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    Rajya Sabha passes bill to tackle payment delays faced by MSMEs amid Opposition protests
    MPC's 3-day meeting begins amid expectations of status quo on interest rates
    Trane Technologies Reports Strong Second Quarter Results; Raises Full-Year Revenue and EPS Guidance
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    DRI seizes quantities of gold; drugs, e-cigarettes and other contraband in pan-India Ops; 20 persons, including 5 foreign nationals, arrested
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    Rupee rises 31 paise to 95.12 against US dollar in early trade
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    Punjab GST revenue rises 20 pc to Rs 10,447 crore in April-July: Cheema
    India-China trade through Shipli La resumes after six years
    Odisha's export can reach USD 50 billion by FY 2029-30: Study
    Andhra records 21 per cent growth in net GST collections till July
    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    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
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    August 3, 2026
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    MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
    MSME delayed-payment reforms seek faster adjudication, strengthened recovery and improved liquidity for enterprise suppliers. Courts may direct payment of at least half of an awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and recognised as legally enforceable debts under the insolvency framework. The measures also provide graded penalties, voluntary digital registration, invoice settlement through the Trade Receivables Discounting System, and additional Facilitation Councils.
    August 3, 2026
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    Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
    Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
    August 3, 2026
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    Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
    Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.
    August 3, 2026
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    Counterfeit drug enforcement targets illicit manufacture, storage and trafficking networks, with coordinated seizures and referral of non-narcotic stock.
    Counterfeit-drug enforcement under Operation Vajra addressed an inter-state network involved in the illicit manufacture, storage and distribution of narcotic drugs, psychotropic substances and spurious pharmaceutical products. Searches of unregistered godowns recovered narcotic products, unauthorisedly manufactured Buprenorphine injection ampoules, and counterfeit non-NDPS medicines. A farmhouse-based illicit manufacturing facility was dismantled, with machinery, chemicals and related materials seized under the NDPS Act, 1985.
    August 3, 2026
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    Anti-smuggling enforcement targets concealed gold, narcotics, protected products, prohibited e-cigarettes and restricted imports through coordinated intelligence operations.
    Intelligence-led anti-smuggling operations resulted in seizures of foreign-origin gold, narcotic drugs, hydroponic weed, protected wildlife and forest products, prohibited electronic cigarettes, and restricted poppy seeds and areca nuts. The operations identified concealment through fabricated baggage cavities, false cargo declarations, misdeclaration of origin, forged documentation, and concealment in transport vehicles. Poppy seeds are restricted under the Foreign Trade Policy and may be imported only subject to conditions concerning legally cultivated produce from designated countries and registration of import contracts with the Narcotics Commissioner.
    August 3, 2026
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    Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
    Tax devolution was released to State Governments as an additional advance instalment alongside the normal monthly devolution schedule. The fiscal transfer shares net proceeds of Union taxes and duties with States, with the stated purpose of strengthening State finances and supporting accelerated capital and developmental expenditure. The release includes a State-wise distribution of tax-devolution proceeds.
    August 3, 2026
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    Financial performance reporting highlights revenue and EBITDA growth, garmenting recovery, retail optimisation, ESG commitments, and forward-looking risk disclosures.
    Financial performance reflects growth in total income and EBITDA, with improved margin, reduced net working-capital days, and a net-cash position. Branded textiles and high-value cotton shirting reported lower revenue due to the prior-year base effect, while branded apparel grew but faced lower margin from channel mix. Garmenting improved through order-book execution, tariff rationalisation, and new global clients. ESG priorities include female representation, waste-management initiatives, renewable energy, emissions reduction, and workplace safety. Forward-looking statements remain subject to regulatory, political, economic, and technological risks.
    August 3, 2026
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    Foreign exchange market support strengthens the rupee as lower crude prices, portfolio inflows and reserve growth improve sentiment.
    Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, attributed to lower global crude oil prices, a weaker dollar, sustained foreign portfolio inflows, higher foreign exchange reserves, and Reserve Bank of India presence in the foreign exchange market. Domestic equity market gains and net foreign institutional equity purchases were also identified as supporting factors.
    August 2, 2026
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    Gold smuggling detection targets sophisticated concealment methods through strengthened passenger profiling, intelligence gathering and coordinated investigations into organised networks.
    Gold smuggling detection at Kerala airports led to multiple seizures, registration of cases and arrests in alleged smuggling attempts. Organised networks reportedly use gold in paste or compound forms concealed in clothing, body cavities, aircraft seats and other unconventional locations. Enforcement measures include strengthened passenger profiling, intelligence gathering and inter-agency coordination, while investigations continue to identify associated syndicates and financiers.
    August 2, 2026
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    Offshore exploration funding supports deepwater drilling, shared infrastructure and seismic data to strengthen domestic hydrocarbon production potential.
    The Samudra Manthan National Offshore Exploration Scheme provides direct budgetary support for high-risk deepwater and ultra-deepwater exploratory drilling, subject to cost-sharing and per-well limits. Support is available to eligible operators holding or securing exploration acreage. The scheme also funds offshore data acquisition and shared subsea, receipt and processing infrastructure through a Common Hub Infrastructure model. It is intended to promote risk exploration, improve commercialisation of offshore discoveries and strengthen domestic hydrocarbon production potential within the existing exploration and licensing framework.
    August 1, 2026
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    GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
    Punjab attributed increased GST collections to voluntary compliance, intelligence-based enforcement and technology-driven tax administration, while facilitating compliant taxpayers through timely GST refunds. Data analytics, risk profiling and field verification were used to identify tax evasion, bogus billing, fake input tax credit networks and misuse of the GST registration framework. Measures included penalties, cancellation of fraudulent registrations and recovery of long-pending VAT arrears through attachment and auction of defaulters' properties.
    August 1, 2026
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    Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
    Cross-border barter trade through Shipki La between India and Tibet resumed after a six-year interruption. Traders may exchange specified goods under a barter arrangement and must return within 72 hours. Traders are required to comply strictly with import-export regulations prescribed by the Union Ministry of Commerce, emphasising transparency and regulatory compliance. Expansion of permitted goods may be pursued through prescribed governmental and external-affairs channels.
    August 1, 2026
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    Export growth projections outline pathways for Odisha to expand merchandise trade through export diversification, MSME support and financing initiatives.
    Export growth projections for Odisha set out base, optimistic and ambitious scenarios through FY 2029-30, based respectively on historical growth, envisaged national export growth, and a larger share of national exports. Odisha's export basket remains concentrated in metals and minerals, led by aluminium products, with China as the principal export destination. Odisha Vision 2047 identifies exports, including MSME contributions, as an economic transformation driver, while export-financing and risk-mitigation initiatives aim to address financing gaps for exporters and MSMEs.
    August 1, 2026
    Show AI Summary
    GST compliance enforcement through AI analytics supported sustained net GST collection growth despite rate rationalisation reforms and reduced compliance costs.
    GST revenue mobilisation in Andhra Pradesh showed year-on-year growth in net GST and total commercial tax collections through July 2026, despite rate-rationalisation reforms. Revenue growth was attributed to AI-based scrutiny and analytics, machine-learning risk scoring, AI-driven IGST reversals, UPI-based enforcement analytics, data sharing, predictive analytics, registration verification, and Aadhaar-integrated expansion of the professional-tax base. These measures were stated to strengthen compliance, curb wrongful input tax credit claims, broaden taxpayer coverage, and improve revenue mobilisation.
    August 1, 2026
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    Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
    Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
    August 1, 2026
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    PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
    PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
    August 1, 2026
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    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
    August 1, 2026
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    GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
    GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
    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.

