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February 27, 2026
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GDP calculation revamp raises official growth estimate and restructures sectoral measurement, affecting fiscal and policy benchmarks.
A methodological overhaul adopting a 2022-23 base year revises GDP computation by introducing double deflation for manufacturing and agriculture, replacing single deflation, and shifting household estimation to regular surveys. The new series integrates administrative sources (GST, PFMS, vehicle data) to better capture informal and fast growing sectors, producing upward revisions to headline real and nominal growth rates, altering sectoral contributions-notably manufacturing and services-and changing fiscal deficit and policy benchmarks that require recalibration of prior forecasts.
February 27, 2026
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Money laundering probe under PMLA progresses as ED seeks statements and attaches assets amid linked bank fraud allegations.
PMLA investigation alleges bank loan fraud by group companies; the ED sought to record the principal individual's statement in a Yes Bank-linked money laundering case but he did not appear and his spouse sought adjournment. The ED has previously questioned the individual, conducted extended interrogation, attached a Mumbai residence under anti-money laundering law, filed multiple money laundering cases against group entities, and formed a Special Investigation Team to probe related instances. A parallel agency registered a fresh criminal case and conducted searches concerning alleged cheating of a public sector bank.
February 27, 2026
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Base-year revision of GDP raises growth estimates and updates methodology using tax and administrative data.
The national accounts have been rebased to 2022-23 and revised by incorporating GST, PFMS and vehicular-registration data to refine GDP measurement. The methodology now uses double deflation for manufacturing and agriculture, more granular deflators elsewhere, and compiles household-sector levels from annual enterprise and labour-force surveys instead of inter-survey proxies, producing revised quarterly and annual real and nominal GDP estimates and altered growth profiles across recent periods.
February 27, 2026
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Foreign exchange reserves dip, driven by declines in currency assets, gold holdings, SDRs and IMF reserve position.
India's foreign exchange reserves fell by USD 2.119 billion for the week ended February 20, lowering total reserves to USD 723.608 billion. The decline was driven by decreases in foreign currency assets (down USD 1.039 billion to USD 572.564 billion), gold reserves (down USD 977 million to USD 127.489 billion), Special Drawing Rights (down USD 84 million to USD 18.84 billion), and the reserve position with the IMF (down USD 18 million to USD 4.716 billion).
February 27, 2026
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Fiscal receipts and expenditure review reports major tax receipts, state tax devolution and primary outlays through January.
Consolidated monthly accounts to January 2026 report Centre receipts at 79.5% of revised estimates-mainly Tax Revenue with Non Tax and Non Debt Capital Receipts-and an increased transfer to States as Devolution of Share of Taxes. Total expenditure is 74.3% of estimates, split between Revenue and Capital Expenditure, with Interest Payments and Major Subsidies forming the principal components of Revenue Expenditure.
February 27, 2026
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DTAA narrowing prompts NRIs to move from traditional offshore structures to IFSCA regulated Gift City USD fund structures.
Tightening of treaty shopping rules under foreign exchange regulation, expanded beneficial ownership disclosure and increased tax authority scrutiny have eroded the cost benefit of Singapore and Mauritius structures, prompting NRIs to consider IFSCA regulated Gift City USD denominated funds. Gift City offers open ended equity funds, Category II AIFs with multi year lock ins and Category III AIFs for active equity strategies; advisers emphasise modelling embedded gains, consulting tax advisors on DTAA applicability, and assessing currency risk, liquidity profiles and the distinction between MOIC and IRR before restructuring.
February 27, 2026
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Pre-trial detention under the PMLA risks indefinite incarceration unless predicate offences and proceeds are judicially established.
The PMLA should not be deployed to permit coercive arrest and prolonged pre-trial detention based on provisional allegations before the foundational facts of the predicate offence and the status of alleged proceeds of crime are judicially established; provisional attachment may be justified to preserve investigation, but arrest and onerous bail conditions must not operate mechanically absent a crystallised, judicially cognisable predicate offence, and statutory powers must be harmonised with constitutional safeguards protecting personal liberty.
February 27, 2026
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Tariff rebalancing: joint statement allows modification of commitments if tariff changes affect the bilateral trade pact.
The joint statement accompanying the interim bilateral trade agreement provides for tariff rebalancing, permitting either party to modify its commitments if the other changes agreed tariff measures, thereby preserving reciprocal balance. This mechanism functions as an operative safeguard to adjust negotiated tariff concessions in response to unilateral tariff actions while the parties finalise the legal text.
February 27, 2026
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Basic salary threshold changes require employers to restructure pay and update payroll systems under new laws.
New labour codes and the Income Tax Act 2025 require employers to reconfigure compensation structures so Basic Pay meets the prescribed threshold, increasing provident fund, social security, gratuity and leave liabilities; update payroll systems and TDS reporting to new rules and forms; effect prompt final wage settlement on separation via automated HRMS workflows; maintain fully digitized statutory records for real time inspections; and extend proportionate statutory benefits to fixed term employees, prompting reassessment of project and seasonal workforce liabilities.
February 26, 2026
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Free trade agreement strengthens market access and builds on earlier economic reforms enabling sustained growth potential.
Economic reforms liberalised foreign exchange, dismantled bureaucratic restrictions and opened the Indian market to foreign investors, stabilising public finances and enabling prolonged economic growth. The recently concluded free trade agreement with the European Union is presented as a further deepening of market integration that builds on those reforms and enhances bilateral market access.
February 26, 2026
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Executive tariff authority struck down; bilateral trade negotiations paused pending legal text to implement tariff reductions.
Presidential tariff authority was found invalid, prompting immediate temporary tariff adjustments and delaying bilateral trade negotiations because the interim framework reducing duties must be converted into a legally binding text before implementation. Chief negotiators' meetings were postponed pending clarity on tariff legality and future orders, and India indicated it will resume talks once tariff treatment is clarified.
February 26, 2026
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Money laundering probe prompts extended questioning and attachment of assets in alleged bank fraud matter.
Allegations of large scale bank fraud and resultant money laundering underpin the probe: extended questioning under the Prevention of Money Laundering Act concerns alleged diversion of funds through foreign subsidiaries and offshore entities tied to a group company. Investigative measures include constitution of a specialized investigation team, attachment of assets under anti money laundering provisions, searches, arrests of former executives, and parallel criminal case registrations alleging bank cheating in separate loan transactions.
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Enforcement Directorate placed competent prosecution sanction and an equivalent CrPC sanction order before the Special PMLA Court to remedy procedural defects identified by the Supreme Court and to expedite trial in two money laundering prosecutions arising from the Aircel Maxis and INX Media matters. The agency's action validates earlier ED chargesheets and aims to overcome delays caused by challenges to PMLA sanction requirements.
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Tribunal functioning and accountability are the central concerns: tribunals have become a "no-man's land" lacking accountability and producing questionable orders. Structural defects in the appointment and tenure regime allow technical members to assume chairpersonship and, in some instances, outsource drafting of judgments. The court directed the executive to expedite vacancy-filling mechanisms and granted interim tenure extensions for chairpersons while urging reforms to appointment, training, and accountability processes.
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Services likely to see disruption due to trade unions' strike on Thursday

