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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      From Compliance to Culture: The Urgent Need for Electrical Safety in India's Manufacturing Industry

      January 20, 2025

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      Between 2017 and 2020, accidents in India's factories led to an average of three deaths and 11 injuries every day. Even more troubling, electrical accidents account for nearly 13 electrocution fatalities daily, the highest in any country in the world. The Central Electricity Authority (CEA) data further reveals that almost 40% of workplace fatalities are caused by electrical issues, a matter of grave concern.

      Having said that, India's manufacturing sector is growing rapidly with an expected expansion of 5% in 2024 and an increase in its share to 25% of the national economy by 2025. Employment in the sector is also on the rise, increasing by 7.5% in 2022-23 alone. However, as manufacturing surges, it is putting more and more workers at risk. If India is to achieve its vision of becoming a global manufacturing hub, electrical safety must become front and centre.

      Embracing Safety as a Foundational Element Recognising this, Polycab, India’s largest manufacturer of wires and cables, in partnership with CNBC-TV18, has launched Infra Safety: Powering India's Electrical Future, a series of conclaves to address the urgent need for electrical safety in the country. After holding the first conclave of this pioneering initiative in Mumbai in December 2024, Polycab presented the second Infra Safety Conclave in Chennai on January 7, 2025.

      The discussions focused on manufacturing safety with experts from diverse sectors sharing their valuable insights. They included Gopa Kumar S, President of the National Federation of Engineers for Electrical Safety, A Thanapal, Assistant District Officer, Tamil Nadu Fire and Rescue service, and R. Balakrishnan, VP & Head, MEP design, L&T. The manufacturing sector was represented by Srivats Ram, Managing Director, Wheels India and Chairman, CII, Tamil Nadu, and RA Krishnakumar, COO, Chettinad Cement Corporation. They were joined by Polycab’s Executive Director Nikhil Jaisinghani and Executive President & Chief Business Officer Bhushan Sawhney.

      The panelists emphasized the importance of safety standards, system audits, and reliable electrical infrastructure. The conclave also highlighted innovations such as IoT and advanced cabling solutions as the drivers of an electrically safer and more sustainable manufacturing future for India.

      Prioritizing Electrical Safety Electrical safety in manufacturing must be seen as a strategic priority, not just an afterthought, stated the panelists. While initiatives such as Make in India 2.0 and Aatmanirbhar Bharat have laid the foundation for industrial growth and advancement, it is imperative for India’s manufacturing sector to turn its focus on the critical role that electrical safety will play in this progress.

      Harish Bhardwaj, National Head, Industry Vertical, Polycab, highlighted the severity of electrical accidents in the country. He noted: "The statistics are clear. Electrical accidents claim more than 5,000 lives annually. And productivity losses from disruptive power can pull down revenues by 5-10%. These are not mere numbers; they represent the human and economic cost of safety lapses." The path to a safer, more sustainable manufacturing future requires collective effort, however. This requires collaboration between the government, industry leaders, safety experts and companies, and is essential to drive change and create a culture of safety in the country’s workforce.

      Infra-Safety: A Critical Imperative in Nation’s Progress Story Pointing to India's growing attractiveness as a global manufacturing sector, which will be pivotal for the country's growth trajectory, Mr Bhardwaj noted: "Foreign direct investments in the country have grown substantially by about 69% over the last decade. Along with this, there is also a huge need for infrastructure growth, and the government has been investing significantly in this space." At the same time, India’s manufacturing scale-up requires a matching scale-up in safety with the embrace of modern safety standards. "India is a great place to set up manufacturing," said Srivats Ram, Managing Director of Wheels India and Chairman, CII, Tamil Nadu. "But as we grow and become more competitive, it is essential to instil a safety culture in manufacturing to ensure we grow safely." While India's competitive advantage lies in its large pool of skilled talent, by embedding safety and skill development into manufacturing practices, the country can build a safer, more efficient industry for long-term success.

      From Reactive to Proactive The conclave explored critical aspects of electrical safety in the Indian manufacturing sector, emphasizing the sector's preparedness to meet global safety standards, the challenges faced by manufacturers, and how these challenges could be turned into opportunities for growth and global competitiveness.

      Chettinad Cement’s R A Krishnakumar highlighted a positive change in the sector’s approach to electrical safety. "Earlier, we had a reactive approach to safety, but we have become more proactive today," he noted.

      While acknowledging this trend, R. Balakrishnan, VP & Head of MEP Design, L&T pointed out the challenges faced by MSMEs with cost constraints and the lack of skilled manpower acting as significant barriers. "The speed at which we adopt and practice safety measures will determine our global standing. However, for MSMEs, limited resources and awareness often hinder progress," he said.

