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May 11, 2026
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Chinese EV exports surge as domestic car sales weaken amid global demand and trade pressures.
China's passenger car exports expanded sharply in April as automakers increased overseas shipments while domestic demand weakened. Passenger car exports rose by nearly 85 per cent year on year, with new energy passenger vehicle exports increasing by more than 120 per cent. Domestic passenger car sales fell for the sixth consecutive month, while Chinese brands continued expanding abroad and analysts pointed to stronger global EV demand and trade pressures shaping export prospects.
May 11, 2026
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Rupee weakness deepens amid oil surge, dollar strength and foreign outflows, pressuring market sentiment and reserves.
The rupee fell sharply to a record low against the US dollar amid heightened West Asia tensions, a surge in crude oil prices, a stronger dollar and sustained foreign capital outflows. Market sentiment was also weakened by calls for austerity, including reduced discretionary spending and foreign travel, as part of efforts to conserve foreign exchange. India's foreign exchange reserves also fell in the latest reporting week, adding to pressure on the domestic currency.
May 11, 2026
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Bribery allegations in GST refund processing led to a CBI trap and apprehension of a CGST superintendent.
Allegations of bribery against CGST officers led to a CBI trap operation after a complaint claimed that the Superintendent and Assistant Commissioner, CGST, Balasore, Odisha, demanded illegal gratification for release of a GST refund. The CBI registered the case on the basis of the complaint and laid a trap, during which the Superintendent was apprehended while accepting the bribe amount.
May 11, 2026
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Industry-backed online degree programs expand AI, product management, and certification-led training for career-ready skills.
Industry-backed online degree programs are being launched to align higher education with a skill-first economy and AI-driven workforce needs. The programs emphasise employability, hands-on exposure, and real-world application, replacing purely theory-led learning with outcome-driven training that supports career growth and professional advancement. The portfolio includes data science, agentic AI, product management, and certification-linked management and technology programs designed to strengthen technology, business, and leadership readiness.
May 11, 2026
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Savings account interest rate revision boosts returns with monthly credit, digital onboarding, and select zero-balance account options.
AU Small Finance Bank has revised its savings account interest rates to up to 6.75% per annum, applicable to select balance slabs and subject to periodic change. The savings account structure includes monthly interest credit, zero-balance options for select variants, and fully digital account opening through video KYC without a branch visit. The account is integrated with mobile and net banking facilities, fund transfers, UPI, IMPS, NEFT, bill payments, fixed deposit booking, account statements, and security features.
May 11, 2026
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Austerity and self-reliance appeal amid West Asia conflict sparks political clash over responsible leadership.
Political exchange over the Prime Minister's appeal for austerity and economic self-restraint in the context of the West Asia conflict. The appeal urged citizens to conserve energy, reduce fuel consumption, use public transport and carpooling, postpone gold purchases and foreign travel, and prefer indigenous products and Swadeshi goods to conserve foreign exchange and support self-reliance. The response defended these measures as responsible leadership and invoked Nehru's remarks on the impact of wars abroad on India.
May 11, 2026
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Foreign exchange conservation and fuel restraint shape a wider debate on austerity, consumption cuts, and economic stress.
Concerns were raised over the economic impact of the West Asia conflict and the possibility of tighter austerity measures, including higher fuel prices, as the government urged citizens to reduce consumption of petroleum products and other imports. The stated objective of these appeals was to conserve foreign exchange and reduce pressure on the economy amid rising supply-chain stress and increased prices of petrol and fertilisers. The measures advocated included greater use of metro rail, carpooling, electric vehicles, railway parcel movement, work-from-home arrangements, postponement of gold purchases and foreign travel, reduced edible oil consumption, lower use of chemical fertilisers, promotion of natural farming, and preference for Swadeshi products.
May 11, 2026
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Foreign-exchange conservation appeal to delay gold purchases and travel weighs on jewellery demand and bullion sentiment.
