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    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
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    August 15, 2026
    Show AI Summary
    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
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    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
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    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Customs & Trade

      China's premier and American president: Two leaders, two speeches, two differing world visions

      March 6, 2025

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      Beijing, Mar 6 (AP) Their words came just an hour apart this week — two major speeches by two of the world's most powerful leaders, delivered on opposite sides of the planet. Together, they illustrate the very different approaches the world's 21st-century powers are taking to achieve their respective national ambitions.

      For China, it was a call for unity to overcome obstacles through innovation and “opening up” — a time-honoured phrase in Chinese politics — to eventually accomplish national rejuvenation. It came from Chinese Premier Li Qiang in Beijing as he delivered an annual work report to the National People's Congress, nearly 3,000 representatives from a nation of 1.4 billion people.

      Seven thousand miles away and an hour later, at 9 p.m. in Washington, President Donald Trump addressed both chambers of the U.S. Congress, more than 500 lawmakers representing a nation of 340 million, as he vowed to levy tariffs on imports and defeat inflation to "make America great again" — an equally resonant phrase for many in the United States.

      From setting to speaking style, the speeches were an ocean apart. Yet they struck a similar tone — that of a desire for greatness at a moment when the reigning superpower and its biggest challenger are seeing their interests increasingly at odds.

      The paths their leaders choose will shape both countries' futures — and the rest of the world's, too.

      Divided democracy vs. authoritarian unity Li's speech was a set piece delivered to a loyal audience. For 55 minutes, he read a condensed version of a mostly dry and laudatory report on the government's performance last year and its plans for 2025.

      He spoke from the stage of a grand, theatre-like chamber in the Great Hall of the People, a monumental, communist-era edifice on Beijing's renowned Tiananmen Square. China's top leader, Xi Jinping, sat on the dais behind him. The thousands of delegates arrayed before them politely applauded at the appropriate junctures.

      Trump's address, which clocked at about an hour and 40 minutes, took place in the white-domed Capitol on the eastern end of the National Mall, dotted with national monuments. With his vice president and the Republican House speaker behind him, Trump delivered a longer, more theatrical speech to a divided Congress reflecting a divided nation.

      Republicans clapped and cheered robustly at times. Democrats mostly sat in stony silence and occasionally shouted in protest. One, Rep. Al Green of Texas, was ejected from the chamber early on after he stood up and interrupted the president.

      Such unscripted moments — and the high emotions visible behind them — are rare in China. It is a one-party state, and the Communist Party brooks no dissent in public. It strives to present a facade of unity. In his remarks, Li praised unity and urged the country to “rally more closely” around Xi's leadership.

      In Washington, Trump lamented that “there is absolutely nothing I can say to make” Democrats “happy or to make them stand or smile or applaud” and called his Democratic predecessor, Joe Biden, "the worst president in American history.” Tariffs vs. globalisation Trump was upbeat about the economy, in the cheerleading way of American politicians pumping up support for their policies. He promised steps — including cutting energy costs — to defeat inflation, a pain point for many Americans. And he pledged to put more tariffs on imports, a move he claimed would boost U.S. industries but threatens to upset the global trade order and inflict pain on China and its export-dependent economy.

      “Plants are opening up all over the place. Deals are being made like never seen. That's a combination of the election win and tariffs. It's a beautiful word, isn't it?” Trump said.

      China is more worried about deflation than inflation. But Li acknowledged the other challenges the economy faces, chiefly falling real estate prices and depressed consumer spending. He reaffirmed Beijing's “unswerving commitment” to opening up.

      “Regardless of changes in the external environment, we should remain steadfast in our commitment to opening up,” Li said. “We will continue to expand our globally oriented network of high-standard free trade areas." In a statement that no doubt referred in large part to the United States, he cautioned that “an increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science and technology." Leaving climate accord vs. green transition Trump touted his move to withdraw from the Paris Climate Accord and described his energy policy with the moniker “drill, baby, drill.” He boasted of ending the previous administration's environmental restrictions and (incorrectly) its electric vehicle mandate, “saving our auto workers and companies from economic destruction.” Beijing, on the contrary, is betting on a greener economy. Li said it would be a priority to accelerate “green transition” for "all areas of economic and social development". China already has the world's largest electric vehicle industry. Echoing earlier pledges by Xi, Li said China would “actively and prudently” work towards carbon peak and carbon neutrality.

      Li stressed the importance of innovation and of developing the tech economy in China, including artificial intelligence. It's a push that many US policymakers worry could challenge America's lead in technology, with impacts on both the economic and military rivalry between the two.

      Trump made no mention of technology except to say that it would help build “a golden dome” missile defense shield over the U.S. He declared his focus as commander-in-chief to be “building the most powerful military of the future.” One measure, he said, was to resurrect the American shipbuilding industry. Li's report touched on defence only briefly but said China would “speed up the development of new combat capabilities.” MAGA vs. Chinese rejuvenation' There's something in common, too: Both countries are yearning for greatness again.

      The United States, as a rising and then reigning power, dominated the second half of the 20th century and the start of the 21st. Its economy and military are still the world's most powerful. As China emerges as a rising power, its interests increasingly and inevitably collide with those of Americans and their allies over trade, technology and far-flung Pacific islands.

      Today, through China's control of its domestic media, it plays up America's divisions and violent crimes. The message to its people: It offers a better choice for their future than the messiness of democracy.

      Trump presented a different view. He opened his speech much as he spent great parts of his inaugural address in January: by declaring that “America's momentum is back.” “Our spirit is back. Our pride is back. Our confidence is back. And the American Dream is surging bigger and better than ever before,” Trump said. “Our country is on the verge of a comeback.” Xi has fashioned what has been called the “Chinese Dream," by which the nation would be rejuvenated or restored to a position of greatness it held in centuries past.

      China doesn't necessarily want to be a leader in the U.S. sense, but it wants to be considered an equal. Concretely, China wants a greater say in setting rules in a global system long dominated by the United States.

      Trump appears more intent on freeing the US from global rules. Aside from the Paris agreement, he has pulled the US from other global groups including the World Health Organisation and the UN Human Rights Council — withdrawals that he held up as accomplishments in his speech.

      As Trump pulls the United States back from international involvement, it creates an opportunity for China to fill the void. What's unclear is to what extent the Communist Party thinks that doing so is in its interest and is able and willing to do so.

      At the start of his speech, Li told the delegates that China has made “solid new strides” in advancing its modernisation — an echo of the “Four Modernisations” that became a mantra during the rule of the late Deng Xiaoping in the late 1970s and 1980s.

      In ending his report, Li, as expected, made the call that so many Chinese leaders do at these annual March meetings: “Build a great country," he said, "and advance national rejuvenation." (AP) AMS

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