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    India's exports to US fall 13 pc in Feb; trade gap with China crosses USD 100 bn
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    Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B
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March 16, 2026
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Tariff measures on Indian goods altered bilateral flows, reducing exports to the US while imports and trade deficits expanded.
India's merchandise exports to the United States contracted in February amid elevated US tariff measures on Indian goods, while US imports into India rose; a subsequent change in US duties is expected to affect future monthly data. Over the 11-month fiscal period, imports from China surged faster than exports, driving a substantial bilateral trade deficit. The notice also records country-specific import and export movements, including a marked increase in imports from Switzerland driven by gold.
March 16, 2026
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Promotion of piped natural gas to relieve LPG supply pressure, with regulatory guidance and incentives to switch.
City gas distributors and the petroleum ministry are promoting conversion from LPG to piped natural gas through incentives and regulator guidance; CGD companies are to deploy additional resources and expedite connections via customer portals, call centres or other channels where pipelines exist, while the ministry urges online bookings, voluntary surrender of LPG where consumers have PNG, and state enforcement against hoarding and black marketing to manage LPG supply pressure.
March 16, 2026
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Trade Balance narrows as merchandise exports dip amid geopolitical disruptions and surge in gold imports, now affecting shipments.
Merchandise exports declined 0.81% to USD 36.61 billion in February while the trade deficit narrowed to USD 27.1 billion month on month. Imports rose sharply-led by gold, silver, and oil-contributing to a wider year on year gap. Geopolitical conflict in West Asia has disrupted maritime and air logistics, raising freight and insurance costs and expected to suppress March exports. The government is consulting exporters to mitigate impacts, and a prospective bilateral trade pact awaits a new tariff architecture.
March 16, 2026
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Tax Liability Breakup confirmation required in GSTR 3B: confirm or edit auto populated breakup to proceed with filing.
From February 2026 the portal auto populates the Tax Liability Breakup in GSTR 3B for supplies dated to previous tax periods when tax is paid in the current period; taxpayers must open the payment page tab, confirm or edit and save that breakup after offsetting liability, and only then proceed with filing using EVC or DSC, with the current confirmation requirement being applied in all cases pending portal resolution.
March 16, 2026
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Wholesale price inflation set to rise as crude oil surge pushes wholesale costs higher, affecting manufacturing and non-food goods.
Wholesale price inflation rose to 2.13% in February 2026, led by higher prices in food and non-food articles and an uptick in manufactured goods; fuel and power deflation narrowed as global oil prices increased. Analysts warn that persistent crude oil price rises from geopolitical conflict will transmit more to WPI than retail CPI, likely pushing wholesale inflation higher in subsequent months. The report identifies basic metals, textiles and other manufacturing segments as contributors and stresses supply-chain, logistics and domestic manufacturing measures to contain cost-push pressures.
March 16, 2026
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Tariff architecture uncertainty delays signing of interim trade agreement until US restores a stable global tariff framework.
The interim India-US trade framework remains unsigned pending establishment of a new US global tariff architecture; the previously agreed preferential tariff of 18 per cent for India is contingent on how the US restructures tariffs after a Supreme Court decision altered the prior emergency tariff regime. Negotiators have postponed final legalisation to ensure India's comparative advantage is preserved and to resolve outstanding non tariff and national security tariff issues before signing.
March 16, 2026
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Base year revision of industrial production index to update methodology and weights, release planned soon.
Revision of the Index of Industrial Production base year involves updating the item basket, item weights, data sources, and factory list, and proposes adoption of a chain-linked approach to better capture emerging sectors and changes in industrial composition. A Technical Advisory Committee (TAC-IIP) will advise on methodological improvements, and the Ministry plans to release the revised IIP series under the new methodology in the near term.
March 16, 2026
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Cooperative sector survey to estimate GVA and employment, collecting financial and labour data across cooperatives.
The National Statistics Office will use the National Cooperative Database to survey primary cooperatives, their federations and multistate societies across major sectors to estimate GVA/GVO and employment, collecting financial, tax, subsidy, distributive expense, depreciation and labour cost data for FY 2020 21 and FY 2023 24, while banking cooperatives will supply only employment data.
March 16, 2026
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Project monitoring threshold revised; mandated projects are monitored via integrated portals with automated API data flows.
The Ministry released updated CPI and GDP series and will release a revised IIP series; NIC-2025 aligns with ISIC Revision 5. Under the Allocation of Business Rules, 1961, the Ministry monitors projects above the prescribed cost threshold using the PAIMANA portal, integrated with IPMP; line ministries and implementing agencies must update IPMP, and data are fetched into PAIMANA via APIs for online monitoring.
March 16, 2026
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Base year revision of GDP and statistical modernisation enables nowcasting and real-time economic monitoring for policy guidance.