Postponement of gold purchases and avoidable foreign travel was urged as a foreign-exchange conservation response to the West Asia crisis and higher crude prices. The appeal was linked to macroeconomic stability, trade deficit management, and pressure on the rupee and current account, while analysts said it could dampen short-term jewellery demand and sentiment across bullion-linked businesses.
May 11, 2026
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MSME growth strategy turns on AI adoption, export expansion, and global supply chain integration for scale.
Bombay Industries Association installed Dr. Rajesh Doshi as its 62nd President and set a growth-oriented agenda for MSMEs. The leadership programme focuses on artificial intelligence, digital adoption, global supply chain integration, and export market expansion. It also identifies financing gaps, technology deficits, and governance challenges as barriers to MSME scaling, while announcing initiatives such as a revived knowledge platform, defence-sector linkage, AI training, partnerships for financial and export support, and wider cluster outreach.
May 11, 2026
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ODOP honey export from Baksa advances farmer-led exports, quality compliance, and stronger market access for rural producers.
ODOP honey from Baksa district in Assam was exported to the USA in the first-ever consignment through APEDA facilitation, marking a step in promoting district-specific agricultural products under the One District One Product initiative. APEDA supported the export by strengthening processing-facility infrastructure, including testing and laboratory equipment, to help meet international quality standards and food safety requirements. The initiative is presented as a means of improving value addition, expanding export growth, integrating farmers from Aspirational Districts into global value chains, and generating better price realisation for local beekeepers and farmers.
May 11, 2026
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Crude oil price surge and West Asia tensions weigh on stock markets as foreign exchange conservation measures intensify
Stock markets fell in early trade as rising crude oil prices and renewed West Asia tensions weighed on sentiment, with Brent crude higher and supply disruption concerns returning to focus. The pressure was linked to the risk of a wider current account deficit and foreign exchange outflows, while the reported response emphasised conserving foreign exchange through lower fuel use, public transport, carpooling, electric vehicles, postponement of gold purchases, and deferment of foreign travel.
May 11, 2026
Show AI Summary
Foreign exchange conservation drives fuel, gold and travel restraint amid West Asia conflict concerns.
Calls for conserving foreign exchange and reducing dependence on imported inputs amid the West Asia conflict by urging citizens to use petrol and diesel judiciously, defer gold purchases and foreign travel, and adopt lower-consumption and efficiency measures such as metro travel, carpooling, electric vehicles, rail-based parcel movement, work-from-home arrangements, virtual meetings and video conferencing. The policy emphasis is on protecting the economy from supply-chain pressure and inflationary effects while promoting self-reliance through reduced fuel use, lower edible oil consumption, less chemical fertiliser use, natural farming and greater use of Swadeshi products.
May 11, 2026
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Rupee weakness deepens as higher crude prices, stronger dollar and foreign outflows pressure early trade.
The rupee weakened sharply in early trade after higher crude oil prices, a stronger US dollar, and foreign portfolio investor outflows added pressure. It opened lower against the US dollar and traded near 94.90 after a steep fall from the previous close, while domestic equities declined and forex reserves were reported lower in the latest weekly update.
May 10, 2026
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Seafood export market access expanded through EU engagement, quality controls, and removal of regulatory bottlenecks after tariff pressure.
India secured access to the European Union seafood market through active trade engagement after the United States imposed steep tariffs on Indian seafood exports. The government addressed regulatory bottlenecks that had limited Indian shipments, including the restoration of previously delisted fishery establishments through quality control orders and standards, and more than 125 Indian fishery establishments were registered for access to the EU market. The move formed part of a wider export strategy focused on long-term trade opportunities, export growth, manufacturing, and employment.
May 10, 2026
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Political targeting allegations drive AAP protests across Punjab over ED action against Sanjeev Arora.
AAP held protests across Punjab against the BJP-led Centre over Enforcement Directorate action against Punjab Industries Minister Sanjeev Arora, alleging misuse of central investigative agencies and political targeting of Opposition leaders. The ED had arrested Arora after raids in connection with an alleged money laundering case linked to an alleged GST fraud involving entities associated with him, and the arrest was made under the Prevention of Money Laundering Act.
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.

