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    SMMARUN and ByteVerity Announce Global Partnership to Operationalise Responsible AI Governance - Made in India, Built for the World
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May 21, 2026
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Responsible AI Governance partnership delivers deterministic, signed and offline-verifiable evidence for regulated AI compliance.
Global strategic partnership announced to operationalise Responsible AI Governance through a deterministic, signed and offline-verifiable evidence substrate. The arrangement combines governance consulting, masterclasses and platform-based controls to produce examiner-ready proof of AI decision-making and compliance activity. It also introduces three productised offers covering AI-governance readiness, sovereign data deployment and examiner-ready evidence compression for regulated environments.
May 21, 2026
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Current account deficit pressure prompts government monitoring, import restraint appeals, and policy steps under consideration.
Measures to contain a widening current account deficit are under consideration as the government monitors pressure from higher gold and silver imports, rising oil prices, foreign portfolio outflows, and a sharp fall in the rupee. The article notes that the deficit arises when imports and other outward payments exceed exports and other receipts, and says the government is working across departments while urging lower spending on import-dependent goods, including gold, foreign travel, petrol, and diesel.
May 21, 2026
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Trade negotiations and tariff measures shape India-US economic ties, alongside investment, supply chains and MSME support.
India and the United States are continuing negotiations on an interim trade arrangement and the broader bilateral trade agreement, with a further round of talks expected in India next month after earlier meetings in Washington. The trade environment also includes US tariff and investigation measures under Section 122 and Section 301, with India having submitted responses and consultations ongoing. The discussion further emphasised cooperation in technology, innovation, defence, digital data centres, quantum computing, medical devices, trusted supply chains, testing facilities, and faster payment practices for MSMEs.
May 21, 2026
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Freight cost surge is straining steelmakers as shipping disruptions raise logistics burdens and expose supply-chain vulnerabilities.
Global freight rates have risen sharply amid geopolitical tensions, increasing logistics costs for steelmakers dependent on imported coking coal and other raw materials. Domestic operations and production remain stable, but higher shipping charges are affecting input costs and exposing supply-chain vulnerabilities, especially for imported limestone and other sensitive shipments. The sector is responding by shifting to alternate sources, reducing fuel exposure, and strengthening operational resilience and cost control.
May 21, 2026
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Supply chain finance gaps sharpen as the 45-day MSME payment rule strains industrial distributors' working capital.
India's 45-day MSME payment rule has intensified working capital pressure across informal industrial supply chains by requiring companies to settle dues to micro and small enterprise suppliers within the tax-prescribed period while downstream buyers often continue to pay much later. The analysis presents this as a systems problem in supply chain finance rather than a pure credit-cost issue, because conventional bank lending structures rely on audited financials, collateral, and formal credit histories that most industrial distributors cannot furnish. A phased supply chain finance architecture is proposed around the anchor company's transaction data, commercial relationships, and payment behaviour. The model contemplates anchor-validated invoice financing for distributors, invoice discounting against receivables, and the use of platform-tracked sales, inventory movement, GST invoice trails, and repeat-order patterns as substitutes for traditional underwriting inputs.
May 21, 2026
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Export compliance and market access guidance for Indian exporters expands through a webinar and trade facilitation portal.
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May 21, 2026
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May 21, 2026
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Loan recovery rules: RBI issues revised draft directions on recovery agents and technology-based default controls for consultation.
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May 21, 2026
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Competition enforcement is described as a core element of economic governance, especially in digital and technology-driven markets where market power may arise from control over data and ecosystems. The material highlights cartelization, abuse of dominance, bid-rigging and public procurement scrutiny as key concerns, and stresses the complementary role of competition enforcement and audit. It also notes recent institutional and regulatory measures by the Competition Commission of India, including revised regulations, settlement and combination procedures, and a market study on artificial intelligence and competition.
May 21, 2026
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Stake acquisition approval in Restaurant Brands Asia combines equity subscriptions, warrant subscriptions, purchases and an open offer.
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May 21, 2026
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Competition clearance for acquisition of road highway operating special purpose vehicles by an infrastructure investment trust.
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May 21, 2026
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Competition Commission approval for acquisition of Neysa Networks by Blackstone affiliates and co-investors in the AI cloud services sector.
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May 21, 2026
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Atal Pension Yojana expansion highlights growing retirement security, higher enrolments, and wider inclusion across subscriber groups.
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Tea sector financial stress deepens as rising costs, weak prices and climate pressure prompt calls for policy support.
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May 20, 2026
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Loan recovery conduct norms bar mobile phone blocking by banks, while financed devices may face limited restrictions after default.
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Virtual digital assets taxation draws scrutiny as lawmakers back continued tax treatment amid regulatory uncertainty.
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May 20, 2026
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Airport tariff regulation fixes user development fee and landing charges for a new airport's initial control period.
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May 20, 2026
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GST framework deliberations on petrol and diesel inclusion focus on phased integration, state revenue protection, and fiscal balance.
Petrol and diesel should be considered for inclusion under the GST framework through structured and consultative deliberations in the GST Council. The representation relies on Article 279A(5) as envisaging the eventual inclusion of petroleum products within GST and urges fresh consideration in light of prevailing economic conditions. It proposes a calibrated framework, including a working group, transitional compensation support, a limited revenue-protection cess, and a formula-based fiscal stabilisation mechanism.

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Customs & Trade

Europe faces stray Ukrainian drones as Kyiv targets Russian oil exports

May 21, 2026

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Kyiv, May 21 (AP) Over the past months, Ukrainian drones have crashed into the chimney of a power plant in Estonia, hit empty fuel tanks in Latvia and been shot down by Romanian fighter jets stationed in Lithuania.

For the first time in a NATO and European Union capital, Lithuanians were pictured sheltering in underground car parks in Vilnius on Wednesday, as authorities warned of unidentified drone activity.