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      Francis changed church policy on death penalty, nuclear weapons but upheld it on abortion

      April 21, 2025

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      Vatican City, Apr 21 (AP) Pope Francis changed the Catholic Church's teaching in areas such as the death penalty and nuclear weapons, upheld it in others such as abortion, and made inroads with Muslims and believers who long felt marginalised.

      Where Francis, who died on Monday, stood on key issues: Abortion Francis upheld church teaching opposing abortion and echoed his predecessors in saying that human life is sacred and must be defended. He described abortion, as well as euthanasia, as evidence of today's “throwaway culture” and likened abortion to “hiring a hit man to resolve a problem”.

      But he didn't emphasise the church's position to the extent his predecessors did, and said women who had abortions must be accompanied spiritually by the church.

      Francis also allowed ordinary priests — not just bishops — to absolve Catholic women who had intentionally terminated a pregnancy.

      He didn't approve of attempts by US bishops to deny Holy Communion to President Joe Biden because of his abortion-rights stance, saying bishops should be pastors, not politicians.

      Abuse Francis' greatest scandal of his papacy was when he discredited Chilean sexual abuse victims by siding with a bishop whom they accused of complicity in the abuse.

      After realising his error, he invited the victims to the Vatican and apologised in person. He then brought the entire Chilean bishops conference to Rome where he pressed them to resign.

      In his most significant move, Francis defrocked former US Cardinal Theodore McCarrick after a Vatican investigation determined he abused minors as well as adults.

      Francis later passed church laws abolishing the use of pontifical secrecy and establishing procedures to investigate bishops who abuse or cover up for predator priests.

      But he was dogged by some high-profile cases where he seemed to side with accused priests.