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Customs & Trade

From Pilibhit’s Flutes to Global Trade: Union Minister Shri Jitin Prasada ji Highlights India’s Packaging Vision at IIP Diamond Jubilee Celebrations

May 15, 2026

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The Indian Institute of Packaging (IIP) marked the beginning of its Diamond Jubilee Year celebrations on 14th May 2026 in Mumbai, commemorating 60 years of pioneering contribution towards packaging innovation, sustainability, education, research and industrial development in India. Established under the Ministry of Commerce & Industry, Government of India, IIP has played a vital role in strengthening India’s packaging ecosystem through scientific packaging practices, sustainable solutions, export competitiveness, skill development and technological advancement across industries.

The landmark celebration reflected on IIP’s rich six-decade journey while reinforcing its commitment towards building future-ready and environmentally responsible packaging solutions aligned with the vision of Viksit Bharat.

Hon’ble Union Minister of State for Commerce and Industry and Ministry of Electronics & Information Technology, Government of India, Shri Jitin Prasada ji graced the occasion as Chief Guest and delivered a powerful address on India’s growth story being driven by the twin engines of technology and trade.

Speaking at the event, Shri Jitin Prasada ji emphasized that under the visionary leadership of Prime Minister Shri Narendra Modi ji, India today is no longer viewed merely as a population of 1.4 billion people, but as a trusted global partner and one of the world’s largest aspirational markets.

He highlighted the growing importance of AI, machine learning, sustainable technologies and innovation-driven manufacturing in strengthening India’s packaging ecosystem and global competitiveness.

“The future belongs to nations that embrace innovation, quality and sustainability. The packaging sector will play a defining role in shaping India’s global competitiveness. We must make in India, package in India and design in India — not only for ourselves, but for the entire world,” Shri Jitin Prasada ji said.

The Minister stressed that Indian consumers today are highly aspirational and quality conscious, adding that the era where “export quality” was considered separate from domestic quality is now over.

“There can be absolutely no compromise on quality. Prime Minister Narendra Modi ji always emphasizes three things — quality, quality and quality,” he remarked.

Reflecting emotionally upon his own constituency Pilibhit, Shri Jitin Prasada ji shared that nearly 95 percent of the flutes used across the world are produced there, though very few people are aware of it globally.

“But with strong packaging, branding and visibility, even a traditional product like the Pilibhit flute can reach every corner of the world. That is the power of quality packaging and presentation,” he added.

The Minister also spoke extensively about the opportunities emerging through Free Trade Agreements and India’s evolving role as a preferred destination for manufacturing and investment.

Addressing students, innovators and MSMEs, he highlighted the importance of future-ready technologies, research, sustainable packaging, biodegradable materials and testing infrastructure to help Indian industries compete globally.

He also reiterated the Government of India’s commitment towards ease of doing business, mentioning landmark reforms like the Jan Vishwas Bill which significantly reduced outdated compliances and regulatory hurdles for entrepreneurs and investors.

“India wants to roll out the red carpet for investors, not red tape,” Shri Jitin Prasada ji said, urging global investors to view India not merely as a market, but as a long-term strategic partner.

The Minister also encouraged the packaging industry to embrace sustainability as a responsibility rather than a compliance burden, stressing the importance of biodegradable materials, recycling and green packaging solutions in the years ahead.

The event also witnessed the presence of Guest of Honour Shri Raju Desai, Vice President, Plastindia Foundation, along with senior government officials, policymakers, industry leaders, academicians, exporters, manufacturers, alumni and stakeholders from across the country.

Held under the leadership of Shri R K Mishra, IRS, Director, IIP, and Shri Prabhakar Bantwal, Chairman, IIP, along with the Governing Body Members and Team IIP, the Diamond Jubilee celebrations highlighted the growing importance of innovation, sustainability and collaborative growth within India’s packaging sector.

Adding further significance to the occasion, Amitabh Singh, Chief Postmaster General, Maharashtra Circle, released a special commemorative postal stamp honouring the Indian Institute of Packaging’s 60-year legacy. Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, also played a key role in the celebrations and the institute’s international outreach initiatives.

The event also witnessed the unveiling of the official Diamond Jubilee logo, release of the Diamond Jubilee souvenir and signing of an MoU with FDDI, marking a new phase of collaborative growth and institutional development.

A special presentation on Bharat Packaging Expo 2027 was also showcased during the event, highlighting India’s growing global positioning in the packaging and manufacturing ecosystem and reinforcing the country’s vision towards innovation-led industrial growth.

The celebrations further served as a platform for discussions around smart packaging, circular economy practices, sustainable materials, innovation-driven manufacturing and the evolving future of packaging in an increasingly competitive global marketplace.

Speaking on the milestone, Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, said: “For six decades, the Indian Institute of Packaging has stood as a catalyst for innovation, education and sustainability within India’s packaging sector. As we enter our Diamond Jubilee Year, we reaffirm our commitment towards building globally competitive, sustainable and future-focused packaging solutions that contribute meaningfully towards the vision of Viksit Bharat.” Amitabh Singh, Chief Postmaster General, Maharashtra Circle, said: “The commemorative postal stamp celebrating the Indian Institute of Packaging is a tribute to an institution that has contributed immensely towards industrial development, innovation and nation-building. Packaging today is not merely about protection and logistics, but also about sustainability, communication and economic growth.” The Diamond Jubilee Year celebrations are expected to continue through a series of conferences, industry engagements, academic initiatives, innovation-driven collaborations and sustainability-focused discussions across the year, highlighting the evolving role of packaging in India’s growth story.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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