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    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
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    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
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    Indian economy to hit USD 5-trillion mark in FY29 as per IMF: FM
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    50,000 Students to Participate in Season 2 of the Franklin Templeton National Mutual Fund Olympiad 2026
    Currently nine trade disputes pending against India under WTO rules: Govt
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    Govt hikes windfall gains tax on petrol, diesel, ATF exports
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    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
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    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
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    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
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    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
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    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
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    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
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    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
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    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.
    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
    August 4, 2026
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
    August 4, 2026
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
    August 4, 2026
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
    National statistical modernisation uses digital survey platforms with validation checks, AI-enabled support and multilingual interfaces, alongside short-duration surveys and administrative data to improve sampling and timely official statistics. Reforms include base revisions for Gross Domestic Product, Consumer Price Index and Index of Industrial Production; adoption of metadata, quality-assessment and classification standards; and alignment with international statistical principles and methodologies. Sustainable development indicators and infrastructure monitoring are supported through a national indicator framework, PAIMANA and a standardised performance dashboard.
    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.

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      News conference between Zelenskyy, Trump's Ukraine envoy cancelled amid growing tensions

      February 20, 2025

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      Kyiv, Feb 20 (AP) A news conference that was planned to follow talks between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump's Ukraine envoy was cancelled Thursday as political tensions deepened between the two countries over how to end the almost three-year war with Russia.

      The event was originally supposed to include comments to the media by Zelenskyy and retired US Lt. Gen. Keith Kellogg, but it was changed at the last minute to a simple photo opportunity where the two posed for journalists.

      They did not deliver statements or field questions as expected. The change was requested by the US side, Ukrainian presidential spokesman Serhii Nikiforov said.

      Kellogg's trip to Kyiv coincided with recent feuding between Trump and Zelenskyy that has bruised their personal relations and cast further doubt on the future of US support for Ukraine's war effort.

      Dozens of journalists gathered at Ukraine's presidential office in Kyiv after being invited to take photos and observe a news conference with Zelenskyy and Kellogg. As the meeting began, photographers and video journalists were allowed into a room where the two men shook hands before sitting across from each other at a table.

      Journalists were then informed that there would be no news conference with remarks by the leaders or questions from reporters. Nikiforov gave no reason for the sudden change except to say that it was in accordance with US wishes.

      The US delegation made no immediate comment. The White House did not immediately respond to questions about why the news conference was called off.

      The two men were due to speak about Trump's efforts to end the war. Zelenskyy had previously said he looked forward to explaining what was happening in Ukraine and showing it to Kellogg.

      Kellogg, one of the architects of a staunchly conservative policy book laying out an “America First” national security agenda, has long been Trump's top adviser on defence issues.

      Zelenskyy and Trump have traded rebukes in recent days.

      The spat erupted after Russia and the US agreed Tuesday to start working toward ending the war in Ukraine and improving their diplomatic and economic ties. With that, Trump abruptly reversed the three-year US policy of isolating Russia.

      Zelenskyy was unhappy that a US team opened the talks without inviting him or European governments that have backed Kyiv.

      When Trump claimed Zelenskyy was deeply unpopular in Ukraine, the president said Trump was living in a Russian-made “disinformation space,” suggesting he had been duped by Putin.

      But Zelenskyy “retains a fairly high level of public trust” — about 57 per cent — according to a report released Wednesday by the Kyiv International Institute of Sociology.

      Trump accused Zelenskyy of being “A Dictator without Elections!!” Due to the war, Ukraine did delay elections that were scheduled for April 2024.

      Trump also suggested that Ukraine was to blame for the war.

      Russia's army crossed the border on February 24, 2022, in an all-out invasion that Putin sought to justify by falsely saying it was needed to protect Russian-speaking civilians in eastern Ukraine and prevent the country from joining NATO.

      On Wednesday, Trump warned Zelenskyy that he “better move fast” to negotiate an end to Russia's invasion of Ukraine or risk not having a nation to lead.

      European leaders quickly threw their support behind Zelenskyy.

      German Chancellor Olaf Scholz whose country has been Kyiv's second-biggest weapons supplier after the US, said it was “wrong and dangerous” to deny Zelenskyy's democratic legitimacy.

      Ukraine has been defending itself for nearly three years against a merciless war of aggression — day after day,” Scholz told news outlet Der Spiegel.

      British Prime Minister Keir Starmer spoke to Zelenskyy on Wednesday and expressed support for him "as Ukraine's democratically elected leader,” Starmer's office said, adding that it was “perfectly reasonable” to postpone elections during wartime.

      Russian officials, meanwhile, are basking in Washington's attention and offering words of support for Trump's stance.

      Kremlin spokesman Dmitry Peskov said “the rhetoric of Zelenskyy and many representatives of the Kyiv regime in general leaves much to be desired” — a veiled reference to Ukrainian criticism of Putin.

      “Representatives of the Ukrainian regime, especially in recent months, often allow themselves to make statements about the heads of other states that are completely unacceptable,” Peskov said in a conference call with reporters.

      Amid the diplomatic clamour, Ukrainian civilians continue to endure Russian strikes. Russia fired 161 Shahed and decoy drones and up to 14 missiles of various types at Ukraine overnight from Wednesday to Thursday, according to military authorities.

      A Russian glide bomb struck an apartment block in the southern city of Kherson on Wednesday night, killing one person and wounding six, including 14-year-old twins, authorities said.

      The southern port city of Odesa also came under a Russian drone attack for the second consecutive night, leaving almost 50,000 homes without electricity in freezing winter temperatures, officials said. (AP) GSP

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