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    First gold jewellery shipment from Kolkata to Oman sent under India-Oman CEPA
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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.
June 11, 2026
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Public banking sovereignty concerns arise over the proposed privatisation of IDBI Bank and its wider social impact.
Concern is expressed over the proposed strategic disinvestment and transfer of management control of IDBI Bank to the private sector, on the footing that the move implicates financial sovereignty, depositor confidence, social justice and the public character of banking. The note refers to the bank's origin as a development financial institution, its role in India's financial architecture, and the assurance that government ownership would not fall below 51 per cent, together with parliamentary caution against dilution of that level of control. Concern is also raised over the possible transfer of valuable land and other assets, the impact on employees, and the wider trend of foreign participation in Indian banking.
June 11, 2026
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Money laundering quashing dispute turns on false representation allegations, foreign investment concerns, and the prima facie test at quashing stage.
The Enforcement Directorate proposed to challenge a Delhi High Court order quashing money laundering proceedings against NewsClick and its editor-in-chief after the predicate FIR was set aside. The agency said the order overlooked allegations of false representations to authorities and banks regarding the investor, source and nature of funds, commercial character of the investment, and share valuation in the context of alleged foreign direct investment without required permission. The ED also said the quashing stage required only a prima facie view on whether the allegations disclosed an offence.
June 11, 2026
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Cross-border digital payments expand with a direct UPI-NPI remittance link enabling real-time transfers and financial inclusion.
Cross-border peer-to-peer remittance has been launched between India and Nepal through a direct linkage of India's Unified Payments Interface and Nepal's National Payments Interface, enabling seamless, real-time and secure instant money transfers through mobile banking applications and digital wallets. The arrangement is presented as a digital payment corridor intended to strengthen financial connectivity, improve convenience for travellers and businesses, and promote accessible, safe and affordable cross-border payments.
June 11, 2026
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Rupee weakness amid West Asia tensions, dollar strength and foreign outflows pressures the domestic currency in interbank trade.
The rupee weakened against the US dollar in interbank trade amid heightened West Asia tensions, a stronger dollar index, heavy foreign institutional investor outflows and weak domestic equity sentiment. Market participants said the local unit came under pressure from external geopolitical developments and broader risk aversion, while earlier gains were linked to likely Reserve Bank of India intervention to curb excessive volatility in the domestic currency.
June 11, 2026
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Maritime trade security and supply chain resilience gain focus as India stresses diversification, energy security, and wider cooperation.
Maritime trade security and supply chain resilience were highlighted as essential responses to global economic risks, with emphasis that maritime trade should remain neither impeded nor endangered amid tensions in the Gulf. India's concern with energy, food and fertiliser security and the need for further diversification of supply chains were also underlined.
June 11, 2026
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Make in India-led manufacturing expansion: Haleon plans a greenfield Madhya Pradesh facility to strengthen supply chains and oral health access.
Haleon announced plans to establish its first manufacturing facility in India as a greenfield site at Pithampur, Madhya Pradesh, with the project aligned to the Make in India vision and intended to strengthen the company's long-term presence in the country. The facility is described as a strategic manufacturing base for oral health and other everyday health products, designed to support supply chain resilience, domestic value addition, exports to wider Asia, employment generation, and future-ready automated production, with operational commencement expected by 2029-30.
June 11, 2026
