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    India’s Seafood Exports Reach Record High of ₹73,890 Crore in FY 2025–26
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June 2, 2026
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Seafood export growth: India's frozen shrimp-led shipments hit a record high as the US and China stayed top markets.
India's seafood exports reached a record high in FY 2025-26, with frozen shrimp remaining the dominant export item and contributing the largest share of export earnings and overall quantity. The United States and China continued to be the principal overseas markets, with the United States leading in value terms and China leading in quantity terms. The European Union, Southeast Asia, Japan and the Middle East also remained major export destinations, while Visakhapatnam, Jawaharlal Nehru Port Trust and Kochi were the top ports handling seafood export cargo.
June 2, 2026
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Government accounts highlight revenue receipts, tax devolution to states, and expenditure composition across revenue and capital heads.
Government accounts for financial year 2025-26 were consolidated and published on a provisional, unaudited basis, showing receipts of the Union Government as net tax revenue, non-tax revenue, and non-debt capital receipts. During the period, a substantial amount was transferred to State Governments as devolution of the share of taxes, and total expenditure was recorded on both revenue and capital account, with interest payments and major subsidies forming significant components of revenue expenditure.
June 2, 2026
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Government revenue and expenditure account for April 2026 highlights tax receipts, devolution to states, and major spending heads.
Government of India's monthly account for April 2026 records the consolidated receipt and expenditure position for the month. Receipts comprise tax revenue, non-tax revenue and non-debt capital receipts, with a transfer made to State Governments by way of devolution of taxes. The account also notes the corresponding expenditure split between revenue account and capital account, and identifies interest payments and major subsidies as significant components of revenue expenditure.
June 1, 2026
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Banking sector growth drives priority lending, while emergency credit support scheme implementation gets expedited for eligible borrowers.
Kerala's banking sector showed strong growth in deposits, advances and priority-sector lending, with the credit-deposit ratio above the RBI benchmark. The review meeting also examined implementation of the Emergency Credit Line Guarantee Scheme and directed banks to identify eligible borrowers and deliver benefits expeditiously while supporting broader economic development.
June 1, 2026
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GST revenue growth driven by AI-based compliance and data integration lifted Andhra Pradesh to its best-ever May collections.
Andhra Pradesh recorded its highest-ever May GST revenue since the introduction of GST, with strong year-on-year growth in total collections and net GST receipts despite GST 2.0 rate rationalisation measures. The revenue increase was supported by higher IGST settlement, petroleum VAT, professional tax and liquor VAT collections, along with technology-driven compliance measures. The department also expanded data integration and enforcement through AI-based analytics, scrutiny systems, UPI transaction analytics, Aadhaar integration and inter-departmental data sharing.
June 1, 2026
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Bank loan misuse allegations lead to formal arrest permission and judicial custody in the ongoing fraud investigation.
CBI investigation into alleged misuse and diversion of bank loan funds in relation to Reliance Communications proceeded against a former senior executive, with the court permitting formal arrest in connection with the bank fraud case and remanding him to judicial custody in the meantime. The proceeding arose from allegations that loan funds and credit facilities sanctioned by a consortium of banks were managed and utilised in a manner that caused wrongful loss to the lending banks, while investigation against the accused remained ongoing.
June 1, 2026
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Rupee depreciation reflects geopolitical tensions, crude price gains and a stronger dollar, with RBI policy now in focus.
The rupee weakened against the US dollar amid renewed geopolitical tensions, higher crude oil prices, a stronger dollar, and softer global risk sentiment. Forex traders noted intraday volatility in the interbank foreign exchange market and said the currency was under pressure from external market conditions, while any continued peace talks could limit further downside. Market attention shifted to the upcoming RBI Monetary Policy Committee meeting and the central bank's policy signal.
