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    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
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    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
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    SVC Co-operative Bank Concludes 120th Annual General Meeting, Reaffirms Growth, Governance and Digital Focus
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    August 5, 2026
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    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
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    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
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    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
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    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
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    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
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    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
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    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.
    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
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    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
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    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
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    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
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    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
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    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
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    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
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    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.
    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.

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      Nicaragua's former President Violeta Chamorro dies at 95, family says

      June 15, 2025

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      San Jose, Jun 14 (AP) Violeta Chamorro, an unassuming homemaker who was thrust into politics by her husband's assassination and stunned the world by ousting the ruling Sandinista party in presidential elections and ending Nicaragua's civil war, has died, her family said in a statement on Saturday. She was 95.

      The country's first female president, known as Doña Violeta to both supporters and detractors, she presided over the Central American nation's uneasy transition to peace after nearly a decade of conflict between the Sandinista government of Daniel Ortega and US-backed Contra rebels.

      At nearly seven years, Chamorro's was the longest single term ever served by a democratically elected Nicaraguan leader, and when it was over she handed over the presidential sash to an elected civilian successor — a relative rarity for a country with a long history of strongman rule, revolution and deep political polarisation.

      Chamorro died in San Jose, Costa Rica, according to the family's statement shared by her son, Carlos Fernando Chamorro, on X.

      “Doña Violeta died peacefully, surrounded by the affection and love of her children and those who had provided her with extraordinary care, and now she finds herself in the peace of the Lord,” the statement said.

      A religious ceremony was being planned in San Jose. Her remains will be held in Costa Rica “until Nicaragua returns to being a Republic,” the statement said.

      In more recent years, the family had been driven into exile in Costa Rica like hundreds of thousands of other Nicaraguans fleeing the repression of Ortega.

      Violeta Chamorro's daughter, Cristiana Chamorro, was held under house arrest for months in Nicaragua and then convicted of money laundering and other charges as Ortega moved to clear the field of challengers as he sought reelection.

      The Violeta Barrios de Chamorro Foundation closed its operations in Nicaragua in January 2021, as thousands of nongovernmental organizations have been forced to do since because Ortega has worked to silence any critical voices. It had provided training for journalists, helped finance journalistic outlets and defended freedom of expression.

      Husband's assassination Born Violeta Barrios Torres on October 18, 1929, in the southwestern city of Rivas, Chamorro had little by way of preparation for the public eye. The eldest daughter of a landowning family, she was sent to US finishing schools.

      After her father's death in 1948, she returned to the family home and married Pedro Joaquin Chamorro, who soon became editor and publisher of the family newspaper, La Prensa, following his own father's death.

      He penned editorials denouncing the abuses of the regime of Gen. Anastasio Somoza, whose family had ruled Nicaragua for four decades, and was gunned down on a Managua street in January 1978.

      The killing, widely believed to have been ordered by Somoza, galvanised the opposition and fuelled the popular revolt led by Ortega's Sandinista National Liberation Front that toppled the dictator in July 1979.

      Chamorro herself acknowledged that she had little ambition beyond raising her four children before her husband's assassination. She said she was in Miami shopping for a wedding dress for one of her daughters when she heard the news.

      Still, Chamorro took over publishing La Prensa and also became a member of the junta that replaced Somoza. She quit just nine months later as the Sandinistas exerted their dominance and built a socialist government aligned with Cuba and the Soviet Union and at odds with the United States amid the Cold War.

      La Prensa became a leading voice of opposition to the Sandinistas and the focus of regular harassment by government supporters who accused the paper of being part of Washington's efforts — along with US-financed rebels, dubbed “Contras” by the Sandinistas for their counterrevolutionary fight — to undermine the leftist regime.

      Chamorro later recounted bitter memories of what she considered the Sandinistas' betrayal of her husband's democratic goals and her own faith in the anti-Somoza revolution.

      “I'm not praising Somoza's government. It was horrible. But the threats that I've had from the Sandinistas — I never thought they would repay me in that way,” she said.