      Regulation and compliance The Ministry of Heavy Industries' upcoming regulation, effective August 2025, aims to standardize Indian practices with global norms. While this regulation will cover over 50,000 types of machinery, smaller manufacturers may face challenges with compliance costs and timelines.

      Placing the need for robust safety audits and regulations in the context of the country’s emergence as an export hub, Gopa Kumar S., President of the National Federation of Engineers for Electrical Safety, pointed out: "When it comes to exports, a strong audit team often evaluates manufacturing facilities to ensure compliance with international requirements.”. Hence, the panelists urged the government to introduce subsidies and rewards for factories with exemplary safety records.

      Another recurrent theme was the need to foster awareness of the importance of electrical safety. In a fireside chat, Bhushan Sawhney, Executive President & Chief Business Officer, Polycab, succinctly stated: “India needs to bring in a safety culture which is different from having procedures and processes. This means that when people do their daily grind, they think about the safest way to do things. Those who are from the manufacturing sector would have noticed a difference in how they go about things today compared to what they did, say, 10 years ago." Mr Sawhney reiterated the importance of incentivizing safety in the manufacturing sector to boost awareness. “The government should reward industries and factories that prioritize and excel in safety measures. Creating awareness about the importance of safety is equally critical,” he urged. “A Surakshit Bharat can only be achieved when safety starts from the manufacturers,” he added.

      Role of Automation, Cables, and Smart Technologies This requires three-fold action, pointed out A. Thanapal, Gl Fire E, MI Fire E (UK), Assistant District Officer, Tamil Nadu Fire and Rescue Service: "In Tamil Nadu, nearly 814 industries faced fire accidents, of which 502 were because of electric hazards. How can we evade this? Electrical safety is nothing but applying the 3 Es -- Engineering, education and enforcement." India has a long way to go before it meets global manufacturing standards. Challenges like legacy machinery, outdated switchgear and low-quality components persist. However, innovations and technology can play a crucial role in bridging this gap. And the manufacturing sector can swiftly overhaul its safety measures by using IoT-enabled devices and advanced cables and wires to automate and transform its process control, averred Polycab’s representatives. These smart technologies can reduce electrical incidents, improve productivity, and create safer workplaces, aligning India’s factories with international benchmarks and boosting the country's manufacturing reputation.

      Building a Culture of Electrical Safety in Manufacturing While electrical safety is emerging as the foundation for global competitiveness in India’s rapidly advancing manufacturing landscape, every step in creating a robust safety culture requires collective effort — one that must be shaped by rigorous standards, open communication, and forward-thinking innovation.

      According to Venkatesu C, Chairman of Electrical Safety at FSAI, it must all start with the basics of integrity testing. “Integrity tests ensure that not just cables but also the accessories used can withstand adverse conditions,” he explained. This principle forms the groundwork, ensuring that safety begins from the smallest components and is built upward.

      However, safety is not just about the equipment, it’s also about empowering people. At FLSmidth Cement, safety has become a community effort, revealed its Head of Manufacturing, Krishnamoorthy Rathinavel. "We share information in the local language with all workers. Regular weekly meetings with blue-collar workers help. We have safety community meetings every month where we talk about improvements, initiatives and implementing a safety culture.” R. Gobinath from Optimal MEP Consultants pointed to the pivotal role played by MEP experts in bridging technical challenges and practical realities. “Sometimes, consultants must take a firm stand. While codes exist, adapting them for clients ensures better understanding and avoids issues like recurring lithium accidents,” he reflected, highlighting the need to balance adherence and innovation.

      The Infra-Safety Conclave ended with key insights from Nikhil Jaisinghani, Executive Director at Polycab. Talking about electrical catastrophes, he said, "Majority of the deaths in a fire accident take place because of smoke inhalation and the inability to move due to low visibility. We created a product called green-wire, mostly for residential applications. This product gives out white smoke (in layman terms), so you can see and move around. Today it has become the largest selling premium product in the country. But it was not easy. We had to do a lot of awareness campaigns to educate people about it".

      Nikhil also stressed the need to fix challenges early-on when adopting new technologies. This helps avoid safety gaps and ensures steady progress. He also shared how Polycab is closely working with NSDC to skill and educate electricians about best practices when it comes to safety. "Safety is hygiene, not an expectation. It must always be present and non-negotiable in any circumstance." As the Infra Safety campaign demonstrated, in the realm of manufacturing, electrical safety is not a luxury or an afterthought—it is a foundational element that must be integrated into every design, system, and protocol.

      (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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