No one has died or been injured recently, but the increasing airspace incursions have prompted some Baltic ministers to chastise Ukraine for the violations. In Latvia, officials' handling of the stray drones led to a political crisis that triggered the collapse of the government earlier this month.

Ukraine has ramped up attacks on Baltic Sea ports used for Russian energy exports in an attempt to hit Moscow's war chest as US President Donald Trump's war in Iran has driven up the price of oil, a key revenue stream for the Kremlin.

As Ukraine's drones have snaked up north, they have skirted the borders of NATO members Latvia, Lithuania, Estonia and Finland. Some of them were not detected before they crashed and landed in some of the Baltic states.

Ukrainian officials apologised and said the drones were aimed at military targets inside Russia but were sent off course by Russian electronic interference.

The string of airspace violations has prompted questions about the state of air defences on NATO's eastern flank.

Ukraine is targeting Russian ports on the Baltic Sea ----------------------------------------------------------- Ukraine's intensifying attacks against Russia have focused on arms factories, ports on the Baltic Sea and energy facilities as the war in Iran has boosted oil prices.

It has particularly targeted the ports of Ust-Luga and Primorsk, close to the borders of Estonia and Finland. Russia uses the ports to load up ships taking its oil exports through the Baltic Sea.

During one attack in May, which set part of the port of Primorsk on fire, more than 60 Ukrainian drones were shot down, Leningrad region governor Alexander Drozdenko said.

After stray Ukrainian drones entered Latvian airspace on May 7, the country's Defence Minister Andris Spruds resigned, leading Prime Minister Evika Silina to also quit days later because she was left without a majority in the coalition government.

On May 19, a Romanian fighter jet based in Lithuania shot down a Ukrainian drone over southern Estonia. Estonian Defence Minister Hanno Pevkur said it was likely aimed at targets in Russia and that he told Ukraine to send its drones “as far from NATO territory as possible.” On Wednesday, NATO fighter jets escorted an unidentified drone which crossed into Lithuania, prompting a red alert urging citizens to take cover around the capital Vilnius, Lithuania's defence ministry said. Contact with the drone was lost, and the military was searching for it, the ministry said.

Russian electronic interference sends drones off course ---------------------------------------------------------------- Since Russia's 2022 invasion of Ukraine, Nordic and Baltic nations have increasingly warned about electronic interference from Russia disrupting communications with planes, ships and drones.

In the Baltic region, Russia often uses jamming and spoofing to send drones off course.

Satellite communications systems — known collectively as the Global Navigation Satellite System, or GNSS — receive precise time signals from satellites around 20,000 kilometres (12,400 miles) away in space. A smartphone, car, marine or aircraft navigation system compares how long it takes to receive signals from several different satellites to calculate an exact location.

Jamming occurs when a receiver is overwhelmed by a strong radio signal transmitted in the same frequency range as GNSS and other satellite navigation signals, leaving the receiver unable to fix its location or time. Spoofing involves transmitting fake signals that imitate a real GNSS satellite signal, commonly known as GPS, to mislead a phone, ship, or aircraft into thinking it is in a different place.

Lithuanian Foreign Minister Kestutis Budrys said Tuesday that Russia is “deliberately” redirecting Ukrainian drones into Baltic airspace with electronic interference.

Drones have been entering Baltic airspace for many months --------------------------------------------------------------------- In September 2025, about 20 Russian drones flew into Poland, putting the spotlight on holes in NATO's air defences, as multimillion-dollar jets were scrambled. Those drones were not detected in advance, Estonia's defence minister said at the time.

Neither was a Ukrainian military drone which crashed with explosives in Lithuania last week, Vilmantas Vitkauskas, chief of Lithuania's National Crisis Management Centre, said on Sunday.

While Poland and Romania responded to the drone incursions last year by deploying new anti-drone technology — the first used by the NATO alliance aimed specifically at countering drones — that system is not in place across the entire Baltic region.

Defending against drones requires solving a complex set of technological, financial and bureaucratic problems and "there is no one solution against every type of drone,” Colonel Janno Mark of the Estonian Defence Forces said.

Tackling various types of drones operating at different speeds and altitudes requires a layered air defence response, Mark said during military exercises in southeastern Estonia.

Budrys, the Lithuanian foreign minister, told AP in an interview Saturday that the Baltic countries are likely going to have to continue to counter incursions from Ukrainian drones as Kyiv now has the capability to reach targets “deep in Russia” as well as ports on the Baltic Sea. The way to counter those drones, he said, is actually with Ukraine's help, as the most effective anti-drone systems have been developed in the country.

Ukraine denies claims it is preparing attacks from the Baltics --------------------------------------------------------------------- Writing on X, Budrys accused Moscow of “waging smear campaigns” after Russia's Foreign Intelligence Service, the SVR, claimed on Tuesday that Ukraine is preparing to launch drone attacks against Russia from the territory of the Baltic countries.

The SVR claimed Ukrainian military personnel had already deployed to Latvia and warned that the country's NATO membership wouldn't protect it from “just retribution.” It did not provide evidence for its claims.

Ukraine's foreign ministry spokesman, Heorhii Tykhyi, said Tuesday that none of the Baltic states or Finland has ever allowed Ukraine to use their airspace for strikes against Russia.

Budrys called the SVR claim a “transparent act of desperation” and an attempt to sow chaos and distract from a “simple reality” — that Ukraine is hitting Russia's military machine hard.

NATO Secretary-General Mark Rutte praised the alliance's reaction to the drone incidents, saying that they had been met with “a calm, decisive and proportionate response.” “This is exactly what we planned and prepared for,” Rutte said, blaming Russia's war on Ukraine for the incursions. (AP) SKS SKS

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