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    Additional Information related to GDP Estimates Received After Release of Q1 Estimates of FY 2026-27
    Union Minister of Commerce & Industry Shri Piyush Goyal Chairs CEO Roundtable on Ease of Doing Business for Scaling India’s Data Centre Ecosystem
    India–Afghanistan Joint Working Group on Trade Holds Virtual Meeting; Reviews Measures to Strengthen Bilateral Trade and Economic Cooperation
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    Govt hikes windfall gains tax on petrol, diesel exports; cuts levy on ATF
    DGFT Enables Automated Issuance of Free Sale and Commerce Certificates to Promote Ease of Doing Business
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September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
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Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
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Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
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Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
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Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.
September 2, 2026
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Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
Early foreign-exchange trading saw the rupee weaken against the US dollar amid renewed US-Iran tensions, risk aversion, higher Brent crude prices, and a stronger dollar. Safe-haven demand, inflation concerns linked to potential oil-supply disruption, expectations of a September Federal Reserve rate increase, and higher US Treasury yields supported the broad dollar rally. RBI monitoring of the rupee's decline was noted.
September 2, 2026
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Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.
September 2, 2026
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E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.
September 2, 2026
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Competition approval for infrastructure finance restructuring covers acquisition, minority transfer, investment divestment, and merger of regulated NBFCs.
Competition Commission of India approval applies to the acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd., a subsequent minority share acquisition by ICICI Bank Limited, and Aseem's divestment of its shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II. Following the acquisition, Climate Finance India Private Limited is intended to merge into Aseem as the surviving entity. The entities involved include RBI-registered non-deposit taking NBFCs operating in infrastructure finance, investment and credit, and infrastructure debt financing.
September 2, 2026
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Healthcare merger approval enables KCIL to acquire fertility and specialty hospital businesses alongside related equity issuances and investment.
Competition Commission approval covers KCIL's acquisition of up to 100% equity shareholding in AFCPL and 100% equity shareholding in ASHPL. The combination includes KCIL issuing equity shares and optionally convertible debentures to AHLL, representing 9.9% fully diluted shareholding as partial consideration, together with a further KCIL equity investment by Arvon Investments Pte. Ltd. KCIL operates mother and baby care hospitals, while AFCPL provides assisted reproductive treatment and reproductive-medicine services.
September 1, 2026
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Money-laundering investigation into alleged District Mineral Fund diversion examines purported liaison activity and asset acquisition through proceeds of crime.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged diversion of District Mineral Fund resources through the Chhattisgarh Seed Corporation. The investigation alleges siphoning of public funds by contractors in collusion with government officials and political executives. A businessman was identified as an alleged liaisoner and financial coordinator between public servants, district authorities and private vendors. Allegations also include receipt of commissions, acquisition of immovable assets from purported proceeds of crime, non-production of records, and contradictory statements during questioning.
September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.

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Union Minister for Finance and Corporate Affairs chairs Conclave with Principal Chief Commissioners, Chief Commissioners and Director Generals of CBIC, in New Delhi

June 21, 2025

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Presentations were made on performances of CGST and Custom zones w.r.t. key statistics on registration, statistics on return filing, refunds, scrutiny of returns, GST audit, investigation, indicators on customs, like dwelling time for import and export, grievance redressal and vigilance and the overall performance of CBIC

Union Finance Minister exhorted CBIC to take further measures to simplify GST registration, grievance redressal, speedy closure of investigations for Customs & CGST cases; ensure prevention of tax evasion and wrongful Input Tax Credits (ITC) claims, promptly address public grievances received through CPGRAMS, and reduce dwell time for import

CBIC must launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies, especially related to principal place of business: FM Smt. Sitharaman

Union Minister of State for Finance Shri Pankaj Chaudhary launched ICETAB device for export examination on first day of CBIC Conclave

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the Central Board of Indirect Taxes and Customs (CBIC) Conclave with the Principal Chief Commissioners, Chief Commissioners and Director Generals of the field formations of the CBIC, in New Delhi.

The meeting was also attended by Shri Arvind Shrivastava, Secretary, Department of Revenue (DoR), Ministry of Finance (MoF); Shri Sanjay Kumar Agarwal, Chairman, CBIC; members of the CBIC Board, and senior officials of DoR.

