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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
    Show AI Summary
    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
    Show AI Summary
    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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      PM's Make in India failed; alternative vision must focus on energy, mobility revolution: Rahul

      February 3, 2025

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      New Delhi, Feb 3 (PTI) Claiming that Prime Minister Narendra Modi's 'Make in India' initiative has failed, Leader of the Opposition Rahul Gandhi on Monday presented an alternative vision of greatly enhancing the participation of Dalits, tribals and OBCs, as well as ensuring that the energy and mobility revolution is not given up to the Chinese.

      He, however, conceded that successive governments, be it the Congress-led UPA or the the BJP-led NDA, have not been able to tackle unemployment and give a clear cut answer to the youth on employment.

      Speaking on the Motion of Thanks on the President's address, Gandhi centred his address around on what a presidential address under an INDIA bloc government would look like.

      "When we talk to the US, we wouldn't send our foreign minister to (get) our PM invited to his (US President's) coronation. We will not send our foreign minister 3-4 times (to say) please invite our prime minister... because if we had a robust production system and were working on technologies, the US President would come to India and invite our PM," Gandhi said to protests from the treasury benches with Union minister Kiren Rijiju asking him not to make "unsubstantiated allegations" on India's foreign policy.

      Gandhi's remarks were an apparent reference to External Affairs Minister S Jaishankar travelling to the US ahead of President Donald Trump's inauguration. Jaishankar, later represented India at the inauguration on January 20.

      Noting that India's future is going to be decided by the youth, Gandhi said the country has grown at a fast pace in the past and is now growing at a slower rate, but it has not been able to address the universal problem of unemployment.

      "Neither the UPA government nor today's NDA government has given a clear cut answer to the youth about unemployment," the former Congress chief said.

      He also said 'Make in India' was a good idea, but the prime minister "pretty much failed". PM Modi was present in the House when Gandhi spoke.

      "Manufacturing fell from 15.3 per cent of GDP in 2014 to 12.6 per cent of GDP today i.e. the lowest share of manufacturing in 60 years," he said.

      "I am not even blaming the prime minister because it would not be fair to say that the prime minister did not try. I think the prime minister tried and conceptually 'Make in India' was a good idea but it is pretty clear that he failed," Gandhi said.

      He said the alternative vision must answer how the problem of unemployment will be solved.

      Every government since 1990 has done a decent job on organising consumption but the record of the country in organising production is dismal, Gandhi said. "What we have done is that we have handed over the organisation of production to the Chinese." He said that due to rising unemployment, social tension is on the rise in India.

      Gandhi said that his message to the youth is that a mobility revolution is taking place as "we are moving from the world of the internal combustion engine to the world of the electric motor and we are moving from petrol to batteries".

      "The last time there was a revolution, the computer revolution, the Congress government looked at the revolution and decided that we are going to focus on the development software. We rode the wave of that revolution. Today you can see the results," he said.

      Gandhi said four technologies driving change in mobility are -- electric motors, batteries, optics, application of Aritificial Intelligence (AI).

      "AI on its own is absolutely meaningless, as it operates on top of data. In India, consumption data is owned by the US through companies such as Google, Facebook, and Instagram," he said.

      He said China has a 10-year lead over India in terms of the revolution.

      "Our president's address will say to youngsters, we will choose critical areas in each one of these technologies and we will start to build capabilities in those areas. We would ensure our banking system is not captured by 2-3 companies, our banking system is open, dynamic and accessible to small and medium businesses," he said.

      "Today, we have the Chinese (on our land) but the Prime Minister has denied it, the Army disagreed with the Prime Minister," he said, to strong protests from the treasury benches.

      "The PM has denied that Chinese forces are inside our territory but for some reason our army keeps talking to the Chinese about their entry into our territory and our chief of army staff has said that the Chinese are inside our territory," he said.

      Gandhi claimed the reason China is inside this country is because 'Make in India' has failed and India is refusing to produce. "I am worried that India is going to give up this revolution to the Chinese once again," he said.

      He also said a Congress government have conducted a Caste Census in Telangana, and the findings are shocking.

      Almost 90 percent of Telangana's population is constituted by Dalits, Adivasis, Backward Classes, or minorities, he said, adding that he is sure that the OBC population of this country is at least 50 percent.

      "There are two parallel tracks to focus on: firstly, ensuring the participation of OBCs, Adivasis, and Dalits in the country's governance, institutions, and equal distribution of wealth. Secondly, challenging China and participating in the revolution to emerge victorious," Gandhi said.

      He asserted the President's address was pretty much the same the year before and the year before that, and it was a laundry list of things that the government has done.

      Later, in a post on X, Gandhi shared his address on X and said, "As the world stands on the brink of a technological and economic revolution, India needs a new vision for growth, production, and participation'”one that directly addresses our two biggest challenges: the job crisis and the lack of opportunity for 90% of Indians." "Jobs come from production, which Make In India has failed to revive. But we have an opportunity with the revolution in energy and mobility - with renewable energy, batteries, electric motors and optics, and AI to bring these together. India must master a central role in this revolution, and boost production to give our youth hope for the future," he said.

      "Although China is 10 years ahead, we can catch up - with the right vision.

      An INDIA government would realign education, enlist experts, widely spread finance, and align our trade and foreign policies," he asserted.

      Asserting that production is also the foundation of national security, Gandhi said that in a world where wars are not fought between armies but between industrial systems, our dependence on Chinese imports like motors and batteries puts us at risk.

      Internally, India is fighting against inequality that is increasing social tensions by excluding the 90%, he said.

      "We must conduct a caste census to understand where Dalits, Adivasis, OBCs and minorities stand today; and with the help of AI understand how best to ensure they have a fair share in the nation's wealth and opportunities. It is only these two tracks in parallel - production and participation - which will create a robust growth story for India and a bright future for all our youth," Gandhi said. PTI ASK TIR TIR

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