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    Drill, Baby, Drill: India to fund Rs 650 cr per well for 60 deepsea wells to break its oil import habit
    Punjab GST revenue rises 20 pc to Rs 10,447 crore in April-July: Cheema
    India-China trade through Shipli La resumes after six years
    Odisha's export can reach USD 50 billion by FY 2029-30: Study
    Andhra records 21 per cent growth in net GST collections till July
    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
    All Indian exports of dual-use items comply with international obligations: MEA
    PM Modi to inaugurate Bhogapuram Airport in Andhra on Aug 1
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    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
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    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.
    August 1, 2026
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    GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
    Punjab attributed increased GST collections to voluntary compliance, intelligence-based enforcement and technology-driven tax administration, while facilitating compliant taxpayers through timely GST refunds. Data analytics, risk profiling and field verification were used to identify tax evasion, bogus billing, fake input tax credit networks and misuse of the GST registration framework. Measures included penalties, cancellation of fraudulent registrations and recovery of long-pending VAT arrears through attachment and auction of defaulters' properties.
    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.
    Cross-border barter trade through Shipki La between India and Tibet resumed after a six-year interruption. Traders may exchange specified goods under a barter arrangement and must return within 72 hours. Traders are required to comply strictly with import-export regulations prescribed by the Union Ministry of Commerce, emphasising transparency and regulatory compliance. Expansion of permitted goods may be pursued through prescribed governmental and external-affairs channels.
    August 1, 2026
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    Export growth projections outline pathways for Odisha to expand merchandise trade through export diversification, MSME support and financing initiatives.
    Export growth projections for Odisha set out base, optimistic and ambitious scenarios through FY 2029-30, based respectively on historical growth, envisaged national export growth, and a larger share of national exports. Odisha's export basket remains concentrated in metals and minerals, led by aluminium products, with China as the principal export destination. Odisha Vision 2047 identifies exports, including MSME contributions, as an economic transformation driver, while export-financing and risk-mitigation initiatives aim to address financing gaps for exporters and MSMEs.
    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.
    Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
    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.
    PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
    August 1, 2026
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    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    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.
    August 1, 2026
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    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
    Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
    August 1, 2026
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    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
    Show AI Summary
    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
    Show AI Summary
    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
    Show AI Summary
    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
    Show AI Summary
    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
    Show AI Summary
    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
    Show AI Summary
    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
    Show AI Summary
    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
    Show AI Summary
    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
    Show AI Summary
    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.

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      Trump says he will meet Putin on August 15 in Alaska

      August 9, 2025

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      Washington, Aug 8 (AP) President Donald Trump on Friday said he will meet with Russian President Vladimir Putin on August 15 in Alaska.

      He announced the meeting in a post on social meeting and said more details would follow.

      Earlier, Trump had said that he will meet “very shortly” with Russian President Vladimir Putin to discuss ending the war in Ukraine, a potential major milestone after expressing weeks of frustration that more was not being done to quell the fighting.

      Speaking to reporters at the White House after announcing a framework aimed at ending decades of conflict elsewhere in the world — between Armenia and Azerbaijan — Trump had refused to say exactly when or where he would meet with Putin, but that he planned to announce a location soon.

      He also suggested that his meeting with the Russian leader could come before any sit-down discussion involving Ukrainian President Volodymyr Zelenskyy.

      “We're going to have a meeting with Russia, start off with Russia. And we'll announce a location. I think the location will be a very popular one,” Trump said.

      He added: “It would have been sooner, but I guess there's security arrangements that unfortunately people have to make. Otherwise I'd do it much quicker. He would, too. He'd like to meet as soon as possible. I agree with it. But we'll be announcing that very shortly." If it happens, the meeting would be the first US-Russia summit since 2021, when former President Joe Biden met Putin in Geneva. It could mean a breakthrough in Trump's effort to end the war, although there's no guarantee it would stop the fighting since Moscow and Kyiv remain far apart on their conditions for peace.

      There was no immediate confirmation from Moscow.

      Still, Trump said, “President Putin, I believe, wants to see peace, and Zelenskyy wants to see peace." He said that, “In all fairness to President Zelenskyy, he's getting everything he needs to, assuming we get something done.” Trump also said that a peace deal would likely mean “there will be some swapping of territories” between Ukraine and Russia but did not provide further details.

