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    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
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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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      Europe, Canada are eyeing alternatives to American-made fighter jets. Here's why

      March 19, 2025

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      Berlin, Mar 19 (AP) Questions are mounting in Canada and in Europe over whether big-ticket purchases of high-end US weaponry, such as the F-35 Joint Strike Fighter, are still a wise strategic choice for Western countries worried about their investment in US defence technology.

      In less than two months, US President Donald Trump has upended decades of US foreign policy. He has left NATO members questioning whether the US will honour the alliance's commitment to defend each other if other European countries are attacked by Russia. He's also made repeat overtures to Russia and suspended most US foreign aid.

      And Pete Hegseth, Trump's defence secretary, last month told a gathering of European defence ministers “that stark strategic realities” prevent the US from being primarily focused on the security of Europe.

      That could impact foreign sales of the Lockheed Martin-produced F-35 and other advanced US jets like the F-16. As the war in Ukraine continues into its fourth year, it's become clear that Eastern European NATO members still have vast stores of Soviet-era weapons in their stockpiles that were not interoperable with Western weaponry. A long-term plan to get all of NATO on similar platforms — by replacing old Soviet-era jets with Western ones, particularly the F-16 and in some cases, the F-35 — has gained momentum.

      Some of the NATO countries are now re-thinking tying their defence to US-made systems and potentially considering European jets like the Saab Gripen, Eurofighter Typhoon and Dassault Rafale instead.

      Angering an F-35 partner In Canada, where Trump has launched a trade war and has threatened economic coercion to make it the 51st American state, new Prime Minister Mark Carney has asked Defense Minister Bill Blair to review its purchase of F-35s. Canada has been a partner with the US in developing the F-35.

      Blair will see if there are other options “given the changing environment,” a defence spokesman said.

      Carney on Tuesday announced a radar purchase from Australia worth Canadian $6 billion ($4.2 billion). The Over-the-Horizon Radar system will provide early warning radar coverage from the Canada-United States border into the Arctic, and officials said it would have a smaller footprint than a similar American system.

      And in Portugal, the outgoing defence minister said in an interview with a Portuguese newspaper published last week that “recent positions” taken by the US compelled a rethink about the purchase of F-35s because the US has become unpredictable. Portugal is considering various options to replace its F-16s.

      “You're not just buying an airplane, you're buying a relationship with the United States,” said Winslow T. Wheeler, a longtime government watchdog who spent 30 years in the U.S. Congress working for Democrats and Republicans on national security and defence issues. “People in the past have not just welcomed but craved that kind of relationship.” The Netherlands and Norway have voiced recent support for the F-35 program in comments to the media.

      “The F-35 is a vital component of our national defence capability, and the cooperation and dialogue with the United States continues to support the development and use of this high-end platform," Norwegian State Secretary Andreas Flåm said in a statement. ”We expect this constructive cooperation to continue into the future." The F-35 and a kill switch The F-35 Joint Strike Fighter was designed to combine stealth, maneuverability and attack capabilities in a single aircraft. Each jet costs about $85 million (78 million euros), and the price jumps to $100 million (91 million euros) to $150 million (137 million euros) when supporting infrastructure and spare parts are included. About 1,100 have been produced to date for 16 military services across the globe.

      The F-35B, a variant that can take off from ship decks vertically, is the latest model. It's the most expensive weapons system the U.S. has ever produced, with estimated lifetime costs now expected to top $1.7 trillion. One of the ways the program was counting on reducing those costs was by selling more aircraft to international customers.

      But the Trump administration's recent pause on providing intelligence to Ukraine to force the country to negotiate with Russia has fuelled fears that the U.S. may have similar ways to coerce them in a future fight — such as by embedding a hypothetical “kill switch” in the F-35's millions of lines of programming.

      In a statement, the Pentagon's F-35 Lightning II Joint Programme Office on Tuesday vehemently rejected any notion that jets sold to allies could be remotely disabled.

      “There is no kill switch. The F-35 was conceived, developed, and continues to be operated and sustained as a joint/coalition platform, built on strong partnerships with US allies and partner nations across the globe,” the office said in a statement. “The strength of the F-35 program lies in its global partnership, and we remain committed to providing all users with the full functionality and support they require.” But that's not the only way to impact an ally's program, Wheeler said. The F-35 requires constant US-controlled tech upgrades to operate in combat. If a relationship with the US soured and updates were delayed, it could make a jet, or even a fleet, inoperable, he said.

      Lockheed Martin, in a statement Tuesday, said the company is committed to helping its customers “strengthen their airpower and security with the F-35.” “As part of our government contracts, we deliver all system infrastructure and data required for all F-35 customers to sustain the aircraft,” the defence contractor said. “We remain committed to providing affordable and reliable sustainment services to our customers that enable them to complete their missions and come home safely.” European jet alternatives The Saab Gripen, Eurofighter Typhoon and Dassault Rafale could see an increase in sales if other countries decide to forgo their F-35 purchases. But none of them have the stealth capabilities of the F-35.

      The Swedish-made Saab Gripen is used by the militaries of Sweden, the Czech Republic, Hungary, South Africa,Brazil and Thailand. Conventional defence industry wisdom says it's significantly cheaper than the F-35, Wheeler said.

      The Eurofighter Typhoon, a swing-role combat aircraft, is part of the British, German, Spanish and Italian forces. It's manufactured by a consortium of defence companies: Airbus, BAE Systems and Leonardo.

      The French-built Dassault Rafale twin-jet fighter is used by the French Navy and the French Air and Space Force. The governments of Egypt, India, Qatar, Greece, Croatia, the United Arab Emirates, Serbia and Indonesia have all signed contracts for Rafales.

      David Jordan, a senior lecturer in defence studies at King's College London and co-director of the Freeman Air and Space Institute, said that previously, European leaders felt it was easier and more cost-effective to lean on the U.S. defence industry — and American taxpayers — to get access to advanced weaponry. But the Trump administration's move away from Europe could be the turning point, Jordan said.

      It would require the continent to pool its money and resources — often a sticking point among the countries — into research and development, manufacturing and logistics, but Jordan said it's possible within five to 10 years.

      “The European defence industry is more than capable of building what it needs,” Jordan said.

      French President Emmanuel Macron is already ramping up his efforts to persuade France's allies to switch to European defence contractors and weapons systems, including French-built Rafale fighters.

      “Those who buy the F-35 should be offered the Rafale. That's how we'll increase the pace,” La Dépêche du Midi quoted Macron as saying during a press briefing Friday to journalists from regional French newspapers.

      If the Europeans increase their production, it would greatly affect the bottom lines of Lockheed Martin and other U.S. defence companies. Jordan said U.S. defence contractors are likely concerned about Trump's next move.

      “At what point will they say we don't like this, we're talking about risking billions of dollars here,'” Jordan said.

      The White House did not respond to a request for comment Tuesday. (AP) NSA NSA

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