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August 3, 2026
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Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
Foreign exchange market movement saw the rupee strengthen for a sixth consecutive trading session against the US dollar, supported by declining global crude oil prices, a softer dollar, foreign institutional investment inflows and gains in domestic equity markets. Improved global risk sentiment followed the decision to defer planned US military strikes against Iran and allow diplomatic engagement. Renewed geopolitical tensions were identified as a factor that could limit further appreciation.
August 3, 2026
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Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.
August 3, 2026
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MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
MSME delayed-payment reforms seek faster adjudication, strengthened recovery and improved liquidity for enterprise suppliers. Courts may direct payment of at least half of an awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and recognised as legally enforceable debts under the insolvency framework. The measures also provide graded penalties, voluntary digital registration, invoice settlement through the Trade Receivables Discounting System, and additional Facilitation Councils.
August 3, 2026
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Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
August 3, 2026
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Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.
August 3, 2026
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Counterfeit drug enforcement targets illicit manufacture, storage and trafficking networks, with coordinated seizures and referral of non-narcotic stock.
Counterfeit-drug enforcement under Operation Vajra addressed an inter-state network involved in the illicit manufacture, storage and distribution of narcotic drugs, psychotropic substances and spurious pharmaceutical products. Searches of unregistered godowns recovered narcotic products, unauthorisedly manufactured Buprenorphine injection ampoules, and counterfeit non-NDPS medicines. A farmhouse-based illicit manufacturing facility was dismantled, with machinery, chemicals and related materials seized under the NDPS Act, 1985.
August 3, 2026
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Anti-smuggling enforcement targets concealed gold, narcotics, protected products, prohibited e-cigarettes and restricted imports through coordinated intelligence operations.
Intelligence-led anti-smuggling operations resulted in seizures of foreign-origin gold, narcotic drugs, hydroponic weed, protected wildlife and forest products, prohibited electronic cigarettes, and restricted poppy seeds and areca nuts. The operations identified concealment through fabricated baggage cavities, false cargo declarations, misdeclaration of origin, forged documentation, and concealment in transport vehicles. Poppy seeds are restricted under the Foreign Trade Policy and may be imported only subject to conditions concerning legally cultivated produce from designated countries and registration of import contracts with the Narcotics Commissioner.
August 3, 2026
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Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
Tax devolution was released to State Governments as an additional advance instalment alongside the normal monthly devolution schedule. The fiscal transfer shares net proceeds of Union taxes and duties with States, with the stated purpose of strengthening State finances and supporting accelerated capital and developmental expenditure. The release includes a State-wise distribution of tax-devolution proceeds.
August 3, 2026
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Financial performance reporting highlights revenue and EBITDA growth, garmenting recovery, retail optimisation, ESG commitments, and forward-looking risk disclosures.
Financial performance reflects growth in total income and EBITDA, with improved margin, reduced net working-capital days, and a net-cash position. Branded textiles and high-value cotton shirting reported lower revenue due to the prior-year base effect, while branded apparel grew but faced lower margin from channel mix. Garmenting improved through order-book execution, tariff rationalisation, and new global clients. ESG priorities include female representation, waste-management initiatives, renewable energy, emissions reduction, and workplace safety. Forward-looking statements remain subject to regulatory, political, economic, and technological risks.
August 3, 2026
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Foreign exchange market support strengthens the rupee as lower crude prices, portfolio inflows and reserve growth improve sentiment.
Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, attributed to lower global crude oil prices, a weaker dollar, sustained foreign portfolio inflows, higher foreign exchange reserves, and Reserve Bank of India presence in the foreign exchange market. Domestic equity market gains and net foreign institutional equity purchases were also identified as supporting factors.
August 2, 2026
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Gold smuggling detection targets sophisticated concealment methods through strengthened passenger profiling, intelligence gathering and coordinated investigations into organised networks.
Gold smuggling detection at Kerala airports led to multiple seizures, registration of cases and arrests in alleged smuggling attempts. Organised networks reportedly use gold in paste or compound forms concealed in clothing, body cavities, aircraft seats and other unconventional locations. Enforcement measures include strengthened passenger profiling, intelligence gathering and inter-agency coordination, while investigations continue to identify associated syndicates and financiers.
August 2, 2026
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Offshore exploration funding supports deepwater drilling, shared infrastructure and seismic data to strengthen domestic hydrocarbon production potential.
The Samudra Manthan National Offshore Exploration Scheme provides direct budgetary support for high-risk deepwater and ultra-deepwater exploratory drilling, subject to cost-sharing and per-well limits. Support is available to eligible operators holding or securing exploration acreage. The scheme also funds offshore data acquisition and shared subsea, receipt and processing infrastructure through a Common Hub Infrastructure model. It is intended to promote risk exploration, improve commercialisation of offshore discoveries and strengthen domestic hydrocarbon production potential within the existing exploration and licensing framework.
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August 1, 2026
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Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
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August 1, 2026
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August 1, 2026
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GST compliance enforcement through AI analytics supported sustained net GST collection growth despite rate rationalisation reforms and reduced compliance costs.
GST revenue mobilisation in Andhra Pradesh showed year-on-year growth in net GST and total commercial tax collections through July 2026, despite rate-rationalisation reforms. Revenue growth was attributed to AI-based scrutiny and analytics, machine-learning risk scoring, AI-driven IGST reversals, UPI-based enforcement analytics, data sharing, predictive analytics, registration verification, and Aadhaar-integrated expansion of the professional-tax base. These measures were stated to strengthen compliance, curb wrongful input tax credit claims, broaden taxpayer coverage, and improve revenue mobilisation.
August 1, 2026
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Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
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August 1, 2026
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PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
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August 1, 2026
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Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
August 1, 2026
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GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.