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Free trade agreements and cooperative federalism drive India's growth strategy, with MSME competitiveness and women-led development in focus.
India's growth strategy is being advanced through free trade agreements, international market access, and a stronger export ecosystem, with emphasis on enabling MSMEs to align with global standards and improve competitiveness. The economic direction also relies on the demographic dividend through quality education, demand-driven skilling, and employment pathways for youth. Cooperative federalism, State collaboration, and women-led development are described as central to Viksit Bharat, with focus on education, skilling, safety, and empowerment of women.
June 11, 2026
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Excise duty exemption on higher ethanol-petrol blends expands, paving the way for future ethanol fuel adoption.
Excise duty exemption has been extended to higher ethanol-petrol blends, with duty reduced to nil on petrol containing 22 per cent, 25 per cent, 27 per cent and 30 per cent ethanol. The extension broadens the earlier waiver for blends of up to 20 per cent ethanol and reflects the view that blending ethanol with petrol at fuel depots is a manufacturing activity that would otherwise attract excise duty. The measure is a preparatory regulatory step for any future introduction of higher ethanol-content fuels.
June 11, 2026
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Control and assurance functions harmonisation through draft RBI governance amendments invites stakeholder comments across regulated entities.
Reserve Bank of India has issued draft Amendment Directions for public comments to harmonise and consolidate instructions on control and assurance functions across multiple categories of regulated entities, including banks, co-operative banks, non-banking financial companies, credit information companies and asset reconstruction companies. The draft directions comprise governance-related and miscellaneous amendments intended to align the applicable regulatory framework across these entities. Comments and feedback may be submitted through the Connect 2 Regulate portal or by email using the prescribed subject-line format for the relevant category of regulated entity.
June 11, 2026
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Standardised approach for counterparty credit risk updates seek clearer netting, margining, and disclosure treatment under revised directions.
The Reserve Bank has proposed draft Amendment Directions on Standardised Approach for Counterparty Credit Risk (SA-CCR) to update the framework for computing counterparty credit risk exposure. The draft revisits the earlier SA-CCR-based guidelines in light of later netting, margining, and Basel Committee developments, and seeks to clarify the treatment of CCR across banking and trading book exposures, multiple margin agreements, multiple netting sets, clearing-member transactions, option premium deferment, effective notional for options, and disclosure templates. Comments have been invited from regulated entities and other stakeholders within the consultation period.
June 11, 2026
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Money laundering probe under the Prevention of Money Laundering Act covers alleged payments without services and unexplained loan transactions.
Enforcement Directorate investigation under the Prevention of Money Laundering Act concerns alleged transactions involving Cochin Minerals and Rutile Ltd and Exalogic Solutions Private Limited, including payments without corresponding services and loans without timely repayment. The agency has alleged that these transactions generated proceeds of crime and proceeded on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office. Veena T sought postponement of her scheduled ED questioning on health grounds and said documents would be submitted through counsel.
June 11, 2026
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Rupee weakness deepens as crude prices, foreign outflows and a firmer dollar pressure the local currency.
The rupee weakened in early trade against the US dollar amid higher global crude oil prices, continued hostilities between the US and Iran, heavy foreign institutional investor outflows, and a soft domestic equity market. The local currency was also weighed down by a marginally stronger dollar index and remained sensitive to risk sentiment and external macroeconomic cues. RBI-linked dollar selling had earlier supported the rupee, while intervention was likely aimed at curbing excessive volatility and preventing a sharper slide.
June 11, 2026
Show AI Summary
Excise duty waiver on ethanol-blended petrol encourages a shift toward cleaner fuel variants across blended petrol categories.
