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May 7, 2026
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Gross State Domestic Product compilation is updated with a new base year to improve comparability, consistency and fiscal planning.
Adoption of a new base year of 2022-23 for National Accounts requires States and Union Territories to compile Gross State Domestic Product on the revised series so that regional estimates reflect the current economic structure and remain consistent with updated data sources, improved estimation practices and evolving international standards. The uniform guideline for compilation of Gross State Value Added is intended to standardize State-level estimation practices and improve consistency, reliability and comparability across Regional Accounts Statistics. Gross State Domestic Product remains central to fiscal planning, tax devolution, resource allocation and borrowing limit calculations.
May 7, 2026
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Grievance redressal performance under CPGRAMS improves through structured monitoring, timely disposal, and reduced pendency in public service delivery.
Grievance redressal performance under CPGRAMS is assessed through the GRAI, which measures ministries and departments on effectiveness and timeliness of complaint resolution. The Insurance Division of the Department of Financial Services ranked first in the Group A category for March 2026, while the Banking Division retained fifth position for the second consecutive month. A structured mechanism of daily monitoring, weekly review, and monthly scrutiny supports timely disposal, reduced pendency, and improved quality of resolution.
May 7, 2026
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Fake firms and forged identities allegedly used to route hawala-linked transactions, GST fraud and shell-company banking networks.
Alleged operation of a network of fake firms, forged identities and bank accounts was uncovered in connection with suspected hawala transactions, GST fraud and routing of large cash and electronic payments across multiple states. The alleged network was said to use Aadhaar, PAN and other documents of labourers, scrap workers, painters and daily wage earners to obtain GST registrations, open bank accounts and create shell companies, with multiple firms and accounts under scrutiny.
May 7, 2026
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Fruit and vegetable export expansion aims to raise farmers' income, improve quality, and strengthen processing infrastructure.
India's fruit and vegetable sector is being promoted for export expansion to raise farmers' income, generate employment and increase foreign exchange earnings. The focus is on increasing fruit production, improving quality and strengthening processing infrastructure, while bringing farmers, exporters, processors and institutions together to address shelf life, freight costs, cold storage, ripening chambers and transport-related issues.
May 7, 2026
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IPO disclosure and securities offering restrictions govern proposed equity issue, with SEBI filing and U.S. registration limits.
Greaves Electric Mobility Limited has proposed an initial public offering of its equity shares, subject to approvals and market conditions, and has filed a draft red herring prospectus with SEBI. The announcement states that it is not an offer or invitation to sell securities, that investors should refer to the prospectus and its risk factors, and that the equity shares are not registered under the U.S. Securities Act. The securities are offered only to qualified institutional buyers in private transactions and outside the United States under Regulation S, with no public offering in the United States.
May 6, 2026
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Economic offences show a marginal decline in Delhi as property losses remain highest among Union territories.
Economic offences in Delhi recorded a marginal decline in 2024, but the city continued to report the highest property losses among Union territories. Forgery, cheating and fraud formed the bulk of cases, followed by criminal breach of trust and counterfeiting. NCRB data also showed a large pipeline of pending and fresh cases, with investigations resulting in transfers, final reports, arrests and charge-sheets across multiple offence heads.
May 6, 2026
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Election commissioner appointments and heritage protection drew attention as the court examined lawmaking directions and restoration needs.
Regulation of the appointment process for the chief election commissioner and election commissioners came under consideration as the Supreme Court examined whether it can direct Parliament to enact a law governing the procedure for such appointments. The issue centred on the institutional question of whether judicial directions can be issued to require legislative action in an area touching the constitutional framework for election administration. Protection and restoration of heritage structures also figured prominently, with the Supreme Court stating that Mysuru's Devaraja Market and Lansdowne Building, both over a century old, should be protected and that necessary renovation and restoration work should be carried out.
May 6, 2026
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Rupee support through non-direct RBI intervention strengthens currency as crude eases and dollar demand remains a cap on gains.
The rupee appreciated against the US dollar as Brent crude prices eased and market sentiment improved on signs of possible de-escalation in West Asia. Traders linked the currency move to a weaker dollar, stronger domestic equities, and expectations that the Reserve Bank of India is supporting the currency through a non-direct intervention strategy rather than by directly deploying foreign exchange reserves. One proposed measure is to encourage state-run banks to raise foreign currency funds through bonds to generate fresh dollar inflows.
May 6, 2026
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Insolvency resolution framework restores stalled real estate projects and enables completion of three developments for customers.
Realty developer Alpha Corp Development Ltd. plans to invest nearly Rs 900 crore to complete three stalled housing and commercial projects in Greater Noida and Gurugram acquired through the insolvency resolution process. The projects, including two commercial developments and one residential development, are intended to benefit more than 3,000 existing customers. The company states that the Supreme Court restored its resolution plan and set aside the NCLAT order that had rejected it.
