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    INDEX OF EIGHT CORE INDUSTRIES (BASE YEAR: 2011-12=100) FOR JANUARY, 2026.
    Rupee rises 21 paise to 90.73 against the US dollar in early trade
    US futures fall while Asian markets are mostly higher after the Supreme Court nixes Trump's tariffs
    Indo-US deal against country’s honour, sovereignty: Congress’ Shrinate
    EU says US must honour a trade deal after court blocks Trump tariffs
    EU-India FTA opens doors to trade, AI, resilient supply chains: Austrian official
    'Don't share OTP, Aadhaar, bank details': PM Modi's tips on combating digital fraud
    ED sets target of filing 500 chargesheets this fiscal; completing probe in 1-2 years
    India, US reschedule chief negotiators meeting on interim trade deal: Sources
    SC to hear Meta-WhatsApp privacy policy case on Monday
    Supreme Court ruling offers little relief for Republicans divided on Trump's tariffs
    Trump says he'll raise tariffs to 15 per cent after Supreme Court ruling
    Trump announces hike in tariffs to 15 pc on all countries
    Cheating case: Delhi court refuses bail to businessman Satya Prakash Bagla
    Trump now hikes global tariffs 15 pc, up from 10 pc; US to announce new levies soon
    President Trump wants to impose 15% tariff, up from 10% he announced after Supreme Court decision
    President Trump wants to impose 15 pc tariff, up from 10 pc he announced after Supreme Court decision
    Modi, Lula discuss US supreme court striking down reciprocal tariffs; set USD 30 bn annual trade target
    Global leaders, businesses pore over fallout of more US tariff swoons
    MP Congress targets Chouhan over Indo-US deal
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February 23, 2026
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Index of Eight Core Industries shows overall growth, with cement and steel leading while oil and gas sectors decline.
The combined Index of Eight Core Industries rose provisionally by 4.0 per cent year on year in January 2026, with Cement, Steel, Electricity, Fertilizers and Coal recording positive monthly growth while Crude Oil and Natural Gas declined and Refinery Products remained unchanged. The cumulative April-January 2025-26 growth is reported as 2.8 per cent (provisional). The release provides industry weights, monthly and annual indices, notes that January data are provisional and December data final, and explains methodological inclusions and revision practice.
February 23, 2026
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Foreign exchange volatility: rupee strengthened after oil-led dollar weakness, while reserve gains and capital flows shape market risk.
The rupee strengthened in early trade due to lower global crude prices and a softer dollar amid tariff-related uncertainty, aided by a strong equity opening; persistent dollar-buying sentiment and foreign institutional outflows could reintroduce selling pressure. The Reserve Bank of India's rise in foreign exchange reserves to a record level is a material macroprudential indicator affecting market liquidity and perceived intervention capacity under FEMA and central bank reserve management frameworks.
February 23, 2026
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Supreme Court rejection of sweeping tariffs reshapes import-tax authority and prompts pursuit of alternative tariff mechanisms.
The Supreme Court struck down the majority of the President's broad import tariffs, prompting varied market reactions as investors repriced winners and losers; the administration announced alternative measures including an executive-order global tariff and use of Commerce Department trade-investigation authorities, preserving the prospect of import taxation while altering statutory mechanism and temporal limits.
February 22, 2026
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Sovereignty concerns over Indo US trade agreement; alleged tariff and procurement conditions threaten national, energy and data autonomy.
Allegations that an interim trade arrangement with the United States compromises national sovereignty and domestic interests by conceding tariff advantages and large import commitments, harming agriculture and industry. The pact is criticized for limiting energy procurement choices and creating dependency by discouraging purchases from alternative suppliers, thereby threatening energy security and raising inflationary pressure. Concerns also focus on obligations affecting data sovereignty, which are said to risk exposing sensitive data to foreign access.
February 22, 2026
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Trade commitments: EU urges US to honour agreed tariff ceiling and warns of anti-coercion countermeasures and uncertainty.
EU urges the United States to adhere to the trans Atlantic trade agreement and not exceed the agreed tariff ceiling, warning that unpredictable tariff changes harm trade stability and supply chains. The EU noted it may pause ratification and could deploy its Anti Coercion Instrument-permitting trade and investment restrictions, exclusions from public tenders, and limits on foreign direct investment-to defend its interests if commitments are not honoured.
February 22, 2026
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EU-India free trade agreement expands trade and AI cooperation and strengthens supply chain resilience pending final ratification.
The EU India Free Trade Agreement substantially liberalises tariffs across the majority of bilateral trade to expand market access, while prioritising cooperation on human centred artificial intelligence and promoting interdependent, resilient supply chains; the agreement is subject to final legal vetting and ratification before implementation.
February 22, 2026
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Digital fraud prevention: protect accounts by not sharing OTP or Aadhaar and using authorised re KYC channels.
Individuals must not share OTP, Aadhaar numbers, or bank account details and should change passwords regularly. KYC and re KYC are security measures that must be undertaken only via bank branches, official apps, or authorised platforms because criminals use fake calls, SMS and links to compromise accounts.
February 22, 2026
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PMLA enforcement targets accelerate investigations and timely prosecution filings, urging probes to finish within a short defined timeframe.
The Enforcement Directorate directed acceleration of PMLA prosecutions by increasing prosecution filings and concluding most investigations within one to two years, except in complex cases. Officers must exercise PMLA powers with caution, ensure legally sustainable attachments and penalties, and issue notices judiciously. Operational priorities include tracing illicit assets abroad, targeting misuse of trade channels and insolvency processes for laundering, prioritising digital arrest and cyber fraud work, checking illegal online gaming and share market manipulation, leveraging MLATs, Interpol and extradition, and completing pending FERA adjudications while addressing manpower, cooperation and valuation challenges.
February 22, 2026
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Trade tariffs altered by recent court ruling disrupt interim trade agreement negotiations and prompt rescheduling of chief negotiators' meeting.
