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May 10, 2026
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Fuel pricing pressure forces oil marketing companies to absorb under-recoveries, straining working capital and energy security investments.
State-owned oil marketing companies have been absorbing rising crude and LPG input costs to keep petrol, diesel and cooking gas supplies uninterrupted at prices below cost during the global energy shock. The resulting under-recoveries are putting pressure on balance sheets, working capital and future investment capacity, while government excise duty cuts have partly softened the burden on consumers. The report links sustained stress to energy security, infrastructure expansion and energy transition priorities.
May 10, 2026
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GST fraud and money laundering probe led to ED custody in alleged fake invoice and Input Tax Credit case.
Enforcement Directorate action under the PMLA was taken in relation to alleged GST fraud and money laundering involving fake purchases of mobile phones, use of non-existing firms, and allegedly false claims of Input Tax Credit. The agency alleged that the transactions were linked to subsequent exports used to round-trip illegitimate funds from Dubai to India. A Gurugram special PMLA court remanded Punjab Industries Minister Sanjeev Arora to seven days' ED custody after his arrest from Chandigarh.
May 9, 2026
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GST input tax credit and alleged round-tripping dispute concerns mobile phone exports, supplier-side fraud claims, and regulatory cooperation.
Hampton Sky Realty Limited stated that it was cooperating with statutory authorities and would place relevant records before the appropriate fora. The company denied any round-tripping or bogus export arrangement, said its mobile phone exports were verified at multiple statutory stages, and asserted that no funds were retained offshore or routed back. It also said the GST issue concerned a small number of domestic suppliers, payments were made through banking channels, returns were filed regularly, and the disputed GST amount had already been deposited and was under appeal.
May 9, 2026
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EU-India partnership deepens through trade, security, mobility and strategic cooperation with a new five-year agenda.
The European Union and India have described their partnership as increasingly ambitious, progressive and strategically significant, with both sides portraying the relationship as having moved to a new qualitative level. Major takeaways highlighted include a joint strategic agenda for the next five years, completion of negotiations for a free trade agreement, a security and defence partnership pact, and a comprehensive mobility framework. The dialogue is also linked to broader economic engagement, global stability, support for Ukraine, and the view that the EU is fundamentally a peace project.
May 9, 2026
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Prevention of Money Laundering Act action draws political vendetta allegations over raid and arrest of Punjab minister
Enforcement Directorate action under the Prevention of Money Laundering Act was reported against Punjab industries minister Sanjeev Arora in connection with an alleged GST fraud-related money laundering case involving linked entities. Officials said he was arrested after raids at his residence, while Aam Aadmi Party leaders alleged the action was politically motivated, reflected misuse of central investigative agencies, and amounted to intimidation and harassment rather than genuine investigation.
May 9, 2026
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Money laundering probe alleges diversion of loan repayments through shell entities and fake RTGS instructions in Sravanthi Group case.
Money laundering allegations arose from an ED probe into the Sravanthi Group and entities controlled by D V Rao, including DJW Electric Power Projects Private Ltd and Sravanthi Energy Private Limited. The investigation alleged misuse of RTGS repayment instructions, diversion of loan repayments to shell entities, and routing of funds through fake lender details. The ED stated that the probe had identified proceeds of crime of about Rs 284 crore across the connected transactions, with a separate component of alleged loan fraud of about Rs 58 crore.
May 9, 2026
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Money laundering probe under PMLA draws political accusations of agency misuse after arrest and multi-location searches.
The Enforcement Directorate arrested a Punjab industries minister in a money laundering case under the Prevention of Money Laundering Act after raids at multiple locations. The investigation was linked to alleged fraudulent GST transactions and entities associated with the accused, while officials said he was non-cooperative during questioning. Congress leaders alleged that central and state agencies were being used to intimidate political opponents.
May 9, 2026
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Money laundering probe over alleged fake GST invoices and round-tripping leads to arrest of Punjab minister.
The Enforcement Directorate arrested Punjab industries minister Sanjeev Arora in a fresh Prevention of Money Laundering Act case linked to alleged GST fraud-related laundering. The probe concerns fake GST purchases, false input tax credit claims through non-existing firms, and alleged round-tripping of illegitimate funds through exports, following earlier FEMA searches, asset attachment, and related investigations involving entities linked to him.
May 9, 2026
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EU-India partnership deepens through free trade, security and mobility ties, with peace and stability central to cooperation.
The European Union and India have deepened their partnership through a joint strategic agenda, a concluded free trade agreement, a security and defence pact, and a mobility framework. The relationship is presented as strategically significant, with both sides described as trusted partners promoting global stability, prosperity and cooperation. The free trade agreement is expected to strengthen two-way trade, while the broader partnership is linked to peace, stability and support for Ukraine.
May 9, 2026
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Comprehensive Economic Partnership Agreement negotiations advance as India and Canada conclude the second round of talks.
India and Canada concluded the second round of negotiations on the proposed Comprehensive Economic Partnership Agreement under the agreed Terms of Reference, with discussions aimed at a balanced, ambitious, and mutually beneficial framework to strengthen bilateral trade and economic ties. The talks covered trade in goods, trade in services, intellectual property, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade, with further negotiations and intersessional engagements to continue.
