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    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
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August 5, 2026
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Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
August 5, 2026
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Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
August 5, 2026
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Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
August 5, 2026
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Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
August 5, 2026
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Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
August 5, 2026
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Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
August 5, 2026
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Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
August 5, 2026
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Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
August 5, 2026
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Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
August 5, 2026
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Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
August 5, 2026
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Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
August 5, 2026
Show AI Summary
Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
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.

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Customs, DGFT & SEZ

President of India Smt. Droupadi Murmu Confers Certificates to the Graduating Students of the Footwear Design and Development Institute.

December 1, 2025

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Union Minister of Commerce & Industry Shri Piyush Goyal Urges Graduates to Connect with Artisans, Industry and Consumers

Shri Goyal Urges Footwear Sector to Uphold Quality and Ethics and Embrace Swadeshi

The President of India, Smt. Droupadi Murmu, graced the convocation ceremony of the Footwear Design and Development Institute in New Delhi today. She conferred certificates to over 500 graduates.

The President recalled that FDDI was declared an Institute of national importance in 2017. She noted that India ranks second globally in footwear production and consumption and said that as these graduating students establish their own startups in India, exports are expected to rise further, boosting income and strengthening employment through Atmanirbharta.

Union Minister of Commerce & Industry Shri Piyush Goyal, while congratulating the graduates, said that they are professionals who will connect the artisans in villages, the engineers in factories and the consumers seeking the best products. He added that India is entering into many free trade agreements with developed countries, which is opening new opportunities for the industry and for FDDI graduates.

Union Minister of State for Commerce & Industry Shri Jitin Prasada said that with a network of 12 campuses, FDDI has emerged as a premier institute providing specialised education in footwear design, technology and related fields. He said that as a specialised national institute under the Ministry of Commerce & Industry, FDDI sits at the intersection of design, technology, manufacturing and retail, and that it learns from industry and, in turn, helps the industry move up the value chain.

Recalling Swami Vivekananda’s words from 1897, Shri Goyal said that the world today shares the same faith in India’s youth. He noted that the global community is looking forward to working with India, entering new trading arrangements and strengthening economic cooperation with the country. He added that FDDI is also a symbol of women’s leadership, with more than 70% of its students being women who make the institute and the country proud. Shri Goyal expressed confidence that the graduating students will hold the Indian flag high as they capture world markets and ensure that Indian products made in India are available across the globe. He said that wherever the students go, they will become India’s brand ambassadors, carrying the strength and aspirations of 140 crore Indians.

Shri Goyal, while addressing the students, highlighted that life is a continuous journey of learning, re-skilling, re-training and often unlearning, which is essential for progress. He said that the ability to be agile, to think big, dream big and achieve big differentiates Indian youth from the rest of the world. He also noted that India’s footwear, leather and lifestyle products enjoy strong domestic and global demand due to excellent craftsmanship, rich heritage and the vast market of 140 crore Indians.

Shri Goyal offered five suggestions to the students as they step into the professional world. First, he urged the students to connect with villages, highlighting the importance of engaging with rural communities to gain fresh perspectives and inspire innovation. He recalled President Murmu’s advice at the National Institute of Design convocation earlier this year, which encouraged students to spend time in villages as it opens up new ways of looking at the world. Shri Goyal cited sustainable biodegradable leather products made using banana fibre and thread, showcased at the Bharat Pradarshani, as a prime example of the innovative ideas and meaningful outcomes that can emerge when graduates connect with grassroots practices and local craftsmanship.

Second, the Minister urged students to actively explore blue-ocean opportunities and identify untapped niches in the global market for fashionable products. He emphasised the importance of innovation and value-driven design, citing the growing demand for economically designed, diabetic-friendly footwear as an example of how new ideas can create entirely new segments. He encouraged the graduating batch to think beyond conventional models, anticipate emerging needs, and develop products that combine style, comfort, and purpose.

Third, he called on the students to contribute to India’s journey toward moving up the global value chain by creating products that embody excellence at every stage. He emphasised that Indian goods must not only be premium and beautifully curated but also durable, high-quality and crafted using sustainable raw materials.

Fourth, Shri Goyal emphasised upholding the highest standards of ethics, safety and quality with zero compromise.

Fifth, he encouraged them to embrace Swadeshi, saying it has the power to open new avenues and that as India becomes Atmanirbhar, its talent will reach global markets with full confidence. He said there is no looking back for India and that the future is bright.

The Minister urged students to help expand the industry to meet the needs of an ever-growing economy. Highlighting that India has been the world’s fastest growing large economy for the last four years, he said that as prosperity grows, people spend more on textiles and footwear. He added that as India moves from a 4 trillion-dollar economy today to a 30 trillion dollar economy by 2047, the scope for growth in the sector will be immense and achieving a Developed India by 2047 is a collective resolution.

Shri Goyal concluded with a quote from Prime Minister Narendra Modi, expressing confidence in the ability of young people to make the years leading up to 2047 the most important in India’s history. He urged the graduating students to make their mark, take the country to greater heights and be a part of the journey towards Viksit Bharat 2047.

***

Abhishek Dayal/ Ishita Biswas

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