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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
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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
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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
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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
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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
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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
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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
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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
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Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
July 31, 2026
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Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
July 31, 2026
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Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
July 31, 2026
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Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
July 31, 2026
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India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.

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Customs & Trade

Forging India's Defence Future: Advancing Artillery Shell Manufacturing for Strategic Self-Reliance

September 11, 2025

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Pune, Maharashtra, India (NewsVoir) India’s defence manufacturing sector is undergoing a pivotal transformation, and at the heart of this shift lies a capability that often goes unnoticed but is mission-critical - artillery shell manufacturing. These components, though rarely in the spotlight, form the very foundation of India’s ammunition strength. Their production is a matter of national security, industrial progress, and strategic autonomy.

In FY 2023-24, India’s defence production soared to approximately Rs. 1.27 lakh crore, showing the highest-ever rise in output, with PSUs contributing nearly 79% and the private sector about 21% Wikipedia. Further, in FY 2024–25, annual defence output jumped even higher to Rs. 1,50,590 crore, marking a new record The Times of India.

Forging Strength: Why Artillery Shells Matter Artillery remains the backbone of conventional warfare. According to AP News, Ukraine fires around 4,000-7,000 artillery shells daily, while Russia fires over 20,000 AP News. Bomb shells are not merely metal casings - they must withstand intense pressures during handling, firing, and detonation. A single flaw can compromise safety and effectiveness, making forging - whether cold, hot, or isothermal - indispensable for ensuring internal structural integrity. This process ensures the resulting shells offer maximum strength, fatigue resistance, and dimensional accuracy.

India’s Modernization Journey in Shell Production Despite the high stakes, India’s artillery shell output remains comparatively modest - though exact production numbers are not publicly detailed, the escalation in defence output and renewed policy focus suggests a significant push is underway.

Traditionally, shell manufacturing in India relied on manual forging, semi automation, and labor-intensive machining. Now, a shift is underway - embracing hydraulic forging presses, hot/die-forging systems, CNC machining, robotic handling, and digital inspection. This transition is steering the sector toward precision, consistency, and the global quality benchmarks needed for modern warfare.

Global Comparisons & Strategic Gaps Globally, shell production is being ramped up significantly: • In March 2023, the EU committed €2 billion (about $2.2 billion) to procure 1 million 155mm shells for Ukraine within a year Defense One.

• NATO also signed a $1.2 billion contract for 220,000 rounds of 155mm shells, acknowledging urgent needs, given Ukraine’s and Russia’s massive daily artillery usage AP News.

• Examples of accelerating production: Europe’s artillery shell output is projected to hit 2 million rounds by end of 2025 YahooIr-Ia.

• Rheinmetall, backed by EU funding (€130 million), aims to scale up to 1.1 million shells annually by 2027 The Wall Street Journal.

By comparison, India must upscale production capabilities swiftly to meet both national demand and emerging export opportunities.

Policy Support & Export Potential India’s burgeoning defence output indicates growing capacity and confidence. According to Reuters, India produced $14.8 billion worth of arms in FY 2023-24, a 62% increase since 2020. Indian-made 155mm artillery shells have even appeared on the frontlines in Ukraine Reuters - highlighting both cost-effectiveness and export competitiveness (priced at just $300–400 per shell) Defence Blog.

These developments reflect India’s potential to tap into global demand. With rising international orders and India’s cost advantage, expanding production could position the country as a reliable global supplier.

Technology & Sustainability: The Next Frontier Manufacturing innovation now goes beyond precision - it includes sustainability. European firms, for example, are investing in automation to boost output while cutting energy and waste. India should mirror this by incorporating energy-efficient presses, optimized die processes, AI-based defect detection, digital twins, and real-time analytics.

Building Human Capital Behind every machine is a skilled workforce. India has launched Make in India and Liberalization initiatives - by October 2022, the MoD had issued over 6,000 industrial licences, with ~20% for guns and cartridges KPMG. Coupled with schemes like PMKVY and institutional alliances (e.g., via AICTE), these efforts are building technical expertise in forging, CNC, and digital manufacturing.

A Strategic Asset for the Future To ensure artillery shell production becomes both a strategic asset and economic opportunity, India must: 1. Develop a forging capacity that can meet both domestic defense needs and export demand.

2. Embrace Industry 4.0 technologies to move toward precision, sustainability, and zero-defect output.

3. Invest in public–private collaboration and production clusters to accelerate scaling.

4. Expand human capital through focused training and skill development.

Conclusion Artillery shells are often invisible in the broader narrative of defence capability - yet they are essential. Forging them with precision, reliability, and sustainability through modern technologies and skilled manpower is India’s path toward strategic autonomy.

With defence output already setting records - and cost-competitive artillery shells reaching global theatres - India has both the mandate and momentum. The shells we forge today are not merely engineering products - they are symbols of India’s resilience, strength, and self-reliance.

Sources • Indian defence output: Rs. 1.27 lakh crore (FY 2023–24) Wikipedia; Rs. 1.50 lakh crore (FY 2024–25) The Times of India • Ukraine & Russia rate of shell use (AP News) AP News • EU shell funding initiatives €2 bn → 1 million shells Defense One • EU production target: 2 million shells in 2025 YahooIr-Ia • Rheinmetall EU funds (€130 M) and 1.1 million shells by 2027 The Wall Street Journal • India arms output $14.8 bn FY 2023–24, shell cost $300–400 ReutersDefence Blog • MoD licences for defence manufacturing (guns & cartridges ~20%) KPMG Authored by Nitin Mehra, President - Precision Engineering Technologies.

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

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