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August 17, 2026
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RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
August 17, 2026
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Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
August 17, 2026
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Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
August 17, 2026
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FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
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
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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
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
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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
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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.

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While Trump overhauls FEMA, Mississippi tornado survivors await assistance

May 21, 2025

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Tylertown, Mississippi, May 21 (AP) More than two months after a tornado demolished his Mississippi home, Brian Lowery still sifts through the rubble, hoping to find a tie clip his mother gave him, made from the center stone of her wedding band.

“I still have hope,” Lowery said.

He, his wife and 13-year-old son made it to safety before the tornado ripped apart their trailer home of 15 years during a severe weather outbreak in mid-March. But the recovery since has been slow and painful. Mississippi's request for federal aid is still pending before the Federal Emergency Management Agency, meaning badly needed assistance has not yet made it to his hard-hit community of Tylertown.

“I don't know what you got to do or what you got to have to be able to be declared for a federal disaster area because this is pretty bad,” Lowery said. “We can't help you because, whatever, we're waiting on a letter; we're waiting on somebody to sign his name. You know, all that. I'm just over it.” It is not unusual for weeks to pass before FEMA approves a declaration. President Donald Trump has pointed to these waits as a reason he is considering dismantling the agency, calling FEMA “very bureaucratic” and “very slow.” The wait offers a glimpse of what could be in store for communities around the country as the summer storm season arrives and FEMA is mired in turmoil. States including Kentucky, Missouri and Oklahoma have already been battered with tornadoes this week, setting the stage for more disaster requests to FEMA. And the Atlantic hurricane season is just around the corner.

FEMA is able to respond quite effectively in many ways, but “getting the resources to those communities after the fact has been slowed,” said Susan Cutter, a Carolina Distinguished Professor of Geography at the University of South Carolina and co-director of the Hazards Vulnerability & Resilience Institute.

In coming disasters, Cutter said, she anticipates seeing slower progress in getting needed resources to communities in a timely manner.

FEMA acting chief David Richardson has pushed back on claims that FEMA is ill-prepared for severe weather this summer. In an agencywide town hall last week, he said FEMA was “to some degree, to a great degree, ready for disaster season '25.” March storms left 7 dead and wrecked hundreds of homes In Mississippi, nearly 20 tornadoes tore through the state on March 14 and 15, leaving seven people dead and hundreds of homes destroyed or damaged. Republican Mississippi Gov. Tate Reeves asked the Trump administration for a major disaster declaration on April 1.

Such a declaration would allow access to an array of FEMA resources, including financial aid for individuals and for government agencies still removing debris and repairing infrastructure.

“We don't have a declaration yet. People are still hurting,” said Royce McKee, emergency management director for Walthall County, which includes Tylertown.

Walthall County was especially hard hit by the massive storm system that tore across multiple states. The storm spawned two significant tornadoes in the county, where four people died.

McKee said the county has sunk an estimated $700,000 into the cleanup, but it can't afford more. It has halted recovery operations while awaiting federal assistance.

“We need federal help, and we need it desperately, and we need it now,” said Bobby McGinnis, a Tylertown resident and firefighter. “I know President Trump said that — America first, we're going to help our American folks first. But we haven't seen the federal folks down here.” Requests for help come at a time of upheaval for FEMA Mississippi's request comes at a time of upheaval for FEMA. Its acting administrator, Cameron Hamilton, was recently ousted after he publicly disagreed with Trump's proposal to get "rid of FEMA.” Richardson, FEMA's new acting administrator, has committed himself to executing Trump's vision for the agency. He also previewed potential policy changes, saying there could be “more cost-sharing with states” and that FEMA would coordinate federal assistance “when deemed necessary." While Mississippi has been waiting, a similar major disaster declaration request out of Arkansas after the storms was initially denied. The decision was then appealed by Republican Gov. Sarah Huckabee Sanders and finally approved on May 13.

In Missouri, there are frustrations about the federal response to March storms In Missouri, the federal response to earlier storms is being criticized as residents pick up the pieces after a recent EF3 tornado. Packing winds of up to 150 mph (240 kph), it slammed into parts of St. Louis on Friday.

U.S. Sen. Josh Hawley, a Missouri Republican, told Homeland Security Secretary Kristi Noem on Tuesday that the need was urgent, and she responded by vowing to expedite Gov. Mike Kehoe's request for an emergency disaster declaration so the state can get money to clean up the ruble.

“That is one of the failures that FEMA has had in the past is that people who incur this kind of damage and lose everything sit there for months and sometimes years and never get the promised critical response that they think or that they believe they should be getting from the federal government,” Noem said.

After touring the damage Monday, Hawley began publicly demanding help and expressed frustration over the federal response in March, saying, “We cannot wait months. I'm not happy about the fact we're still waiting from all of that damage two months ago.” Mississippi lawmakers press federal officials about assistance Mississippi lawmakers continue to press for federal help. At a congressional hearing in early May, Republican Mississippi Rep. Michael Guest asked Noem to push forward the request.

“I would ask you if you could make sure that you could do everything to expedite that request,” Guest said. ”It is impacting my local jurisdictions with debris cleanup. It is impacting people as they seek to recover.” Republican Mississippi U.S. Sen. Cindy Hyde-Smith also asked Noem about FEMA assistance and the administration's new approach to the agency.

“President Trump has been very clear that he believes that the way that FEMA exists today should not continue,” Noem responded. “He wants to make sure that those reforms are happening where states are empowered to do the response and trained and equipped, and then the federal government would come in and support them and financially be there when they need them on their worst day.” (AP) HIG HIG

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