The meeting of chief negotiators was postponed to permit assessment of a court ruling limiting executive tariff authority and subsequent US tariff adjustments, which have introduced uncertainty into agreed concessions under the interim trade framework. The framework must be converted into a legal instrument, but finalisation of the legal text and implementation timelines are deferred pending clarification of how additional US tariff layers will interact with existing Most Favoured Nation duties and the ultimate tariff treatment for the partner country.
February 22, 2026
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Data privacy: Appeals on platform data sharing penalty and consent safeguards to be heard, with government party added.
Appeals challenge a CCI penalty and limits on platform data sharing under privacy and competition law; an appellate tribunal removed a ban on advertising related data sharing but retained the penalty. The dispute centers on consent standards, protection of dependent or unaware users, and whether platform data aggregation creates market dominance. Procedural issues include interim directions, inclusion of the technology ministry as a party, and a cross appeal by the regulator against the tribunal's narrowing of remedies.
February 22, 2026
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Congressional authority over tariffs affirmed, but executive invoked temporary trade statute to impose new global import tax.
A majority of justices held that the power to levy tariffs is vested in Congress, voiding a major part of the presidential global tariff program; the President then invoked the Trade Act's temporary emergency authority to impose a new short-term global import tax, a provision never previously used this way, raising questions about the statute's reach and prompting political fallout, calls for consumer refunds, and intensified partisan divisions over trade policy.
February 21, 2026
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Tariff authority: President seeks to impose a higher global tariff using alternate legal powers after court rebuke.
The President seeks to impose a higher global tariff relying on alternative executive authority and statutory avenues requiring Commerce Department investigations, while a separate executive order established a temporary import tax limited in duration and contingent on legislative extension; this raises constitutional questions about the allocation of tariff-setting and taxation powers and uncertainty over funds already collected.
February 21, 2026
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Presidential tariff authority raised a temporary global import surcharge, altering trade deal dynamics and exemptions for critical goods.
The executive invoked trade act authority to impose a temporary global import surcharge, increasing a recently announced ad valorem levy and reserving the right to issue further legally permissible tariffs within a 150 day period; the proclamation excludes specified critical minerals, energy products, select agricultural goods, pharmaceuticals, certain electronics, passenger vehicles and aerospace products, and the surcharge is applied in addition to existing Most Favoured Nation import duties, affecting ongoing bilateral trade negotiations.
February 21, 2026
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Criminal breach of trust: bail denied due to complex fund diversion, risk of evidence tampering and undisclosed antecedents.
Refusal of bail rested on prima facie findings that the NBFC owner-director engaged in calculated, layered diversion of investor funds amounting to criminal breach of trust; investigation remained at a nascent stage with a complex money trail requiring forensic analysis and a real risk of evidence tampering, compounded by the applicant's non-disclosure of prior criminal antecedents and insufficient medical justification.
February 21, 2026
Show AI Summary
Presidential authority on emergency economic powers challenged; administration announces higher worldwide import levies pending new tariff rules.
President announced an immediate increase in the worldwide import surcharge to a higher legally framed rate and stated the administration will determine new legally permissible tariffs; this follows a Supreme Court decision holding that reliance on IEEPA to impose sweeping duties exceeded presidential authority and has affected bilateral tariff arrangements under an interim trade framework with India.
February 21, 2026
Show AI Summary
Presidential tariff authority to impose global import taxes expanded via executive order, with temporary duration and statutory investigations.
The President announced an increase in a global import tariff implemented by an executive order designed to bypass ordinary congressional action and operate for a limited temporary period unless extended by legislation; concurrently, the administration is pursuing additional tariff measures under federal statutes that require Commerce Department investigations and administrative determinations.
February 21, 2026
Show AI Summary
Presidential tariff authority contested; executive order raises global import tariff after review of recent legal limitation.
After a judicial ruling that his emergency powers did not authorize sweeping tariffs, the President signed an executive order bypassing Congress to impose a temporary global import tax limited to 150 days unless extended by legislation; following review of the court decision he announced an upward adjustment to the proposed global tariff rate.
February 21, 2026
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Reciprocal tariffs: leaders agree to study implications and adopt a wait-and-watch approach while boosting strategic trade ties.
Discussion focused on the trade-policy implications of a major US decision affecting reciprocal tariffs, with both leaders adopting a "wait-and-watch" posture to study potential US administrative responses. Parallel measures included a pact on critical minerals to build resilient supply chains, a joint digital partnership declaration, and multiple MoUs covering mining, MSMEs, healthcare, defence maintenance cooperation, and technology and energy collaboration.
February 21, 2026
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Tariff invalidation prompts review of affected duties, potential refund claims, and continued uncertainty from proposed new tariff measures.
Invalidation of certain executive-era import duties removes the legal basis for specified tariff measures and creates potential refund claims by importers and foreign suppliers, while other tariffs tied to distinct statutory or product-specific authorities remain in force. Governments and businesses must distinguish between invalidated and continuing duties when reviewing compliance, pursuing restitution, and adapting contractual and supply chain plans amid the added uncertainty of proposed new tariff measures under alternative rules.
February 21, 2026
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Trade agreement criticised as threatening farmers' livelihoods and spurring nationwide farmer protests and political agitation.
The state Congress contends the interim Indo US trade agreement will expose Indian farmers to damaging import competition-particularly in soybean and cotton-depress domestic prices, threaten small traders and related industries, and amount to a surrender of national agricultural interests. It has announced coordinated protests and gatherings (Kisan Sammelans, chaupals, marches) in Bhopal, Budhni and Vidisha, blaming the Union Agriculture Minister for failing to defend farmers and urging mobilisation to protect rural livelihoods.

