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    India, US remain engaged for a mutually beneficial trade pact: Commerce ministry
    EXPLAINER: Why kerosene and coal are making a temporary comeback in India
    Lok Sabha approves supplementary demands for grants for additional Rs 2.01 lakh cr spending in FY26
    Economic Stabilisation Fund to help govt respond to global challenges: Sitharaman
    Congressional Democrats say Trump tariffs will cost US households more than $2,500 this year
    NXT Conclave 2026: PM Modi Unveils India’s Energy Strategy
    DRI raids illegal Alprazolam factory in Andhra Pradesh under Operation “White Hammer”; 237 kg drugs worth ₹47 crore and over 3.5 tonnes of c...
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March 13, 2026
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Trade investigations drive continued India-US engagement on a bilateral trade pact amid parallel tariff measures and policy scrutiny.
India's commerce ministry has denied reports of a pause in bilateral talks with the United States, confirming continued engagement toward a mutually beneficial trade agreement. This diplomatic position arises as the US launches new Section 301 trade investigations into policies of several economies, including India, and implements broad tariff measures following a domestic court decision, creating the policy context for negotiations.
March 13, 2026
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Emergency fuel measures temporarily reintroduce kerosene and permit alternate fuels for hospitality to protect household cooking supplies.
India has introduced temporary emergency measures to manage an energy supply shock from disrupted Strait of Hormuz transit: additional kerosene allocations for households, temporary permission for hotels and restaurants to use biomass, RDF and coal, limited commercial LPG allocation, extended LPG refill intervals, expanded delivery authentication to curb hoarding, and a committee to assess genuine commercial demand, while sourcing cargoes from diverse suppliers and increasing domestic LPG output.
March 13, 2026
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Supplementary demands approval permits additional government expenditure while keeping the fiscal deficit within revised estimates.
Passage of the second batch of supplementary demands for grants authorises additional net cash expenditure for the current fiscal year by increasing gross authorised outlays while offsetting part of that increase through estimated additional receipts, yielding a stated net additional cash requirement. The government states the additional authorised spending will be managed within the fiscal deficit projected in the Revised Estimates and does not raise total expenditure above the original Budget Estimates.
March 13, 2026
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Economic Stabilisation Fund created to provide fiscal headroom and buffer for global shocks; supplementary spending approved.
An Economic Stabilisation Fund of one lakh crore is proposed as a contingency buffer to provide fiscal headroom and absorb unforeseen global shocks; its allocation is included in the second batch of supplementary demands for grants alongside additional spending on fertiliser subsidies, PMGKAY, defence and other heads. The Finance Minister affirmed that the fiscal deficit for 2025-26 will remain within the Revised Estimates and that the supplementary does not increase total expenditure beyond the Budget Estimates.
March 13, 2026
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Tariffs under trade statutes shift import costs to consumers, increasing household burdens and prompting broad trade investigations.
The administration is replacing invalidated emergency tariffs by pivoting to alternative statutory authorities to sustain tariff revenue, using short-duration emergency levies, broader trade-investigation powers to target unfair or excessive foreign production, and national-security based tariffs after Commerce inquiries. Procedural limits and legal challenges constrain some measures, while analysts and Democratic reports conclude tariff costs will be passed to consumers-through importer pass-through and higher domestic prices-so households will bear the economic burden.
March 13, 2026
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Energy strategy emphasizes infrastructure expansion and self reliance to mitigate war driven supply shocks and strengthen strategic reserves.
India's energy policy adopts a two pronged strategy of expanding domestic energy infrastructure and strengthening self reliance to reduce import dependence. Key operative elements include enlargement of strategic petroleum reserves, expansion of LNG terminals and pipeline networks, increased LPG, PNG and CNG penetration, rapid growth in renewable capacity and railway electrification, and demand substitution measures such as ethanol blending and bio gas. Concurrently, authorities are urged to monitor markets and take strict action against black marketing and misinformation to preserve supply chain integrity.
March 13, 2026
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Illicit manufacture of psychotropic drugs exposed, large-scale seizure and arrests disrupt organised production and supply networks.
Operation White Hammer uncovered an organised clandestine industrial facility manufacturing Alprazolam, a psychotropic substance under the NDPS Act, 1985, disguised as a chemical unit. Searches recovered a large commercial quantity of finished Alprazolam, extensive precursor chemicals and industrial-scale processing equipment, evidencing systematic production and distribution capabilities and supporting investigation of offences including manufacture and possession for supply.
March 13, 2026
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Regulatory engagement with NBFCs to coordinate interagency solutions and strengthen KYC and sector reforms.
Department of Financial Services convened NBFCs with RBI, Department of Revenue and UIDAI to discuss operational issues and pursue stakeholder consultation for practical solutions. The Secretary urged NBFCs to enhance financial robustness and serve underserved customers, proposed a workshop with UIDAI and NPCI on effective KYC, and requested SROs to design a reform framework to strengthen the sector and coordinate interagency responses.
March 12, 2026
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Tourist tax imposed on hotel stays linked to GST status, applying distinct rates for domestic and foreign travellers.
The Jharkhand City Tourist Tax Rules, 2025 impose a tourist levy on travellers staying in urban hotels, calculated on the total invoice value, with differentiated rate bands tied to a hotel's GST status and separate rates for domestic and foreign tourists, establishing a GST-linked municipal tax on hotel stays within urban areas.
March 12, 2026
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Budgetary transparency concerns allege fiscal mismanagement and contested tax attribution, challenging infrastructure and employment claims.
