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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
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
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Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
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
Show AI Summary
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.

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Customs & Trade

Trump in Davos says NATO should allow US to take Greenland but he won't use force

January 21, 2026

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Davos, Jan 21 (AP) President Donald Trump insisted he wants to “get Greenland, including right, title and ownership,” but said he wouldn't employ force to achieve that — using his speech Wednesday at the World Economic Forum to repeatedly deride European allies and vow that NATO shouldn't try to block US expansionism.

“What I'm asking for is a piece of ice, cold and poorly located,” Trump said, declaring of NATO: “It's a very small ask compared to what we have given them for many, many decades.” He urged NATO — which has held firm since the dawn of the Cold War but now is facing an unprecedented test given Trump's demands — to allow the US to take Greenland from Denmark. The Republican president even added an extraordinary warning, saying alliance members can say yes “and we'll be very appreciative. Or you can say, No,' and we will remember.” Despite that, Trump acknowledged, “We probably won't get anything unless I decide to use excessive strength and force where we would be frankly unstoppable. But, I won't do that. OK?” “I don't have to use force,” he said. "I don't want to use force. I won't use force.” Instead, he called for opening “immediate negotiations” for the US to acquire Greenland.

“This enormous unsecured island is actually part of North America,” Trump said. “That's our territory.” Repeatedly deriding Europe ----------------------------- Trump has spent weeks saying that the US will get control of Greenland no matter what it takes — but his comments at the gathering of global elites were startling in how much further he went on just how he plans to do it.

He also argued that the US is booming compared with Europe and its economy.

“I love Europe, and I want to see Europe go good, but it's not heading in the right direction,” Trump said. He added, “We want strong allies, not seriously weakened ones." He also said of European countries, “When America booms the whole world booms,” and, “You all follow us down, and you follow us up.” Trump turning the Davos gathering upside down began even before he got there. His arrival in the Swiss Alps community of Davos was delayed after a minor electrical problem on Air Force One had forced a return to Washington to switch aircraft.

As Trump's motorcade headed down a narrow road to the speech site, onlookers, including some skiers, lined the route. Some made obscene gestures, and one held up a paper cursing the president.

Billionaires and business leaders nonetheless sought seats inside the forum's Congress Hall, which had a capacity of around 1,000, to hear Trump. By the time he began, it was standing room only. Attendees can use headsets to listen to the speech in six languages besides English. Attendees mostly stood and offered applause, some merely polite, as Trump took the stage.

Trump is also expected to have around five bilateral meetings with foreign leaders, though further details weren't provided. There are more than 60 other heads of state attending the forum.

Tariff threat looms large ------------------------- Trump came to the international forum on the heels of threatening steep US import taxes on Denmark and seven other allies unless they negotiate a transfer of the semi-autonomous territory — a concession the European leaders indicated they won't make.

Trump said the tariffs would start at 10 per cent next month and climb to 25 per cent in June, rates that would be high enough to increase costs and slow growth, potentially hurting Trump's efforts to tamp down the high cost of living.

The president in a text message that circulated among European officials this week also linked his aggressive stance on Greenland to last year's decision not to award him the Nobel Peace Prize. In the message, he told Norway's prime minister, Jonas Gahr Støre, that he no longer felt “an obligation to think purely of Peace.” His designs on Greenland could tear relations with European allies apart. Before Trump spoke, British Prime Minister Keir Starmer vowed during his weekly questioning in the House of Commons, “Britain will not yield on our principles and values about the future of Greenland under threats of tariffs, and that is my clear position.” French President Emmanuel Macron in his address to the forum made no direct mention of Trump but urged fellow leaders to reject acceptance of “the law of the strongest.” “It's clear that we are reaching a time of instability, of imbalances, both from the security and defence point of view, and economic point of view,” Macron said.

European Commission President Ursula von der Leyen warned that should Trump move forward with the tariffs, the bloc's response “will be unflinching, united and proportional." She pointedly suggested that Trump's new tariff threat could also undercut a US-EU trade framework reached this summer that the Trump administration worked hard to to seal.

“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.” Trump's housing plan overshadowed --------------------------------------- The White House had insisted Trump was supposed to focus on how to lower housing prices in the US, part of a large fight to bring down the cost of living, which continues to rise and threatens to become a major liability for the White House and Republicans ahead of November's midterm elections.

Greenland instead carried the day, with Trump lashing at Denmark for being “ungrateful” for the US protection of the Arctic island during World War II and continued to make his case that the U.S. needs to control the island for the sake of national security.

He also kept mistakenly saying Iceland when he meant Greenland, mixing up the two countries four times during his speech and for the fifth time since Tuesday.

When he finally did mention housing, meanwhile, Trump suggested he didn't support a measure to encourage affordability. He said bringing down rising home prices hurts property values and makes homeowners who once felt wealthy because of the equity in their houses feel poorer.

Meanwhile, Trump's Greenland tariff threat could disrupt the US economy if it blows up the trade truce reached last year between the US and the EU, said Scott Lincicome, a tariff critic and vice president on economic issues at the Cato Institute, a libertarian think tank.

“Significantly undermining investors' confidence in the US economy in the longer term would likely increase interest rates and thus make homes less affordable,” Lincicome said.

About six in 10 US adults now say that Trump has hurt the cost of living, according to the latest survey by The Associated Press-NORC Centre for Public Affairs Research.

US home sales are at a 30-year low with rising prices and elevated mortgage rates keeping many prospective buyers out of the market. So far, Trump has announced plans to buy USD 200 billion in mortgage securities to help lower interest rates on home loans, and he has called for a ban on large financial companies buying houses.

Promoting the Board of Peace' -------------------------------- On Thursday, Trump plans talk about the "Board of Peace,” meant to oversee the end of the Israel-Hamas war in Gaza and possibly take on a broader mandate, potentially rivaling the United Nations.

Fewer than 10 leaders have accepted invitations to join the group, including a handful of leaders considered to be anti-democratic authoritarians. Several of America's main European partners have declined or been noncommittal, including Britain, France and Germany. (AP) RD RD

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