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Customs, DGFT & SEZ

Union Minister of Commerce and Industry Shri Piyush Goyal Calls Prime Minister Narendra Modi’s ‘Zero Defect, Zero Effect’ Vision the Core of India’s Manufacturing Push; Says Quality Key to $30–35 Trillion Economy by 2047.

February 23, 2026

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India Must Become High-Quality Producer to Achieve $2 Trillion Export Target: Shri Goyal

Nine FTAs with 38 Developed Nations Cover Two-Thirds of Global Trade; Shri Goyal Urges Industry to Leverage Market Access with High-Quality Standards

Shri Piyush Goyal Outlines Five-Pillar Roadmap to Institutionalise Quality Across Manufacturing Ecosystem

Quality Conclave Engages 20+ Cities, 14 Clusters and 50+ Regulatory Bodies Through Sector-Specific Consultations and Gunvatta Manthan Dialogues

Union Minister of Commerce and Industry Shri Piyush Goyal today emphasised that quality must become the defining mantra of India’s manufacturing and export ecosystem, asserting that Prime Minister Shri Narendra Modi’s vision of “zero defect, zero effect” will serve as the cornerstone of India’s growth story in the Amrit Kaal. Aligning the initiative with the Prime Minister’s vision of Viksit Bharat 2047, the Minister said India’s ambition to become a $30–35 trillion economy by 2047 rests on three pillars — zero defect (quality), zero effect (sustainability), and equitable opportunity (inclusivity).

Addressing the first National Quality Conclave, organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in partnership with the Quality Council of India (QCI), Shri Goyal, who joined the event virtually, underscored that no country can progress merely as a consumer; it must establish itself as a globally recognised producer of high-quality goods and services. He emphasised that Brand India must stand for quality, reliability and trust. Noting that India has been the world’s fastest-growing large economy for the past four years and is poised to become the third-largest GDP in the next two to two-and-a-half years, he said the country’s $2 trillion export target — comprising $1 trillion in merchandise and $1 trillion in services within the next six to seven years — can only be achieved through uncompromising quality standards.

Highlighting India’s expanding trade outreach, Shri Goyal said that nine Free Trade Agreements finalised in the past three to three-and-a-half years with 38 developed countries now cover nearly two-thirds of global GDP and trade. These agreements, he noted, open new opportunities in sectors such as textiles, leather, footwear and pharmaceuticals, provided Indian products consistently meet the highest global benchmarks. He reiterated that India’s current share in global trade remains modest, even in competitive and labour-intensive sectors, and urged industry to leverage new market access opportunities created through these agreements.

