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February 16, 2026
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Interim trade agreement: reciprocal tariff reductions and mutual duty concessions to be finalised through legal text.
An Indian negotiating team will visit the US to translate a previously announced framework into a signed interim trade agreement legal text. Ongoing virtual talks will be advanced to resolve drafting intricacies; tariff and preferential market access measures agreed in the framework will take effect only after the legal agreement is finalised and signed. The discussions cover reciprocal duty concessions, including a US processing of a reciprocal tariff reduction and the sequencing of implementation tied to signature of the legal pact.
February 16, 2026
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Money laundering allegation against a nationalist organisation denounced as defamatory strategy and political insult to patriots.
VHP condemns a Karnataka minister's claim linking the RSS to money laundering as false, defamatory and a deliberate political strategy to insult patriotic organisations and reduce the speakers' acceptance; it asserts such tactics aim at appeasement and defamation, calls for those who prioritise Hindu interests to hold power for community protection, and warns against exploiting religion for political gain.
February 16, 2026
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Compliance first stablecoin payments enable regulated cross border payouts and corporate cards for emerging market businesses.
Endl secured pre seed funding to scale a compliance focused, stablecoin centred cross border payments platform offering multi currency accounts, regulated stablecoin rails, fiat stablecoin conversions, corporate cards and treasury services, with investments directed toward regional banking integrations, compliance systems and enterprise security to serve businesses in emerging markets.
February 16, 2026
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Money laundering notices issued after chargesheet alleging diversion of foreign loan proceeds into non-oil uses.
A special PMLA proceeding alleges systematic diversion of foreign currency loan facilities sanctioned for Mozambique oil and gas assets; loan proceeds were routed via Videocon Hydrocarbon Holdings Ltd and multiple overseas group companies, layered through a complex web of entities, and remitted back to India for non-sanctioned uses including non-oil business expenses, investments and creation of personal and corporate assets, with the ED quantifying the proceeds of crime and a PMLA court issuing notices to thirteen accused following the chargesheet.
February 16, 2026
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Interim trade agreement: delegation to finalise legal text ahead of expected signing following framework agreement.
An interim trade agreement framework will be converted into operative legal text through bilateral drafting: an Indian negotiating delegation will travel to the United States to finalise the legal agreement while virtual talks continue, moving from a joint statement of contours to definitive treaty language and preparing the instrument for signature.
February 16, 2026
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FD-backed secured credit: card links credit limit to fixed deposit, with tiered cashback, fee waivers, and FD access.
Introduction of a fixed deposit-backed secured credit card linking credit limit to 100% of an underlying fixed deposit, permitting FD access via ATM withdrawals subject to a withdrawal fee and an interest free window. The card applies a tiered cashback structure with category and monthly caps, includes joining and annual fees with time limited waivers and conditional reversals tied to annual spends, and provides consumer protections such as insurance, purchase protection, lost card liability cover, and surcharge waivers.
February 16, 2026
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Deposit-taking NBFC registration enables instant digital personal loans with streamlined KYC, quick disbursal, and flexible repayment options.
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February 16, 2026
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Trade balance worsens as imports outpace exports, prompting elevated trade deficit and revised export projections for the fiscal year.
Merchandise exports rose 0.61% to USD 36.56 billion in January while imports grew 19.2% to USD 71.24 billion, producing a January trade deficit of USD 34.68 billion; April-January exports increased 2.22% to USD 366.63 billion. The Commerce Secretary stated exports in goods and services remain on an upward trend and projected combined fiscal year exports of goods and services are likely to exceed USD 860 billion.
February 16, 2026
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Incentive Scheme for digital payments increased UPI adoption and expanded payment infrastructure, recommending targeted measures for RuPay uptake.
The report assesses the design, implementation and socio-economic effects of the Incentive Scheme for promotion of RuPay debit cards and low-value BHIM-UPI P2M transactions, noting that structured budgetary support reduced cost barriers, accelerated merchant onboarding, expanded acceptance infrastructure and strengthened the payments ecosystem. Based on primary and secondary research, it finds marked increases in UPI adoption, merchant QR deployment and bank participation, increased user confidence and reduced cash reliance, and recommends targeted measures to deepen RuPay usage, rural penetration, connectivity, digital literacy and fraud mitigation.
February 16, 2026
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Market rebound as banking and power stocks lead recovery amid global rate-cut expectations and stable currency support.
Equity benchmarks rebounded nearly one percent led by renewed buying in banking and power stocks, reversing a recent decline as large-cap financials and utilities outperformed. The rally was supported by expectations of sustained power demand, improving loan growth and stable bank asset quality. Macro cues-falling US long-term yields, a stable rupee and steady crude oil-added support, while foreign institutional investors were net sellers and domestic institutional investors were net buyers.
February 16, 2026
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Inflation trends show rising wholesale prices, prompting continued RBI focus on retail inflation for monetary policy.