May 6, 2026
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Inflation targeting framework renewal retains headline CPI target, tolerance band, and MPC-led monetary policy transparency.
India's inflation targeting framework was renewed through March 2031, retaining the 4 per cent CPI inflation target with a +/-2 per cent tolerance band. Monetary policy remains with the Monetary Policy Committee, and the framework continues to rely on transparent communication through MPC resolutions, minutes, statements, press briefings, and the Monetary Policy Report. The consultation review broadly supported retaining headline CPI inflation, keeping the 4 per cent target, preserving the existing band, and rejecting a shift to pure range targeting.
May 6, 2026
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Railway multitracking projects approved to expand capacity, improve connectivity and strengthen freight movement across multiple states.
Cabinet approval was granted for three railway multitracking projects covering 19 districts across multiple states, with an estimated cost of Rs. 23,437 crore and completion targeted up to 2030-31. The projects comprise the Nagda-Mathura, Guntakal-Wadi and Burhwal-Sitapur third and fourth lines, and are intended to add about 901 km to the rail network. The capacity augmentation is aimed at improving mobility, operational efficiency, service reliability and congestion management, while supporting seamless movement of people, goods and services.
May 6, 2026
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Ship repair facility expansion at Vadinar to strengthen domestic capacity, reduce foreign yard dependence and improve port competitiveness.
Approval was granted for development of a state-of-the-art ship repair facility at Vadinar, Gujarat, as a brownfield project jointly implemented by Deendayal Port Authority and Cochin Shipyard Limited. The facility will include a 650-metre jetty, two floating dry docks, workshops and associated marine infrastructure, and is designed to serve large commercial and foreign-flagged vessels. The project is intended to fill a domestic capacity gap, enable repairs of vessels up to 300 metres within India, reduce dependence on foreign shipyards, improve turnaround times and strengthen repair capability on the western coast.
May 6, 2026
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Fair and Remunerative Price for sugarcane approved for the 2026-27 season with recovery-linked adjustments.
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May 6, 2026
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Credit guarantee coverage scheme extends additional liquidity support to MSMEs, non-MSMEs, and airlines affected by West Asia disruption.
Emergency Credit Line Guarantee Scheme 5.0 provides credit guarantee coverage through NCGTC for additional credit support to eligible borrowers affected by the West Asia situation. The scheme grants 100% guarantee coverage for MSMEs and 90% for non-MSMEs and the airline sector, with nil guarantee fee. Additional credit is capped according to borrower category, and the guarantee cover remains co-terminous with the loan tenor.
May 6, 2026
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Regional Rural Bank viability framework strengthens performance monitoring, governance reform, and long-term financial sustainability across banks.
The Department of Financial Services has approved Viability Plan 2.0 for Regional Rural Banks as a revised three-year framework for 2025-26 to 2027-28. The plan institutionalizes performance monitoring, strengthens governance reforms, and supports continued oversight to improve financial sustainability and long-term competitiveness across all Regional Rural Banks. It comprises 30 performance parameters across operational excellence, asset quality, profitability, and growth, including capital adequacy, credit-deposit ratio, digital adoption, non-performing asset levels, recovery performance, profitability ratios, and implementation of Government of India schemes.
May 6, 2026
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Rupee support strategy gains attention as lower oil prices and weaker dollar ease pressure on the currency.
The rupee appreciated against the US dollar as Brent crude prices eased and market sentiment improved after signals of possible progress in negotiations with Iran and a temporary pause in the Strait of Hormuz escort operation. Forex traders indicated that the Reserve Bank of India is pursuing a non-direct support strategy to stabilise the rupee without drawing on forex reserves, including encouraging state-run banks to raise funds through foreign currency bonds.
May 6, 2026
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Services exports drive India's overall export growth as merchandise trade shows modest gains despite global uncertainty.
India's goods and services exports rose in 2025-26 to an all-time high, with merchandise exports showing modest growth and services exports increasing more sharply. The rise in services exports, driven by stronger global demand for IT, business solutions, and professional expertise, underscored the economy's resilience and its contribution to the total export basket.
May 6, 2026
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Startup ecosystem diversification drives innovation across food, design, compliance, education, IP trade and digital platforms in India.
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May 6, 2026
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Defensive Hormuz operations and nuclear pressure define the evolving US stance as conflict with Iran remains unresolved.
The United States said major military operations against Iran are concluded after the stated objectives were met, while treating recent clashes as defensive in nature. The reopening effort in the Strait of Hormuz was described as a way to protect commercial shipping and assist stranded civilian sailors, alongside demands that Iran abandon its nuclear ambitions and restore freedom of navigation through the waterway.
May 6, 2026
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India-US trade deal nears final closure as tariff changes prompt redrafting to protect trade interests.
India and the United States are in the final stage of negotiations on a bilateral trade agreement and are said to be very close to signing it, though one remaining issue still has to be resolved. The talks have continued for months, with the aim of reaching closure and moving ahead on other trade and economic matters. India is also seeking preferential access to the US market as part of the agreement.

