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    HIGHLIGHTS
    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
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    July 31, 2026
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    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
    Show AI Summary
    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
    Show AI Summary
    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
    Show AI Summary
    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
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    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
    Show AI Summary
    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
    Show AI Summary
    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
    Show AI Summary
    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
    Show AI Summary
    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.

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      Conservative Kast's victory in Chile suggests a hard-right, pro-Trump surge across Latin America

      December 16, 2025

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      Santiago, Dec 16 (AP) Chile has become the latest country in Latin America to veer toward the right, electing a deeply conservative veteran politician who has long attracted comparisons to Donald Trump.

      The president-elect, Jose Antonio Kast, has expressed nostalgia for the 17-year military dictatorship of the late Gen Augusto Pinochet, opposed the legalisation of same-sex marriage and advocated in recent years for a constitutional ban on abortion.

      Those stances, which some say sabotaged Kast's previous presidential bids in the increasingly liberal country, didn't seem to matter in Sunday's election.

      Instead, Kast, 59, won a landslide victory by tapping into a deep well of resentment at the status quo in a country whiplashed by an unprecedented rise in organised crime and disappointed by the failure of President Gabriel Boric to live up to his grand promises of change.

      A dramatic turn from two decades ago ----------------------------------------- Experts say this reflects the pervasive anti-incumbent mood that has gripped South America and, significantly, boosted the radical right at time when Trump is seeking to influence the region's political future.

      It's a dramatic turn from only two decades ago, when the commodities boom brought the so-called “pink tide” of left-wing leaders like the late socialist icon Hugo Chavez who whipped up voters by railing against US imperialism and vowing to redistribute government revenues.

      “The last decade, it's been rough,” said Steven Levitsky, a Harvard political scientist. “And the people who get blamed for stagnant economies, rising crime -- or, rising perceptions of crime at least -- and not insignificant corruption are those who've been in power, and that's the left.” A continental shift ------------------- Across South America this year alone, voters strengthened the mandates given to anarcho-capitalist President Javier Milei in Argentina and iron-fisted President Daniel Noboa in Ecuador, rather than return their countries to the left-wing traditions that held sway previously.

      In Bolivia, October saw the election of right-wing President Rodrigo Paz end nearly two decades of socialist rule.

      In Peru in recent weeks, demand for a ruthless approach to organized crime has caused political chaos and empowered the country's right-wing politicians ahead of the 2026 presidential election.

      Last week, partial results in Honduras' paralysed presidential vote showed a conservative former mayor endorsed by Trump and his right-wing sportscaster rival deadlocked in a stunning rebuke of the incumbent left-wing government.

      Chile's turn at the polls ------------------------ Then, on Sunday, voters traumatised by insecurity, angry about uncontrolled migration and frustrated with a dispiriting economy chose Kast over Jeannette Jara, his communist rival from the centre-left governing coalition who failed to persuade them that she was something other than the continuity candidate.

      Experts say the new Latin American hard right underscores Trump's influence.

      Speaking to reporters in Washington, Trump praised Kast on Monday as “a very good person,” adding, “I look forward to pay(ing) my respects to him.” Like Milei and Brazil's ex-President Jair Bolsonaro, Kast has been a fixture on the global speaking circuit of the Conservative Political Action Conference, decrying socialism, lambasting “gender ideology” and vowing the mass deportations of immigrants.

      “The far right is not a majority anywhere, it's usually 25-30 per cent of electorates, but it's punching above its weight because it has a real ideological project,” said Levitsky. “They've got political momentum right now, and that clearly helped in Chile.” At Kast's victory rally Sunday in Santiago, Chile's capital, supporters waved American flags, sported red “Make Chile great again” caps and raised banners emblazoned with Milei's 2023 campaign slogan, “The force of change.” A moment of reflection for the left ------------------------------------- Just four years ago, deep-rooted social discontent and popular mistrust of the political elite helped bring a new crop of left-wing leaders to office.

      In Chile, President Boric, a firebrand former student protest leader, came to power on the back of social unrest over inequality that presented a rare opportunity for his government to transform the market-led economy.

      But within months, a series of legislative defeats, a corruption scandal and an unprecedented wave of organised crime derailed his ambitions. His approval ratings dropped from 50 per cent to less than 30 per cent — and never recovered.

      In Colombia, progressive President Gustavo Petro was elected on plans to help the poor and achieve what he called “total peace” with the nation's many armed groups. Now, with just months to go until presidential elections that could swing the country back toward the right, Petro's most ambitious reforms are stuck in Congress. The militias haven't put down their guns.

      Mexico stands out as an exception to the regional trend. President Claudia Sheinbaum, who was ushered into office last year by ex-President Andres Manuel Lopez Obrador, has enjoyed soaring approval thanks to the association with her hugely popular mentor and measured handling of a volatile relationship with Trump.

      But while Milei and other regional conservative leaders hailed Kast's win as another milestone in their ideological movement's continental sweep, Sheinbaum on Monday urged fellow left-wing leaders to learn from defeat.

      “This is a moment of reflection,” she said. “We have to analyse what happened in Chile.” Kast speaks to Chile's reality ------------------------------ Kast has praised the crime-fighting tactics of El Salvador's Nayib Bukele, touring his 40,000-capacity mega prison last year. His vows to cut a staggering USD 6 billion from the budget in just 18 months have drawn comparisons to Milei's chainsaw methods.

      But in stark contrast to his ideological allies, Kast promoted himself as a moderate in this election runoff against Jara, whose lifelong membership in Chile's hard-line Communist Party led many voters to view her as a radical despite her vows of fiscal restraint.

      “He's not who I wanted, but at the end of the day, he's the least bad option,” said Carol Mesa, 54, who backed the right-wing establishment candidate, Evelyn Matthei, eliminated in the first round of voting last month. “I couldn't vote for a communist.” Despite his budget-slashing ambitions, Kast promised not to touch social benefits. He defended the free-market institutions that have guided Chile's economy over 35 years of democracy. And the devout Catholic and father of nine managed to avoid all talk of moral conservatism.

      “The main issues are crime and immigration, and that's why the majority of the middle class geared up to vote against continuity and in favour of Kast,” said Kenneth Bunker, a Chilean political analyst. “They saw him as somebody that can deliver results that are much needed.” In his first act as president-elect, Kast tried to narrow Chile's divisions and calm the fears of his critics, promising to “be the president of all Chileans.” “They say we are not good at agreements," he said. “We are going to surprise them.” (AP) MPL MPL MPL

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