The article alleges financial and intellectual bankruptcy of the 2026-27 Karnataka Budget, criticizing it for substituting blame of the Central Government for substantive policy action, failing in revenue collection, and resorting to increased borrowing that allegedly burdens the state. It disputes asserted achievements-staffing, infrastructure, housing, and employment-due to lack of supporting details, and challenges the government's tax-attribution claims by noting corporate multi-state operations and central expenditures that complicate simple measures of fiscal return to the state.
March 12, 2026
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Director disqualification for persistent non filing bars reappointment and requires state action and regulatory penalties.
The court ruled that non filing of financial statements and annual returns for consecutive years triggered statutory disqualification under the Companies Act and barred reappointment, and that absence of valid Director Identification Numbers constituted an independent disqualification. It quashed the prior administrative finding that excused disqualification for certain years, directed the state to facilitate appointment of directors and immediate elections, and instructed the Inspector General of Registration to take action including statutory penalties; the court held that an amnesty scheme did not remove disqualification.
March 12, 2026
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Asset attachment under PMLA triggers provisional seizure of properties linked to alleged diversion of public funds.
Provisional attachment proceedings under the Prevention of Money Laundering Act were issued to seize multiple land parcels linked to RHFL and RCFL following searches and an investigation that alleges public funds raised by those companies were diverted into group entities through numerous shell entities, converting substantial lending into non-performing assets and prompting action based on a predicate FIR and bank complaints.
March 12, 2026
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Rural credit mobilisation expands refinance and direct lending to strengthen women-led enterprises and farmer producer organisations.
Launch of rural financing and support initiatives to strengthen women-led enterprises, FPOs and rural livelihoods through credit linkages, infrastructure support and value-addition units. The package combines refinance and direct lending channels, supplemented by Rural Infrastructure Development Fund allocations, and includes distribution of sanction letters and disbursements to JLGs and FPOs alongside credit outreach to banks, implementing agencies and beneficiaries.
March 12, 2026
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Inflation target band preserved as CPI edges higher due to food-led pressures, keeping rate policy pause plausible.
Retail inflation rose but remained within the central bank's inflation target band, driven mainly by food prices while core inflation stayed unchanged; analysts cautioned that geopolitical-driven crude price rises could transmit into CPI and support a near-term pause in policy easing. Data use the 2024 CPI base and show regional variation, compiled from urban and village price collection.
March 12, 2026
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Religious conversion allegations dismissed as the couple present identity documents and registered marriage to affirm consent and age.
Allegations that the marriage constituted love-jihad and involved religious conversion were denied by the parties, who stated both remained in their respective faiths and that the wedding was solemnised according to Hindu customs. The couple produced identity documents and a marriage certificate to support the assertion that the bride was an adult and that the marriage was registered, emphasising consent and denying reports of underage marriage.
March 12, 2026
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Sanctions debate intensifies as advocacy groups cite increased fossil fuel export revenues influencing calls for tougher measures.
Analysis showing Russia earned nearly USD 7 billion from fossil fuel exports during the Iran war and that daily export revenues averaged materially higher prompted a German nonprofit and research groups to urge tougher sanctions on those exports while another government considers easing restrictions.
March 12, 2026
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NBFC registration: RBI-registered gold-loan lender reports strong AUM growth and emphasizes disciplined underwriting and technology investments.
Finkurve Financial Services Limited (Arvog), an RBI-registered non-deposit-taking middle-layer NBFC, has expanded its secured lending business predominantly through gold loans and crossed a notable AUM milestone. Growth is attributed to disciplined underwriting, prudent loan-to-value norms, collateral-backed lending, a branch-led phygital network, technology-enabled loan servicing, and strategic partnerships, with continued emphasis on asset quality, capital prudence, governance, and sustainable expansion.
March 12, 2026
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Priority supply of domestic LPG sought to enforce export restrictions and secure household allocations amid supply disruption.
Six LPG distributors allege a supplier refused to reallocate LPG from export channels to the domestic market despite Ministry directions prioritising household supplies; they seek orders compelling the supplier to halt exports and increase domestic allocations, identifying the petroleum ministry as policy authority and the trade directorate as competent on export restrictions.
March 12, 2026
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FDI relaxation for land-border ownership reduces mandatory approval requirements, enabling limited bordering-country stakes to invest.
India amended its FDI rules to exempt from mandatory approval overseas firms incorporated outside land-bordering countries that have non-controlling beneficial owners from those countries below a specified threshold, while continuing mandatory approval for entities domiciled in bordering countries; sectoral caps and entry routes remain applicable and large-scale or controlling investments follow the previous approval process, with a limited fast-track approval available for certain sectors.
March 12, 2026
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Economic Stabilisation Fund seeks parliamentary approval as a fiscal reserve to shield the economy against future shocks.
The government has tabled a second batch of Supplementary Demands for Grants for 2025-26 requesting parliamentary approval to create an Economic Stabilisation Fund as a reserve for future shocks and to provide additional allocations for fertiliser and food subsidies and defence expenditure, with debate reflecting both support for fiscal preparedness and objections on transparency and social impact.