May 9, 2026
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Trade and investment cooperation under TEPA gains momentum as India and Switzerland deepen regulatory engagement and business linkages.
India-EFTA TEPA implementation was advanced through discussions in Switzerland on trade, investment and business utilisation, with emphasis on resolving implementation issues early, reducing non-tariff barriers and strengthening regulatory cooperation. TEPA was presented as India's first trade agreement with the EFTA economies and its first operational trade arrangement with a European economic bloc, offering market access on 92.2% of tariff lines covering 99.6% of India's exports while safeguarding sensitive sectors. The engagement also targeted investment and technology partnerships in key industrial sectors.
May 9, 2026
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Affordable social security protection through Jan Suraksha schemes expands low-cost insurance and pension coverage for eligible account holders.
Affordable social security protection is extended through the Jan Suraksha framework comprising Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana, each designed to provide low-cost insurance or pension support through banks, post offices and participating institutions. PMJJBY provides life insurance cover for death due to any cause, PMSBY provides accidental death and disability cover, and APY provides guaranteed minimum monthly pension support for eligible bank account holders under the National Pension System architecture.
May 8, 2026
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Critical currency shortage strains rural cash access as banks limit withdrawals and face shortage of higher denomination notes.
Critical currency shortage in Nanded and parts of Marathwada prompted a letter to the RBI over limited cash availability during the wedding season and pre-sowing period. Banks reportedly imposed restrictions on high-value withdrawals, advised digital transactions, and dispensed smaller denomination notes because RBI cash supply was only a fraction of local demand, with Rs 500 notes in short supply.
May 8, 2026
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Rupee volatility strengthens as West Asia tensions, crude price movement, and foreign outflows weigh on currency sentiment.
The rupee recovered sharply against the US dollar and closed higher amid heightened geopolitical tension in West Asia, with market sentiment affected by renewed concern over energy supplies, movements in Brent crude, global risk aversion, and weakness in domestic equities. Forex traders also noted foreign institutional investor outflows and expected near-term volatility in the USD-INR range, while the dollar index eased, Brent crude traded near the USD 100 level, and India's foreign exchange reserves declined in the latest reporting week.
May 8, 2026
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Anticipatory bail in alleged GST refund fraud denied after suspicious fund transfers and need for custodial interrogation.
Anticipatory bail in an alleged GST refund fraud case was declined to a government clerk accused of facilitating illegal GST refunds through a conspiracy involving private entities and public officials. The court treated the offence as serious, noted suspicious fund transfers linked to the applicant's family accounts, and rejected the explanation of a friendly loan in the absence of a loan agreement. Custodial interrogation was considered necessary to trace the funds, examine bank records, recover digital material, and uncover the wider conspiracy.
May 8, 2026
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Workplace harassment and conversion allegations trigger POSH compliance push, with mandatory complaints committees and She-Box registration.
Allegations of religious conversion, sexual harassment, molestation and mental harassment at a private workplace led to police investigation, multiple FIRs and arrest of an absconding employee. The prosecution said the inquiry covered messaging platforms, online content and alleged conversion-linked conduct, while separate directions were issued for strict implementation of the POSH framework, including Internal Complaints Committees and She-Box registration for establishments employing 10 or more persons.
May 8, 2026
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Foreign exchange reserves decline as foreign currency assets and gold holdings fall while SDRs edge higher.
India's foreign exchange reserves declined in the week ended 1 May 2026, with the overall kitty falling to USD 690.693 billion. The fall was driven mainly by a reduction in foreign currency assets and a sharper decline in gold reserves, while Special Drawing Rights and the reserve position with the IMF recorded marginal increases.
May 8, 2026
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Fuel price stability drives heavy under-recoveries for oil companies as government shields consumers from global energy shock.
State oil marketing companies are absorbing heavy under-recoveries to keep petrol, diesel and LPG prices unchanged amid a global energy shock. The article notes that India's imported energy dependence, shipping disruption, higher freight and insurance costs, and emergency sourcing expenses have strained balance sheets, even as fuel and LPG supplies remain uninterrupted. Government excise duty cuts and absorption of part of the fuel cost burden have moderated losses and helped preserve consumer price stability.
May 8, 2026
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Financial inclusion expands in Bastar as new bank branches improve access to banking, welfare transfers and digital payments.
Banking infrastructure in Bastar has expanded into remote tribal and previously inaccessible areas, with new branches reaching villages and block-level locations across the division. The expanded banking network has advanced financial inclusion by making bank accounts, digital payments, crop loans, insurance, pensions and self-employment schemes easier to access. Direct Benefit Transfer payments are now reaching beneficiaries directly into bank accounts, reducing middlemen and improving transparency, while easier access to banking and credit has supported women self-help groups, farmers, traders and youth.
May 8, 2026
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Canton Fair trade growth drives record overseas buyer attendance, showcasing new, green and smart manufacturing momentum.
The 139th Canton Fair concluded with a record overseas buyer turnout, featuring 314,000 buyers from 220 countries and regions, more than 32,000 exhibitors, and over 4.65 million products. The fair emphasized new, green and smart manufacturing, showcased AI-enabled scenarios, and added nine specialized exhibition zones for emerging product categories. The report also highlighted Guangdong's strong foreign trade performance, including rising exports, imports and self-owned brand exports.