June 1, 2026
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PMLA investigation dispute over scheduled offence timing and natural justice challenge in CMRL appeal
Appeal against a single-judge order permitting the Enforcement Directorate to continue a PMLA investigation was admitted, with no precipitative action to be taken until judgment. The dispute centres on whether a later SFIO complaint could justify an investigation that had allegedly begun before any scheduled offence existed, and whether additional affidavits filed after reservation violated natural justice. The company also challenged the ECIR, summons and related proceedings on jurisdictional grounds.
June 1, 2026
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Money laundering probe in alleged Chhattisgarh liquor scam leads to major asset attachments and four fresh accused
Properties worth more than Rs 1,000 crore were provisionally attached under the Prevention of Money Laundering Act in connection with the alleged Chhattisgarh liquor scam, on the basis that the probe had identified proceeds of crime exceeding Rs 2,883 crore. The investigation alleged manipulation of the excise system through inflated procurement rates, unaccounted liquor manufacture and commission extraction through FL-10A licences. The attachment orders covered properties linked to Vikas Agrawal and alleged benami properties of Dhebar, Hotel Westinn Goa, and financial assets of three FL-10A licence-holder companies. A fresh supplementary prosecution complaint named four additional accused.
June 1, 2026
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Money laundering investigation under the Prevention of Money Laundering Act turns on alleged layering and concealment of public funds.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged embezzlement of public funds from bank accounts linked to government departments and private schools. The investigation records an arrest for allegedly receiving proceeds of crime and participating in the generation, layering and concealment of laundered funds. It also alleges use of shell entities, jewellers and linked accounts to route, distribute and invest the proceeds, while the money trail and related assets are being traced.
June 1, 2026
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Steel safeguard and carbon border adjustment issues are emerging as key sticking points in India-UK trade pact implementation.
India and the United Kingdom are expected to discuss Britain's steel safeguard measure and proposed carbon border adjustment mechanism as implementation issues under the bilateral trade pact. The reported concern is that UK restrictions on tariff-free steel imports and the planned carbon pricing on carbon-intensive goods have become sticking points, prompting India to consider re-balancing duty concessions, including those on Scotch whisky, if the matters are not addressed.
June 1, 2026
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Duty-free market access expands under India-Oman trade pact, boosting exports, services commitments and skilled professional mobility.
Duty-free market access under the India-Oman Comprehensive Economic Partnership Agreement has come into force, granting duty-free entry for 99.38 per cent of India's exports by value and covering textiles, engineering products, gems and jewellery, pharmaceuticals and electronics. The arrangement also provides quota-based tariff concessions on selected Omani exports to India, while India has withheld concessions in several sensitive sectors. The pact further expands services commitments and skilled-professional mobility, and contemplates future discussions on social security continuity. Pharmaceutical access is reinforced through binding zero-duty treatment and streamlined marketing authorisation conditions.
June 1, 2026
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Trade liberalisation and market access drive India-UK FTA implementation talks in New Delhi.
UK Business and Trade Secretary Peter Kyle is scheduled to visit New Delhi to accelerate implementation of the India-UK Comprehensive Economic and Trade Agreement and bring the bilateral Free Trade Agreement into force as quickly as possible. The visit is intended to advance the modern economic partnership, support businesses and consumers, and prepare industry for the agreement's entry into force through wider trade opportunities and tariff liberalisation.
June 1, 2026
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Bilateral trade agreement talks focus on final drafting, tariff recalibration, and broader market access negotiations.
