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    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
    PM urges MSMEs to tap opportunities from FTAs
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    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
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    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
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August 15, 2026
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
August 13, 2026
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Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
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Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
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GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
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Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.

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Customs & Trade

India-Russia ties among 'steadiest' globally: Jaishankar

December 6, 2025

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New Delhi, Dec 6 (PTI) The India-Russia partnership has been among the "steadiest big relationships" in the last 70-80 years and President Vladimir Putin's visit to New Delhi was about "reimagining" the ties with a focus on economic engagement, External Affairs Minister S Jaishankar said on Saturday.

In an interactive session, he also disagreed with views that Putin's visit could complicate India's negotiations with the US on a bilateral trade agreement.

"No, I disagree with you. I think everybody knows that India has relations with all the major countries in the world," Jaishankar said at the Hindustan Times Leadership Summit.

"I think for any country to expect to have a veto or a say in how we develop our relations with others is not a reasonable proposition." Jaishankar was asked if Putin's two-day visit to New Delhi that focused largely on significantly enhancing the economic dimension of India-Russia ties will have a bearing on the negotiations with the US for the proposed trade deal.

"Because remember, the others can expect the same. I think we've always made it very clear that we have multiple relationships. We have a freedom of choice," he said.

"We talk about what is called strategic autonomy and that continues and I cannot imagine why anybody would have reason to expect the contrary," he added.

The external affairs minister acknowledged that the focus of the Trump administration has been on trade and noted that India's approach in navigating it is totally driven by national interests.

"I think clearly right now trade is the most important issue there. We have, it's clearly very central to the thinking in Washington, much more than it was to earlier administrations, which is something which we have recognized and we are prepared to meet," he said.

"But we are prepared to meet it on reasonable terms. I mean, for those of you who think that diplomacy is about pleasing somebody else I'm sorry, that's not my view of diplomacy. I mean, to me, it is about defending our national interests," he said.

The India-US relations are going through possibly the worst phase in the last two decades after Washington imposed a whopping 50 per cent tariff on Indian goods, including 25 per cent levies for New Delhi's procurement of Russian crude oil.

The two sides are currently holding negotiations for the proposed a trade deal "We believe that there can be a landing point for our respective trade interests. Obviously, that is something which will be negotiated hard because it has an implication for livelihoods in this country," he said.

"At the end of the day, for us the interests of the workers and the farmers and the small business and the middle class matters. When we look at a trade agreement with a country like the US, you have to be extremely judicious about your position, about what you put on the table," he said.

On President Putin's two-day trip to India, Jaishankar said for a "big" and "rising" country like India, it is important to maintain good cooperation with as many important players as possible in the world in line with freedom of choice.

"I think if you look at India-Russia, the world has seen a lot of ups and downs in the last 70-80 years. I've said this before and I'll say it again, India, Russia have actually been among the steadiest big relationships, big power or big country relationships in the world," he said.

"Even Russia's own relationship with China or US or Europe has had its ups and downs. Our relationships with many of these countries have had it too," he added.

In any relationship, Jaishankar noted, it is natural that some aspects of it develop and some kind of don't keep up.

"In the case of Russia, what had happened for a variety of reasons, I think they visualized the West and China as their primary economic partners. We visualised perhaps the same." "So the economic side of the relationship had somehow not kept pace. You can see that in the numbers." Putin's visit in many ways was about reimagining the relationship, he said.

"It was about building dimensions and facets which it lacked or didn't have in enough measure. if I were to pick two or three big takeaways, for me, the mobility agreement where Indians would now much more seamlessly find work opportunities in Russia was one big outcome." The understanding on a joint venture on fertilisers was another major take away, according to Jaishankar.

"We are the world's second biggest fertiliser importer after Brazil. It's a recurring issue that we have. And also because the fertilizer sources have been very unstable. They've turned on and turned off the tap. So we had an agreement to create an important substantial joint venture on fertilizers," he said.

On India's ties with China, Jaishankar said the key point that New Delhi made was that peace and tranquillity in the border areas is a prerequisite for good relations and it is being maintained and is being built upon.

"But it's not like that was the only issue in the relationship. There were many other issues, some of which predated Galwan. So there are issues about trade, there are issues about investment, there are issues about competition, about subsidies, about fairness, about transparency," he said.

"These are real issues as well. We are trying to work our way through some of it. Some of it is easier, some of it is harder," he added.

To a question on Pakistan Army Chief Field Marshal Asim Munir, Jaishankar said much of India's problem emanates from the military of that country and even referred to its support for terror groups.

Like there are good terrorists and bad terrorists, there are good military leaders and apparently not-so-good ones, he said, seen as a reference to Munir.

"I think for us, the reality of the Pakistani army has always been and much of our problems actually emanate from them. When you look at the terrorism, when you look at the training camps, when you look at the sort of a policy of almost ideological hostility towards India, where does that come from? It comes from the army," he said.

Jaishankar said India and Pakistan should not be hyphenated at all.

"Look at the state of Pakistan. See the differentials and the capabilities and frankly the reputation on either side. We should not get over obsessed and hyphenate ourselves with them. There is a challenge, there are issues that we'll deal with," he added.

On Bangladesh, the external affairs minister said India is a well wisher of that country.

"We think as a democratic country, any democratic country likes to see the will of the people ascertained through a democratic process." "I'm quite confident that whatever comes out of the democratic process would have a balanced and mature view about the relationship and, hopefully things would improve," he said.

Asked if former Bangladesh prime minister Sheikh Hasina will continue to stay in India, he said: "She came here in a certain circumstance and I think that circumstance clearly sort of is a factor in what happens to her. But again, that is something which she has to make up her mind." PTI MPB ZMN

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