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    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    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
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
    India's exports surge 19.6 pc in Jul; trade deficit widens to six-month high
    CBI ARRESTS CGST SUPERINTENDENT IN BRIBERY CASE
    The cumulative exports (merchandise & services) during April-July 2026-27 is estimated at US$ 316.42 Billion, as compared to US$ 279.63 Billion in Apr...
    Unlimit Mobile Ties Up with ICICI Bank Canada, RBC Royal Bank to Add Mobile Connectivity Benefits to Student GIC Journey
    Standard Chartered Accelerates India's GCC Growth with its Global Banking Expertise and 25 Years of GCC Experience
    IFSCA Grants Nexent Capital GIFT City Investment Banking License
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    August 14, 2026
    Show AI Summary
    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
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    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
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    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
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    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
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    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
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    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
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    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.
    August 13, 2026
    Show AI Summary
    Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
    Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
    August 13, 2026
    Show AI Summary
    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
    India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
    August 13, 2026
    Show AI Summary
    GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
    GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
    August 13, 2026
    Show AI Summary
    Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
    Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
    August 13, 2026
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    Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
    Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
    August 13, 2026
    Show AI Summary
    Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
    India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
    August 13, 2026
    Show AI Summary
    Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
    Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.
    August 13, 2026
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    Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
    Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
    August 13, 2026
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    Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
    IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.

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      Scientists have lost their jobs or grants in US cuts. Foreign universities want to hire them

      May 25, 2025

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      Washington, May 25 (AP) As the Trump administration cut billions of dollars in federal funding to scientific research, thousands of scientists in the US lost their jobs or grants — and governments and universities around the world spotted an opportunity.

      The “Canada Leads” programme, launched in April, hopes to foster the next generation of innovators by bringing early-career biomedical researchers north of the border.

      Aix-Marseille University in France started the “Safe Place for Science” programme in March — pledging to “welcome” U.S.-based scientists who “may feel threatened or hindered in their research.” Australia's “Global Talent Attraction Programme,” announced in April, promises competitive salaries and relocation packages.

      “In response to what is happening in the US,” said Anna-Maria Arabia, head of the Australian Academy of Sciences, “we see an unparalleled opportunity to attract some of the smartest minds here.” Since World War II, the US has invested huge amounts of money in scientific research conducted at independent universities and federal agencies. That funding helped the US to become the world's leading scientific power — and has led to the invention of cell phones and the internet as well as new ways to treat cancer, heart disease and strokes, noted Holden Thorp, editor-in-chief of the journal Science.

      But today that system is being shaken.

      Since President Donald Trump took office in January, his administration has pointed to what it calls waste and inefficiency in federal science spending and made major cuts to staff levels and grant funding at the National Academy of Sciences, the National Institutes of Health, NASA and other agencies, as well as slashing research dollars that flow to some private universities.

      The White House budget proposal for next year calls to cut the NIH budget by roughly 40 per cent and the National Science Foundation's by 55 per cent.

      “The Trump administration is spending its first few months reviewing the previous administration's projects, identifying waste, and realigning our research spending to match the American people's priorities and continue our innovative dominance,” said White House spokesperson Kush Desai.

      Already, several universities have announced hiring freezes, laid off staff or stopped admitting new graduate students. On Thursday, the Trump administration revoked Harvard University's ability to enroll international students, though a judge put that on hold.

      Research institutions abroad are watching with concern for collaborations that depend on colleagues in the US — but they also see opportunities to potentially poach talent.

      “There are threats to science ... south of the border,” said Brad Wouters, of University Health Network, Canada's leading hospital and medical research centre, which launched the “Canada Leads” recruitment drive. “There's a whole pool of talent, a whole cohort that is being affected by this moment.” Promising a safe place to do science Universities worldwide are always trying to recruit from one another, just as tech companies and businesses in other fields do. What's unusual about the current moment is that many global recruiters are targeting researchers by promising something that seems newly threatened: academic freedom.

      European Commission President Ursula von der Leyen said this month that the European Union intends to “to enshrine freedom of scientific research into law.” She spoke at the launch of the bloc's “Choose Europe for Science” — which was in the works before the Trump administration cuts but has sought to capitalise on the moment.

      Eric Berton, president of Aix-Marseille University, expressed a similar sentiment after launching the institution's “Safe Place for Science” programme.

      “Our American research colleagues are not particularly interested by money," he said of applicants. “What they want above all is to be able to continue their research and that their academic freedom be preserved.” Too early to say 'brain drain' It's too early to say how many scientists will choose to leave the US. It will take months for universities to review applications and dole out funding, and longer for researchers to uproot their lives.

      Plus, the American lead in funding research and development is enormous — and even significant cuts may leave crucial programs standing. The US has been the world's leading funder of R&D — including government, university and private investment — for decades.

      In 2023, the country funded 29 per cent of the world's R&D, according to the American Association for the Advancement of Science.

      But some institutions abroad are reporting significant early interest from researchers in the US. Nearly half of the applications to “Safe Place for Science” — 139 out of 300 total — came from US-based scientists, including AI researchers and astrophysicists.

      US-based applicants in this year's recruitment round for France's Institute of Genetics, Molecular and Cellular Biology roughly doubled over last year.

      At the Max Planck Society in Germany, the Lise Meitner Excellence Programme — aimed at young female researchers — drew triple the number of applications from US-based scientists this year as last year.

      Recruiters who work with companies and nonprofits say they see a similar trend.

      Natalie Derry, a UK-based managing partner of the Global Emerging Sciences Practice at recruiter WittKieffer, said her team has seen a 25 per cent to 35 per cent increase in applicants from the US cold-calling about open positions. When they reach out to scientists currently based in the US, “we are getting a much higher hit rate of people showing interest.” Still, there are practical hurdles to overcome for would-be continent-hoppers, she said. That can include language hurdles, arranging childcare or eldercare, and significant differences in national pension or retirement programs.

      Community ties Brandon Coventry never thought he would consider a scientific career outside the United States. But federal funding cuts and questions over whether new grants will materialise have left him unsure. While reluctant to leave his family and friends, he's applied to faculty positions in Canada and France.

      “I've never wanted to necessarily leave the United States, but this is a serious contender for me,” said Coventry, who is a postdoctoral fellow studying neural implants at the University of Wisconsin-Madison.

      But it's not easy to pick up and move a scientific career — let alone a life.

      Marianna Zhang was studying how children develop race and gender stereotypes as a postdoctoral fellow at New York University when her National Science Foundation grant was cancelled. She said it felt like “America as a country was no longer interested in studying questions like mine.” Still, she wasn't sure of her next move. “It's no easy solution, just fleeing and escaping to another country,” she said.

      The recruitment programmes range in ambition, from those trying to attract a dozen researchers to a single university to the continent-wide “Choose Europe” initiative.

      But it's unclear if the total amount of funding and new positions offered could match what's being shed in the US.

      A global vacuum Even as universities and institutes think about recruiting talent from the US, there's more apprehension than glee at the funding cuts.

      “Science is a global endeavour,” said Patrick Cramer, head of the Max Planck Society, noting that datasets and discoveries are often shared among international collaborators.

      One aim of recruitment drives is to “to help prevent the loss of talent to the global scientific community,” he said.

      Researchers worldwide will suffer if collaborations are shut down and databases taken offline, scientists say.

      “The US was always an example, in both science and education,” said Patrick Schultz, president of France's Institute of Genetics, Molecular and Cellular Biology. So the cuts and policies were “very frightening also for us because it was an example for the whole world.” (AP) NPK NPK

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