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    Indian economy to hit USD 5-trillion mark in FY29 as per IMF: FM
    SVC Co-operative Bank Concludes 120th Annual General Meeting, Reaffirms Growth, Governance and Digital Focus
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    India achieves near-universal banking coverage, with 99.92% of inhabited villages now served by a banking outlet
    Rupee rises for 6th day, gains 12 paise to 95.31 against US dollar as crude drops
    ACE Software Posts Earnings Turnaround; Standalone Profit Before Tax Up 43% YoY
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    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.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
    August 4, 2026
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
    August 4, 2026
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
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    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.
    August 3, 2026
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    Online Astrology Platform Regulation: consumer department reported no guidelines, while information requests required revised factual disclosures.
    Online astrology platforms were reported as lacking specific regulatory guidelines within the consumer affairs department. The RTI application sought information on alleged unfair trade practices, investigations, complaints, licences, approvals, and applicable rules. The National Consumer Helpline stated that it had not investigated because it functions as a grievance-resolution platform. A revised factual response was required on investigations and complaint data, while queries concerning regulation, licences, approvals, and related investigations were to be transferred to the public authorities likely to hold that information.
    August 3, 2026
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    Business combination disclosure outlines shareholder approval, registration requirements, financing conditions, and forward-looking risks for the proposed public listing.
    The proposed business combination would take Yellow.ai public through a definitive agreement with Bluerock Acquisition Corp., subject to customary closing conditions and shareholder approval. Bluerock intends to file a Form S-4 registration statement containing a proxy statement/prospectus for proxy solicitation and securities issuance in connection with the transaction. The communication is not an offer or solicitation and states that no securities offering may occur without compliance with applicable registration, qualification or exemption requirements. Transaction projections and anticipated benefits are forward-looking statements subject to material risks and uncertainties.
    August 3, 2026
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    Bilateral investment and trade facilitation drive proposed co-investment, digital cooperation and advanced manufacturing partnerships between Indian and Uzbek businesses.
    India-Uzbekistan cooperation is proposed through co-investment, co-manufacturing and co-innovation, supported by the Bilateral Investment Treaty to promote investor confidence and reciprocal investment. Priority sectors include mining, textiles, healthcare, agriculture, food processing, digital technologies and advanced manufacturing. Trade facilitation measures include reducing trade barriers, mutual recognition of standards, approvals, testing and certification, customs digitalisation and improved trade routes. Regulators and standard-setting bodies are expected to cooperate under a structured, time-bound economic partnership.
    August 3, 2026
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    Concessional agricultural credit supports working capital, crop diversification, allied activities, and digital expansion under the Kisan Credit Card scheme.
    The Kisan Credit Card-Modified Interest Subvention Scheme provides concessional institutional credit to reduce farmers' interest burdens and improve timely working-capital access. The scheme is reported to support cropping intensity, multi-season cultivation, diversified crop portfolios, timely input use, and credit discipline through the Prompt Repayment Incentive. It also supports dairy, livestock, and fisheries-based income diversification. Credit-delivery measures include collateral-free lending, digital platforms, simplified applications, coverage expansion, and awareness campaigns. State-wise data tracks operative accounts, outstanding credit, and non-performing Kisan Credit Card accounts.
    August 3, 2026
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    Banking inclusion expands rural access while digital credit systems and payment security controls address service delivery and cyber fraud.
    Banking inclusion is pursued by providing banking outlets within a five-kilometre radius of inhabited villages, with branch expansion permitted subject to rural-coverage requirements and continuing assessment of uncovered areas. Agricultural credit delivery uses digital loan, beneficiary-verification, processing and claim-settlement systems. Digital payment security measures require minimum controls for payment channels and include fraud-intelligence sharing, artificial-intelligence-based identification of money-mule activity, digital lending-app analysis, cyber-incident reporting, public awareness campaigns and electronic-banking training.
    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.

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      Mumbai-Ahmedabad High-Speed Rail flagship project; aiming for passenger services in few years: Modi

      August 29, 2025

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      Tokyo, Aug 29 (PTI) Prime Minister Narendra Modi on Friday said the Mumbai-Ahmedabad High-Speed Rail is a flagship project between India and Japan, and "we are aiming to have the passenger services start in a few years' time".

