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

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PMLA / Black Money

I am a liberal constitutional democrat, not an RSS man: Oppn VP candidate Sudershan Reddy

August 23, 2025

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New Delhi, Aug 23 (PTI) The Opposition's candidate for the vice presidential election, B Sudershan Reddy said it was not a contest between two individuals but two ideologies, asserting that while his opponent is a quintessential RSS man, he is "far, far away" from it.

"I am essentially a liberal constitutional democrat. This is the area, or rather the arena, for the contest where the fight goes on," he said.

Honoured to be fielded as the joint candidate of a rainbow of opposition parties, he said his candidature was a unanimous choice that signalled diversity and represented more than 63-64 per cent of the country's population in terms of voting strength.

He also said that it was the Congress that initially proposed his name for the vice president's poll, but later the INDIA bloc parties and other opposition parties extended their support to his candidature, which was an honour for him.

Starting his campaign on Friday with a meeting with AAP supremo Arvind Kejriwal, Reddy said he would be travelling to Chennai on Sunday and then to other parties of the country to meet all the MPs of different parties to seek their vote in his support for the September 9 vice presidential election.

Excerpts from the PTI Exclusive interview: Q. You are the first former judge of the Supreme Court to contest the vice-presidential election. How did your candidature come about and which opposition parties made the offer? A. The first move in this regard came from the INDIA alliance. But since you are asking the party's name - which party first proposed or contacted you in this regard - it was the Congress party.

Q. Was it an easy decision to make or did you have any doubts given the numbers in the electoral college are heavily stacked against the Opposition? A. No, how I thought about the whole issue is this. When the proposal came from the Congress party, I said it may be difficult for me to become a candidate of the Congress party as such. If the INDIA alliance considers it appropriate to accept my candidature, then only I will be a candidate on behalf of the INDIA alliance.

So what was the motivation? There is nothing like motivation (for me to contest the VP polls).

My journey began in 1971 when I was enrolled as a member of the Bar Council. Ever since, I have been associated with the functioning of the Constitution, its values, and its conventions. Right from the day I started practice -- and it continues till today -- I consider my journey to be the same; ultimately culminating in, if given an opportunity, to protect and defend the Constitution.

Hitherto, I was upholding the Constitution and that is the oath administered to a judge. And there are only three offices in this country that prescribe both mandates, that they have to protect and defend the Constitution – the highest office of the Republic of India, the president of India; vice president of India; and the governors at the state level. So this journey is nothing new to me.

Q. It has been argued that top constitutional posts should be filled by consensus to reflect national unity. So what are your views on this? A. I wish there could have been a consensus. But you know the polity as it stands is a fractured one. In such circumstances, perhaps it was inevitable, leading to this contest.

Q. How would you describe the current state of democracy and the government-Opposition ties? You know, currently we see a lot of strain.

A. Earlier, we used to talk about a deficit economy. There is a deficit in democracy. I do not say that India is no more a democratic country. I don't subscribe to that. We still continue to be a constitutional democracy, but under strain.

Q. And about the government-opposition ties? A. I wish it could have been better. Instead of reducing the discourse to the level we see today, it could have been better. Earlier, opposition parties and the party in power used to coordinate on many national issues. Unfortunately, we don't find that today.

Q. You have said that this election is not about one individual, but about the idea of India. Can you elaborate on this? A. Yes. Certainly not about a contest between me and Shri Radhakrishnan ji (NDA's VP candidate). It is a contest representing two different ideologies.

One, which the other side themselves are propagating, that here is a quintessential RSS man. Therefore, the country should elect him as the vice president. So far as I am concerned, I do not subscribe to that ideology and I am far, far, far, far away from it. I am essentially a liberal constitutional democrat. This is the area or rather the arena, for the contest where the fight goes on.

Q. The vice president is also the chairman of the Rajya Sabha and you have talked about your commitment to decorum and dialogue. What do you have to say on the politics of disruptions that is emerging as a regular feature now in Parliament? A. You see, the difficulty is this. Somebody, an eminent journalist, asked my friend Shri Arun Jaitley when they were frequently disturbing the Rajya Sabha. The views expressed by (Jaitley) the departed soul who is not amongst us today were that -- disruption also is a legitimate political activity and a parliamentary practice. Whether a particular disruption at a particular point in time was correct or not is a different matter. But disruptions do take place.