India and the United States have largely finalised the first phase of their bilateral trade agreement, with remaining discussions focused on drafting details, legal wording, and adjustments needed to reflect changes in the US tariff environment. The two sides are working toward completion of the interim agreement and then broader negotiations on market access, non-tariff measures, customs and trade facilitation, investment promotion, and economic security alignment. The framework contemplates tariff reductions and expanded Indian purchases of US goods, while current talks may recalibrate the framework in light of changed tariff measures and Section 301 developments.
June 1, 2026
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Export levies on petrol, diesel and ATF are revised fortnightly to support domestic fuel availability.
Export levies in the form of Special Additional Excise Duty and Road and Infrastructure Cess are imposed on exports of petrol, diesel and aviation turbine fuel to support domestic availability of petroleum products by discouraging exports. The levy rates are reviewed and revised on a fortnightly basis according to average international prices of crude oil and petroleum products prevailing since the last review. No change is made to the existing excise duty rates on petrol and diesel cleared for domestic consumption.
June 1, 2026
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Customs duty exemption on cotton imports aims to ease input costs and improve raw material availability for the textile sector.
Temporary exemption from all customs duties on import of cotton is provided to improve cotton availability for the Indian textile sector during the specified period. The measure is intended to reduce input costs across the textile and apparel sector, support manufacturers and consumers, and balance the interests of domestic farmers. It is also expected to assist small and medium enterprises by easing raw material constraints.
June 1, 2026
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India-Oman CEPA expands duty-free access, services commitments and trade facilitation across goods, investment and professional mobility.
The India-Oman Comprehensive Economic Partnership Agreement (CEPA) entered into force on 1 June 2026, creating a framework for trade, services, investment, logistics and regulatory cooperation. The Agreement gives duty-free access to 99.38% of India's exports to Oman, while India liberalizes tariff lines with safeguards for sensitive sectors such as dairy, cereals, fruits, vegetables, edible oils, oilseeds, rubber, leather and spices. It also includes trade-facilitation measures, non-tariff barrier reduction, sector-specific market access and commitments on services and professional mobility.
June 1, 2026
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PMLA bail turns on limited role, minimal traced transactions, prolonged custody, and parity with a co-accused.
Regular bail under the PMLA turned on the accused's limited alleged role, the small quantum of traced transactions, and the stage of the proceedings. The court treated the petitioner's involvement as non-pivotal, considered the custody period and likely trial delay, and held that prolonged pre-trial incarceration would not be justified on the material placed before it. Parity with a co-accused and the non-determinative nature of protest-related allegations were also relevant.
June 1, 2026
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Cross-border business connectivity drives Citi's India Conference focus on investment, capital markets, and economic growth themes.
Citi is set to host its flagship India Conference 2026 in Mumbai as a two-day forum bringing together corporate leaders, investors, clients and thought leaders from the financial and business ecosystem. The conference will serve as a platform for discussions, networking and knowledge-sharing on themes shaping business, investment and economic activity in India and globally. Sessions are expected to cover the macroeconomic outlook, policy environment, capital markets, emerging investment trends, artificial intelligence, digital infrastructure and innovation.
June 1, 2026
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Rupee weakness against the US dollar intensifies as geopolitical tensions, crude prices and dollar strength weigh on sentiment
Rupee depreciated against the US dollar amid renewed geopolitical tensions, higher crude oil prices and a stronger dollar overseas. Market participants linked the weakness to adverse global risk sentiment, rising US Treasury yields and uncertainty around continued peace talks, while attention shifted to the upcoming RBI Monetary Policy Committee meeting. The broader backdrop included a firmer dollar index, higher Brent crude futures, lower domestic equity indices, net foreign institutional outflows, a fall in India's forex reserves and higher gross GST collections in May.