      Benedict In 2013, Pope Benedict XVI resigned in the first such papal retirement in 600 years, and Francis was elected to replace him.

      With Benedict living on the Vatican grounds until his 2022 death, Francis said it was like having a “wise grandfather” at home, part of his belief the elderly have a wealth of experience to offer.

      There was friction at times, however, including when Benedict co-authored a book strongly backing priestly celibacy at the precise moment Francis was considering an exception to resolve a clergy shortage in the Amazon.

      He praised Benedict for humility and courage by setting a precedent for retired popes, although after the German-born pontiff died, Francis said the papacy should be a job for life.

      Capitalism Some conservative US commentators accused Francis of having Marxist sympathies, given his frequent denunciations of economic systems that “idolise” money over people and clear distaste for US-style capitalism.

      He called for a universal basic income, dignified wages and working conditions, and said that while globalisation had saved many from poverty, “it has condemned many others to die of hunger because it's a selective economic system”.

      “This economy kills,” he said of globalisation, defending his positions as those of the Gospel, not communism.

      Celibacy Francis upheld celibacy for Latin Rite priests even after bishops from the Amazon asked him to make an exception to allow married priests to address a shortage of clerics.

      Francis had long said the celibacy requirement could change, since it was not a matter of doctrine. But he said the debate was too politicized and that he didn't want to be the pope to take the step.

      China In 2018, Francis authorised a deal over bishop nominations in China to end a decades-long dispute and regularised the status of a half-dozen Chinese bishops who had been consecrated without papal consent.

      Details of the accord were never released, but his conservative critics bashed it as a sellout to communist China, while the Vatican defended it as the best deal it could get before Beijing closed the door entirely.

      Contraception Francis defended the church's opposition to artificial contraception, but he also said Catholics need not breed “like rabbits” and should instead practice “responsible parenthood” through approved methods.

      The church endorsed the Natural Family Planning method, which involves monitoring a woman's cycle to avoid intercourse when she is ovulating.

      At the same time, Francis suggested in 2016 that women threatened with the Zika virus — which was causing malformations in thousands of children at the time — could use artificial contraception because “avoiding pregnancy is not an absolute evil” in light of epidemics.

      COVID-19 Like the rest of humanity, Francis was grounded during COVID-19, prevented from travelling, celebrating Mass in public or presiding over audiences. He repeatedly urged the world to use the pandemic as a wake-up call showing the need to reset priorities and policies in favour of the most vulnerable.

      Francis strongly supported vaccination campaigns and demanded the poor have priority. The Vatican's doctrine office said it was morally acceptable to be vaccinated, even with shots that used cell lines from aborted fetuses in research and production processes, putting Francis at odds with conservatives who refused the shots on moral grounds.

      Death penalty Francis went beyond his predecessors and changed Catholic teaching to state that the death penalty is “inadmissible” in all cases, regardless of the severity of the crime.

      Francis also called life in prison without parole a “hidden death penalty” and solitary confinement a “form of torture”, saying both should be abolished.

      Divorce Francis divided the church by issuing an opening to divorced and civilly married Catholics to receive Communion.

      Church teaching holds that, without a church-issued annulment declaring the initial marriage invalid, these Catholics are committing adultery and thus cannot receive the sacrament.

      Francis first made it easier to get an annulment. Then, he didn't create a blanket admission to the sacraments to these Catholics without one, but in a footnote to his 2016 encyclical “The Joy of Love”, he suggested bishops and priests could accompany such couples on a case-by-case basis.

      Environment Francis became the first pope to use scientific data in a major teaching document by calling global warming a largely human-caused problem.

      In his 2015 encyclical “Praised Be”, Francis denounced a “structurally perverse” world economic system that exploits the poor and risks turning the Earth into an “immense pile of filth”.

      A 2023 update singled out the US for its emissions and warned the world was “nearing a breaking point”.

      He pressed the issue at a 2019 meeting of bishops from the Amazon and in his preaching on the coronavirus pandemic. While Francis pressed the ecological issue harder than his predecessors, many popes before him called for better care for God's creation.

      Indigenous peoples Francis made sweeping apologies for the “crimes” against Indigenous peoples during the colonial and post-colonial conquest of the Americas.

      He apologised in Bolivia in 2015 and again during a “penitential pilgrimage” to Canada in 2022 for the church's role in the forced assimilation of Indigenous children in church-run residential schools.

      The Vatican also formally repudiated the “Doctrine of Discovery”, theories backed by 15th century “papal bulls”, or charters, that legitimised the colonial-era seizure of lands and form the basis of some property laws today, even though it didn't rescind the bulls themselves.

