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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.
August 17, 2026
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FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
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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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.

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News and Press Release

Sagarmala Programme

March 12, 2020

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The Sagarmala programme is the flagship programme of the Ministry of Shipping to promote port-led development in the country through harnessing India’s 7,500 km long coastline, 14,500 km of potentially navigable waterways and strategic location on key international maritime trade routes. The main vision of the Sagarmala Programme is to reduce logistics cost for EXIM and domestic trade with minimal infrastructure investment.

Sagarmala Programme was approved by the Union Cabinet in March 2015 and a National Perspective Plan was prepared by the Ministry of Shipping which was released on 14th April 2016. As of now, 500 projects have been identified at an estimated infrastructure investment of ₹ 3.55 Lac Crore across all the pillars. Out of these, 143 projects (worth ₹ 0.88 Lac Crore) have been completed, and 190 projects (worth ₹ 2.12 Lac Crore) are already under implementation. Remaining set of 167 projects are under various stages of development and expected completion are well within 2035.

 Implementation of these projects are being done by the Central Line Ministries, State Governments / Maritime Boards and SPVs preferably through the private sector and through the Public Private Participation (PPP) wherever feasible. Project theme-wise summary of projects under Sagarmala is given in the Table below:

Summary of projects under Sagarmala

S.No.

Project Theme

Total

Completed

Under Implementation

#

Project Cost (Rs. Cr)

#

Project Cost (Rs. Cr)

#

Project Cost (Rs. Cr)

1

Port Modernization

206

78,611

81

24,113

59

24,288

2

Connectivity Enhancement

201

1,28,786

38

9,416

88

91,157

3

Port Led Industrialization

34

1,42,457

8

45,300

23

96,046

4

Coastal Community Development

59

5,300

16

1,403

20

954

Total

500

3,55,154

143

80,233

190

2,12,445

Ministry of Shipping has taken numerous initiatives for unlocking potential of waterways which is enclosed at Annex-I

Annex-I

Initiatives under Sagarmala Programme to unlock the potential of Waterways

a. Ministry of Shipping has notified licensing relaxation to foreign flag vessels for carrying transshipment containers, empty containers, fertilizers and agricultural, fisheries, animal husbandry and horticultural commodities on coastal routes.

b. The licensing Relaxation for coastal shipping to special vessels such as Ro-Ro, Hybrid Ro-Ro, Ro Pure Car Carriers, Pure Car and Truck Carriers, LNG Vessels and Over-dimensional or Project Cargo is extended till 2021.

c. Under coastal berth scheme, financial assistance up-to 50% of total project cost or maximum funding limit can be provided to the implementing agency for creation of infrastructure to promote movement of cargo/passengers by sea/National Waterways.

d. A study has been conducted in association with Asian Development Bank to prepare a perspective plan for coastal shipping  and an action plan has been formulated under the topics of policy interventions, infrastructure interventions and process interventions is being implemented by the Ministry of Shipping.

e. Minimum 40% discount is offered by major ports on vessel and cargo related charges to coastal vessels.

f. To promote inland water transport (IWT) in the country, 111 (including 5 existing and 106 new) National Waterways (NWs) have been declared under the National Waterways Act, 2016.

g. NW-I (Ganga-Bhagirathi- Hooghly river system from Allahabad to Haldia) in Uttar Pradesh, Bihar, Jharkhand & West Bengal; NW-2 (River Brahmaputra from Dhubri to Sadiya) in Assam; NW-3( West Coast Canal from Kottapuram to Kollam along with Udyogmandal and Champakara Canals) in Kerala, have already been developed with fairway navigational aids, jetties and terminals with mechanised equipment handling facilities for loading of cargo. These water ways are operational and vessels are plying on them. In addition, NW-10 (river Amba), NW-68(river Mandovi), NW-73 (river Narmada), NW-83(Rajpuri Creek), NW-85 (Revadanda Creek- Kundalikariver system), NW-91 (Shastri river- Jaigad creek system), NW-97 (Sunderbans Waterways), NW-100 (river Tapti) and NW-111(river Zuari) are operational.

h. Feasibilities studies have been completed by the Inland Waterways Authority of India (IWAI) for 106 new NWs and based on the outcome of feasibility studies and Detailed Project Reports (DPRs), 20 new NWs were found feasible for development of shipping and navigation in addition to 5 existing NWs, on which development activities are already ongoing.

i. To augment the navigational capacity on the Haldia-Varanasi stretch on NW-1(river Ganga), the Ministry of Shipping / IWAI is implementing the Jal Marg Vikas Project (JMVP) at an estimated cost of ₹ 5369.18 crore. Under JMVP construction of multimodal terminals at Varanasi, Sahibganj&Haldia, Ro-Ro terminals, fairway development navigational lock at Farakka, channel marking systems etc., are being set up.

j. Fairway development work in Vijayawada-Muktyala stretch of river Krishna in Andhra Pradesh (part of NW-4) has been completed. Fabrication of four floating pontoons and land acquisition for fixed terminals(4 nos.) at Ibrahimpatnam, Harischandrapuram, Muktyala and Madipadu is underway.

This information was given by Minister of State (Independent Charge) for Shipping Shri Mansukh Mandaviya in a written reply to the Loksabha today. 

YB/AP

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