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Customs & Trade

Trump's tariff threat pushes Lula's popularity, worsens legal troubles for Brazil's ex-leader

July 19, 2025

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Sao Paulo, Jul 19 (AP) US President Donald Trump may have thought that pressuring Brazil with higher tariffs would help his ally, the country's former President Jair Bolsonaro, but the move apparently backfired.

Last week, Trump sent a letter to Brazilian President Luiz Inácio Lula da Silva threatening a 50 per cent import tax and directly linking the decision to Bolsonaro's trial, which he called a “witch hunt”.

“This trial should end immediately!” Trump wrote Thursday evening in a second letter, this one addressed to Bolsonaro. He added that he had “strongly voiced” his disapproval through his tariff policy.

Rather than backing down, Brazil's Supreme Court escalated the case, worsening Bolsonaro's legal troubles. On Friday morning, federal police raided Bolsonaro's home and political office. The former president was ordered to wear an ankle monitor, banned from using social media, and hit with other restrictions.

Meanwhile, President Lula — who was facing higher unpopularity, growing opposition in Congress and increasing risks to his likely reelection bid — seems to have gained politically from the situation.

Now the 79-year-old leftist Lula, in office for the third non-consecutive term of his long political career, is seeing renewed acceptance, congressional support against Trump and pleas to run one last time to defend Brazil's sovereignty.

Back in the game Lula has appeared more energized in public since Trump's announcement. At a national students assembly Thursday, he wore a blue cap reading “Sovereign Brazil Unites Us" — a contrast to MAGA's red cap.

“A gringo will not give orders to this president," he told the crowd, and called the tariff hike “unacceptable blackmail.” The impact on Lula is not a first. Trump's actions targeting other countries have boosted ideological rivals in Canada and Australia instead of strengthening his allies at a local level.

Private pollster Atlas said Tuesday that Lula's unpopularity had reversed course after his spat with Trump. Lula's job approval went from at 47.3 per cent in June to 49.7 per cent since the tariffs battle began.

The poll of more than 2,800 people was conducted July 11-13, with a margin of error of 2 percentage points. The study also said 62.2 per cent of Brazilians think the higher tariffs are unjustified while 36.8 per cent agree with the measure.