      Trump said of territory generally “we're looking to get some back and some swapping. It's complicated.” “Nothing easy," the president said. “But we're gonna get some back. We're gonna get some switched. There'll be some swapping of territories, to the betterment of both.” Analysts, including some close to the Kremlin, have suggested that Russia could offer to give up territory it controls outside of the four regions it claims to have annexed.

      Pressed on if this was the last chance to make a major peace deal, Trump said, “I don't like using the term last chance,” and said that, “When those guns start going off, it's awfully tough to get 'em to stop.” Exasperated that Putin did not heed his calls to stop bombing Ukrainian cities, Trump almost two weeks ago moved up his ultimatum to impose additional sanctions on Russia and introduce secondary tariffs targeting countries that buy Russian oil if the Kremlin did not move toward a settlement. The deadline was Friday.

      Prior to his announcing the meeting with Putin, Trump's efforts to pressure Russia into stopping the fighting have so far delivered no progress. The Kremlin's bigger army is slowly advancing deeper into Ukraine at great cost in troops and armour while it relentlessly bombards Ukrainian cities. Russia and Ukraine are far apart on their terms for peace.

      Ukrainian troops say they are ready to keep fighting Ukrainian forces are locked in intense battles along the 1,000-kilometre front line that snakes from northeast to southeast Ukraine. The Pokrovsk area of the eastern Donetsk region is taking the brunt of punishment as Russia seeks to break out into the neighbouring Dnipropetrovsk region. Ukraine has significant manpower shortages.

      Intense fighting is also taking place in Ukraine's northern Sumy border region, where Ukrainian forces are engaging Russian soldiers to prevent reinforcements being sent from there to Donetsk.

      In the Pokrovsk area of Donetsk, a commander said he believes Moscow is not interested in peace.

      “It is impossible to negotiate with them. The only option is to defeat them,” Buda, a commander of a drone unit in the Spartan Brigade, told The Associated Press. He used only his call sign, in keeping with the rules of the Ukrainian military.

      “I would like them to agree and for all this to stop, but Russia will not agree to that. It does not want to negotiate. So the only option is to defeat them,” he said.

      In the southern Zaporizhzhia region, a howitzer commander using the call sign Warsaw, said troops are determined to thwart Russia's invasion.

      “We are on our land, we have no way out,” he said. “So we stand our ground, we have no choice.” Putin makes a flurry of phone calls The Kremlin said on Friday that Putin had a phone call with Chinese leader Xi Jinping, during which the Russian leader informed Xi about the results of his meeting earlier this week with Trump envoy Steve Witkoff. Kremlin officials said Xi “expressed support for the settlement of the Ukrainian crisis on a long-term basis.” Putin is due to visit China next month. China, along with North Korea and Iran, have provided military support for Russia's war effort, the US says.

      Indian Prime Minister Narendra Modi said on X that he also had a call with Putin to speak about the latest Ukraine developments. Trump signed an executive order on Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, which the American president says is helping to finance Russia's war.

      Putin's calls followed his phone conversations with the leaders of South Africa, Kazakhstan, Uzbekistan and Belarus, the Kremlin said.

      The calls suggested to at least one analyst that Putin perhaps wanted to brief Russia's most important allies about a potential settlement that could be reached at a summit with Trump.

      “It means that some sort of real peace agreement has been reached for the first time,” said Sergei Markov, a pro-Kremlin Moscow-based analyst.

      Analysts say Putin is aiming to outlast the West Trump's Friday comments came after he said he would meet with Putin even if the Russian leader will not meet with Zelenskyy. That stoked fears in Europe that Ukraine could be sidelined in efforts to stop the continent's biggest conflict since World War II.

      Putin said in a previous statement that he hoped to meet with Trump as early as next week, possibly in the United Arab Emirates.

      The Institute for the Study of War, a Washington think tank, said in an assessment Thursday that “Putin remains uninterested in ending his war and is attempting to extract bilateral concessions from the United States without meaningfully engaging in a peace process.” “Putin continues to believe that time is on Russia's side and that Russia can outlast Ukraine and the West,” it said. (AP) RUK RUK

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