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    India taps alternative crude supplies as Iran conflict drags on
    India got best trade deal with US among competing nations; both share powerful relationship: Goyal
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    LPG price hiked by Rs 60; govt says impact just 20 paise/person/day, no petrol or diesel hike
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March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.
March 7, 2026
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Export obligation relief extends EO for specified advance and EPCG authorisations without composition fee to aid exporters facing shipping disruptions.
The DGFT has automatically extended the export obligation period, block-wise, for specified advance authorisations and EPCG authorisations expiring between March and May, until August 31, 2026, without payment of the composition fee, supplementing existing foreign trade policy extension mechanisms to assist exporters affected by shipping and supply-chain disruptions.
March 7, 2026
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Vehicle smuggling exposed; arrests follow forged registrations and alleged official complicity, customs pursue custody.
A cross border smuggling scheme brought high end used vehicles from Bhutan into India without payment of Customs duties, re registering them using forged documents; Customs' "Operation Numkhor," aided by state police, led to arrests, seizures and a planned court application for custody to further investigate alleged organiser conduct including involvement of a District Transport Officer and duplicate registrations identified by the auditor.
March 7, 2026
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Emergency powers invoked to boost domestic LPG production amid supply disruptions following Middle East conflict.
Retail LPG prices for household and commercial cylinders were increased, with non subsidised domestic cylinders and Ujjwala beneficiaries affected and commercial cylinders rising by a larger margin; the hikes are attributed to global energy price spikes and supply disruptions via the Strait of Hormuz. To augment domestic supplies, the government invoked Emergency Powers directing refineries to ramp up LPG production, while state taxes continue to cause regional price differences.
March 7, 2026
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Unique Transaction Identifiers mandated for each scheme to improve traceability; notify UIDAI and adopt LITE code where applicable.
REs implementing Aadhaar authentication must embed a Unique Transaction Identifier (up to five alphabetic characters appended to the transaction ID) for each scheme/service/use case, notify UIDAI using the Annexure III format before implementation, and follow Annexure I guidelines; low volume government entities may apply for a LITE Code via their AUA/KUA under the SOP in Annexure II, with secure logging, compliance obligations, and license/penalty consequences if thresholds are exceeded.
March 7, 2026
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SGST reimbursement for film exhibition approved subject to print week limits, ticket price restrictions, and treasury deposit compliance.
Reimbursement of the State Goods and Services Tax (SGST) equivalent for the film is approved subject to conditions: no increase in prevailing entry fees or changes to seating-class capacities; a statewide cumulative print week ceiling limiting the product of prints and weeks and an overall exhibition duration cap of three months; ticket sales must reflect reduction of the SGST component during the notified period; and multiplex/cinema owners must deposit the SGST amount into the treasury following the prescribed procedure.
March 7, 2026
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Free Trade Agreements expansion broadens market access and mobility, protecting sensitive sectors while promoting exports and investment.
India has expanded its network of Free Trade Agreements, implementing bilateral and plurilateral instruments that broaden preferential market access for agriculture, exporters of garments, leather and handicrafts, AYUSH and organic products, and digital services, while introducing mobility and post-study work pathways and measures to catalyse investment; negotiations are described as balancing market access with protections for sensitive sectors and domestic industry to align trade expansion with national self-reliance and economic transformation.
March 7, 2026
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Permission to import Russian-origin oil as a short-term supply waiver allows select deliveries to Indian ports under strict conditions.
The Treasury issued a time-limited authorization allowing sale, delivery and offloading in India of Russian-origin crude oil and petroleum products loaded on vessels on or before March 5, 2026, authorised through April 4, 2026, provided delivery/offloading occurs at an Indian port and the purchaser is an entity organised under Indian law; the general license is narrowly limited to those transactions and does not authorise other transactions prohibited by separate Executive orders or the Iranian Transactions and Sanctions Regulations.
March 7, 2026
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Labor market weakness deepens as employers cut jobs and unemployment rises, complicating monetary policy choices.
