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    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
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    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
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    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
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    August 16, 2026
    Show AI Summary
    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
    Show AI Summary
    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    August 15, 2026
    Show AI Summary
    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
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    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
    Show AI Summary
    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
    Show AI Summary
    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
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    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
    August 15, 2026
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    Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
    Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
    August 14, 2026
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    Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
    India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
    August 14, 2026
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    Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
    The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
    August 14, 2026
    Show AI Summary
    Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
    Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
    August 14, 2026
    Show AI Summary
    Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
    India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
    August 14, 2026
    Show AI Summary
    Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
    Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
    August 14, 2026
    Show AI Summary
    Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
    Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
    August 14, 2026
    Show AI Summary
    International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
    International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
    August 14, 2026
    Show AI Summary
    Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
    Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
    August 14, 2026
    Show AI Summary
    International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
    IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
    August 14, 2026
    Show AI Summary
    Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
    Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
    August 13, 2026
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    International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
    UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.

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      Hurricane Melissa deals another heavy blow to Jamaica's farmers, fishers

      November 2, 2025

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      Kingston(Jamaica), Nov 2 (AP) The updates sent by friends and neighbours on WhatsApp confirmed what fisher Prince Davis already feared: Hurricane Melissa put a hole in the stern of his 15-metre fishing boat, and damaged the cabin and back deck.

      His father's boat was nowhere to be found. The roof of the house Davis and his parents shared in the small Jamaican fishing community of White House in Westmoreland parish was also destroyed.

      Davis was in Nicaragua, where he'd flown shortly before the storm to find new customers for his fish business. But now his livelihood, and the livelihoods of many in his community, were in peril.

      “It's going to be very rough” said Davis. “With the damage now, no one will be buying products.” About 29 kilometres northwest in Amity, also in Westmoreland parish, Denver Thorpe lost 15 acres of mango trees and two greenhouses on his farm.

      “There's absolutely nothing,” said Thorpe, a farmer and regional manager for the Jamaica Agricultural Society, a farmer advocacy organisation.

      Hurricane Melissa is blamed for at least 19 deaths in Jamaica, bringing catastrophic winds up to 298 kph and storm surge that wrecked homes and public infrastructure.

      While official damage assessments are still underway, experts said it's already clear that one of the strongest landfalling Atlantic hurricanes ever recorded also dealt a devastating blow to tens of thousands of Jamaican fishers and farmers who feed their families and nearby communities.

      Similar impacts will be felt by some of Cuba and Haiti's small producers, said Lola Castro, World Food Program regional director for Latin America and the Caribbean.

      “I would say every (crop) that was on the path has been damaged, there's no discussion on that,” said Castro. “Some of the fruit trees may be recovered, some of the temporary crops will not be recovered at all.” The destruction will impact how residents earn income and feed their families at a time when they must also rebuild homes and communities. There were already 10 million food-insecure people across the affected countries of Haiti, Jamaica and the Dominican Republic, said Castro. The WFP does not have that data for Cuba.

      In Jamaica, the destruction comes just 15 months after Hurricane Beryl impacted more than 50,000 farmers and 11,000 fishers, and caused USD 4.73 billion Jamaican dollars (about USD 29 million) in losses, according to the Ministry of Agriculture, Fisheries and Mining.

      “We were just about turning the corner,” said Thorpe.

      The lifeblood of the most vulnerable' -------------------------------------- Jamaica's agriculture ministry did not respond to questions about sector impacts, but the country has more than 200,000 farmers tending livestock and growing bananas, melons, cocoa and much more.

      The food produced is for domestic consumption and export — Jamaica is one of the world's largest yam exporters and its coffee growers generate USD 25 million annually, according to the Jamaica Coffee Exporters Association.

      Around 80 per cent are small-scale producers, working on 2 hectares of land or less, said Donovan Campbell, geography professor and director of the University of the West Indies' western campus.

      “Small-scale fishing and small-scale farming is what most people use to make a living,” he said. “It is really the lifeblood of the most vulnerable in our society.” Farmers use October rains to plant crops to harvest before Christmas. Before the storm, the agriculture ministry urged fishers to move equipment out of harm's way and farmers to move livestock and harvest any crops they could.

      The devastation exceeded most expectations. Officials Wednesday said St. Elizabeth parish, known as Jamaica's “breadbasket," was “ under water." The parish had over 35,000 registered farmers and fishers as of 2022, according to the Jamaica Information Service.

      For fishers, Davis said it's not just losing boats, nets and traps that endangers their work. Without electricity, there's no ice to store what they catch, and customers won't buy what they can't keep cold. Lack of tourism will hurt demand, too.

      The slowdown is worse for fishers who use most of their catch to feed their families and sell a little extra, he said. “That small income every day maintains their house and their family and their school and children." There are also special risks for women producers, said Davis and Campbell, many of whom are heads of household who support their children with the small amounts they sell.

      Compounding crises in Cuba and Haiti ----------------------------------------- Cuba and Haiti face similar challenges, exacerbated by their political and economic crises.

      The storm unleashed terrible flooding in southern Haiti and is blamed for 31 deaths in the country, where hunger was already rising.

      Castro of the World Food Program said the organization is concerned about the impact to some of Haiti's female producers, from whom the WFP typically buys produce to supply local schools.

      “We may need to bring food from other parts of the country if available or even having to import,” said Castro.

      In Cuba, the evacuation of 735,000 people meant the country suffered no known deaths, but Melissa's passage could worsen challenges in feeding Cubans. The country faces a severe economic crisis and spends some USD2 billion annually importing food products.

      Local officials said there was damage to plantain, corn and cassava crops, coffee, various vegetables and trees across the five affected eastern provinces.

      Government officials said Melissa's heavy rainfall did benefit dams and reservoirs, after the eastern part of the country had been suffering from a severe drought and water shortage.

      “That is one of the silver linings,” said Margarita Fernandez, executive director of the Caribbean Agroecology Institute in Vermont. CAI is raising funds to send directly to farmers and cooperatives there. The United Nations Food and Agriculture Organisation also delivered seed to Cuba ahead of the storm, a spokesperson said.

      Help arrives in phases ----------------------- Relief efforts across the northern Caribbean are focused on immediate needs for now, as first responders and humanitarian organizations provide shelter, health care, food and clean water, and restore power and communications.

      Food producers will soon need cash to make up for lost income, help replacing equipment and animals as well as new seed.

      The Jamaican government keeps reserve funds, parametric insurance policies and catastrophe bonds for disasters. The government and nonprofits helped farmers and fishers after Hurricane Beryl replace what they lost.

      But it can take a long time for that help to reach small scale producers, said Campbell.

      With airports open again, Davis is looking for a flight to get back to White House. He needs to fix his boat, and his roof, but he doesn't know when he will sell fish again.

      “My worry is about when will the economy will be back to normal, where life goes on as it was before,” said Davis. “Everyone is picking up the pieces." (AP) RD RD

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