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    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    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
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    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
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    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
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    August 16, 2026
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    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
    Show AI Summary
    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
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    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.

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      Pope Francis converted to environmental cause, denounced those he blamed for climate change

      April 22, 2025

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      Vatican City, Apr 22 (AP) Few moments in Pope Francis' papacy better exemplify his understanding of climate change and the need to address it than the rain-soaked Mass he celebrated in Tacloban, Philippines, in 2015.

      Wearing one of the cheap plastic yellow ponchos that were handed out to the faithful, Francis experienced first-hand the type of freak, extreme storms that scientists blame on global warming and are increasingly striking vulnerable, low-lying islands.

      He had travelled to Tacloban, on the island of Leyte, to comfort survivors of one of the strongest recorded tropical cyclones, Typhoon Haiyan. The 2013 storm killed more than 7,300 people, flattened villages and displaced about 5 million residents.

      But with another storm approaching Tacloban two years later, Francis had to cut short his visit to get off the island.

      “So many of you have lost everything. I don't know what to tell you,” Francis told the crowd in Tacloban's muddy airport field as the wind nearly toppled candlesticks on the altar.

      Francis, who died Monday at 88, was moved to silence that day by the survivors' pain and the devastation he saw. But he would channel it a few months later when he published his landmark encyclical, “Praised Be,” which cast care for the planet as an urgent and existential moral concern.

      The first ecological encyclical The document, written to inspire global negotiators at the 2015 Paris climate talks, accused the “structurally perverse,” profit-driven economy of the global north of ravaging Earth and turning it into a “pile of filth.” The poor, Indigenous peoples and islanders like those in Tacloban suffered the most, he argued, bearing the brunt of increasing droughts, extreme storms, deforestation and pollution.

      It was the first ecological encyclical, and it affirmed the Argentine Jesuit, who in his youth studied to be a chemist, as an authoritative voice in the environmental movement.

      Later cited by presidents and scientists, the document inspired a global faith-based coalition to try to save God's creation before it was too late.

      “I think he understood from the beginning that there are three relationships that had to be regenerated: Our relationship with God, our relationship with the created world and our relationship with our fellow creatures,” said papal biographer Austen Ivereigh.

      It wasn't always so.

      A conversion in 2007 in Brazil Francis had a steep learning curve on the environment, just as he did with clergy sexual abuse, which he initially dismissed as overblown. He himself pointed to a 2007 meeting of Latin American and Caribbean bishops in Aparecida, Brazil, as the moment of his ecological awakening.

      There, the then-Cardinal Jorge Mario Bergoglio had been elected to draft the conference's final document, and was under pressure to include calls from Brazilian bishops to highlight the plight of the Amazon.

      Bergoglio, the dour-faced archbishop of urbane Buenos Aires, didn't get what all the fuss was about.

      “At first I was a bit annoyed,” Francis wrote in the 2020 book “Let Us Dream.” “It struck me as excessive.” By the end of the meeting, Bergoglio was converted and convinced.

      The final Aparecida document devoted several sections to the environment: It denounced multinational extraction companies that plundered the region's resources at the expense of the poor.

      It warned of melting glaciers and the effects of lost biodiversity. It cast the ravaging of the planet as an assault on God's divine plan that violated the biblical imperative to “cultivate and care” for creation.

      Those same issues would later find prominence in “Praised Be,” which took its name from the repeated first line of the “Canticle of the Creatures,” one of the best-known poetic songs of the pontiff's nature-loving namesake, St Francis of Assisi.

      They also would be highlighted in the Amazon Synod that Francis called at the Vatican in 2019, a meeting of bishops and Indigenous peoples specifically to address how the Catholic Church could and should respond to the plight of the Amazon and its impoverished people.

      “I think the pope's most important contribution was to insist on the ethical aspect of the debate about climate justice,” said Giuseppe Onofrio, head of Greenpeace Italy, “that the poor were those who contributed the least to pollution and the climate crisis, but were paying the highest price.” How the environment affects all other ills In many ways, those same issues would also come to define much of Francis' papacy. He came to view the environmental cause as encapsulating nearly all the other ills afflicting humanity in the 21st century: poverty, social and economic injustice, migration and what he called the “throwaway culture” — a melting pot of problems that he was convinced could only be addressed holistically.

      Some of Francis' strongest calls to protect the environment would come on or around Earth Day, celebrated April 22.

      “For some time now, we have been becoming more aware that nature deserves to be protected, even if only because human interaction with God's biodiversity must take care with utmost care and respect,” Francis said in a video message released on Earth Day in 2021.

      Cardinal Michael Czerny, the Canadian Jesuit whom Francis would later entrust with the ecological dossier, said the 2007 meeting in Brazil had a big impact on Francis.

      “In Aparecida, listening to so many different bishops talking about what was deteriorating, but also what the people were suffering, I think really impressed him,” said Czerny.

      Czerny's mandate encapsulated Francis' vision of “integral ecology,” covering the environment, the Vatican's response to the COVID-19 pandemic, its charitable Caritas federation, migration advocacy, economic development and its antinuclear campaign.

      The multifaceted approach was intentional, Czerny said, to establish new thinking about ecology that went beyond the politicised concept of “green” advocacy to something bigger and nonnegotiable: humanity's relationship with God and creation.

      “Everything is connected,” Francis liked to say.

      A legacy from Pope Paul VI He was by no means the first pope to embrace the ecological cause. According to the book “The Popes and Ecology,” Pope Paul VI was the first pontiff to refer to an “ecological catastrophe” in a 1970 speech to a UN food agency.

      St John Paul II largely ignored the environment, though he did write the first truly ecological manifesto: his 1990 World Day of Peace message, which linked consumer lifestyle with environmental decay.

      Pope Benedict XVI was known as the “green pope,” primarily for having installed solar panels on the Vatican auditorium and starting a tree-planting campaign to offset the greenhouse gas emissions of Vatican City.

      Francis issued an update to “Praised Be” in 2023, just before the UN climate conference in Dubai. While consistent with the original text, the update was even more dire and showed Francis had grown more urgent in his alarm.

      He became even more willing to point fingers at the world's biggest emitters of heat-trapping greenhouse gases, especially the US. And he called out those, including in the church, who denied the human causes of global warming.

      “He showed that he had an understanding of what was happening in the world, and he saw the world from the point of view, as he was like to say, of the peripheries, of the margins,” said Ivereigh, the papal biographer. “He brought the margins into the centre.” (AP) NPK NPK

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