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    NDA leadership brought Bihar to brink of bankruptcy: Tejashwi Yadav
    India's forex reserves drop USD 711 mn to USD 681.610 bn: RBI data
    DRI seizes 71 lakh smuggled foreign-origin cigarette sticks worth Rs. 14 crore in North-East Region; four persons arrested
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June 12, 2026
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Contingency fund use for routine pension payments raises questions over unforeseen expenditure limits and fiscal management.
Withdrawal from the Bihar Contingency Fund for pension payments was criticised on the ground that contingency money is meant only for unforeseen or emergent expenditure. The state's fiscal condition was described as strained, and the Bihar Contingency Fund (Amendment) Ordinance, 2025 was cited as allowing temporary enhancement of the fund up to 10 per cent of the annual expenditure budget.
June 12, 2026
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Foreign exchange reserves decline as lower foreign currency assets are partly offset by higher gold reserves.
India's foreign exchange reserves declined to USD 681.610 billion in the week ended 5 June 2026, mainly due to a sharp fall in foreign currency assets. The decrease was partly offset by higher gold reserves, a marginal rise in special drawing rights, and the reported IMF reserve position.
June 12, 2026
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Anti-smuggling operations target foreign-origin cigarette trafficking across the North Eastern Region with major seizures and arrests.
The Directorate of Revenue Intelligence conducted coordinated anti-smuggling operations in the North Eastern Region against foreign-origin cigarettes. Since May 2026, the operations led to seizure of about 71 lakh sticks of smuggled cigarettes, cumulatively valued at approximately Rs. 14 crore, and the arrest of four persons. A major seizure was made in Mizoram on 11 June 2026, where more than 45 lakh sticks were recovered with assistance of the 34th Battalion, Assam Rifles, and preliminary investigation indicated smuggling from Myanmar through the Zokhawthar sector.
June 12, 2026
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International tax and transfer pricing outreach highlights the transition to the new Income-tax Act and compliance mechanisms.
The Income Tax Department and PwC India organised an outreach webinar on the transition to the Income-tax Act, 2025 and the new Income-tax Rules, 2026, focusing on international tax and transfer pricing. The session discussed cross-border transfer pricing, international cooperation, India's role in the global taxation ecosystem, and the relevance of Advance Pricing Agreements and Safe Harbour provisions for certainty and compliance.
June 12, 2026
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Precision engineering scale strengthens customer embedment as Unimech Aerospace reports order-book growth and a sharp quarterly recovery.
Unimech Aerospace & Manufacturing Ltd. reported a rebound after tariff-related ordering delays, with its order book tripling to about ?314 crore and Q4 FY26 showing a sharp recovery in revenue, EBITDA and PAT. The company said more than 200 first-article qualifications were completed, several converting into production, and described its integrated manufacturing and qualification platform as the basis of stronger customer embedment and switching costs. It also highlighted the Hobel Bellows acquisition, nuclear orders, indigenous micro gas turbine development, and a Saudi joint venture as part of its growth strategy.
June 12, 2026
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Retail inflation rises on higher food and fuel prices as RBI lifts inflation outlook for the fiscal year.
Retail inflation rose to 3.93 per cent in May, driven by higher food prices, while CPI food inflation increased to 4.78 per cent. The Reserve Bank of India factors CPI inflation in monetary policy and has a mandated headline inflation target of 4 per cent with a 2 per cent tolerance band. The RBI also raised its inflation projection, citing mounting input costs and the pass-through of higher global energy prices to retail petrol and diesel prices.
June 12, 2026
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India-EU free trade agreement seen as boosting Germany-India trade, manufacturing, IT and renewable energy cooperation.
The proposed India-European Union Free Trade Agreement is expected to strengthen Germany-India trade relations and create additional opportunities for German companies to expand their presence in India. The focus includes manufacturing and information technology, with interest extending beyond established hubs such as Pune and Bengaluru to other regions of the country. Cooperation is also described in the fields of renewable energy, solar energy, environment and sustainable development, supported by the Indo-German Green and Sustainable Development Partnership.