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Customs & Trade

Trump seethes over Supreme Court justices who opposed him on tariffs, especially those he appointed

February 21, 2026

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Washington, Feb 21 (AP) President Donald Trump's vision of the Supreme Court, in which his three appointees are personally loyal to him, collided with the court's view of itself Friday when six justices voted to strike down Trump's signature economic policy — global tariffs imposed under an emergency powers law.

The outcome led Trump to launch an unusually stark personal attack on the justices, with special rancor reserved for the two Trump appointees who defied him.

The case represented a challenge of Trump's many untested, yet forcefully stated imperatives on everything from trade to immigration policy and the court's ability to maintain its independence and, at times, act as a check on presidential authority.

“The Supreme Court's ruling on tariffs is deeply disappointing and I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for the country,” Trump said in the White House briefing room several hours after the court issued its decision, authored by Chief Justice John Roberts.

Trump said he expected as much from the three Democratic appointees on the court. “But you can't knock their loyalty,” he said. “It's one thing you can do with some of our people.” Asked specifically about Justices Neil Gorsuch and Amy Coney Barrett, who were part of the majority, Trump said, “I think it's an embarrassment to their families, if you want to know the truth, the two of them.” Vice President JD Vance, whose wife, Usha, spent a year as a law clerk to Roberts, echoed the president's criticism, though he didn't make it personal. “This is lawlessness from the Court, plain and simple,” Vance wrote on X.

Legal opposition to the tariffs crossed political lines, with a key challenge coming from the libertarian-leaning Liberty Justice Center and support from pro-business groups like the Chamber of Commerce.

Trump has had a checkered history with the court dating back to the start of his first White House term in 2017, though he won his biggest court battle in 2024, a presidential immunity ruling that prevented him from being prosecuted over efforts to undo his 2020 election loss.

In the first year of his second term, he won repeated emergency appeals that allowed him to implement major aspects of his immigration crackdown and other key parts of his agenda.

Presidential criticism of Supreme Court decisions has its own long history. President Thomas Jefferson was critical of the court's landmark Marbury v. Madison case, which established the concept of judicial review of congressional and executive action. President Franklin Roosevelt, frustrated about decisions he thought blunted parts of the New Deal, talked about older justices as infirm and sought to expand the court, a failed effort.

In 2010, President Barack Obama used his State of the Union speech, with several members of the court in attendance, to take aim at the court's just-announced Citizens United decision that helped open the floodgates to independent spending in federal elections. Justice Samuel Alito, who hasn't attended the annual address since, mouthed the words “not true” in response from his seat.

Trump, though, crossed a line in the way he assailed the justices who voted against him, Ed Whelan, a senior fellow at the Ethics and Public Policy Center and a former law clerk for Justice Antonin Scalia, wrote in an email.

“It's entirely fine for a president to criticize a Supreme Court ruling that goes against him. But it's demagogic for President Trump to contend that the justices who voted against him did so because of lack of courage,” Whelan wrote.

Some presidents also have criticized justices they appointed for decisions they've made.

Following the seminal Brown v. Board of Education decision in 1954, President Dwight D. Eisenhower told friends that appointing Chief Justice Earl Warren had been his biggest mistake, according to biographer Stephen E. Ambrose.

Objecting to a dissenting vote in an antitrust case, President Theodore Roosevelt once allegedly said of Justice Oliver Wendell Holmes, wounded in action during the Civil War, that he ”could carve out of a banana a judge with more backbone.” But these remarks were conveyed in private, not at a livestreamed presidential appearance in the White House briefing room.

On a personal level, Trump has had a sometimes tense relationship with Roberts, who has twice issued public rebukes of the president over attacks on federal judges.

Trump didn't mention Roberts by name on Friday, but he seemed to be assailing the chief justice when he said he lost the case because the justices “want to be politically correct,” “catering to a group of people in D.C.” Trump used similar language when he criticized Roberts' vote in 2012 that upheld Obamacare.

Similar to the timing following the Citizens United ruling, the president and some members of the court, dressed in their black robes, are likely to be in the same room Tuesday when Trump delivers his State of the Union address.

Justice Ruth Bader Ginsburg once nodded off during a presidential speech in the House of Representatives, attributing her drowsiness to some fine California wine. No justice is likely to be napping Tuesday night. (AP) MNK MNK

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