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    Govt to soon announce high-level panel on 'Banking for Viksit Bharat': FM
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August 17, 2026
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Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
August 17, 2026
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FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
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LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
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Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

Amid global tariff uncertainties, recycling industry seeks open market to push circular economy

January 21, 2026

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Jaipur, Jan 21 (PTI) Recycling industry leaders have sought an ease of doing cross-border trade, saying that global market access for reusable products is key to the growth of the circular economy.

Global market access remains the highest priority for the recycling industry, particularly for countries like the United States that generate a structural surplus of recycled materials, said Robin Wiener, President of US-based Recycled Materials Association (ReMA).

"The US generates an excess of recycled materials every year. In 2025 alone, this surplus exceeded USD 22 billion across commodities, making export markets critical to industry resilience, investment and innovation," Wiener said at the International Material Recycling Conference (IMRC 2026) here.

Wiener further said that the US-India recycling trade has grown nearly six-fold in the past two decades, and remained unaffected from recent tariff measures, as India did not retaliate against the Donald Trump administration's move to impose high tariffs on US imports in the country.

The US-India recycling trade has grown six-fold in 19 years from USD 375 million at the time of the first industry trade mission to India, she said, adding that India is now the US' third-largest trading partner for recycled materials by volume and value.

"In the past year, the US exported 4.3 million metric tonnes of recycled materials to India, accounting for nearly 14 per cent of total US export volumes and USD 2.3 billion in value, or about 8 per cent of total export value," she said.

Speaking about tariffs faced by the recycling sector, Wiener said that since January 2025, multiple tariff regimes - introduced under different US trade authorities - have increased average tariff rates from around 2 per cent to the peak of nearly 30 per cent, with current levels hovering around 18 per cent.

She welcomed India's decision not to impose retaliatory measures on US recycled material exports, and said that the ongoing bilateral trade negotiations are expected to conclude by the end of the first quarter of 2026.

"So far, recycled material flows between the US and India have not been materially impacted by tariffs, demonstrating the resilience of this trade relationship," Wiener said.

However, she cautioned that export restrictions, rather than tariffs, pose the greater long-term threat.

"There has been pressure to restrict exports of copper, aluminium, nickel, and stainless steel. While proposed copper export controls were successfully pushed back, discussions on aluminium and nickel continue.

"With surplus material available, export restrictions are unnecessary and counterproductive to global circularity," she said.

Besides, Wiener said that the diversity of materials shipped to India "reflects the diversity and scale of Indian manufacturing demand".

"While steel and aluminium tariffs do not directly apply to recycled materials, there is growing concern around downstream products and equipment," she added.

Mir Mujtaba, President, Bureau of Middle East Recycling (BMR), also highlighted the importance of recycling with the region undergoing a structural transformation driven by sustainability mandates, traceability and net-zero commitments.

"The Middle East is not becoming a question mark for the global recycling trade. It is becoming an explanation - an explanation of cleaner, safer and more responsible trade," Mujtaba said.

He said that by 2030-2050, countries across the region, including the UAE, Saudi Arabia and Oman, are targeting net-zero outcomes, positioning recycling as a strategic industry rather than a peripheral activity.

Mujtaba said the alignment between Indian and Middle Eastern policy objectives creates a natural strategic partnership.

"India brings scale, processing expertise and manufacturing depth, while the Middle East offers world-class logistics, capital and policy-driven sustainability. Together, this creates a strategic recycling corridor, not just a trade route," he said.

Amar Singh, Secretary General, Material Recycling Association of India (MRAI), said that India's circular economy has the potential to generate over USD 2 trillion in market value and nearly 10 million jobs by 2050.

He said India has put in place a comprehensive policy ecosystem covering ferrous and non-ferrous recycling.

"Key policies such as the National Steel Policy, Steel Scrap Recycling Policy, PLI scheme for speciality steel and the National Green Hydrogen Mission support value-added steel production and low-carbon transition," Singh said.

Initiatives like the Green Steel Roadmap and Green Steel Taxonomy provide clear direction on decarbonisation, green finance and global competitiveness, he said, adding, "In the non-ferrous segment, frameworks such as the National Non-Ferrous Scrap Recycling Policy 2020 and Aluminium and Copper Circular Economy Vision documents anchor India's recycling roadmap." He also highlighted challenges, including low domestic scrap availability, high dependence on imports, GST distortions and the dominance of the informal sector.

"MRAI has consistently advocated for free flow of scrap, leading to reductions in import duty on several metals, with further reductions - including aluminium - expected," he said.

Sanjay Mehta, President, MRAI, said duty-free access to scrap is essential for India's circular economy ambitions.

"Zero duty on all scrap imports, particularly aluminium, is inevitable. It aligns with India's circular economy and manufacturing goals, and we expect progress within the next 6 to 12 months," he said.

Mehta said MRAI is strengthening its advocacy framework through deeper government engagement, expanded leadership involvement and professional communications support. PTI AG HVA

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