June 12, 2026
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Enterprise AI and data transformation expand with a new platform lab for scalable analytics and automation.
Enterprise AI and data transformation infrastructure was expanded through the launch of an Oracle AI Data Platform Lab and Centre of Excellence designed to address fragmented data systems, slow analytics cycles, limited AI scalability and operational inefficiencies. The facility is intended to make enterprise data AI-ready and support deployment of AI-powered applications and automation at scale using Oracle Cloud Infrastructure, Oracle Autonomous AI Database and OCI Enterprise AI. Similar labs and centres are planned in additional Indian cities.
June 12, 2026
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Money laundering probe over alleged CMRL-Exalogic transactions leads to fresh summons and document production requirements.
Enforcement Directorate issued a fresh summons in a money laundering probe involving CMRL and Exalogic Solutions Private Limited, requiring appearance with relevant documents. The inquiry concerns alleged payments without services and a loan transaction said to have generated proceeds of crime, with the case registered under the Prevention of Money Laundering Act on the basis of an SFIO complaint.
June 12, 2026
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Money laundering probe over alleged fraudulent company transactions and bogus expenses leads to fresh questioning summons.
Enforcement Directorate issued fresh summons in a money-laundering probe over alleged fraudulent transactions between a defunct IT company and a Kerala-based sand mining company. The investigation concerns consultancy-linked payments, loans despite repayment default, and whether the transactions generated proceeds of crime. The background also refers to alleged bogus expenditure entries, cash generation, prior searches, admissions before tax authorities, and a prosecution complaint filed after the complaint-based investigation.
June 12, 2026
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Responsible lending drives A&H Finverse's pan-India expansion, offering customised financing for complex business needs.
A&H Finverse has been launched as the evolved identity of A&H Capital, with a continued emphasis on responsible lending, transparency, fairness and ethical business finance. It positions itself as a specialist in large-ticket and complex financing needs, offering customised solutions through unsecured business loans, structured finance, construction finance, trade finance, working capital solutions, crisis funding, capital raising through NCDs and structured instruments, and sector-specific funding. The firm also highlights its pan-India expansion, including South India and a branch office in Kolkata.
June 12, 2026
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Structured debt financing supports export-led manufacturing expansion, operational nization, and supply-chain strengthening for a textile exporter.
A textile manufacturer and exporter secured a structured debt facility to support export-led growth, including execution of confirmed overseas orders, procurement, manufacturing, inventory management, logistics, packaging, shipment, and related working-capital needs. The secured corporate debt arrangement was tailored to the company's export cycle, liquidity requirements, and commercial expansion plans, and was also intended to fund manufacturing expansion, process automation, quality assurance systems, compliance infrastructure, and supply-chain strengthening.
June 12, 2026
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Rupee movement strengthens as weaker dollar, lower crude prices, and improved market sentiment support early forex trade.
Rupee movement in early foreign exchange trade was influenced by retreating global crude oil prices, a weaker US dollar, and improved domestic equity-market sentiment. The local unit opened stronger and moved higher against the US dollar after earlier weakness, with traders attributing the gain to reduced oil-price pressure following indications of an imminent Iran-related deal and the cancellation of planned military strikes.
June 12, 2026
Show AI Summary
Free trade agreements with developed economies are positioned as engines for investment, innovation, jobs and quality upgradation.