February 11, 2026

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New Delhi, Feb 9 (PTI) Services related to electricity, banking, insurance, transport, health, as well as gas and water supply, are likely to be affected across the country on Thursday due to a nationwide strike called by a joint forum of central trade unions.

The general strike on February 12 is expected to see participation of 30 crore workers from various sectors.

A group of trade unions, on January 9, announced the nationwide strike to show their "resistance to anti-worker, anti-farmer and anti-national pro-corporate policies of the central government".

"Services in electricity, banking, insurance, transport, health, education, gas and water supply will be affected due to the nationwide strike call on February 12," All India Trade Union Congress General Secretary Amarjeet Kaur told PTI.

She informed that all bank unions will not participate in the strike as their united front has already observed a strike on January 27. However, bank workers' unions such as AIBEA, AIBOA and BEFI will participate in the protest.

Besides, Kaur said, the mining and gas pipeline sectors are also expected to see the impact of the agitation.

Insurance sector workers will protest against the government's decision to allow up to 100 per cent FDI (foreign direct investment) in the sector and the implementation of new labour codes.

Besides, a large number of workers of private and state transport utilities will participate in the protest, she said.

She exuded confidence that this time, "not less than 30 crore workers" will participate in the strike, and around 600 districts are expected to face the impact.

In a similar strike on July 9 last year, about 25 crore workers took part in the agitation, which impacted more than about 550 districts.

According to Kaur, labour commissioners in different districts have called for meetings with union leaders to discuss their issues, but Thursday's agitation will go on as planned by the forum.

Chairman of the All India Power Engineers Federation (AIPEF), Shailendra Dubey, said that around 2.7 million power employees and engineers across the country will observe a one-day strike on February 12.

The strike has been called to oppose privatisation, the Electricity (Amendment) Bill 2025, the proposed National Electricity Policy 2026, and for the restoration of the Old Pension Scheme for power sector employees.

Dubey said that for the first time, the Samyukt Kisan Morcha and ten central trade Unions are joining the strike in solidarity with power employees.

With the participation of power sector employees, engineers, workers, and farmers, the February 12 action is expected to become one of the largest industrial actions in independent India, Dubey said, adding that one of the major demands of the strike is to stop outsourcing, fill regular posts through direct recruitment, and regularise existing outsourced workers.

AIPEF has expressed concern that the privatisation of the power sector (distribution, generation and transmission) is against the interests of poor consumers, small and medium industries, and the common public.

Therefore, the Electricity (Amendment) Bill 2025 and the proposed National Electricity Policy 2026 must be withdrawn immediately, Dubey said.

Banking services would be partly impacted as three out of nine unions -- All India Bank Employees' Association (AIBEA), All India Bank Officers' Association (AIBOA) and Bank Employees Federation of India (BEFI) -- would be participating in the strike.

All-India Bank Officers' Confederation (AIBOC) and five other unions in the banking industry are not participating in the strike but extending support.

Several public sector banks have already informed their customers that the functioning of the branches and administrative offices across India may be affected due to strike.

AIBOC general secretary Rupam Roy said the union has extended support to the strike.

"Our members will not act as strike-breakers nor take on any non-supervisory duty on the day of the strike," Roy told PTI.

National Confederation of Bank Employees (NCBE) general secretary L Chandrashekhar said, "We are not part of the strike, but have extended fraternal support to central trade unions." The Samyukt Kisan Morcha has extended full-fledged support to the trade unions' demands, while the joint front of agricultural workers' unions is joining the strike, demanding the restoration of the rural job guarantee scheme MGNREGA and roll back of the Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025.

Their demands also include the scrapping of four labour codes, withdrawal of the Draft Seed Bill and Electricity Amendment Bill, and the 'Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Act'.

Members of the joint forum include INTUC, AITUC, HMS, CITU, AIUTUC, SEWA, AICCTU LPF and UTUC.

Meanwhile, TUCC (Trade Union Co-ordination Centre) has rejected the strike call, saying it is totally baseless, ill-conceived, and against the national interest.

"TUCC will not participate in such actions, which are driven more by political demands and considerations than by genuine concern for workers' welfare. Such politically motivated calls for strike, based on narrow political agendas, are nowhere justified and undermine the established negotiation and dialogue-based model for safeguarding and advancing the rights of workers," it said in a statement. PTI DP KKS HVA

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