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    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
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    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
    ED searches multiple locations in Punjab, Chandigarh in PMLA case against PSIEC officials
    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
    Govt to adopt appropriate measures to mitigate fuel price volatility: MoS Finance
    Taxation laws (Amendment) Bill to attract more foreign capital, provide policy certainty introduced in LS
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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
    Rupee falls 3 paise to close at 95.40 against US dollar
    Government Boosts MSME Financing Through SIDBI and ECLGS 5.0
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    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.
    August 5, 2026
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    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
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    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
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    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.
    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
    Show AI Summary
    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
    Show AI Summary
    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
    Show AI Summary
    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
    Show AI Summary
    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
    Show AI Summary
    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      IndiGo crisis day 5: Over 800 flights cancelled; govt orders airfare cap, ticket refunds by Sun evening

      December 6, 2025

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      Mumbai/New Delhi, Dec 6 (PTI) Domestic carrier IndiGo cancelled over 800 flights on Saturday, the fifth day of the ongoing crisis, even as the government imposed a cap on airfares and directed the airline to process all refunds by Sunday evening.

      The airline's on time performance from six metro airports plunged to 3.7 per cent on Friday, as per the civil aviation ministry website.

      The government said regulatory action will be initiated against the airline in case of any non-compliance.

      With IndiGo flight disruptions impacting thousands of passengers, the civil aviation ministry on Saturday directed the airline to complete the ticket refund process for the cancelled flights by Sunday evening, and ensure baggage separated from the travellers are delivered in the next two days.

      The airline had cancelled over 1,000 flights on Friday.

      The airline said its teams are focused on stabilising schedules, reducing delays, and supporting customers through this period.

      IndiGo, in a statement, also said it is addressing all customer refund issues on "priority".

      The refund process for all cancelled or disrupted flights must be completed by 8 pm on Sunday, the civil aviation ministry said in a statement. "Airlines have also been instructed not to levy any rescheduling charges for passengers whose travel plans were affected by cancellations," it said.

      IndiGo has also been instructed to set up a dedicated passenger support and refund facilitation cells.

      "These cells have been tasked to proactively contact affected passengers and ensure that refunds and alternative travel arrangements are processed without the need for multiple follow-ups.

      "The system of automatic refunds will remain active until operations stabilise completely," the statement said.

      Further, the ministry said the airline should ensure that baggage separated from passengers due to flight cancellations or delays should be traced and delivered to them within the next 48 hours.

      "The number of cancellations on Saturday dropped below 850 flights, much lower compared to Friday. We are continuing to work towards reducing this number progressively over the next few days," IndiGo said.

      The airline's teams are focused on stabilising schedules, reducing delays, and supporting customers through this period, it said, adding, "We are also working closely with all airports and partners to ensure timely updates are provided to customers at terminals, on our website, and via direct notifications." In the two-page order on capping the airfares, the ministry said disruptions in flight operations of one of the scheduled airlines has resulted in flight cancellations, leading to capacity constraints and unreasonable surge in the fares on a number of sectors.

      The fare limits, excluding applicable charges, are not applicable for business class and UDAN flights, the civil aviation ministry said in an order.

      However, the order did not provide clarity on whether the caps are applicable for economy class tickets or both economy and premium economy class tickets.

      Under the limits, for a flight flying up to 500 kilometres, the fares are capped at Rs 7,500 and for 500-1,000 kilometres, the ticket price cap is Rs 12,000. For flights operating 1,000-1,500 kilometres, the fares are limited at Rs 15,000 and for above, 1,500 kilometres, the cap is Rs 18,000.

      The cap means that for a Delhi-Mumbai flight, which is covered in a distance of over 1,300 kilometres, the fare for at least the economy class is capped at Rs 18,000.

      The limits will be in place till the situation stabilises, the ministry said in a statement.

      It excludes User Development Fee (UDF), Passenger Service Fee (PSF), and taxes on air tickets.

      The ministry, in the statement, said it will continue to closely monitor fare levels through real-time data and active coordination with airlines and online travel platforms, adding that any deviation from the prescribed norms will attract immediate corrective action in the larger public interest, it added.

      "These fare limits shall be applicable for all forms of bookings, regardless of whether the purchase is made directly through the airline's official website or through various online travel agents' platforms," it said.

      The ministry has also asked airlines to avoid steep or unusual upward fare revisions on sectors affected by the cancellations.

      An analysis of fares on airlines' websites on Friday showed that a one-way one-stop economy-class SpiceJet Kolkata-Mumbai flight ticket for December 6 costing up to Rs 90,000, and a similar ticket of Air India for Mumbai-Bhubaneswar going up to Rs 84,485.

      Indian Association of Tour Operators (IATO) President Ravi Gosain said unpredictable spikes damage consumer confidence and create chaos for tour operators.

      A temporary fare cap may provide immediate relief, but the durable solution is better contingency planning, rapid capacity deployment, and transparent fare monitoring, he noted.

      Federation of Associations in Indian Tourism & Hospitality (FAITH) Board Member Anil Kalsi said the fare cap is essential to protect flyer rights in India and there is a need for a permanent policy in this regard.

      On Friday, when IndiGo cancelled over 1,000 flights from across airports, IndiGo CEO Pieter Elbers, after maintaining a stoic silence over the grave crisis for three days, apologised in a video message for the major inconvenience caused to passengers due to the disruptions.

      In the one-way video communication, Elbers also said that the airline was expecting fewer than 1,000 flights on Saturday.

      The regulator DGCA provided temporary relief to IndiGo -- partially owned by Rahul Bhatia -- by rolling back the night duty definition to 12 am-5 am from 12 am-6 am earlier, and allowing its pilots to do six night-landings from two earlier, besides other relaxations.

      Meanwhile, the pilots' body, Airlines' Pilots Association (ALPA) India, has taken a "strong" objection to the DGCA's "selective and unsafe" relief to IndiGo, saying that the relaxations have not just "destroyed regulatory parity but also placed millions of passengers at "heightened risk".

      "ALPA India expresses its deep concern that this step directly contradicts the Court's directions, which mandate the enforcement of fatigue-mitigation standards rooted in aviation science," the association said in a statement late Friday.

      "We urge the (Civil Aviation) Ministry and the regulator to uphold the Court's order in both letter and spirit and to prioritise the safety of the pilots and travelling public above all commercial considerations," ALPA India said.

      It is worth noting that IndiGo was the first carrier to oppose the new flight duty time limitations (FDTL) norms for pilots when they were introduced in January 2024, with a March implementation timeline.

      It had been argued that the airlines require more time to put in place due to additional crew requirements. The latest FDTL norms, which entail increased weekly rest periods to 48 hours, extended night hours, and limiting the number of night landings to only two, as against six earlier, were also initially opposed by other domestic airlines, including Tata Group-owned Air India. PTI IAS RAM TRB

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