Revision of the GDP base year to 2022-23 integrates new data sources, NIC-2025 classification, and methodological improvements to improve national accounts measurement; the IIP series and price indices have been modernized (CAPI for CPI and secure online WPI transmission) and a nowcasting framework using high-frequency indicators and data dashboards provides near real-time assessments of economic activity for policy support.
March 16, 2026
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Statistical data accountability strengthened through digital collection platforms and harmonised standards for reliable public dissemination.
MoSPI strengthened statistical data accountability by deploying digital collection tools-CAPI integrated with e SIGMA, AI enabled chatbots and multilingual interfaces-with in built validation for real time submission and automated checks. Measures include physical scrutiny by senior officers, regular training, state/UT capacity building under the Support for Statistical Strengthening sub scheme, and improved dissemination via an Advance Release Calendar, revamped portals and API exchange. Alignment with international and national standards is reflected in adoption of the United Nations Fundamental Principles of Official Statistics, the Statistical Quality Assessment Framework, harmonised classifications, and circulation of a National MetaData Structure to enhance clarity and discoverability.
March 16, 2026
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Digital data dissemination: GoIStats app provides selected socio economic indicators on the go with standalone platform policy and feedback.
The GoIStats mobile application serves as a digital data dissemination channel providing selected socio economic indicators and visualisations from nine statistical products and 178 infographics, with ongoing dataset onboarding, active user engagement metrics and an inbuilt feedback mechanism; there is no proposal to integrate the app with other national data platforms at this stage.
March 16, 2026
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RBI intervention follows sharp rupee depreciation amid oil-driven trade pressures and foreign fund outflows to stabilise markets.
The rupee weakened to a record low against the US dollar amid high crude prices, sustained foreign portfolio outflows and a widening merchandise trade deficit; the Reserve Bank of India intervened in FX markets to stabilise the currency and limit excessive volatility, while market participants noted domestic equity recovery and imminent international monetary policy decisions as key near term influences on USD INR dynamics.
March 16, 2026
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Brand marketing strategy: Bleevo marks first anniversary, emphasizing pan-India expansion, creative talent, and integrated branding services.
Bleevo marks its first anniversary as a women-led Out-of-Home and integrated marketing agency from Chennai, focused on pan-India expansion and offering full-service branding, outdoor advertising, public relations, performance marketing, and brand experiences. The agency emphasizes a people-first approach, a young predominantly female team, and guiding clients through discovery to translate brand essence into design, strategy, and storytelling while building nationwide recall.
March 16, 2026
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Money laundering probe leads to arrest of food company promoter over alleged dairy product adulteration and forged export test reports.
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March 16, 2026
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LPG supply prioritisation and PNG conversion policy secures fuel availability while imposing sectoral allocation controls.
Gujarat expanded LPG distribution and prioritised PNG connections, directing district collectors to coordinate with city gas distribution companies to encourage LPG-to-PNG conversion and facilitate new PNG connections for domestic and commercial users, while maintaining rising buffer stocks and sectoral LPG allocation rules where PNG is unavailable.
March 16, 2026
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Digital inclusive finance recognition: WeBank's AI driven model advances accessibility and SME credit access across regions.
WeBank won four awards recognising its digital inclusive finance model and customer accessibility initiatives, retaining regional digital bank titles and adding awards for SME banking and a sign language service. The bank's AI native strategy strengthens infrastructure, toolchains, applications, governance and organisational design to integrate AI across business scenarios, deploying numerous AI applications and agents to enhance efficiency, risk management and customer experience. Its digital lending product Weiyedai and the Weilidai sign language service expand timely credit access for micro and small enterprises and provide accessible service for customers with hearing impairments.
March 16, 2026
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Trade deficit widens as merchandise exports dip and imports surge, signalling supply-chain and geopolitical risks to trade.
Merchandise exports fell marginally in February while imports rose sharply, producing a monthly trade deficit; year to date exports rose modestly but imports grew faster. The Commerce Secretary warns of expected export softness in March due to logistical disruptions from the West Asia crisis, with trade-route interruptions, notably in the Strait of Hormuz, cited as the principal constraint on outbound shipments.
March 16, 2026
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Wholesale price inflation rises driven by food and non-food articles, while retail inflation also edges upward.
Wholesale price inflation rose to 2.13% in February led by increases in food articles and manufactured products, with non-food articles spiking; fuel and power continued to record negative inflation. Retail inflation also rose to 3.2% in February, and the central bank has lowered policy rates in the current fiscal year while focusing on retail inflation for benchmark rate decisions.
March 16, 2026
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Foreign exchange stability: rupee weakened as capital outflows and reserves decline increased market pressure.
Foreign exchange stability: the rupee weakened against the US dollar as foreign portfolio outflows, higher global crude prices and volatile equity markets drove the currency to near intra day lows; exchange data showed significant FII net selling and a notable weekly decline in forex reserves reported by the central bank, highlighting interacting external and domestic drivers relevant to reserve management and market stability.