Significant net job losses and a rising unemployment rate signal renewed strain in the labour market: employers cut 92,000 jobs in February, pushing the unemployment rate to 4.4 percent and reversing January's stronger payroll gain. Job losses were broad-based across healthcare, restaurants and bars, construction, manufacturing, administrative support, and courier services, while average hourly wages increased modestly year over year.
March 6, 2026
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Free Trade Agreement delivery shifts to implementation, emphasising tariff liberalisation, procurement access and parliamentary ratification.
The Government has shifted focus to operationalising the India-UK Comprehensive Economic and Trade Agreement (CETA), advancing entry-into-force and parliamentary ratification while highlighting tariff liberalisation for UK exports and exclusive access to India's federal procurement market; peers urged attention to implementation mechanics, services and investment gaps, SME support, and comparative analysis with other India agreements.
March 6, 2026
Show AI Summary
Supplementary demands for grants approved to enable presentation of upcoming budget estimates and statutory audit reports in the legislature.
The state cabinet approved the presentation of supplementary demands for grants for the current year and the forthcoming year's budget estimates, and authorized laying the Comptroller and Auditor General's audit reports along with the government's Finance and Appropriation Accounts in the legislature, constituting executive clearance for budget supplementation, upcoming fiscal planning, and statutory audit disclosure.
March 6, 2026
Show AI Summary
Electricity tariff revision reduces consumer rates while preserving utility financial viability and promoting EV charging affordability.
The Punjab State Electricity Regulatory Commission's 2026-27 tariff order reduces energy and fixed charges across domestic, commercial and industrial categories while maintaining PSPCL's financial viability; it preserves a 300-unit-per-month free domestic entitlement, lowers per-unit and fixed charges for specified load and consumption bands, reclassifies lawyers' chambers to domestic tariff treatment, and sets a low tariff for electric vehicle charging to encourage clean mobility.
March 6, 2026
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Money laundering: Discharge sought after predicate offence closure; enforcement agency ordered to respond to the challenge.
A public representative has moved a discharge application under money laundering law, arguing no money laundering offence is made out because the predicate offence has been closed. The Enforcement Directorate's prosecution follows an FIR alleging that a cooperative bank, after taking possession under SARFAESI, conducted an allegedly undervalued auction of a sugar mill asset based on a questionable valuation and disputed bidder disqualifications, and the court has directed the agency to respond to discharge applications.
March 6, 2026
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Exchange rate risk may rise from prolonged Middle East crisis, potentially stoking inflation and straining energy dependent sectors.
Prolonged Middle East escalation can transmit higher energy prices into the domestic economy, creating exchange rate pressure and inflationary impulses via shipping disruptions and damage to regional energy infrastructure; subdued capital flows and a flight-to-safety may aggravate currency weakness, while energy dependent sectors like fertilisers and petrochemicals face vulnerability. Offsetting these risks are ample foreign exchange reserves, a low current account deficit in H1 FY26, still-moderate inflation, strong GDP momentum, and policy measures-including trade diversification and Budget 2026-27 fiscal-capex initiatives-expected to strengthen external resilience.
March 6, 2026
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Rupee depreciation risks persist as energy-driven pressures and fund outflows may prompt central bank intervention.
Rupee depreciation to 91.82 was driven by rising crude prices, Middle East geopolitical tensions, foreign fund outflows and weak domestic equities; the US allowance for limited Russian oil purchases provided temporary relief. Rating commentary highlighted risks of higher inflation and a wider current account deficit if energy prices remain elevated. Analysts signalled that sustained oil-price spikes could compel stronger central bank intervention in spot and offshore non-deliverable forward markets to contain volatility.
March 6, 2026
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OFAC waiver for stranded Russian oil permits deliveries to Indian entities but legal clarity on dealings with sanctioned entities is sought.
A US Treasury licence allows delivery, sale and offloading of Russian-origin crude and petroleum products loaded before March 5, 2026, to purchasers organised under Indian law until April 4, 2026; it permits purchases of cargoes stranded at sea, including on sanctioned vessels, but is silent on whether transactions with sanctioned entities are allowed, prompting Indian refiners to seek legal opinion while acquiring mainly non sanctioned cargoes to rebuild inventories amid regional supply disruptions.

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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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