Excise duty on ethanol-blended petrol has been waived for E22, E25, E27 and E30 variants, with the applicable duty set at nil for petrol containing 22 per cent, 25 per cent, 27 per cent and 30 per cent ethanol blend. The measure is intended to encourage consumers to shift towards ethanol-blended petrol and applies through a finance ministry notification.
June 11, 2026
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Trade and regulatory cooperation deepen as India and Tajikistan prioritise pharmaceuticals, agriculture, services and wider economic engagement.
India and Tajikistan reviewed bilateral trade, investment and regulatory cooperation, and agreed to strengthen coordination between competent authorities, trade bodies and business chambers to facilitate smoother trade and new business projects. Pharmaceuticals, agriculture, services and wider sectoral cooperation were identified as priority areas, including faster registration processes, closer regulatory dialogue and stronger business-to-business linkages. The meeting concluded with signing of the Protocol of the 12th Session and a reaffirmation of commitment to deepen industrial, trade and economic cooperation.
June 10, 2026
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Foreign direct investment allegations fail as quashing follows absence of criminal offence and unsupported money-laundering claims.
Quashing of FIR and money-laundering proceedings was ordered where the underlying investment was treated as an economic decision that did not disclose any criminal offence. The court held that there was no cap or restriction on receipt of foreign direct investment in digital media at the relevant time, and that the allegations of cheating, criminal breach of trust and siphoning of funds were unsupported. The Enforcement Directorate's case also failed because the alleged conspiracy did not show any illegal objective or unlawful means, and no incriminating material had emerged despite extensive investigation.
June 10, 2026
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Phytosanitary import rules shape Indian mango exports to Nepal as officials clarify no ban and continue permit issuance.
Imports of Indian mangoes into Nepal continue to be permitted subject to prescribed phytosanitary requirements, with import permits and release orders being issued on compliance. Nepal has clarified that no ban or suspension has been imposed, while introducing a Hot Water Treatment requirement for consignments. India has said it is facilitating exports in line with the new norms and is pursuing concerns over the revised measures through bilateral channels under the WTO Sanitary and Phytosanitary Agreement and the International Plant Protection Convention framework.
June 10, 2026
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Structural excess capacity allegations rejected as India cites low per capita consumption in textiles and steel.
India has rejected allegations of structural excess capacity in textiles and steel, saying low per capita consumption in both sectors shows no basis for the claim. In response to a United States Trade Representative probe under Section 301, India stated that the notice lacks cogent rationale and prima facie evidence to support the allegation that its major industries create trade surplus through surplus capacity. The trade remedies authority also said excess capacity is not recognised within WTO trade remedial laws.
June 10, 2026
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Indian mango exports face reputational strain as Nepal's import ban raises pesticide and quarantine concerns.
Nepal prohibited the import of Indian mangoes, citing excessive pesticide use and the absence of adequate quarantine facilities in border areas. Growers in Uttar Pradesh said the restriction could damage the international image and credibility of Indian mangoes, including the Dasheri variety, and add to pressure from rising input costs and low returns. The state minister said the ban would not materially affect farmers' earnings, but it has hurt the reputation attached to Indian mangoes.
June 10, 2026
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Rupee volatility management strengthened as lower crude prices and likely RBI intervention supported the domestic currency.
The rupee appreciated against the US dollar as lower Brent crude prices, a softer dollar index and likely intervention by the Reserve Bank of India helped curb excessive volatility and support the domestic currency. Market commentary linked the currency's pressure to geopolitical tensions, energy import dependence and a wider trade deficit when crude prices rise. The report also noted easing government bond yields and foreign inflows into government securities under the Fully Accessible Route.