India's strategy of entering free trade agreements with developed economies is aimed at supporting long-term growth through expanded global engagement, investment inflows, innovation, job creation, quality upgradation and deeper participation in international trade. The India-EFTA Trade and Economic Partnership Agreement is described as a framework for trade, investment and innovation-led cooperation, with the EFTA countries committing investment support and direct job creation over the implementation period, while India provides access to a large and growing market.
June 12, 2026
Show AI Summary
Trade and economic partnership implementation drives ministerial talks on bilateral trade, investment, and industrial cooperation.
India's economic engagement with Switzerland and the EFTA States is to be advanced through ministerial discussions focused on implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA). The visit includes meetings with Swiss Government representatives and pharmaceutical industry leaders, with attention to operational issues, bilateral trade, investment and economic cooperation. Interaction with Swiss companies and investors will further explore opportunities for expanding trade and deepening collaboration.
June 12, 2026
Show AI Summary
Global imbalances and multilateral cooperation require stronger development finance, resilient supply chains, and fairer burden sharing.
Global growth requires coordinated action through strengthened multilateral cooperation, with particular attention to the disproportionate effects of conflicts, uncertainty and global imbalances on developing countries and the Global South. Policy responses should focus on excessive and persistent imbalances while recognising differing domestic needs across countries, and adjustment burdens should not fall on countries that are not the source of such imbalances. Stronger and more representative multilateral institutions, including Multilateral Development Banks with greater financing capacity, and resilient, diversified supply chains are needed.
June 11, 2026
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India-US trade relations discussed through stakeholder consultations on exports, investment, and market access for agro-products.
Parliamentary committee on commerce reviewed India-US trade relations with stakeholders and industry bodies, examining bilateral trade, investment, exports, imports and broader economic cooperation. The discussions focused on strengthening trade ties, promoting exports and expanding global market access for agricultural and processed food products, with inputs drawn from producer, processor and exporter associations, along with representatives of relevant ministries and export development bodies.
June 11, 2026
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Growth outlook for India moderates as higher energy costs weigh on demand, while tax cuts and trade support aid recovery.
India's growth is projected to moderate to 6.6 per cent in fiscal year 2026-27, with the slowdown linked to weaker private demand caused by higher energy prices and other input costs. Goods and Services Tax rate reductions are expected to support consumer demand, while fuel tax reductions and other measures have been used to ease price pressures. Reduced tariffs and expected free trade agreements may mitigate weaker external demand, with growth projected to rebound in subsequent fiscal years.
June 11, 2026
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Rupee weakness deepens as crude oil, capital outflows and global risk sentiment pressure the currency against the dollar.
The rupee weakened sharply in the interbank foreign exchange market and closed at a record low against the US dollar amid geopolitical tensions, a stronger greenback, foreign capital outflows and weak domestic equity sentiment. Traders said elevated crude oil prices and concern over India's import bill added pressure, while near-term movement was expected to depend on crude oil, capital flows and global risk sentiment. Commentary also noted RBI sensitivity to excessive currency volatility and continued selling by foreign institutional investors.
June 11, 2026
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Duty-free gold jewellery exports under India-Oman CEPA expand market access and boost exporter competitiveness.
Direct duty-free exports of gold jewellery from eastern India to Oman have commenced under the India-Oman Comprehensive Economic Partnership Agreement (CEPA), with the first consignment from Kolkata dispatched by air cargo. The agreement gives Indian gold jewellery and diamonds duty-free access in the Omani market and is described as improving exporter competitiveness by reducing routing costs and enabling faster deliveries. The CEPA also extends duty-free market access to a broader range of Indian goods and covers services and investment.

