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    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
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    All Indian exports of dual-use items comply with international obligations: MEA
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    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
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    Rupee appreciates 7 paise to close at 95.43 against US dollar
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    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
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August 1, 2026
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Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
August 1, 2026
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GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
August 1, 2026
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GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
August 1, 2026
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Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
August 1, 2026
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Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
August 1, 2026
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Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
August 1, 2026
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Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
July 31, 2026
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Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
July 31, 2026
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Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
July 31, 2026
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Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
July 31, 2026
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Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
July 31, 2026
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Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
July 31, 2026
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Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
July 31, 2026
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India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
July 31, 2026
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Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
July 31, 2026
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Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
July 31, 2026
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Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.

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House GOP holdouts threaten Trump's 'big, beautiful' budget, tax cut bill as votes postponed

April 10, 2025

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Washington, Apr 10 (AP) Despite a shove from US President Donald Trump, House Republicans abruptly postponed a vote late Wednesday on their budget framework, unable to convince conservative GOP holdouts who had raised grave misgivings over allowing trillions of dollars in tax breaks without deeper spending cuts.

Speaker Mike Johnson almost dared the Republican hardliners to defy Trump and risk upending what the president calls the “big, beautiful bill", which is central to his agenda of tax cuts, mass deportations and a smaller federal government. In the end, he had to hit pause, but vowed to try again Thursday.

“Don't doubt us,” Johnson said, after a more than hourlong huddle with GOP lawmakers. “Just give us a little space to do our work.” Pushing the budget framework forward would log another milestone for Johnson, who had set a deadline of the congressional spring break recess Thursday for advancing the resolution. A failed vote, particularly as the economy was convulsing over Trump's trade wars, would be a major setback for the Republican agenda in Washington.

“Stop grandstanding!” Trump had admonished Republicans during a black-tie fundraising dinner at the National Building Museum on Tuesday night.

Trump told the Republicans, “Close your eyes and get there.” But by Wednesday afternoon, the outcome was in flux. At least a dozen conservative Republicans stood firmly against the plan. Several of them, including leaders of the ultraconservative Freedom Caucus, made the unusual move of walking across the Capitol to meet privately with Senate GOP leaders to insist on deeper cuts.

As night fell, Johnson pulled a group of Republicans into a private meeting room off the House chamber. House proceedings came to a standstill.

Johnson said he spoke with Trump for about five or six minutes in a side room while the GOP meeting was taking place. “This is part of the process,” Johnson said afterward.

“I'm very optimistic about the outcome of this, this one big, beautiful bill,'” he said. “We want everybody to have a high degree of comfort about what is happening here, and we have a small subset of members who weren't totally satisfied with the product as it stands.” But House GOP conservatives, including several of those who met personally with Trump at the White House this week, remained concerned that the Senate GOP's blueprint, approved last weekend, does not slash spending to the level they believe is necessary to help prevent soaring deficits.

“The Math Does Not Add Up,” Rep Chip Roy posted on social media. He said he would not support it.

Rep Andy Harris, the chair of the Freedom Caucus, led others to met with Senate Majority Leader John Thune and other Senate GOP leaders.

Sen John Barrasso, the GOP whip, exited a short time later calling it a very positive meeting. "The House and the Senate Republicans are all on the same page, and we're all committed to serious and significant savings for the American taxpayers,” Barrasso said.

Voting would provide another step in a process that will take weeks, if not months. The House and Senate must resolve their differences in a final product with more votes ahead later this spring or summer.

Democrats, in the minority, do not have enough votes to stop the package, but have warned against it.

Pennsylvania Rep Brendan Boyle, the ranking Democrat on the budget committee, said the proposed GOP budget cuts in either the House or Senate version would deeply harm Medicaid, the health care programme used by tens of millions of Americans.

“This will have a devastating impact on my district, my state — and all 435 congressional districts throughout our land,” Boyle said.

House Democratic Leader Hakeem Jeffries of New York said the Republicans' budget plan is reckless and callous as it proposes slashing budgets to give tax breaks to the wealthy.

“We're here to make it clear,” Jeffries said. “Hands off everyday Americans struggling to make ends meet.” The budget framework starts the process of the Republican effort to preserve the tax breaks approved in 2017, during Trump's first term, while potentially adding the new ones he promised on the campaign trail. That includes no taxes on tipped wages, Social Security income and others, ballooning the price tag to some $7 trillion over the decade.

The package also allows for budget increases with some $175 billion to pay for Trump's mass deportation operation and as much for the Defence Department to bolster military spending.

It all would be partly paid for with steep cuts to domestic programs, including health care, as part of the $2 trillion in reductions outlined in the House GOP version of the package, though several GOP senators have signaled they are not willing to go that far.

To clip costs, the Senate is using an unusual accounting method that does not count the costs of preserving the 2017 tax cuts, some $4.5 trillion, as new spending, another factor that is enraging the House conservatives.

Two Republican senators voted against their package during an overnight weekend session — Maine Sen Susan Collins objected to steep cuts to Medicaid in the House's framework, while Kentucky Sen Rand Paul argued the whole package relied on “fishy” math that would add to the debt.

The package would also boost the nation's debt limit to allow more borrowing to pay the bills. Trump had wanted lawmakers to take the politically difficult issue off the table. With debt now at $36 trillion, the Treasury Department has said it will run out of funds by August.

But the House and Senate need to resolve their differences on the debt limit, as well. The House GOP raises the debt limit by $4 trillion, but the Senate GOP boosted it to $5 trillion so Congress would not have to revisit the issue again until after the fall 2026 mid-term election.

With Trump's trade wars hovering over the debate, House Republicans tucked a provision into a procedural vote that would prevent House action — as the Senate has taken — to disapprove of Trump's tariffs. (AP) SCY SCY

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