Disruption is nothing but one form of dissent. If you are not allowed to speak or express your views, this is one form of speaking. That's how I look at the disruption. Not that I wish that disruption should become an essential and integral part of the democratic process.

Q. Opposition parties have unanimously chosen you as their joint candidate for the second-highest constitutional position in the country. So, what factors weighed in your favour that make you stand out? A. I feel greatly honoured when I look at the rainbow of the political parties unanimously agreeing on my name and sponsoring my candidature. But, there was nothing surprising as such. All of them knew my work. All of them have watched me for quite some time. They must have used their discretion and thought it fit that I should be their candidate. And I feel greatly honoured for more than one reason.

First, it represents diversity. Secondly, the unanimous choice. Thirdly, in terms of voting strength, if you make an analysis, they represent more than 63-64 per cent of the population. What else could be an honour? Q. So now that you are in the contest, you are also coming under attack. Just yesterday, Home Minister Amit Shah accused you of "supporting" Naxalism. He has also cited your judgment on Salwa Juddam, saying that had it not been there, left-wing extremism would have ended by 2020.

A. I do not wish to join an issue directly with the honourable home minister of India, whose constitutional duty and obligation is to protect the life, liberty and property of every citizen, irrespective of ideological differences. Secondly, I have authored the judgment. The judgment is not mine, the judgment is of the Supreme Court.

There was another judge sitting with me. And repeated attempts were made to get it overruled. But it didn't happen. On the merits of the judgement, I would not speak because I am trained by my peers that one should not speak about the greatness of one's own judgement. It is for the people to judge. It is not my personal document.

I wish the honourable home minister could have himself read the whole judgement instead of getting briefed by, I do not know, hopefully he would not have that much time to read the judgement, which runs into about 40 pages. If he would have read the judgment, perhaps he would not have made that comment. That's all I say and leave it there.

Q. So you don't want to disturb the decorum of the debate? A. No. There must be decency in the debate.

Q. What do you have to say about your opponent who has been a governor and a politician in the past, unlike you? A. Perhaps he was discharging his constitutional duties and obligations to the best of his ability, about which I have no comment to make.

Q. The vice president's election you are contesting was necessitated due to the sudden resignation of Mr Jagdeep Dhankar. So what do you feel about the circumstances in which he put in his papers? A. Jagdeep Dhankar ji himself is a senior lawyer and a veteran of many battles. It may be appropriate for him to disclose the reasons why he has to leave the office all of a sudden. I do not wish to indulge in any guesswork.

Q. You always held the Constitution close to yourself. What do you feel about the tirade launched by the opposition against the government on the Constitution? Is it under serious threat? A. You can't just read the Articles of the Constitution and say that no Article is under threat. The Constitution is an integral one. Constitution means constitutional conventions, Constitution means constitutional morality. There are various steps taken by the government in power, making one feel legitimately that it is coming under challenge.

Therefore, the debate that is going on in the country about whether the Constitution is under attack is a welcome debate, where everyone should participate and express their opinion.

Q. Your take on the recent controversy about the words 'socialist' and 'secular' in the Preamble. The RSS and some leaders of the BJP have questioned the formulations introduced under late Indira Gandhi.

A. Those "somebody" -- I would not say anything -- are not quiet even today. Even after the decision by the Supreme Court of India. According to me, the 'socialist' and 'secular' expressions used in the Preamble of the Constitution have made things explicit, which is otherwise in-built in the provisions of the Constitution.

You talk about equality - Article 14. If it is not secular, then what is equality? You talk about fraternity, one of the most important values, according to me. What would be the fraternity without secularism? And, without the expression socialism, what is the equality we are talking about? Both the words, which make explicit the ideas contained in the Constitution, are welcome. It is true that the amendment came, i.e. the 42nd Amendment, when the Emergency was invoked. But, one must remember, the next government that came into power, that is the Janata government consisting of various political parties, including the present BJP, which was the Jana Sangh at that time, had unanimously approved it.

Therefore, one fails to understand with what intention the debate is being triggered.

Q. You headed a panel to assess the merits of the caste survey in Telangana. Why is there a need for a caste survey? Many also argue that a caste census will further fragment our already fractured society and deepen fault lines.