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The latest: Rubio says major military operations against Iran over

May 6, 2026

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Washington, May 6 (AP) US Secretary of State Marco Rubio said Tuesday that major US military operations against Iran are over — but he stopped short of saying the conflict cannot be restarted. Rubio told reporters at the White House that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because its objectives were met.

Rubio said recent clashes with Iran related to US efforts to reopen the Strait of Hormuz were “defensive in nature.” “We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” He said Iran must agree to President Donald Trump's demands on its nuclear program and reopen the strait, a waterway vital to global oil and gas supplies.

US forces pressed ahead with an effort to guide commercial ships through the strait, but so far only two vessels are known to have passed through. Defence Secretary Pete Hegseth said the US prefers a peaceful effort to guide vessels out of the Persian Gulf but is ready to act if needs change.  It is unclear what will follow. Hegseth said the ceasefire reached nearly a month ago is not over. The United Arab Emirates, a key US ally, said it was defending against more Iranian strikes. A spokesman for Iran's joint military command denied striking the UAE “in recent days.” Here is the latest: Rubio says war with Iran is over, peace is still elusive   Rubio says the major US military operation against Iran is over but is stopping short of saying the conflict is over or cannot be restarted.

Speaking to reporters at the White House, Rubio said that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because the objectives of the mission were all successfully concluded.

“We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” In order for that to happen, Iran must agree to Trump's demands on its nuclear program and reopen the Strait of Hormuz, he said.

Rubio says he hopes Chinese officials talk to Iran about the strait   As Iranian Foreign Minister Abbas Araghchi prepares to visit China on Wednesday, Rubio says that he hopes Tehran's allies in Beijing reiterate the need for Iran to release its chokehold on the critical waterway as the fragile ceasefire continues.

“I hope the Chinese tell him what he needs to be told,” Rubio said. “And that is that what you are doing in the strait is causing you to be globally isolated. You're the bad guy in this.” The secretary went on to argue that China, more than the US, is suffering from Iran's actions in the strait, saying that China's export-driven economy depends on shipments going through Hormuz.

“It is in China's interest that Iran stop closing the strait,” he added.

Rubio says many countries want to help open Hormuz but some lack the ability to do so   Asked what the global appetite is for the US effort to reopen the strait, Rubio says the issue has not been a lack of interest, but that not many are able to provide the assets and resources needed.

“The capabilities is the issue. A lot of countries would love to do something about it. But they don't have a navy, right? Or they can't get there in time. ...” he said.

He said the onus is on the US.

“The primary responsibility for this Project Freedom is on the United States, because we're the only country that can project power in that part of the world,” he said. “This is a favour to the world because it's their ships that are stranded.” Rubio downplays rift between Trump and Pope Leo ahead of visit to Vatican   Rubio is downplaying the rift between President Donald Trump and Pope Leo XIV over Iran ahead of a key visit the top US diplomat will make to Vatican City this week.

Rubio told reporters at the White House on Tuesday that Trump's recent criticism of the first American pontiff was rooted in his opposition to Iran potentially obtaining a nuclear weapon, which could be used against millions of Catholics and other Christians around the world.

Trump “doesn't understand why anybody — leave aside the pope — the president and I, for that matter, I think most people, I cannot understand why anyone would think that it's a good idea for Iran to ever have a nuclear weapon,” Rubio said.

Rubio says Iran claims of not wanting a nuke are not backed up by actions   Rubio says Iranian claims of not wanting to develop nuclear weapons are belied by its actions.

Rubio said Tuesday that Iran must make a choice between war and peace, but that peace will require a convincing demonstration that the Iranian government won't attempt to pursue nuclear arms.