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Customs, DGFT & SEZ

Union Minister of Commerce & Industry, Shri Piyush Goyal, Launches BHAVYA Portal

June 8, 2026

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BHAVYA Scheme to Promote Competitive Development of Industrial Parks Across States: Shri Piyush Goyal

Government’s Focus on Infrastructure, Reforms and Digital Connectivity Has Created Strong Foundation for Growth: Shri Goyal

BHAVYA Parks to Include Dedicated Spaces for Startups, Deep-Tech, R&D and Innovation-Led Enterprises: Shri Piyush Goyal

Modern Testing Facilities to Be Developed in BHAVYA Parks in Partnership with BIS, EIA and FSSAI: Shri Goyal

NICDC to Lead Implementation and Monitoring of BHAVYA Through Dedicated Digital Platform

In a significant step towards the operationalisation of the Bharat Audyogik Vikas Yojana (BHAVYA), Union Minister of Commerce & Industry, Shri Piyush Goyal, launched the BHAVYA Portal today in New Delhi.

Addressing the gathering, Shri Piyush Goyal said that the BHAVYA Scheme will adopt a competitive model under which States will be encouraged to submit detailed project proposals highlighting their industrial strengths, availability of land, investor interest and sectoral potential. He said the Government will work closely with industry to identify the most suitable sectors and infrastructure requirements for each location, whether for chemicals, manufacturing, data centres or other industries. He added that investors would be able to access detailed information on industrial parks through digital platforms, including land availability, connectivity and surrounding infrastructure, enabling them to make informed investment decisions. The scheme will seek to ensure that industrial parks are designed according to the specific needs of different sectors and investors, making them more attractive destinations for domestic and global investments.

The Minister said that over the past decade, the Government has focused on creating an enabling environment for economic development and social welfare through investments in roads, highways, railways, metros, airports, ports, power infrastructure, water availability and digital connectivity. He highlighted reforms such as GST, the Insolvency and Bankruptcy Code, labour reforms, expansion of 5G connectivity, promotion of startups, support for investments, and free trade agreements with complementary economies to promote trade, investment and technology transfer.

Shri Goyal said that India is increasingly being viewed as a trusted partner and an attractive investment destination because of its scale, growing demand, young talent and youthful energy. He added that the Government remains committed to creating opportunities for businesses, industry, farmers, fishermen, startups and women entrepreneurs.

Announcing the BHAVYA Scheme, the Minister said that it aims to develop 100 industrial parks across the country to promote large-scale job creation through greater investments. He said the parks will be developed in different sizes, ranging from 25 acres in hilly regions, smaller Union Territories and Northeastern States, to between 100 and 500 acres in mid-sized States and regions, and up to 1,000 acres in locations closer to cities and towns, depending on need assessment and the commitment of States.

He informed that land for the parks will be provided by the State Governments, while the Government of India will support infrastructure creation through the National Industrial Corridor Development Corporation (NICDC), which will partner with States under a 51:49 model. He said the objective is to create plug-and-play industrial parks focused on industries best suited to specific locations.

The Minister said that the parks will provide infrastructure including assured water and power supply, road and rail connectivity, land titles, digital single-window clearances and, where feasible, air connectivity. He added that the Government will also explore earmarking areas for startups, deep-tech enterprises, technology-oriented businesses, research and development activities, and innovation-led enterprises.

Shri Goyal said that efforts will be made to establish modern testing facilities in partnership with institutions such as BIS, Export Inspection Agency and FSSAI so that investors have access to advanced testing infrastructure within the parks.

He stated that the scheme is intended to help investors commence operations more quickly by reducing the time spent on land acquisition and approvals. He added that environmental clearances and industry-specific requirements would be planned in consultation with relevant authorities and based on the suitability of each location.

The Minister said that the Government is also open to developing dedicated areas for Global Capability Centres (GCCs), worker housing and social infrastructure within the parks. He further said that the possibility of creating dedicated international enclaves in partnership with countries such as Japan, Singapore, the Republic of Korea and Switzerland could be explored to facilitate investment and provide a familiar environment for expatriate professionals working in India.

Referring to his own experience as an entrepreneur, Shri Goyal said that businesses earlier faced significant challenges in obtaining industrial land and approvals. He said the BHAVYA Scheme seeks to address these challenges through transparent systems, digital platforms and better availability of information for investors. He also emphasized the importance of mapping industrial parks through digital and satellite-based platforms so that investors can access information on land availability, connectivity and infrastructure remotely.

The Minister expressed confidence that the ₹34,000 crore earmarked by the Central Government for the development of 100 industrial parks would catalyse substantial investments, generate direct and indirect employment, strengthen Centre-State partnership and support industrial growth across the country.