      Francis also held up as a model economic system the Jesuit-run missions in Paraguay that brought Christianity and European-style education and economic organisation to the natives in the 17th and 18th centuries.

      He canonized the 18th century missionary Junipero Serra during his 2015 trip to the US over objections from some Native American groups who accused Serra of forced conversions, enslaving converts and helping wipe out Indigenous populations through disease.

      Islam Francis made significant progress in the Vatican's troubled relations with Islam by forging ties with Sunni and Shiite religious leaders and emphasising a shared commitment to peace, solidarity and dialogue.

      He signed a landmark document on the need for greater human fraternity with Sheikh Ahmed al-Tayeb, the grand imam of Al-Azhar, the seat of Sunni learning in Cairo.

      He was the first pope to visit both the Arabian Peninsula and Iraq, the birthplace of Abraham, a prophet important to Christians, Muslims and Jews. While in Iraq, he met with the country's top Shiite cleric and a revered figure in the Shiite world, Grand Ayatollah Ali al-Sistani.

      Latin Mass In one of his most controversial moves, Francis reversed Benedict and reimposed restrictions on celebrating the old Latin Mass.

      Francis said he had to act because the spread of the so-called Tridentine Rite after Benedict relaxed restrictions in 2007 was becoming a source of division in the church.

      This outraged his traditionalist and conservative critics, who called the move an attack on them and the ancient rite. It fuelled right-wing opposition to Francis that already was angered at his outreach to gays and divorced Catholics.

      LGBTQ+ Francis famously said, “Who am I to judge?” when asked in 2013 about a Vatican monsignor who was purportedly gay.

      Francis followed up by assuring gay people that God loves them as they are, that “being homosexual is not a crime”, and that “everyone, everyone, everyone” is welcome in the church.

      During his pontificate, the Vatican reversed itself and said transgender people could be baptized, serve as godparents and witnesses at weddings; and approved same-sex blessings. But while he met several times with members of the LGBTQ+ community, Francis didn't change church teaching stating that homosexual acts are “intrinsically disordered”.

      As archbishop of Buenos Aires, he opposed efforts to legalize same-sex marriage and proposed, unsuccessfully, that the country approve civil unions instead.

      He articulated support for those Argentine civil union protections in a 2019 interview with Mexican broadcaster Televisa, making him the first pope to come out in favor of them.

      Migration Francis denounced the “globalisation of indifference” shown to migrants and urged Europe and other countries to open their doors to those seeking better lives.

      His first trip outside Rome as pontiff in July 2013 was to the Italian island of Lampedusa, a key site in Europe's migration crisis.

      In 2016, he brought a dozen Syrian refugees to Rome with him from a camp in Greece and repeated the gesture in 2021 while visiting Cyprus and Greece. “We cannot allow the Mediterranean to become a vast cemetery!” he told European lawmakers.

      He also decried “inhuman” conditions facing migrants crossing the US-Mexico border. In 2016, Francis said of then-candidate Donald Trump that anyone building a wall to keep migrants out “is not a Christian”.

      Nuclear weapons Francis went further than his predecessors -- and church teaching -- by saying that not only the use, but the mere possession of nuclear weapons was “immoral".

      The church previously held that nuclear deterrence could be morally acceptable in the interim as long as it went toward mutual, verifiable disarmament.

      Vatican reform Francis was elected on a mandate for bureaucratic reform after centuries of waste, mismanagement and market crises put the Vatican's financial health at risk.

      He imposed regulations to bring order, transparency and modern accounting to the books, requiring competitive bidding procedures, caps on gifts, salary cuts for cardinals and the centralisation of assets and investments in one office with a unified, ethical and green investment policy.

      He created a Secretariat for the Economy to supervise the Holy See's finances, staffed mostly with lay experts, and he authorized a sweeping criminal trial into the Vatican's botched investment in a London real estate deal that resulted in losses of tens of millions of euros.

      Women Francis consistently called for a greater role for women in governing the church and made significant appointments and changes to church law to prove his point.

      He named an Italian nun as prefect of the Vatican office for religious orders and another Italian nun as head of the Vatican City State administration, two jobs previously held only by cardinals. He also named a French nun as an undersecretary in the Vatican Synod of Bishops' office, giving her a vote in the previously all-male process and opened up the synod itself to voting women members.

      He named three women to the Vatican office that vets bishop appointments, a first. He appointed women to half the seats on the Vatican's economic council, appointed two study commissions into whether women could be ordained deacons, put Mary Magdalene on par with the male apostles by declaring a feast day for her, and formally allowed women to serve as lectors and acolytes, services previously open to them on an ad hoc basis.

      But he reaffirmed the all-male priesthood and ruled out, for now, ordaining women as deacons. (AP) PY PY

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