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    India, US trade deal to be signed once tariff architecture is in place: Official
    Ministry of Statistics and Programme Implementation is in process of revising base year of Index of Industrial Production from 2011-12 to 2022-23
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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.
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March 16, 2026
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Brand marketing strategy: Bleevo marks first anniversary, emphasizing pan-India expansion, creative talent, and integrated branding services.
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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.
Enforcement alleges the company manufactured and distributed adulterated dairy products by substituting milk fat with palm oil and other chemicals, supplied domestically and exported. Investigators allege multiple forged laboratory test reports were submitted to obtain export clearances while laboratories deny issuing them. The probe, which follows a local police complaint, targets proceeds from these activities as money laundering and has resulted in custodial remand of the company's principal for further PMLA investigative measures.
March 16, 2026
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LPG supply prioritisation and PNG conversion policy secures fuel availability while imposing sectoral allocation controls.
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March 16, 2026
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Digital inclusive finance recognition: WeBank's AI driven model advances accessibility and SME credit access across regions.
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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.
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March 16, 2026
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Pre-deposit linkage: link DRC-03 payments via DRC-03A on portal to avoid duplicate pre-deposit when filing appeal.
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March 16, 2026
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Regulatory harmonization for medical devices drives export policy to expand global market access and manufacturing competitiveness.
Strengthening India's medical devices export ecosystem focuses on regulatory harmonization, streamlining approval processes, and coordination between industry and regulators to reduce compliance bottlenecks and facilitate exports, supported by trade policy measures to improve market access. Complementary measures include development of manufacturing clusters, expansion of testing and certification capacity, and incentives for research and development and innovation to build global brand recognition and scale high value manufacturing.
March 16, 2026
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Responsible Business Conduct: integrating ESG into corporate reporting, labour protections and insolvency frameworks for better market alignment.
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March 16, 2026
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Unclaimed dividend facilitation enabling direct investor access to recovery, KYC update, and on site grievance redressal services.
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March 16, 2026
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Smuggling of foreign-origin gold disrupted with seizures and arrests under customs enforcement, highlighting illegal melting and transport.
An enforcement operation uncovered an organised syndicate smuggling foreign-origin gold into India, transporting it by rail to illegal melting facilities where the gold was defaced to remove identifying marks before sale; seizures under the Customs Act, 1962 recovered gold, silver and currency and six persons involved in the collection, transport, melting and disposal were arrested.

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Customs & Trade

Jamshedpur man among crew of LPG vessel back from West Asia, family heaves sigh of relief

March 17, 2026

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Jamshedpur, Mar 17 (PTI) A family in Jharkhand's Jamshedpur heaved a sigh of relief after learning that the Indian-flagged LPG vessel Shivalik, on which their son was working, had safely reached Gujarat's Mundra port after crossing the Strait of Hormuz amid the conflict in West Asia.

Mithilesh Tripathy said his only son, Ansh Tripathy, who serves as the second engineer on the vessel, was responsible for monitoring the ship's technical operations during the journey through the strategically crucial maritime corridor.

Tripathy said he last spoke to his son over a WhatsApp call about four to five days ago, when the vessel was leaving Qatar.

"They were instructed to maintain a safe distance from the Strait of Hormuz until they received the green signal from headquarters. The Indian government was negotiating with Iranian authorities to ensure safe passage," Tripathy told PTI.

A former flight engineer with the Indian Air Force, Tripathy later worked at Uranium Corporation of India in Jadugora near Jamshedpur. He now lives in a residential society near Pardih in the city.

Speaking about his son, Tripathy said Ansh completed his schooling in Jamshedpur and Jadugora, pursued mechanical engineering at BIT, and later graduated as a marine engineer from Kochi. He joined the Shipping Corporation of India around 2014-15.

"Before leaving Qatar, Ansh told me they were heading towards the Indian Ocean. That was all he said," he added, noting that he did not discuss the number of crew members on board.

Tripathy said the family remained anxious after hearing about the war in West Asia.

"We were extremely worried about Ansh and the crew members since the war broke out in the region. We were glued to the TV for updates," he said, expressing relief after hearing that the ship had reached Mundra port safely.

"It was a very painful time, but we were confident that if my son and the crew returned safely, it would be due to the efforts of PM Narendra Modi and External Affairs Minister S Jaishankar," he said.

Tripathy said that while people may hold different views about the tensions in West Asia, his experience in the Air Force helped him understand the realities of operating in a conflict zone.

Two Indian-flagged LPG carriers, Shivalik and Nanda Devi, with 92,712 metric tonnes of LPG, crossed the Strait of Hormuz early on Saturday following negotiations between India and Iran.

Shivalik arrived at the Mundra Port on Monday with 46,000 metric tonnes of LPG ordered by Indian Oil Corp Ltd, officials said.

While 20,000 MT will be unloaded at Mundra, 26,000 MT will be unloaded at Mangaluru, they said.

Nanda Devi is scheduled to reach Gujarat's Kandla port on Tuesday, they added.

These two ships were among the 24 ships stranded on the west side of the strait since the war broke out in the region.

Besides the 24 on the west side of the strait, four others were stranded on the east side.

India imports about 88 per cent of its crude oil, 50 per cent of its natural gas and 60 per cent of its LPG needs. Before the US-Israel strikes on Iran on February 28 and Tehran's retaliation, more than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from West Asian countries such as Saudi Arabia and the UAE.

The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies. PTI BS SOM

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