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    PM urges MSMEs to tap opportunities from FTAs
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August 15, 2026
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Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
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Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
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Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
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Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
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Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
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Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
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Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
August 14, 2026
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Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
August 14, 2026
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Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
August 14, 2026
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International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
August 14, 2026
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Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
August 14, 2026
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International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
August 14, 2026
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Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
August 13, 2026
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International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
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Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
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Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
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GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
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Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
August 13, 2026
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Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
August 13, 2026
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Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.

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PM inaugurates new campus of National Academy of Customs, Indirect Taxes & Narcotics at Palasamudram, Sri Sathya Sai District, Andhra Pradesh

January 17, 2024

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Interacts with 74th and 75th batches of the Indian Revenue Service (Custom & Indirect Taxes) and officer trainees of Royal Civil Service of Bhutan

We gave the country a modern system in the form of GST and simplified income tax and introduced faceless assessment. All these reforms have resulted in record tax collection: Prime Minister Shri Narendra Modi

Recognised by World Customs Organisation, NACIN is an Institute of National Importance for training IRS officials and officials from South East Asian countries, said Union Finance Minister Smt. Nirmala Sitharaman

NACIN is a preeminent institution that enables comprehensive training and capacity building in the fields of customs, indirect taxes, and narcotics control: Andhra Pradesh Chief Minister Shri Y.S. Jagan Mohan Reddy

With international collaborations and a focus on regional capacity building, the Academy is slated to emerge as a pioneer in excellence and professional training: CBIC Chairman

The Prime Minister, Shri Narendra Modi inaugurated the new campus of National Academy of Customs, Indirect Taxes & Narcotics (NACIN) at Palasamudram, Sri Sathya Sai District in Andhra Pradesh.

He also took a walkthrough of the exhibition showcased on the occasion. The Prime Minister also interacted with Officer Trainees of the 74th and 75th batches of the Indian Revenue Service (Custom & Indirect Taxes) as well as officer trainees of the Royal Civil Service of Bhutan.

Addressing the gathering, the Prime Minister congratulated everyone for the inauguration of the National Academy of Customs, Indirect Taxes & Narcotics at Palasamudram.  He expressed confidence that the new campus of NACIN will create new dimensions of good governance and give a boost to trade and industry in the nation.

Further elaborating this PM Modi talked about the tax reforms in the last 10 years. He recalled multiple, non-transparent tax systems of earlier times. “We gave the country a modern system in the form of GST and simplified income tax and introduced faceless assessment. All these reforms have resulted in record tax collection”, the Prime Minister said. ‘We are returning people’s money through various schemes’, he added. He informed that the IT exemption limit was raised from the income of 2 lakh to 7 lakh rupees. Tax reforms after 2014 have resulted in tax savings of about 2.5 lakh crore rupees for the citizens. He said that the number of taxpayers is consistently increasing in the country as they feel happy that their tax money is put to good use.

He concluded by asking the officers to realize their role in nation-building and called for collective efforts to increase the country's income, and investment and enhance ease of doing business.

To read more, click: https://pib.gov.in/PressReleasePage.aspx?PRID=1996697 

Governor of Andhra Pradesh, Shri S. Abdul Nazeer; Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman; Chief Minister of Andhra Pradesh, Shri Y.S. Jagan Mohan Reddy; and Chairman of the Central Board of Indirect Taxes and Customs (CBIC), Shri Sanjay Kumar Agarwal, were present on the occasion among others.

Thanking the Prime Minister for a World Class Institute and a World Class Academy, Chief Minister of Andhra Pradesh, Shri Y.S. Jagan Mohan Reddy, in his address on the occasion, said, “It is indeed a privilege to participate in the inaugural event of the 2nd NACIN Academy. It is a preeminent institution that enables comprehensive training and capacity building in the fields of customs, indirect taxes, and narcotics control. For officers representing various entities such as CBIC, Narcotics Control Bureau and so forth.”

Speaking on the occasion, Union Finance Minister Smt. Nirmala Sitharaman said that, “This is an Institute of National Importance where the Indian Revenue Service officials will get their training like how the IAS officers get their training in LBSNAA (Lal Bahadur Shastri National Academy of Administration) and IPS officers get their training at SVPNPA (Sardar Vallabhbhai Patel National Police Academy). This is recognised by World Customs Organisation and is capable of training officers from South East Asian countries also. I would like to thank Shri Narendra Modi ji for gracing the occasion.  I extend my sincere gratitude to the State Government for providing 500 acres of land for this purpose.”

Welcoming the Prime Minister on the occasion, Shri Sanjay Kumar Agarwal, Chairperson, CBIC, in his address, said, “NACIN campus is sprawling across 500 acres of land and will serve as a temple of learning with state-of-art technologies. Despite the vast area and challenging terrain, the buildings of the campus have taken shape at unprecedented pace and the facility has been made ready in short span of 18 months.”

Shri Aggarwal further said, “With international collaborations and a focus on regional capacity building, the Academy is slated to emerge as a pioneer in excellence and professional training.”

Background

In a step towards realising the Prime Minister’s vision of improving governance through Civil Service Capacity Building, the new state-of-the-art campus of National Academy of Customs, Indirect Taxes and Narcotics (NACIN) at Palasamudram, Sri Sathya Sai District, Andhra Pradesh was conceptualized and built. Spread in 500 acres, the academy is the apex institution of the Government of India for capacity building in the field of Indirect Taxation (Customs, Central Excise and Goods and Services Tax) and Narcotics Control Administration. The national-level world-class training institute will impart training to the officials of the Indian Revenue Service (Custom & Indirect Taxes) as well as to the central allied services, state governments & partner nations.

With the addition of this new campus, the NACIN will focus on the use of new-age technologies such as Augmented & Virtual Reality, Blockchain as well as Artificial Intelligence and other emerging Technologies for training and capacity building.

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