Rubio told reporters at the White House that Iran's development of advanced centrifuge technology, its enrichment of uranium and construction of underground bunkers made clear the government was not serious about its no-nukes pledge.

We're not attacking them': Rubio echoes message that Strait of Hormuz operation is defensive only   Rubio on Tuesday reiterated that US efforts to reopen the strait are not an offensive operation despite clashes with Iran in the last several days.

“There's no shooting unless we're shot at first, OK? We're not attacking them. We're not,” Rubio told reporters. “If they pose a threat to our forces, we'll shoot down drones, we'll shoot down missiles. But it's defensive in nature.” So far, only two merchant ships are known to have passed through the new US-guarded route, with hundreds more bottled up in the Persian Gulf. Shippers are still wary, and it's unclear whether US military action can reassure them without reigniting the conflict that began with US and Israeli strikes on Iran on Feb. 28.

US coming to aid of civilian sailors left for dead,' Rubio says   Rubio said about 23,000 civilian sailors are stranded in the Persian Gulf and “left for dead” as Iran chokes the Strait of Hormuz.

Speaking at a White House press briefing on Tuesday, he said the US military effort to guide ships through the strait aims to help those sailors.

“They're sitting ducks, they're isolated, they're starving, they're vulnerable,” Rubio said. “At least 10 sailors have already died as a result.” He said the sailors come from 87 countries and are innocent bystanders.

“It's criminal for sure, but it's desperate and destructive to block the Strait of Hormuz,” he said.

Pope Leo calls out Trump's misrepresentation of his views on Iran and nuclear weapons   Speaking to reporters Tuesday, Leo said the Catholic Church “for years has spoken out against all nuclear weapons, so there is no doubt there.” Trump again accused Leo in an interview on Tuesday of being “OK for Iran to have a nuclear weapon.” Leo has said no such thing, and Catholic Church teaching says the mere possession of nuclear weapons is “immoral.” Leo doubled down on his insistence that his call for peace and dialogue in the U.S-Israeli war in Iran is Biblically inspired.

“I've spoken from the first moment of being elected, and we're near the anniversary: I said Peace be with you,'” Leo said as he left his country house in Castel Gandolfo.

“The mission of the church is to preach the Gospel, to preach peace. If someone wants to criticise me for announcing the Gospel, let him do it with the truth,” Leo said. “And so I hope simply to be listened to about the value of the Word of God.” Italy defends Pope Leo XIV against Trump's criticism   Italy is again defending Pope Leo XIV and his call for peace and dialogue in the Iran war against President Donald Trump's latest criticism.

Foreign Minister Antonio Tajani said in a social media post on Thursday that President Donald Trump's attacks “are neither acceptable nor helpful to the cause of peace.” “I reaffirm my support for every action and word of Pope Leo; his words are a testament to dialogue, the value of human life, and freedom. This is a vision shared by our government, which is committed through diplomacy to ensuring stability and peace in all areas where conflicts exist,” Tajani wrote.

Trump on Tuesday renewed his criticism of Leo's peace message over the Iran war and warned Leo was “endangering a lot of Catholics and a lot of people.” Trump's criticism, in an interview with conservative commentator Hugh Hewitt, came even as his secretary of state, Marco Rubio, prepares to visit Italy and the Vatican ostensibly to ease tensions with Washington.

Rubio is due to meet with Leo on Thursday and is due to see Tajani and Premier Giorgia Meloni on Friday.

Trump offers an optimistic take on China's position on Iran   The president in an exchange with reporters said that China hasn't “challenged” him as he continues to press Iran, even as Beijing has repeatedly criticised the US and Israel military action against Iran.

“You know, in all fairness, he gets, like, 60 per cent of his oil from (the Strait of) Hormuz,” Trump said of President Xi Jinping.

China, in fact, imported about half its crude oil and almost one-third of its liquefied natural gas from the Middle East, according to China's General Administration of Customs.

Trump offered a more measured take than Treasury Secretary Scott Bessent, who a day earlier said the administration wants to see Beijing “step up” and pressure Iran to open the strait. Bessent in an interview with Fox News said Iran would be high on Trump's agenda when he travels to Beijing next week for a summit with Xi.

Pakistan military urges restraint as US-Iran tensions rise   Pakistan's top military leadership on Tuesday urged restraint to help ease rising tensions between the United States and Iran.

The call came during a Corps Commanders Conference chaired by Army Chief Field Marshal Asim Munir.

Munir, since last month, has been in contact with the US and Iranian officials as part of Pakistan's efforts to end the conflict.

