional Secretary, Department of Commerce, B.B. Swain, has been designated as KP Chair 2019 and Ms. Rupa Dutta, Economic Adviser, Department of Commerce has been designated as India’s KP Focal Point.

The closing session of the KPCS will be held on 22nd November 2019 in New Delhi and India will hand over the KP Chair to the Russian Federation.

The inaugural session today was attended by Commerce Secretary, Dr. Anup Wadhawan, Additional Secretary, Department of Commerce, B.B. Swain and KP Chair, Stephane Fischler. President, World Diamond Council, Shamiso Mtisi, Coordinator of Civil Society Coalition, officials from Gem and Jewellery Export Promotion Council and representatives of the diamond industry.

The Kimberley Process is a joint initiative involving Government, International Diamond Industry and Civil Society to stem the flow of Conflict Diamonds. “Conflict Diamonds” means rough diamonds used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments.  It is also described in United Nations Security Council (UNSC) resolutions.

In 1998, certain rebel movements in Africa (Sierra Leone, Angola, D.R. of Congo, Liberia) were selling, among other things, illegally obtained diamonds – known as conflict diamonds – to fund their wars against legitimate governments. With a view to find ways to stop trade in conflict diamonds, world’s diamond industry, United Nations, Governments and leading NGOs came together and in November 2002 at Interlaken, where the final draft of the Kimberley Process measures were ratified by more than fifty nations. The KPCS came to into effect from 1st January, 2003 and evolved into an effective mechanism for stopping the trade in conflict diamonds.

At present, KPCS has 55 members representing 82 countries including EU with 28 members. The Kimberley Process is chaired, on a rotating basis, by participating countries. KP Vice-Chair is generally elected by KP Plenary each year who becomes the Chair in the next year. India is the current Chair of KPCS with Russian Federation as Vice Chair for the year 2019.

In accordance with the KP Core document, the work of the Kimberley Process is carried out through its seven Working Groups and Committees, which discuss issues on regular basis through teleconferences and exchange of mails, and meet twice in a year for in-person meeting at Intersessional and Plenary meetings organized by KP Chair. Further, based on requirement, other in-person meetings can also be organized by Working Group Chair. The KPCS works on principle of consensus and all the decisions are taken in Plenary session or through written procedure unanimously by all members.

As per the Scheme, each shipment of rough diamonds being exported and imported by crossing an international border be transported in a tamper proof container and accompanied by a validated Kimberley Process Certificate. The shipment can only be exported to a co-participant country in the KPCS. No uncertified shipments of rough diamonds are permitted to enter a participant country.

Since 2003, India has been actively participating in the KPCS process and is a member of all Working Groups of KP (except for WGAAP).  Department of Commerce is the nodal Department and Gem & Jewellery Export Promotion Council (GJEPC) is designated as the KPCS Importing and Exporting Authority in India. GJEPC is responsible for issuing KP Certificates and is also the custodian of KP Certificates received in the country.

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MM/ SB

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