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Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2026-27

May 13, 2026

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The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Shri Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for 14 Kharif Crops for Marketing Season 2026-27.

Government has increased the MSP of Kharif Crops for Marketing Season 2026-27, to ensure remunerative prices to the growers for their produce. The highest absolute increase in MSP over the previous year has been recommended for Sunflower Seed (₹ 622 per quintal) followed by Cotton (Rs. 557 per quintal), Nigerseed (Rs.515 per quintal) and Sesamum (Rs.500 per quintal).

Minimum Support Prices for all Kharif crops for Marketing Season 2026-27:

(Rs.per quintal)

S.

No

.

 

Crops

 

MSP 2026-27

 

Cost* KMS 2026-27

Margin over cost (%)

 

MSP

MS MSP Increase in 2026-27

 

 

Cereals

2025-

26

2013-

14

over 2025-26

over 2013-14

1.

Paddy

Common

2441

1627

50

2369

1310

72

1131

(86%)

 

Grade A^

2461

-

-

2389

1345

72

1116

(83%)

2.

Jowar

Hybrid

4023

2682

50

3699

1500

324

2523

(168%)

 

Maldandi

^

4073

-

-

3749

1520

324

2553

(168%)

3.

Bajra

2900

1858

56

2775

1250

125

1650

(132%)

4.

Ragi

5205

3470

50

4886

1500

319

3705

(247%)

5.

Maize

2410

1544

56

2400

1310

10

1100

(84%)

 

Pulses

6.

Tur /Arhar

8450

5496

54

8000

4300

450

4150

(97%)

7.

Moong

8780

5438

61

8768

4500

12

4280

(95%)

8.

Urad

8200

5418

51

7800

4300

400

3900

(91%)

 

Oilseeds

9.

Groundnut

7517

5011

50

7263

4000

254

3517

(88%)

10.

Sunflower Seed

8343

5562

50

7721

3700

622

4643

(125%)

11.

Soybean (Yellow)

5708

3805

50

5328

2560

380

3148

(123%)

12.

Sesamum

10346

6897

50

9846

4500

500

5846

(130%)

13.

Nigerseed

10052

6701

50

9537

3500

515

6552

(187%)

 

Commercial

 

 

 

 

 

 

 

14.

 

Cotton

(Medium Staple)

8267

5511

50

7710

3700

557

4567

(123%)

 

(Long Staple) ^

8667

-

-

8110

4000

557

4667

(117%)

*Refers to cost which includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilizers, manures, irrigation charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for operation of pump sets etc., miscellaneous expenses and imputed value of family labour.

^ Cost data are not separately compiled for Paddy (Grade A), Jowar (Maldandi) and Cotton (Long staple)

The increase in MSP for Kharif Crops for Marketing Season 2026-27 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the All-India weighted average cost of production, The expected margin to farmers over their cost of production are estimated to be highest in case of Moong (61%) followed by Bajra (56%), Maize (56%) and Tur/Arhar (54%). For rest of the crops, margin to farmers over their cost of production is estimated to be at 50%.

In the recent years, Government has been promoting the cultivation of crops, other than cereals such as pulses and oilseeds, and Nutri-cereals/ Shree Anna, by offering a higher MSP for these crops.

During the period 2014-15 to 2025-26, procurement of paddy was 8418 LMT while during the period 2004-05 to 2013-14, procurement of paddy was 4590 LMT.

During the period 2014-15 to 2025-26, procurement of 14 Kharif crops was 8746 LMT while during the period 2004-05 to 2013-14, procurement was 4679 LMT.

During the period 2014-15 to 2025-26, MSP amount paid to Paddy growing famers was Rs. 16.08 Lakh Crores while during the period 2004-05 to 2013-14, amount paid to farmers was Rs. 4.44 Lakh Crore.

During the period 2014-15 to 2025-26, the MSP amount paid to 14 Kharif crops growing famers was Rs. 18.99 Lakh Crores while during the period 2004-05 to 2013-14, MSP amount paid to farmers was Rs. 4.75 Lakh Crore.

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