In a statement, the military said participants reviewed the evolving security environment amid Pakistan's outreach to Washington and Tehran, adding that lasting peace depends on collective restraint, responsibility and respect for sovereignty.

JD Vance woos Republican voters, including farmers who want the war to end   Vice President JD Vance heads to Iowa on Tuesday, his first visit since taking office, to the state where Republicans in less than two years will cast the initial votes to pick their party's next presidential nominee.

Seen as one of the GOP's strongest potential candidates for president in 2028, Vance stopped first in Cincinnati to vote in the primary, saying he picked Vivek Ramaswamy for governor. He's also holding a fundraiser in Oklahoma City as finance chair of the Republican National Committee.

Higher prices for gas and fertiliser, and Trump's tariffs have been hitting voters hard, and Vance's political prospects are complicated by the war in Iran. Vance has seemed a reluctant defender of the 9-week-old war, for which Trump has struggled to find an off-ramp.

Iowa's farmers have steadfastly supported the president, but they've been looking for assurances that the troubles won't last.

Rubio to brief at White House with press secretary on maternity leave   The secretary of state is putting on yet another Trump administration hat — White House spokesperson.

Rubio is scheduled to fill in on Tuesday for White House press secretary Karoline Leavitt, who is on leave awaiting the birth of her second child. His briefing is scheduled for 3 p.m. EDT.

The nation's top diplomat already doubles as Trump's national security adviser and for a while was the acting archivist of the United States and the acting administrator of the US Agency for International Development.

His last formal briefing for reporters was at the State Department briefing room in December.

Scuttlebutt around the White House has been that Rubio will be among a handful of high-level administration officials leading the press briefings while Leavitt is away.

Proposed UN resolution demands Iran halt attacks on ships in Strait of Hormuz and stop `illegal tolls'   The proposed Security Council resolution, co-sponsored by the United States and Gulf nations, threatens Iran with sanctions or other measures if it doesn't restore freedom of navigation and immediately disclose where sea mines have been placed in and around the vital waterway.

The draft, obtained Tuesday by The Associated Press, also demands that Iran “immediately participate in and enable the United Nations efforts to establish a humanitarian corridor in the strait” to enable vital aid, fertiliser, and other goods to transit.

The proposed resolution was drafted under Chapter 7 of the U.N. Charter, which can be enforced militarily. It threatens “effective measures that are commensurate with the gravity of the situation, including sanctions” if Iran doesn't comply.

A previous resolution aimed at opening the Strait of Hormuz, where about 20 per cent of the world's crude oil had transited, was vetoed by Russia and China.

Former military officers say reopening the strait remains a daunting task   Former military officers who have served on the Strait of Hormuz have said opening it would be dangerous and highly challenging, even with military escorts, which the US isn't providing now.

There's little room to manoeuvre in the narrow waterway, and Iran can reach all of the strait and its approaches with anti-ship cruise missiles. It also can target vessels with longer-range missiles, drones, fast attack craft and naval mines.

Experts say reducing the threat would involve targeting offensive installations on the ground inside Iran and having constant surveillance and patrols.

Insurance broker says it's too early to know how the US military effort will affect shipping through the strait  Marcus Baker, global head of marine, cargo and logistics for insurance broker and risk adviser Marsh Risk, said it would take a few days to see how the insurance market reacts.

“We just have to see what happens, whether the Iranians keep the peace, whether the Americans keep the peace, and exactly what that's going mean for shipping,” he said.

“There's rhetoric from both sides on this, and we've just got to be mindful of that,” he added. But he said, “anything that starts to increase certainty around safety has got to be a good thing.” One of the world's largest container shipping companies says Hormuz transits not yet possible   “At this point in time our risk assessment remains unchanged,” the Hamburg, Germany-based shipping company Hapag-Lloyd AG said in a statement. “Transits through the Strait of Hormuz are for the moment not possible for our ships.” UAE is under Iranian attack again, the defence ministry says   The United Arab Emirates is “actively engaging” with missile and drone attacks from Iran, the country's defence ministry said on X Tuesday evening.

It said sounds heard in parts of the Gulf federation are related to the interception of ballistic missiles, cruise missiles and drones.

Death toll in Lebanon reaches 2,702 since Israel-Hezbollah war began   The Health Ministry in Beirut said Tuesday that 8,311 people were wounded during the same period.

The latest Israel-Hezbollah war started on March 2, when Hezbollah fired rockets into Israel following the US and Israel's attacks on Iran.

A ceasefire has been in place since April 17, but both Israel and Hezbollah have been carrying out daily attacks since then. (AP) AMJ AMJ

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