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    Govt allows free imports of 10 lakh tn raw sugar until Oct 31
    DFS Organises Workshop to Strengthen Implementation of Reservation Policy Across Public Financial Institutions
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    August 20, 2026
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    Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices.
    Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
    August 20, 2026
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    Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans.
    Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
    August 20, 2026
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    Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation.
    DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
    August 20, 2026
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    India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration.
    India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.
    August 20, 2026
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    Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
    Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
    August 20, 2026
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    Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
    Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
    August 20, 2026
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    Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
    DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
    August 20, 2026
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    Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
    Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
    August 20, 2026
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    Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
    Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
    August 20, 2026
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    Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
    Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
    August 20, 2026
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    Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
    Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.
    August 19, 2026
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    Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
    Alleged misuse of Ayushman health-scheme cards involved collecting identity and ration-card details by promising free treatment, then creating forged beneficiary cards with false particulars. The alleged scheme enabled treatment for ineligible persons and purported claims of government health-scheme funds. Police arrested five persons, recovered purported forged identity and beneficiary cards, and are investigating possible involvement of hospital and medical-office personnel, the scale of card forgery, and alleged diversion of public funds.
    August 19, 2026
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    MSME competitiveness requires affordable credit, technology adoption, formalisation, sustainable trade and stronger export-market access for inclusive growth.
    MSME development is identified as central to employment generation, exports, entrepreneurship, economic resilience and self-reliance. Key priorities include affordable credit, technology upgradation, supply-chain integration, market access, brand-building and reduced red tape. Formalisation of micro industries is emphasised to expand institutional credit access, while sustainable trade is promoted through green technologies and renewable energy. Export competitiveness is to be strengthened through regional production capabilities and the "One District, One Export Hub" initiative.
    August 19, 2026
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    Supply-side inflation risks support a policy pause pending evidence of broad-based, persistent price pressures and de-anchored expectations.
    Monetary policy calibration remained on hold because food and fuel inflation had not yet produced broad-based or persistent price pressures. The policy pause was supported by limited pass-through of supply-side shocks, contained core inflation and no clear demand-driven overheating. Recalibration depends on incoming evidence of persistent inflation, entrenched supply-side pressures, de-anchored expectations and the evolving growth-inflation dynamic. Geopolitical disruption, volatile oil prices, monsoon conditions and El Nin o-related agricultural risks remain material inflation risks.
    August 19, 2026
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    Examination irregularities investigation examines alleged answer-sheet cheating, managed centres and suspected solver-gang involvement by a biometric operator.
    Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.
    August 19, 2026
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    Trade restrictions on Iran halt commercial and financial exchanges as regional security threats disrupt maritime commerce and re-export access.
    UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.
    August 19, 2026
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    Inflation persistence and expectations guide continued rate hold amid supply shocks and uncertainty over broader price pressures.
    Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.
    August 19, 2026
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    Online credit card applications streamline comparison, eligibility screening and e-KYC, while approval remains subject to issuing-bank criteria.
    Online credit card applications through the JioFinance app combine card comparison, eligibility checks, electronic verification, application submission and status tracking. Eligibility screening may occur without affecting the applicant's credit score, but approval remains subject to the issuing bank's criteria and internal policies. Aadhaar-based e-KYC or other accepted electronic verification may be used where applicable. Applicants should provide accurate Aadhaar, PAN and mobile details. Eligible approved applicants may receive a virtual card before physical-card delivery, subject to applicable terms and conditions.
    August 19, 2026
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    Comprehensive strategic partnership drives ministerial and business engagements on investment, market access, technology collaboration, skills and agri-food trade.
    India-Singapore economic engagement is being advanced through ministerial and business roundtables under the Comprehensive Strategic Partnership. A multidisciplinary business delegation is undertaking business-to-business, government-to-business and institutional engagements focused on partnerships, investment, market access, technology collaboration and talent development. Agricultural trade cooperation includes promotion of Indian agri-food exports through a retail initiative. The engagement seeks to strengthen trade, investment, digitalisation, advanced manufacturing, skills development, green-economy cooperation and people-to-people ties.
    August 19, 2026
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    International senior notes issuance diversifies the bank's funding sources and expands access to global debt capital markets.
    IDFC FIRST Bank accessed international debt capital markets through its IFSC Banking Unit at GIFT City by issuing inaugural fixed-rate senior notes with a three-year tenor, due in 2029. The notes were offered to investors outside the United States under the Regulation S format. The issuance followed an investment-grade long-term issuer credit rating with a stable outlook, diversifies the bank's funding sources, and creates an avenue for access to global capital markets in support of long-term growth.

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      End of Thackeray-era, BJP's Ritu Tawde set to become Mumbai mayor in unopposed contest

      February 7, 2026

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      Mumbai, Feb 7 (PTI) BJP's Ritu Tawde is all set to become the mayor of Mumbai and the party's first in four decades after Shiv Sena (UBT) decided against fielding a challenger, making the contest unopposed and ending the Thackeray family’s 25-year dominance over the richest civic body.

      Though largely ceremonial, the mayor’s post carries enormous political and symbolic significance in Mumbai’s identity-driven politics. Tawde’s elevation marks the BJP’s return to the post after 44 years, the last being Prabhakar Pai in 1982–83.