Even Bolsonaro's former vice president, Sen. Hamilton Mourao, criticised Trump's move as undue interference in Brazil's politics, though he said he agreed the trial against the far-right leader is biased against him.

Social media analytics firm Palver analyzed 20,000 messages about Trump on WhatsApp, Brazil's most widely used communication platform, a day after Trump's announcement. Its analysis said right-wing users dominated viral content, but spontaneous conversations leaned left, mocking Bolsonaro as submissive and defending Brazil's sovereignty.

“Trump has put Lula back in the game,” said Thomas Traumann, an independent political consultant and former spokesman for the Brazilian presidency who only weeks ago argued that Lula had lost his front-runner status in the presidential race as he struggled to deliver on his promises on the economy.

“Trump handed it to Lula on a silver platter,” Traumann said.

Business leaders who until recently sided with Bolsonaro are having to court Lula to negotiate with Trump. Agribusiness, Brazil's largest economic sector and a traditional right-wing stronghold, united to criticise the US president's move. Industry groups were quick to denounce the tariffs as politically motivated and lacking any commercial justification.

National outrage “In general, with the major exception of a more radical conservative wing, (Trump's move) generated national outrage for violating Brazil's sovereignty,” lawmaker Arnaldo Jardim, a member of the congressional agricultural caucus, told The Associated Press.

Jardim, who pushed for the approval of a reciprocity bill that could be used by Lula if there's no agreement until the Aug. 1 deadline, hardly sides with the president.

“Even among sectors that initially thought this could benefit Bolsonaro, many had to reconsider their positions,” he said.

Top congressional leaders who recently helped nix a Lula decree to raise a transactions tax were moving toward a head-on collision with him. After Trump's announcement, they signed a joint statement agreeing with Lula's promise to use the reciprocity law against the US.

In another change, Brazil's Congress decided to start moving on Lula's plan to give an income tax break to millions of poorer Brazilians. Many politicians said that such initiative was dead after Lula became the first president in three decades to have a decree annulled by lawmakers.

Bolsonaro remains on trial At the Supreme Court, Bolsonaro is only getting deeper into trouble as his trial continues.

Earlier this week, Brazil's chief prosecutor called for a guilty verdict, accusing the former president of leading an armed criminal organization, attempting to stage a coup and attempting violent abolition of the democratic rule of law, among other charges.

The defence will next likely present its case in the coming weeks, after which the panel of Supreme Court justices in the trial will vote on whether to convict or acquit him.

The former president also suffered more consequences — the court's latest restrictions on Bolsonaro, including the ankle monitor, are part of a second investigation against one of his sons, Eduardo Bolsonaro, a Brazilian lawmaker who currently lives in the United States and is known for his close ties to Trump.

He has been under scrutiny for allegedly working with US authorities to impose sanctions against Brazilian officials.

Supreme Court Justice Alexandre de Moraes, who oversees criminal cases against Bolsonaro, said his and his son's actions attempted to pressure the Brazilian judiciary by involving the US.

The court's decision cited both Trump's letter to Lula and several social media posts by the Bolsonaros in support of sanctions against Brazilian officials and speaking favourably about tariffs.

“A sovereign country like Brazil will always know how to defend its democracy and sovereignty,” de Moraes said. “The judiciary will not allow any attempt to subject the functioning of the Supreme Court to the scrutiny of another state through hostile acts.” Jair Bolsonaro told journalists in Brasilia, the country's capital, that the ankle monitoring was a “supreme humiliation”.

“I never thought about leaving Brazil, I never thought about going to an embassy, but the precautionary measures are because of that,” the former president said.

In a statement, Eduardo Bolsonaro accused de Moraes of trying to criminalise Trump and the US government.

“Since he has no power over them, he decided to make my father a hostage,” the younger Bolsonaro said of the judge. (AP) PY PY

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