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ESDS Software Solution Launches Swaraj Cloud: India’s AI-Autonomous Architect Cloud Platform

July 2, 2026

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ESDS Software Solution Limited launches Swaraj Cloud, India’s AI-autonomous architect cloud platform built, and operated entirely on Indian soil. Designed for the enterprises, banks, government bodies and regulated industries that cannot afford to keep building India’s digital future on infrastructure governed by foreign law, Swaraj Cloud delivers the compute power, AI capability and developer tooling of a global hyperscaler with a key foundational difference: servers, data, and decisions are designed to remain under Indian ownership and Indian legal jurisdiction.

Mumbai, India, 2nd July 2026: ESDS Software Solution Ltd., India's Sovereign End-to-End AI Ecosystem Provider, today announced the launch of Swaraj Cloud an AI-Autonomous Sovereign Cloud Platform built, operated entirely on Indian soil. Running on ESDS-owned physical infrastructure housed in Indian Data Centers and governed under Indian jurisdiction, Swaraj Cloud delivers enterprise-grade compute, AI, security and developer capabilities with 100% Indian data residency and minimal foreign infrastructure dependency.

The platform addresses a regulatory and operational gap that has grown more acute with the enforcement of the Digital Personal Data Protection (DPDP) Act 2023, MeitY's Cloud Selection Framework for government workloads and RBI cloud guidelines governing data residency in the banking sector. Indian enterprises in regulated industries banking, government, healthcare and public services have been required to meet increasingly stringent data sovereignty obligations while operating on infrastructure not subject to Indian legal jurisdiction. Swaraj Cloud is built to resolve that gap at the infrastructure level, not through contractual overlays or data processing agreements.

"India stands at the defining inflection point of its digital century. Over the last decade, India has built one of the world's largest Digital Public Infrastructure ecosystems, yet the foundation powering our digital economy continues to rely on foreign cloud platforms, foreign AI ecosystems, and imported compute. Today, over 70% of India's workloads continue to run on foreign infrastructure , resulting in significant economic outflows and strategic dependence on technologies beyond our control. The cost of inaction as a nation is reflected in geopolitical risks, compliance obligations and the increasing need for digital self-reliance.

It is this vision that inspired the creation of Swaraj Cloud - India's AI Autonomous Architect Cloud Platform, built in India, governed in India, and engineered for global scale. Purpose-built to deliver sovereign cloud capabilities through autonomous intelligence, hyper-scale architecture and AI-driven automation, Swaraj Cloud harnesses a comprehensive sovereign AI digital IT ecosystem that brings together 30+ services and 80+ integrated intelligent capabilities, enabling organizations to scale their digital transformation through a single, unified sovereign platform.

A defining capability of Swaraj Cloud is its Prompt-to-Production architecture , powered by an integrated Solution Generator that enables organizations to transform a business requirement into a production-ready live environment.

Built on five foundational pillars - AI Intelligence, Scalability, Security, Compliance and Data Sovereignty - Swaraj Cloud seamlessly unifies Cloud Service Provider (CSP) and Managed Service Provider (MSP) capabilities into a single sovereign ecosystem.

The path ahead for India lies unequivocally in Digital Sovereignty , where our data, cloud, AI, compute, cybersecurity and critical digital infrastructure are developed, governed and continuously innovated within India. This is a collective national responsibility and ESDS is committed to enabling this vision by delivering a sovereign end-to-end AI and IT ecosystem that empowers large enterprises, governments and BFSI institutions. Our purpose extends to enabling the AtmaNirbhar Bharat mission and building sovereign digital foundations through platforms like Swaraj Cloud that will enable India's Sovereign AI future and strengthen its leadership in the age of Artificial Intelligence"— Piyush Somani Promoter, Managing Director and Chairman ESDS Software Solution Ltd.

ESDS owns and operates the physical servers, storage and networks that Swaraj Cloud runs on. It is not a rebranded or resold foreign cloud service. Workloads processed on Swaraj Cloud are designed to remain within Indian borders, under Indian law, seeking to minimise foreign legal exposure on data.

Prompt to Production: Redefining How Cloud Infrastructure Is Built The defining capability of Swaraj Cloud at launch is its Prompt-to-Production Solution Generator, a deployment engine designed to be a distinctive offering among Indian cloud platforms. An enterprise describes its requirement in plain language or through a guided input wizard. Swaraj Cloud's AI layer translates that input into a validated cloud architecture, maps it against applicable compliance frameworks including BFSI regulatory requirements, generates a complete Bill of Materials with line-item INR pricing and auto-deploys the entire environment in a single, uninterrupted automated run.

The complete workflow runs across six automated stages: requirements input, architecture recommendation with a visual preview, Bill of Materials generation in INR, compliance mapping and validation, auto-deployment of all components in sequence and a live billing preview the moment the environment goes live. The enterprise sees the architecture before a single resource is provisioned. It sees the cost before a single rupee is charged. And it receives a fully operational, compliance-validated cloud environment without a single infrastructure configuration step performed manually.

For Indian enterprises where procurement cycles, infrastructure provisioning timelines and compliance validation have historically been multi-week exercises, