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    HIGHLIGHTS
    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
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    July 31, 2026
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    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
    Show AI Summary
    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
    Show AI Summary
    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
    Show AI Summary
    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
    Show AI Summary
    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
    Show AI Summary
    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
    Show AI Summary
    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
    Show AI Summary
    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
    Show AI Summary
    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
    Show AI Summary
    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.

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      Leading Indian Academic Dr.C. Raj Kumar and Parliamentarian Dr. Abhishek M. Singhvi Address Members of Japanese Parliament at the Diet

      June 26, 2025

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      Tokyo, 26 June 2025: Professor (Dr.) C. Raj Kumar, Founding Vice Chancellor of O.P. Jindal Global University (JGU), addressed members of the Japanese Parliament at the National Diet of Japan during a high-level policy dialogue aimed at strengthening India–Japan strategic cooperation. This prestigious event, hosted by the Japanese Parliamentary Committee for World Federation, was themed: “India and Japan: Partners in Democracy, Drivers of Innovation, and Architects of a Sustainable Future.” In his address to the Japanese Parliamentarians, Professor (Dr.) C. Raj Kumar underscored the growing significance of inter-parliamentary dialogue and academic partnerships in tackling shared global challenges. “We are witnessing a historic moment where universities and parliaments must work together to shape the future of democracy and development,” said Professor Kumar. “India and Japan can lead the way—not only through economic cooperation, but by investing in people, knowledge, and institutions that advance peace, justice, and sustainability.” Professor Kumar further stated: “JGU’s presence in Japan’s Parliament is a symbol of the power of education to bridge cultures and build alliances. We believe that meaningful diplomacy must also be academic, intellectual, and people-centric.” The highlight of the session was an address by Dr. Abhishek M. Singhvi, Senior Advocate of the Supreme Court of India and Member of Parliament (Rajya Sabha), who spoke eloquently about the shared democratic values of India and Japan and their potential to influence the global discourse. Dr. Singhvi called for deeper collaboration between India and Japan in areas such as technology, education, climate resilience, and global governance, while stressing the need for a peaceful, inclusive, and sustainable Indo-Pacific vision. “India and Japan are not just allies of circumstance—we are civilizational partners in democracy, innovation, and global responsibility,” said Dr. Singhvi. “As two of Asia’s strongest democracies, our task is to jointly lead by example—through pluralism, through peace, and through principled partnerships for the planet.” The event brought together more than 35 senior members of the Japanese legislature and government officials.

      Mr. Seishiro Eto, Former (17th) President of the Japanese Parliamentary Committee for World Federation (Acting President in the absence of Chairman Fukushiro Nukaga), inaugurated the dialogue and extended a warm welcome to the distinguished Indian guests.

      H.E. Mr. Sibi George, Ambassador of India to Japan, was invited to the interaction and conveyed his deep appreciation to the members of the Japanese Parliament, the Government of Japan, and the Indian delegation from O.P. Jindal Global University led by Professor (Dr.) C. Raj Kumar for advancing meaningful bilateral cooperation in higher education and research.

      Hon’ble Shingo Miyamoto, Director-General, Ministry of Foreign Affairs, South Asia Department, expressed his optimism for the fast-growing relations between Japan and India across multiple domains, particularly in the sphere of higher education and institutional collaboration.

      Hon’ble Kuniko Inoguchi, Member of the House of Councillors, Former Minister of Gender Equality, and Professor at Sophia University, warmly welcomed the Indian delegation. She highlighted her longstanding engagement with India and expressed her enthusiasm for seeing a greater presence of Indian students and Indian knowledge traditions in Japan.

      Hon’ble Dr. Sukehiro Hasegawa, a respected parliamentary expert and former UN official, welcomed stronger India–Japan exchanges, stating that “Japan needs Indian creativity and imagination to invigorate its global policies, and for the two countries to become strong global leaders together.” The event saw participation from a broad spectrum of Japanese political parties and parliamentary experts, underscoring the deep, cross-party interest in strengthening Indo-Japanese ties.

      Distinguished participants included at the National Diet of Japan: Liberal Democratic Party: • Hon’ble Masahiko Shibayama, Member of the House of Representatives, Acting Secretary-General, Former Minister of Education, Culture, Sports, Science and Technology • Hon’ble Kuniko Inoguchi, Member of the House of Councillors, Co-Vice Chairperson, Former Minister of Gender Equality • Hon’ble Fukushiro Nukaga, Member of the House of Representatives, President, Japanese Parliamentary Committee for World Federation; Former Minister of Finance; Former Director-General of the Japan Defence Agency • Hon’ble Rintaro Ishibashi, Member of the House of Representatives • Hon’ble Yohei Onishi, Member of the House of Representatives • Hon’ble Masaaki Koike, Member of the House of Representatives • Hon’ble Jun Tsushima, Member of the House of Representatives • Hon’ble Hirofumi Takinami, Member of the House of Councillors Constitutional Democratic Party of Japan • Hon’ble Yuki Baba, Member of the House of Representatives • Hon’ble Motoko Mizuno, Member of the House of Councillors • Hon’ble Mamoru Umetani, Member of the House of Representatives • Hon’ble Hiroki Saito, Member of the House of Representatives • Hon’ble Shinji Sugimura, Member of the House of Representatives • Hon’ble Sekio Masuda, Member of the House of Representatives • Hon’ble Daiki Michishita, Member of the House of Representatives • Hon’ble Issei Yamagishi, Member of the House of Representatives • Hon’ble Hiroshi Kasa, Member of the House of Representatives • Hon’ble Ayaka Shiomura, Member of the House of Councillors Democratic Party For the People • Hon’ble Kiichiro Hatoyama, Member of the House of Representatives (Son of Former Prime Minister Hon’ble Yukio Hatoyama) Japan Innovation Party • Hon’ble Kenta Aoshima, Member of the House of Councillors Japanese Communist Party • Hon’ble Tetsuya Shiokawa, Member of the House of Representatives NHK Party • Hon’ble Satoshi Hamada, Member of the House of Councillors Sanseitō • Hon’ble Yuko Kitano, Member of the House of Representatives Independent • Hon’ble Makiko Dogome, Member of the House of Councillors Government of Japan • Hon’ble Shingo Miyamoto, Director-General, Ministry of Foreign Affairs, South Asia Department Collaborating Organization WFM Youth Forum • Hon’ble Koji Mitamura, Chairperson • Hon’ble Kohei Mitamura, President, Mitamura Group (Fukuhō Bank Founding Family, Owner of Bunky Corporation entrusted by MEXT, and the Koshinomiyako Media Network) Parliamentary Experts • Hon’ble Dr. Sukehiro Hasegawa, Former Special Representative of the UN Secretary-General • Hon’ble Masakuni Tanimoto, International Committee Chairman of WFM-Japan; Under Secretary-General, Japanese Parliamentary Committee for World Federation This parliamentary engagement marked Professor Raj Kumar’s second consecutive address at the National Diet of Japan, following his 2024 lecture on “The Role of India and Japan in Global Governance.” His return this year reaffirms O.P. Jindal Global University’s steadfast commitment to academic diplomacy and its growing leadership in strengthening India–Japan relations through education.

      The interaction at the National Diet was a powerful testament to the shared democratic values, strategic convergence, and mutual aspirations of India and Japan. It highlighted the indispensable role of education, research, and intellectual exchange in crafting a resilient, innovative, and peaceful future for both nations and the broader Indo-Pacific region.

      (Disclaimer: The above press release comes to you under an arrangement with O.P. Jindal Global University and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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