      On the final day of filing nominations, the Eknath Shinde-led Shiv Sena, a BJP ally in the ruling Mahayuti, named Sanjay Ghadi as its candidate for deputy mayor. The party announced that the deputy mayor’s term would be split, allowing four or more corporators to serve during the tenure.

      Tawde's elevation means the Uddhav Thackeray-led Shiv Sena will not be able to occupy the mayor's post after 25 years. The undivided party controlled the BMC from 1997 to 2022.

      The Mumbai mayoral election is scheduled for February 11, which is the last day to withdraw the nominations.

      Tawde and Ghadi filed their nominations at the municipal secretary's office in the presence of Minister Mangal Prabhat Lodha, BJP's Mumbai unit chief Ameet Satam, former Shiv Sena MP Rahul Shewale, and other leaders of Mahayuti.

      A senior BMC official told PTI that they have received just one nomination from BJP's Tawde for the mayor’s post and another from Ghadi for the deputy mayor's post before the 6 PM deadline for filing nominations.

      Although opposition parties have not filed nominations, the Mayoral election process will be completed as per procedure on February 11.

      According to a draw of lots by the Urban Development Department, the Mumbai mayor's post became reserved for a woman candidate from the open category.

      Tawde, a corporator from suburban Ghatkopar, told media persons that a safer and developed Mumbai is her vision. She wanted to work for the citizens of Mumbai, which is a cosmopolitan city.

      Uddhav Thackeray-led Shiv Sena (UBT) was expected to file a nomination against the BJP candidate, but decided against it after a meeting was convened at Thackeray's residence.

      Former Mayor and Shiv Sena (UBT) leader in the BMC, Kishori Pednekar, described the development as a victory of Marathi manoos.

      "The BJP had to accept that Marathi manoos is a Hindu. If the mayor of Mumbai is Marathi manoos, we won't do anything that amounts to a bad omen. Our victory in the elections was for Marathi manoos. We have accepted the arithmetic and will play the role of a strong opposition and fight for Mumbai," she said, adding that we are committed to whatever is good for Mumbai.

      The Sena (UBT) had raised the emotive "Marathi identity" plank in last month's Brihanmumbai Municipal Corporation elections, where the party had allied with MNS. However, the BJP and Shiv Sena, led by Shinde, emerged victorious.

      The BJP emerged as the single largest party in the 227-member BMC by bagging 89 seats, while Shiv Sena won 29 seats.

      The ruling alliance, with a combined strength of 118 corporators, is well past the halfway mark of 114 and is well-placed to secure the posts of mayor and deputy mayor.

      In the Opposition camp, the Sena (UBT) secured 65 seats, while its allies, the Maharashtra Navnirman Sena (MNS) and the Nationalist Congress Party (SP) won six and one seat, respectively.

      Ritu Tawde, who was earlier with the Congress, joined the BJP in 2012 and was elected as a corporator the same year.

      During her first term as a member of the BMC, she chaired the Education Committee and was actively involved in raising issues related to local infrastructure, water supply, and public safety.

      The corporator from Ghatkopar East (ward 132) was in the limelight during her last tenure for raising the issue of objectionable clothes on mannequins in shops.

      Ghadi, a Shiv Sena corporator from Ward number 5, will serve as deputy mayor for 15 months, party secretary Sanjay More said.

      He had defected from Sena (UBT) to join the Eknath Shinde-led Shiv Sena.

      Addressing a press conference earlier in the day, BJP's Satam said Mumbai is set to get a BJP mayor after 44 years.

      BJP's Prabhakar Pai had served as the city mayor in 1982-83.

      Satam said the ruling Mahayuti would work to free the BMC from the clutches of corruption.

      "Everyone has the freedom to file nomination papers. We have the backing of 118 corporators and the support of more members," he said.

      He said the Mahayuti had asserted from day one that Mumbai's mayor would be a Marathi and a Hindu, pointing out that the city will now get "a Marathi, Malvani, Konkani and Hindu mayor".

      Satam said the Shiv Sena may have kept the deputy mayor's tenure for 15 months to give opportunities to more party workers.

      Reacting to Tawde's nomination, the NCP (SP) said picking a Congress turncoat as the mayor of Mumbai was an insult to the BJP's loyal and experienced corporators.

      NCP (SP) spokesperson and secretary Clyde Crasto said the decision has sent a wrong message to BJP workers, who toiled for years to strengthen the party at the grassroots level.

      "By choosing a former Congresswoman as mayor, the BJP has insulted its own faithful and loyal corporators who have given their blood, sweat and tears for the party," he said in a statement.

      In the January 15 Mumbai civic elections, the Congress won 24 seats, AIMIM eight, the NCP, led by the late Ajit Pawar, three, and the Samajwadi Party two. Two Independent candidates also won in the high-stakes election, held after a nine-year gap.

      The BMC commissioner has been serving as the state government-appointed administrator since March 7, 2022, following the end of the previous term.

      The BMC is the country's richest civic body, with its budget for the 2025-26 pegged at Rs 74,450 crore, which is higher than that of some smaller states. PTI KK PR MR ARU NP PTI KK PR MR ARU NP NSK

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