Recalling earlier challenges, Shri Goyal remarked that Indian consumers were once compelled to seek “export quality” products, reflecting a dual-quality ecosystem. He stressed that such a culture must be decisively replaced with uniform, high standards for both domestic and international markets. He lauded the Quality Council of India (QCI) and the Department for Promotion of Industry and Internal Trade (DPIIT) for taking the message of quality to the grassroots through extensive consultations across clusters and sectors.

Outlining a five-pillar action agenda to institutionalise quality, the Minister emphasised the need for clearly defined standard operating processes with strict compliance and continuous inspection from raw material to finished product stage; skilling and re-skilling of the workforce to reduce wastage and enhance productivity, particularly in sectors such as textiles; undertaking gap analysis and benchmarking with global best practices to improve competitiveness and environmental outcomes; streamlining testing and certification protocols to reduce delays and costs; and strengthening shared infrastructure through modern, automated testing facilities across manufacturing clusters.

Shri Goyal assured that funds would not be a constraint for establishing high-quality testing infrastructure. He encouraged industry to seek support under the Export Promotion Mission (EPM) for international approvals and compliance requirements, including REACH regulations, CBAM verification, SPS and TBT measures, and other non-tariff barriers. He stated that government support would particularly benefit micro and small enterprises in accessing global markets and meeting international standards.

Quoting Prime Minister Shri Narendra Modi, Shri Goyal reiterated that India must be recognised globally as a guarantee of quality. He emphasised that quality consciousness has been a recurring theme in the Prime Minister’s recent public engagements and called for replacing the “chalta hai” mindset with a culture of excellence across all levels — from promoters and directors to workers on the shopfloor and personnel in laboratories and back offices.

The Union Minister also reflected on the symbolic “manthan” process, stating that just as nectar emerged from the Samudra Manthan, the consultative efforts under the Conclave must yield the nectar of quality, trust and excellence in day-to-day work. He reaffirmed the government’s readiness to support industry initiatives aimed at embedding quality deeply within India’s manufacturing ecosystem.

Union Minister of State for Commerce and Industry Shri Jitin Prasada emphasised that as global opportunities expand, India must transition decisively towards quality-led manufacturing. He stated that platforms such as the National Quality Conclave will play a crucial role in strengthening India’s global standing as a reliable manufacturing and export destination.

Secretary, DPIIT, Shri Amardeep Singh Bhatia highlighted that strengthening Bharat’s industrial ecosystem requires coordinated engagement between government, industry and institutions anchored in quality-driven policy frameworks. He described quality improvement as a long-term commitment essential for meeting global demand, building international trust and positioning India as a reliable part of global supply chains.

Chairperson, QCI, Shri Jaxay Shah underscored that quality must move beyond audits and certifications to become a daily discipline at the shopfloor level. He stated that for Viksit Bharat 2047, quality is not merely a pathway but the destination.

The National Quality Conclave represents a first-of-its-kind national initiative structured around extensive on-ground consultations with industry and MSMEs to directly capture shop-floor and supply-chain insights and integrate them into policy deliberations and the development of sector-specific quality roadmaps. Series 1 of the Conclave brought together senior policymakers, industry leaders, regulators and key stakeholders from four priority manufacturing sectors — textiles, leather, footwear and pharmaceuticals — identified for their strong export potential, extensive MSME participation and contribution to employment generation.

The Conclave adopted a sector-differentiated, evidence-driven three-stage engagement process over two months across more than twenty cities to ensure actionable outcomes. In the leather sector, 25+ nationwide consultations and 15+ Gunvatta Manthan dialogues were conducted with participation from 65+ industry stakeholders and MSMEs. The textiles sector engagement comprised 30+ nationwide consultations and 10+ Gunvatta Manthan dialogues engaging 10+ stakeholders and MSMEs, while the pharmaceuticals sector saw focused discussions through 7+ nationwide consultations involving 55+ stakeholders and MSMEs. The programme covered 14 manufacturing clusters and engaged over 50 government and regulatory bodies through a twin-track approach involving both private sector stakeholders and government agencies.

The National Quality Conclave is envisaged as part of an ongoing series of sector-focused engagements, with DPIIT and QCI undertaking regular consultations across manufacturing sectors to systematically address quality challenges, strengthen industry–government coordination and build sustained momentum for quality-led industrial growth. The outcomes of the Conclave will contribute to the development of a National Quality Roadmap for Manufacturing, guiding coordinated action across government, regulators and industry in the period ahead.

***

Abhijiith Narayanan/ Ishita Biswas

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