      Peace and 'progress' Chamorro saw her own family divided by the country's politics. Son Pedro Joaquin became a leader of the Contras, and daughter Cristiana worked as an editor at La Prensa. But another son, Carlos Fernando, and Chamorro's eldest daughter, Claudia, were militant Sandinistas.

      By 1990 Nicaragua was in tatters. The economy was in shambles thanks to a US trade embargo, Sandinista mismanagement and war. Some 30,000 people had died in the fighting between the Contras and Sandinistas.

      When a coalition of 14 opposition parties nominated an initially reluctant Chamorro as their candidate in the presidential election called for February that year, few gave her much chance against the Sandinista incumbent, Ortega. Even after months of campaigning, she stumbled over speeches and made baffling blunders. Suffering from osteoporosis, a disease that weakens the bones, she broke her knee in a household fall and spent much of the campaign in a wheelchair.

      But elegant, silver-haired and dressed almost exclusively in white, she connected with many Nicaraguans tired of war and hardship. Her maternal image, coupled with promises of reconciliation and an end to the military draft, contrasted with Ortega's swagger and revolutionary rhetoric.

      “I bring the flag of love,” she told a rally shortly before the vote. “Hatred has only brought us war and hunger. With love will come peace and progress.” She shocked the Sandinistas and the world by handily winning the election, hailing her victory as the fulfillment of her late husband's vision.

      “We knew that in a free election we would achieve a democratic republic of the kind Pedro Joaquin always dreamed,” Chamorro said.

      Washington lifted trade sanctions and promised aid to rebuild the nation's ravaged economy, and by June the 19,000-strong Contra army had been disbanded, formally ending an eight-year war.

      Forced into negotiations Chamorro had little else to celebrate during her first months in office.

      In the two months between the election and her inauguration, the Sandinistas looted the government, signing over government vehicles and houses to militants in a giveaway that became popularly known as “the pinata.” Her plans to stabilize the hyperinflation-wracked economy with free-market reforms were met with stiff opposition from the Sandinistas, who had the loyalty of most of the country's organized labor.

      Chamorro's first 100 days in power were marred by two general strikes, the second of which led to street battles between protesters and government supporters. To restore order Chamorro called on the Sandinista-dominated army, testing the loyalty of the force led by Gen. Humberto Ortega, Daniel Ortega's older brother. The army took to the streets but did not act against the strikers.

      Chamorro was forced into negotiations, broadening the growing rift between moderates and hardliners in her government. Eventually her vice president, Virgilio Godoy, became one over her most vocal critics.

      Nicaraguans hoping that Chamorro's election would quickly bring stability and economic progress were disappointed. Within a year some former Contras had taken up arms again, saying they were being persecuted by security forces still largely controlled by the Sandinistas. Few investors were willing to gamble on a destitute country with a volatile workforce, while foreign volunteers who had been willing to pick coffee and cotton in support of the Sandinistas had long departed.

      “What more do you want than to have the war ended?” Chamorro said after a year in office.

      Vision of forgiveness Chamorro was unable to undo Nicaragua's dire poverty. By the end of her administration in early 1997, unemployment was measured at over 50 percent, while crime, drug abuse and prostitution — practically unheard of during the Sandinista years — soared.

      That year she handed the presidential sash to another elected civilian: conservative Arnoldo Aleman, who also defeated Ortega at the ballot.

      In her final months in office, Chamorro published an autobiography, “Dreams of the Heart,” in which she emphasized her vision of forgiveness and reconciliation.

      “After six years as president, she has broadened her definition of my children' to include all Nicaraguans,” wrote a reviewer for the Los Angeles Times. “So even political opponents like Ortega are briefly criticized in one sentence, only to be generously forgiven in the next.” After leaving office, Chamorro retired to her Managua home and her grandchildren. She generally steered clear of politics and created the Violeta Barrios de Chamorro Foundation.

      In 2011 it was revealed that she suffered from a brain tumor. In October 2018, she was hospitalised and said by family members to be in “delicate condition” after suffering a cerebral embolism, a kind of stroke. (AP) GSP

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