Wholesale price inflation rose to 1.81% in January due to increases in food articles, non-food articles, textiles and manufacturing subgroups, while fuel and power remained in deflation. Manufactured products and non-food articles recorded higher inflation compared with the prior month. The Reserve Bank of India continues to emphasise retail inflation as the primary indicator for benchmark interest-rate decisions, having reduced policy rates earlier in the fiscal year and subsequently retained key rates.
February 16, 2026
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Trade mission to India leverages the UK India Free Trade Agreement to boost West Midlands investment, exports and academic ties.
A West Midlands mayoral trade mission to Ahmedabad, Mumbai and Bengaluru (23-27 February 2026) aims to operationalise the UK India Free Trade Agreement by promoting exports, attracting inward investment to the West Midlands Investment Zone, and deepening academic and cultural ties. Led by regional political, business and university figures and coordinated by the West Midlands Growth Company with Indian partners, the programme features sectoral roundtables and events on the Commonwealth legacy, visitor economy, technology, urban transformation, and AI skilling to foster commercial, research and skills partnerships between West Midlands entities and Indian corporations and institutions.
February 16, 2026
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Highway upgradation provides an alternate freight corridor, reducing urban congestion and enhancing regional connectivity and employment.
Approval is granted for rehabilitation and upgradation of the Ghoti-Trimbak-Jawhar-Manor-Palghar section of NH-160A in Maharashtra on Engineering, Procurement and Construction (EPC) mode, covering 154.635 km with a Total Capital Cost of Rs.3320.38 crore. The project provides 2-lane or 4-lane configurations with paved shoulders according to traffic projections to relieve congestion, integrate with expressways and highways, connect multiple economic and logistics nodes under PM GatiShakti, and generate substantial direct and indirect employment.
February 16, 2026
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Four-lane upgradation of NH-56 sections approved to improve regional connectivity and reduce travel time substantially.
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February 16, 2026
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Highway widening approval advances NH 167 to four lanes under Hybrid Annuity Mode, enhancing regional connectivity and employment.
The Cabinet approved widening NH 167 from Gudebellur to Mahabubnagar to a four lane access controlled standard over 80.01 km on Hybrid Annuity Mode (HAM) under the NH (O) scheme, covering bypasses, realignments and utility shifting. The alignment connects with NH 150 and NH 167N and links multiple economic, social and logistic nodes, aiming to reduce congestion and travel time, enhance freight efficiency and multimodal integration, and generate substantial direct and indirect construction period employment.
February 16, 2026
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Project approval for underwater road rail tunnel enabling 4 lane greenfield connectivity between Gohpur and Numaligarh under EPC.
Cabinet approved a 33.7 km 4 lane access controlled greenfield corridor between Gohpur (NH 15) and Numaligarh (NH 715) including a 15.79 km twin tube TBM underwater Road cum Rail tunnel with rail provision in one tube, implemented on an EPC basis. The scope covers civil works, land acquisition, short road and rail cut and cover sections, and integration with existing highways and railway sections to deliver multimodal connectivity to airports, inland waterways, railway stations and economic, social and tourist nodes, with estimated traffic and employment implications.
February 16, 2026
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Currency depreciation driven by FII outflows and a stronger dollar, pressured further by declining forex reserves.
The rupee weakened to 90.67 against the US dollar amid FII outflows and a stronger dollar, with rising crude prices and a notable weekly decline in forex reserves cited as contributing factors; market commentary noted narrow intraday trading and flagged impending trade balance data as potentially influential.
February 16, 2026
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Rail network expansion approved to add multitrack capacity, boost freight movement and reduce emissions while improving regional connectivity.
Cabinet approved three multitracking projects (Kasara-Manmad, Delhi-Ambala, Ballari-Hosapete) under PM Gati Shakti to add third and fourth lines across 12 districts, increasing the rail network by about 389 km at an estimated combined cost of Rs 18,509 crore through 2030-31. The works are projected to generate about 265 lakh human days of construction employment, augment freight capacity by 96 MTPA, improve connectivity to roughly 3,902 villages (population ~97 lakh), reduce logistics costs and oil imports, and lower CO2 emissions for more sustainable rail operations.
February 16, 2026
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Venture capital mobilisation for startups to prioritise deep tech, early growth support, and regional investment across the country.
The Startup India Fund of Funds 2.0 establishes a government-backed corpus to mobilize long-term domestic venture capital, strengthen the domestic venture capital base by supporting smaller funds and AIFs, and address capital gaps. The Scheme prioritises deep tech and tech-driven innovative manufacturing, supports early-growth stage founders to reduce funding shortfalls, and promotes national reach to crowd in private investment beyond major metropolitan centres.
February 16, 2026
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Credit to G.D.P. ratio reform to expand financing and make financial institutions more agile for national development.
The Department of Financial Services convened a policy shivir to solicit strategic reforms to align banking and financial services with Viksit Bharat@2047, focusing on enhancing the Credit to G.D.P. ratio, increasing agility of public financial institutions, deploying new large scale financing mechanisms, deepening the bond market, reducing intermediation costs, strengthening banks' role in MSME financing, and promoting insurance and pension product innovation alongside financial inclusion and cyber security to build a more resilient financial system.