On the first day of the CBIC Conclave, Union Minister of State for Finance Shri Pankaj Chaudhary addressed and also launched the ICETAB device for export examination, which aims to reduce the transaction cost and turnaround time for trade, thereby improving India's ranking in the Logistics Performance Index (LPI).

During the conclave, presentations highlighted the performance of Customs and CGST zones on key indicators. The CBIC informed the Union Finance Minister about the following key indicators:

  • Grievance Redressal: The average time for grievance disposal has been reduced to just 9 days, significantly better than the stipulated 21-day timeline. An impressive 95% to 97% of CPGRAMS appeals are being disposed of within 30 days. This performance has placed CBIC among the top 5 out of 90 Central Ministries in CPGRAMS rankings since February 2024.
  • GST Compliance: National average for GSTR-3B filing stood at 94.3% in FY 2024–25.
  • Refunds: 85% of claims were processed within the statutory 60-day limit.
  • Audit & Enforcement: GST audit coverage rose from 62.21% in FY 2022–23 to 88.74% in FY 2024–25. Detected GST evasion grew to ₹2,23,170 crore in FY 2024–25, with voluntary payments totalling ₹28,909 crore. It was also noted that the number of taxpayers repeated for Audit more than once in 3 years is zero.
  •  Enhanced Trade Facilitation: Facilitation of cargo through the Risk Management System (RMS) has steadily increased, with 86% of cargo being facilitated in 2025, up from 82% in 2022.
  •  Effective Disposal Operations: In FY 2024-25, 2140.35 kgs of seized gold were disposed of by handing it over to SPMCIL.

During the conclave, the Union Finance Minister directed the zones to prepare an action plan to improve upon various parameters such as GST registration, processing of refunds, and handling taxpayers’ grievances.

During the interaction, Smt. Sitharaman stressed the need to make the GST registration process easier, seamless, and more transparent for taxpayers, with the use of technology and risk-based parameters.

The Union Finance Minister also directed the CGST formations to launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies regarding the mandatory documentation required for GST registration, particularly those related to the principal place of business. This, the Union Finance Minister emphasised, would help reduce rejections and delays in registration and enable faster processing of applications. She also directed CGST Zonal Heads to have a dedicated helpdesk for GST registrations to facilitate the taxpayers in the application process.

The Union Finance Minister highlighted the need to ensure that GST Seva Kendras and Customs Turant Suvidha Kendras are well-staffed, accessible, and properly maintained, so that taxpayers receive timely and quality assistance.

Emphasising taxpayer trust, the Union Finance Minister called for a targeted and sustained focus on grievance redressal, ensuring the timely resolution of queries and complaints through improved systems and accountability.

Smt. Sitharaman also called for the speedy closure of investigations for Customs & CGST cases, and exhorted for an analysis on detection and recovery and to seek solutions to reduce the gap between detection and recovery. At the same time, the Union Finance Minister emphasised the need for preventing tax evasion and wrongful Input Tax Credits (ITC) claims.

The CBIC was urged by the Finance Minister to expedite the processing of GST and Customs refunds to ensure timely redressal and ease of doing business, especially for MSMEs and exporters.

Smt. Sitharaman appreciated that while the CBIC ranks in the top five out of 90 Central Ministries/Departments in CPGRAMS performance since February 2024, she underscored the importance of promptly addressing public grievances received through CPGRAMS. The Finance Minister also suggested that the CGST and Customs zones may dedicate teams within the zones to further expedite the resolution of grievances.

The Union Finance Minister urged the Customs to reduce dwell time at seaports, airports, and Inland Container Depots (ICDs) for both imports and exports, and emphasised that faster cargo clearance is crucial to enhance India’s global trade competitiveness and ease of doing business.

Taking note of pending disciplinary matters, the Union Finance Minister directed that disciplinary proceedings against the officials at different levels be concluded expeditiously in a time-bound manner.

The CBIC was also urged to fill all vacant posts at the earliest, across various levels, to strengthen field formations and enhance administrative efficiency.

Smt. Sitharaman encouraged Chief Commissioners and DGs to actively undertake trade facilitation measures within their jurisdictions and to submit actionable suggestions to CBIC Headquarters for further streamlining of procedures.

 

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