A. The people who advance that argument which you are now advancing before me have fallen in line and realised the importance of the caste survey. Please tell me, how do you identify the backward classes? Because the Constitution doesn't speak about caste. If you have to classify a group, together with some people, as the backward classes, you have to find out their caste, their socio-economic conditions, their way of living, their access to power and the way they are recognised by society. A caste survey has to be done.

Now, the Government of India, which intends to conduct the Census have announced that yes, in this Census, caste surveys also will be there. We have to find out, isn't it, how many Scheduled Castes people are there? How do we fix the reservations? I won't reveal the data which we have analysed in the expert group headed by me.

But, one thing I can share with you about my own state, Telangana, 84.6 per cent people belong to the weaker sections of the society.

So, how do you propose to frame your social and economic policies? How do you empower them? How do you make them feel that they are equal citizens of this country? Not that by giving some dole or some temporary succour would meet the impending challenge which many people don't realise. Their empowerment is mandated by the provisions of the Constitution. Therefore, you have to find out their strengths and frame your socio-economic policies accordingly.

Q. This contest for the vice president's post has emerged as a South vs South battle. You know, with both you and your opponent hailing from Telangana and Tamil Nadu, the politics of southern states are at play. Both sides have played up the regional identities.

A. At least in this area, I would borrow the idea from the other side. I don't say my opponents are from the other side. That India is one. India is one nation. There is only one citizenship. No citizenship for South India and no citizenship for North India and another for the Northeast.

Therefore, this dialogue, it (the contest) is between South and North, I don't think we should entertain that debate at all. The other candidate, Shri Radhakrishnan ji, is an eminent citizen of this country. I am also a citizen, and I do not know whether I am eminent or not. But I am also a citizen of this country. Both of them are competing for an office. That's all. Nothing more, nothing less.

Q. Would you also be seeking the support of some independent parties who have not yet supported your candidature? A. I will definitely be seeking it. Not only the parties, I will be seeking the support of every parliamentarian, whether they belong to NDA, whether they belong to India, whether they have their own regional outfits, because ultimately the electoral college consists of the Parliamentarians, honourable members of the Parliament, not the political parties. I intend to appeal in writing to every member of the Parliament to exercise their discretion and accordingly exercise their franchise.

Q. You have given several landmark judgments, including the one criticising the former Union government for showing slackness in probing black money cases. And you also set up an SIT to bring back black money stashed abroad. But nothing has happened yet. So, how important is it to bring that black money back? A. The work is still in progress... It is important. A substantial section of the nation's wealth moved out of the country through various means and mechanisms. That has to be brought back. It is our money, your money, my money and the nation's wealth.

Unless somebody tells us, you and me, that there is no black economy, there is no black money, nothing moved from the country. It is the other side who are holding that judgment in their hands in the election campaign to implement the judgment. None other than the veteran great warrior LK Advani ji - he was holding it in his hand. He underwent a country-wide yatra also on this, with the judgment in his hand.

And after my retirement, there was an occasion to interact with him. He never raised and asked me any question about Salwa Judum. But said - "I appreciate the effort made by the Supreme Court, not by me, to unearth black money".

Q. Recent years have also seen Mahatma Gandhi versus Ambedkar, Ambedkar versus Nehru narratives. Your comments on it.

A. My comment is, if you read superficially Gandhi and Ambedkar and Nehru, some misconceptions and misunderstanding come to mind, as if they were at loggerheads and they differed radically in their views. No.

All three of them were great democrats, republicans and believed in the ethics and morals of the Constitution. I do not think it would be in the interest of the nation to divide them into three segments. And one supporting and the other opposing and creating a false narrative is not in the nation's interest.

Q. Since you are contesting the election and the campaign is an important part of elections, what would be your message to the electorate and to the country in this election? A. Well, all through my life, I said I was upholding the Constitution. If you give me an opportunity to serve this country, I will try to defend and protect the Constitution of India, which undoubtedly is coming under challenge.

The message is, there is still the possibility of a reasonably good and healthy debate amongst ourselves in this country. We talk to so many foreign countries, we discuss with them. Sometimes we declare a particular country to be an enemy country, we still have diplomatic relations. We still exchange notes. So what is the problem? Why you and I cannot talk daily, every day? Democracy is nothing but interaction, a clash of ideas, not individuals. That would be my message. PTI SKC SKY SKY

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