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Customs & Trade

No need for panic booking, enough LPG supplies to meet household needs: Govt

March 11, 2026

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New Delhi, Mar 11 (PTI) Amid panic buying in some parts of the country, the government on Wednesday said India has enough LPG stocks to fully meet household cooking gas requirements, even as it stepped up efforts to secure alternative supplies to replace volumes disrupted by the West Asia conflict.

While India has been able to source additional crude oil - the raw material for fuels such as petrol and diesel - from alternative suppliers to offset disruptions caused by the blockage of the Strait of Hormuz, refinery adjustments have lifted domestic LPG output by about 25 per cent. The push to secure supplies has also resulted in securing at least two LNG cargoes, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said.

The widening conflict in the Middle East has largely halted shipments through the strait that was the conduit for most of India's oil, gas and LPG needs. While India scrambles to seek alternative crude sources from countries like Russia, LPG and LNG supplies remain constrained. Shortages are affecting businesses nationwide, from restaurants and crematoriums to ceramic units and even the Delhi High Court canteen. Household kitchens are getting fuel, but there are reports of long queues at dealers and the fuel being sold at higher rates in the black market.

At a media briefing - the first on record by an oil ministry official since the conflict broke out on February 28 - Sharma sought to allay concerns on availability, saying the government's efforts are primarily directed at maintaining uninterrupted supplies to households.

Sharma said India imports about 60 per cent of its LPG requirement, and 90 per cent of this is through the Strait of Hormuz.

This shortfall meant prioritising household kitchens over commercial usage. But even this has led to panic buying by common users.

"Feedback suggests that some panic booking and hoarding behaviour has been triggered by misinformation," she said. "We have enough stocks. There is no need for panic. There is no need for the customer to rush and book cylinders." The pre-war delivery cycle for a refill of two-and-a-half days remains, said Sharma, who is in charge of LPG in the ministry.

Giving a full account of the fuel supply scenario, she said India's daily crude oil consumption is about 5.5 million barrels, 55 per cent of which came from countries like Saudi Arabia, Iraq and the UAE through the Strait of Hormuz.

She said oil companies have diversified procurement and secured volumes larger than those that were displaced by the blockage of the strait after the US and Israel attacked Iran and Tehran's retaliatory action.

"As a result of this diversification, about 70 per cent of our crude imports are now coming from routes outside the Strait of Hormuz, compared with about 55 per cent earlier," she said.

All the oil refineries, which convert crude oil into fuels, are operating at full capacity.

On natural gas, which is used for power, fertilizers, CNG, and household cooking, she said that out of the total consumption of 189 million standard cubic meters per day, 97.5 mmscmd is produced within the country, and the rest is imported. Out of the imports, about 47.4 mmscmd supply has been affected due to the Strait of Hormuz disruption.

"We are making efforts to procure from alternate routes, and supplies are underway to offset this disruption," she said. "Gas companies have procured LNG cargoes from the new sources, and two LNG cargoes are on their way to the country." To manage the shortfall, the government has prioritised household cooking and transport fuels, directing refineries to maximise LPG output by cutting petrochemical feedstock streams and barring units, including Reliance Industries Ltd's export-oriented plants, from using LPG as feedstock. Industrial LNG and LPG deliveries have been curtailed to protect more than 33 crore households, which account for roughly 86 per cent of LPG consumption.

To manage demand, cooking gas prices were raised for the first time in 11 months, and the minimum interval between subsidised refills was extended from 21 to 25 days.

To deal with the shortfall arising from blockage of supplies through the Strait of Hormuz, she said the government has taken various steps, including maximising LPG production in refineries by cutting other fuel streams. "Domestic LPG production has increased by 25 per cent, and all these domestic LPG is being directed towards household consumers." For non-domestic LPG, priority is being given to essential sectors such as hospitals and educational institutions, she said, adding that a three-member committee of executive directors of oil marketing companies - IOCL, HPCL and BPCL - has been constituted to review the allocation to restaurants, hotels and other commercial users.

The committee is consulting with state authorities and industry bodies to finalise a plan to ensure that available LPG is distributed in a fair and transparent manner on LPG prices, she added.

State governments have been advised to crack down on hoarding and black marketing of LPG.

Union Home Secretary held a meeting with Chief Secretaries and Directors General of Police of all states and Union Territories.

States and Union Territories were advised to take strict measures against hoarding of essential commodities and ensure the uninterrupted availability of essential supplies. The government, the officials said, is closely monitoring the evolving situation in West Asia and maintaining continuous coordination among the concerned ministries and agencies.

They reiterated that necessary steps are being taken to ensure energy security, safeguard Indian nationals in the region, maintain the safety of maritime operations and ensure the uninterrupted availability of essential supplies. The government remains committed to keeping the public informed and taking timely measures to protect India's interests during the evolving situation.

India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels come from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. PTI ANZ HVA

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