      Modi said that while the Mumbai-Ahmedabad High-Speed Rail project is on its way, "we have unveiled a bigger ambition: to have a 7,000-kilometre-long network of high-speed rail in our country".

      In an interview with The Yomiuri Shimbun published during his ongoing visit to Japan, Modi said much of it will have to be through Make in India, so that the programme is sustainable and viable.

      "I welcome active participation by Japanese companies in this endeavour," he said.

      "The Mumbai-Ahmedabad High-Speed Rail project is a flagship project between India and Japan. We are aiming to have the passenger services start in a few years’ time," the prime minister said.

      There is also potential to expand India-Japan cooperation beyond high-speed rail to cover other areas of mobility, including sectors such as ports, aviation, shipbuilding, road transport, railways and logistics, where India has launched ambitious initiatives, Modi said.

      Clearly, Japan's technological edge in many of these areas, together with India’s scale, manufacturing and innovation power, can create enormous value for both sides, Modi told the Japanese newspaper.

      Asked about India's expansive vision for space exploration, Modi said India’s space journey is a story of determination, hard work and innovation of our scientists.

      "From Chandrayaan-3’s historic landing on the moon’s south pole to our advances in interplanetary missions, India has consistently demonstrated that space is not the final frontier, it is the next frontier. I am glad that India and Japan are joining hands for the next edition of the Chandrayaan series or the LUPEX (Lunar Polar Exploration) mission," he said.

      This will contribute to deepening our understanding of the permanently shadowed regions at the lunar south pole, the prime minister said.

      "Our G2G collaboration in the space sector, between ISRO and JAXA, is fostering a culture of cooperation between our industries and startups. This is creating an ecosystem where innovation flows both ways — from labs to launch pads, and from research to real-world applications," Modi said.

      The impact of space science is linked to progress in our daily lives, from agriculture, disaster management, to communications and beyond, he said.

      "I am confident that our scientific teams will be working together to push the boundaries of space science. And, our partnership in space will not only expand horizons above us, but also improve lives around us," he said.

      Modi further said that collaboration in the defence sector between India and Japan has been a strong success story, with both countries having a shared interest in peace, security and stability of the Indo-Pacific region.

      "Today, our partnership spans across all three services. We conduct regular bilateral and multilateral exercises. We are building a robust Defence Equipment and Technology Cooperation, and working on co-development and co-production of UNICORN masts for our Navy," he said.

      "In recent years, Indian defence products are rapidly expanding their global footprint. Japan also has a proven record in the field of defence technology. Together, with political trust and natural complementarities, we can design and produce next-generation defence platforms not just for ourselves, but also for the world," he said.

      In the interview, Modi also noted that economic partnership is one of the key pillars of India-Japan Special Strategic and Global Partnership.

      "As the world’s leading economies, we have been contributing to each other’s growth, competitiveness and dynamism. Japan has been a trusted partner in India’s infrastructure development across generations. Japan has also been a leading source of Foreign Direct Investment for India in key sectors including automobiles, electronics, telecom, chemicals, finance and pharmaceuticals," he said.

      Modi pointed out that the number of Japanese firms in India has grown steadily to around 1,500, while more than 400 Indian companies operate in Japan.

      Clearly, this is only the beginning — the real potential is much higher, he added.

      "We must aim bigger and remain ambitious. The synergies across governments, businesses and people can create scale and speed in our economic partnership. We maintain important trade relations, but it has not yet reached the levels envisaged under our CEPA (Comprehensive Economic Partnership Agreement)," Modi said.

      "I am confident that with renewed efforts, we can diversify our trade basket, make it more balanced and open up new frontiers as well," he said.

      Noting that the 20th century saw Japan emerge as a major partner in India’s infrastructure development, Modi expressed confidence that the 21st century will see Japan as a major partner in India’s innovation, manufacturing, and global value chains.

      On reports that some Japanese companies are positioning their production bases in India as hubs for third-country markets such as Africa, Modi said India has seen multi-faceted reforms which make manufacturing in India easier than ever before.

      "We have removed compliance burdens, rolled out incentives and ensured a large skilled workforce for companies to set base in India. Many global companies, including from Japan, are setting up their production in India not only to cater to our domestic market, but also for the world," the prime minister said. PTI ASK ZH

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