Shri Piyush Goyal said that the launch of the BHAVYA Scheme comes at a time when the Government is marking 12 years under the leadership of Prime Minister Shri Narendra Modi. He said that the period has been marked by structural reforms, infrastructure development, digital connectivity, ease of doing business initiatives, and efforts to make India one of the top three economies in the world by 2047.

He informed that applications received between 1 June and 31 July would be considered for the first phase of 20 parks, while a further 30 parks would be taken up based on applications received up to 30th September. Subsequent phases would be implemented based on the experience and learnings from the initial rounds.

Shri Goyal said that the BHAVYA Scheme is intended to promote investments across India and support the vision of Viksit Bharat 2047. He expressed confidence that the initiative would contribute to a new phase of industrial development and business growth in the country.

Approved by the Union Cabinet with an outlay of ₹33,660 crore, BHAVYA is the Government's flagship programme for the development of 100 investment-ready, world-class industrial parks over a period of six years. The Scheme aims to create integrated industrial ecosystems featuring multimodal connectivity, reliable utility infrastructure, digital governance systems, worker-support facilities, and sustainable development features.

The National Industrial Corridor Development Corporation (NICDC), designated as the Project Management Agency for the Scheme, is responsible for its implementation and monitoring. Drawing upon its extensive experience in developing industrial corridors and integrated industrial infrastructure across the country, NICDC has developed the BHAVYA Portal as a comprehensive digital platform to support the entire project lifecycle under the Scheme.

The operational guidelines for BHAVYA were released by the Department for Promotion of Industry and Internal Trade (DPIIT) in May 2026, and the launch of the portal marks the next critical step in translating policy into implementation.

The portal will serve as the single digital interface for end-to-end implementation of the Scheme, facilitating the submission of Detailed Project Report (DPR) proposals, project appraisal and evaluation, and real-time monitoring of implementation progress. It will support the challenge-based competitive selection framework under BHAVYA by providing a structured and transparent mechanism for assessing proposals from States, Union Territories, and implementing agencies, while enabling efficient coordination among stakeholders throughout the project lifecycle.

The launch event was chaired by Shri Piyush Goyal, and attended by Secretary, DPIIT, Shri Amardeep Singh Bhatia, and CEO & MD, NICDC, Shri Rajat Kumar Saini, along with representatives from State and Union Territory Governments, industry associations, Export Promotion Councils, banks and financial institutions, master developers, and MSMEs.

Secretary, DPIIT, Shri Amardeep Singh Bhatia, emphasised that robust digital systems are essential for effective programme management and informed decision-making at scale. He noted that the portal, by serving as a single digital interface across all stages of project submission, evaluation, monitoring, and reporting, would significantly strengthen implementation of the Scheme and enable faster operationalisation of industrial parks across the country.

CEO & MD, NICDC, Shri Rajat Kumar Saini, highlighted that the platform had been designed to support the complete lifecycle of projects under BHAVYA. He stated that it would facilitate efficient coordination among stakeholders, provide real-time visibility into project progress, and strengthen transparency and accountability in implementation.

The launch was followed by an interaction between Shri Piyush Goyal and industry stakeholders, providing an opportunity to discuss India's next phase of industrial infrastructure development, investment facilitation, ease of doing business, logistics efficiency, and the role of integrated industrial parks in deepening domestic manufacturing capabilities and strengthening India's integration with global value chains.

The launch of the BHAVYA Portal follows closely on the Cabinet approval of the Scheme, the release of its operational guidelines, and structured consultations with States and Union Territories, reflecting the pace and commitment with which the Government is advancing one of India's most ambitious industrial infrastructure programmes.

The Scheme is expected to attract substantial domestic and foreign investment, generate large-scale industrial employment, and contribute significantly to India's emergence as a globally competitive manufacturing destination.

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