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    PM urges MSMEs to tap opportunities from FTAs
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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.
August 13, 2026
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Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
August 13, 2026
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Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.

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Customs & Trade

Trump's Greenland threats spark outrage, defiance from EU, testing longtime NATO alliances

January 21, 2026

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Davos, Jan 20 (AP) President Donald Trump's pledges to provoke a sweeping tariff fight with Europe to get his way in taking control of Greenland has left many of America's closest allies warning of a rupture with Washington that would shatter the NATO alliance that had once seemed unshakable.

The European Union's top official on Tuesday called Trump's planned new tariffs over Greenland a “mistake” and questioned Trump's trustworthiness. French President Emmanuel Macron said the EU could retaliate against its long-standing ally by deploying one of its most powerful economic tools, known colloquially as a trade “bazooka.” Trump prides himself on ratcheting up pressure to try and negotiate through a position of strength. He is slated to leave on Tuesday — the anniversary of his inauguration — for the World Economic Forum in Davos, Switzerland, a venue that could give him the chance to defuse tensions as quickly as he has sought to stir them up.

But European leaders — digging in and vowing to defend Denmark and its semiautonomous control over Greenland — may be seeking just as hard to meet an extraordinary moment with their own demonstration of fierce resolve.

That could hurt the chances of Trump finding a quick way to turn around the crisis. And, even as the furor over Trump's escalating calls for US control of the vast Arctic island seems ready to engulf the elite annual meeting in Switzerland, Greenland's leader insisted on respect for its territorial integrity and said recognition of international law is “not a game.” European Commission President Ursula von der Leyen pushed back against Trump's announcement that, starting February, a 10 per cent import tax will be imposed on goods from eight European nations that have rallied around NATO ally Denmark. Greenland is a semiautonomous territory of Denmark.

“The European Union and the United States have agreed to a trade deal last July,” von der Leyen said in Davos. “And in politics as in business – a deal is a deal. And when friends shake hands, it must mean something.” “We consider the people of the United States not just our allies, but our friends. And plunging us into a downward spiral would only aid the very adversaries we are both so committed to keeping out of the strategic landscape,” she added.

She vowed that the EU's response “will be unflinching, united and proportional.” The harder stance seemed to defy the approach that many European leaders have taken since Trump returned to office, which mostly had been to say nice things about Trump to try to stay in his good graces, while working furiously through other avenues to find compromise.

The president's continued insistence in recent weeks, however, that nothing short of the US somehow owning Greenland being unacceptable, is testing the limits of the softer approach.

Trump says the US needs the territory to deter possible threats from China and Russia. Set to speak in Davos on Wednesday, Trump said on social media that he had agreed to “a meeting of the various parties” there. US Treasury Secretary Scott Bessent insisted, meanwhile, that America's relations with Europe “have never been closer” and urged trading partners to “take a deep breath.” Still, Danish Prime Minister Mette Frederiksen, speaking in the Danish parliament, said that “the worst may still be ahead of us.” She said that “we have never sought conflict. We have consistently sought cooperation.” 'Not a game' ------------- Greenland's Prime Minister Jens-Frederik Nielsen said at a news conference in the island's capital, Nuuk, that “we need to have respect for international law and territorial integrity.” He said those principles should unite Western democratic countries, and said he was grateful for support from EU allies.

“International law, it's not a game,” he said. “We have been a close and loyal ally to the United States, to NATO, through many, many, many years. We can do lots more in that framework. We are willing to cooperate much more, but of course in mutual respect, and if we cannot see that, it will be very difficult to have a good and reliable partnership.” Trump's threats have sparked outrage and a flurry of diplomatic activity across Europe, as leaders consider possible countermeasures, including retaliatory tariffs and the first-ever use of the European Union's anti-coercion instrument.

Unofficially known as the “trade bazooka,” the anti-coercion instrument could sanction individuals or institutions found to be putting undue pressure on the EU. The EU has two other major economic tools it could use to pressure Washington: new tariffs, or a suspension of the US-EU trade deal.

Macron warned in Davos that the additional tariffs could force the EU to use its anti-coercion mechanism for the first time against the United States.

“Can you imagine that?” he said, arguing that allied countries should be focusing instead on bringing peace to Ukraine. “This is crazy.” In general, he said, the mechanism “is a powerful instrument and we should not hesitate to deploy it in today's tough environment.” Trump earlier posted a text message from Macron in which the French president suggested a meeting of members of the Group of Seven industrialised democracies in Paris after the Davos gathering. An official close to Macron, who spoke anonymously in line with the French presidency's customary practices, confirmed the message shared by Trump is genuine.

In his latest threat of tariffs, Trump indicated that the import taxes would be retaliation for last week's deployment of symbolic numbers of troops from the European countries to Greenland — though he also suggested that he was using the tariffs as leverage to negotiate with Denmark.

Newsom urges Europe to show 'backbone' ---------------------------------------------- Speaking on the sidelines of Davos, California Gov. Gavin Newsom slammed Europe's response to Trump's tariff threats as “pathetic” and “embarrassing,” and urged European leaders to unite and stand up to the United States.

“It is time to get serious, and stop being complicit,” Newsom told reporters. “It's time to stand tall and firm, have a backbone.” Greenland's European backers have also looked at establishing a more permanent military presence to help guarantee security in the Arctic region, a key demand of the United States, Swedish Defence Minister Pal Jonson said.

In Moscow, meanwhile, Russian Foreign Minister Sergey Lavrov strongly denied any intention by Russia and China to threaten Greenland, while also describing Greenland as a “colonial gain” for Denmark. At a news conference, he said that “in principle, Greenland isn't a natural part of Denmark.” US-UK tensions over Chagos Islands ----------------------------------------- In another sign of tension between allies, the British government on Tuesday defended its decision to hand sovereignty of the Chagos Islands to Mauritius after Trump attacked the plan, which his administration previously supported.

Trump said that relinquishing the remote Indian Ocean archipelago, home to a strategically important American naval and bomber base, was an act of stupidity that shows why he needs to take over Greenland.

In a speech to lawmakers at Britain's Parliament on Tuesday, US House of Representatives Speaker Mike Johnson said he hoped to “calm the waters” as Trump roils the trans-Atlantic relationship with his desire to take over Greenland.

Johnson said the US and the UK “have always been able to work through our differences calmly, as friends. We will continue to do that.” (AP) GRS GRS

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