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Customs & Trade

Starmer leaves India-UK relations on strong footing for next UK PM, say experts

June 22, 2026

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London, Jun 22 (PTI) Keir Starmer, as British Prime Minister, not only oversaw the conclusion of the Free Trade Agreement (FTA) with India but leaves bilateral relations on a solid footing for his successor to build on, British Indian experts said on Monday.

Starmer’s resignation sets the clock ticking for the Labour Party to elect its new leader, with newly elected member of Parliament Andy Burnham looking set to take charge at 10 Downing Street in the coming weeks.

“When it comes to India, it is under his prime ministership that the UK-India Free Trade Agreement was signed, something that we started negotiating way back in January 2022,” said Lord Karan Bilimoria, founder of Cobra Beer and co-chair of the India All Party Parliamentary Group (APPG).

“India is very, very important to him as a special relationship and a special country where the UK is concerned and always will be... Whoever the next leader of the Labour Party is, they will have India as a top priority, and they will see the future of the UK-India relationship between the fifth and sixth largest economies in the world and India, the fastest growing major economy in the world, as being paramount,” he said.

Bilimoria, chair and regional coordinator for Europe of the International Chamber of Commerce in the UK, praised Starmer as a “decent individual” who always listened when it came to the bilateral partnership.

“For nine years, I was saying to prime minister after prime minister, whether it was Boris Johnson, whether it was Rishi Sunak, take a big business delegation to India because it will make a huge impact. And none of them did it, but Keir Starmer listened, and in October last year we took a huge business delegation to Mumbai," he recalled.

Dr Kishore Jayaraman, Group CEO of UK India Business Council (UKIBC), described the developments as a "process of change" that countries experience.

“The government changed when the FTA was being negotiated. The greatness that Great Britain has shown is the fact that it transcends government; business comes before government,” said Jayaraman.

"This is a partnership that will continue for a very long time because it is based on principles, it's based on a win-win agreement, and it will continue to evolve, it will continue to scale up, and it will continue to deliver to the industry on both sides.

“The UKIBC is a trade council that catalyses business growth, and we will continue to support businesses in the UK and India and grow the corridor.” Uday Nagaraju, a tech entrepreneur and founder of AI Policy Labs who recently became one of the newest British Indian Labour peers in the House of Lords, echoed the views that Starmer “helped deliver a major step forward in UK-India relations” with the Comprehensive Economic and Trade Agreement (CETA).

“I think that our Prime Minister, Keir Starmer, leaves office with dignity and with a serious record. He restored Labour to government, put stability and economic credibility back at the centre of British politics,” said Lord Nagaraju.

“He promised before the 2024 general election that a Labour government under his premiership would reset the relationship with India, which he achieved. The credit for CETA goes to Keir and, of course, the Indian government as well," he said.

“I think the next Labour prime minister will and should build on that platform of growth, security, clean energy skills, tech, AI, and a deeper strategic partnership with India," he added.

Krish Raval, also one of the newer British Indian peers in the House of Lords and chair of the Labour Indians diaspora group, paid tribute to Starmer’s efforts to “accelerate” the UK’s position in the field of AI as well as his commitment to the Indian community.

“He is the Prime Minister who signed the Free Trade Agreement with India... he will be remembered for that and the massive contribution to our GDP,” said Lord Raval, who has worked closely with Starmer as Labour leader.

“In a world of fintech, unicorns, AI investing and venture capitalism, India is ahead of the curve. So, the relationship with India will endure... because there is a deep desire (in the UK) to connect with this wonderful English-speaking monolith that is going to be the third-largest economy in the world, if not more,” he said.

Virendra Sharma, a Labour Party veteran and one of the longest-serving British Indian MPs for the party from Ealing Southall until the last election, felt the “writing was on the wall” for Starmer after the party's disastrous local election performance last month. He called on the next prime minister to learn from Starmer’s tenure and “not repeat those mistakes”.

"I have seen changes within the Labour Party and other governments as well during my 55-year span as an MP. These things happen in politics,” said Sharma.

“I am one of those MPs of Indian origin who have always raised the importance of India and Britain, two democratic countries, coming together and taking the FTA forward. There will be no changes on that front.

“I'm confident that the new leader will make sure that the July 15 date (for FTA implementation) is honoured and taken forward,” he said.

Starmer’s resignation opens a leadership election process to run until mid-July, with prospective candidates expected to garner the support of at least 81 MPs to be able to join the contest. However, with Burnham emerging as a strong favourite with hundreds of Labour members behind his leadership bid, there is a strong likelihood of Starmer’s successor being in place well before the expected September timeline. PTI AK GRS AMS

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