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Customs & Trade

I say as agriculture minister, trade deal with US won't cause losses to India's farmers: Shivraj

February 17, 2026

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Jaipur, Feb 17 (PTI) Union Agriculture Minister Shivraj Singh Chouhan on Tuesday said the India-US interim trade deal was finalised after careful consideration, with the government ensuring that no decision harms the farming community.

Speaking at a programme here, the former Madhya Pradesh chief minister said, “I am speaking with full responsibility as the agriculture minister of India. In the trade agreement, we have taken complete care of the interests of Indian farmers. There will be no losses for India's farming community,” he said.

On imports, Chouhan said the country has to bring in the things it needs.

“We are not self-sufficient when it comes to pulses even today. If something that we need comes from another country, what is the objection?" he asked.

Similarly, he said, India imports around 5.5 lakh metric tonnes of apples.

"They come from countries like Turkey and Iran. If one lakh metric tonnes (of apple) come from the United States, after ensuring that it does not affect our farmers, what is the problem?" he asked.

On cotton, he said the textile industry faces shortages.

"When cotton production falls short, we have to import," the minister said.

Without taking any names, Chouhan also accused Congress leader Rahul Gandhi of levelling false allegations daily.

"There is one leader who is a part-time politician and a full-time dramatist. He neither understands trade nor tradition. Those who have never seen villages and farms are making allegations every day," he claimed.

The Union minister also asked why the erstwhile UPA government refused to implement the Swaminathan Committee report, which recommended fixing the minimum support price (MSP) at 50 per cent above the cost of production.

“The UPA government filed an affidavit saying that it (fixing MSP) would distort the market. It was Prime Minister Narendra Modi who decided that MSP will be given at 50 per cent above production cost," he said.

Chouhan also asked why the Congress did not create a buffer stock when there was record sugar production in 2006-07.

“When prices fell, why were farmers not protected? What kind of trade was it to import sugar at Rs 36 per kg and export it at Rs 12.50?” he asked.

The minister claimed that India was self-reliant in edible oils till 1993-94, but the Congress government put them under an open general licence, making the country dependent on imports.

"Thousands of tonnes of foodgrain were lying in the warehouses. Even the Supreme Court said they should be distributed to the poor. But the UPA government said the court should not interfere," he claimed, adding that Rahul Gandhi should give answers to these questions.

Chouhan also said it is the NDA government led by Narendra Modi that is providing free foodgrain to 80 crore poor people in the country.

“Farmers are ‘annadatas’. The government is working to promote the interests of farmers and empower them with technology.

“We must move towards natural farming. We must link agriculture with animal husbandry and other activities so that farmers' incomes increase,” he said.

"Our effort is to reduce and eliminate the difficulties faced by the farmers. Their welfare is the top priority for the NDA,” Chouhan added.

The agriculture minister launched an artificial intelligence-based platform – Bharat-VISTAAR – for farmers on the occasion.

Bharat-VISTAAR is a multi-layered digital platform designed to provide end-to-end support to the agricultural community.

Chouhan described it as the beginning of a digital revolution in agriculture that will provide farmers with real-time, integrated information and services.

Through Bharat-VISTAAR, farmers will receive AI-based, timely advice on various aspects of cultivation via a unified digital interface, enhancing transparency, empowering farmers, and making them self-reliant, Chouhan said.

The platform, initially rolled out in Hindi and English, will soon be expanded to other Indian languages.

Chouhan said it will offer mandi prices, farming practices, details of Central welfare schemes, crop-specific scientific advice, weather forecasts, agricultural loans, scheme eligibility, application processes, etc., on a single platform.

Rajasthan Chief Minister Bhajanlal Sharma, who was also present at the launch, said the platform would boost farmers' prosperity.

It will provide information on crop planning, better cultivation methods, pest protection measures, weather updates, market prices, fisheries, animal husbandry and government schemes directly on the farmers' phones, Sharma said.

Rajasthan Agriculture Minister Kirodi Lal Meena said the state government is continuously promoting advanced, technology-driven agriculture. PTI SDA ARI

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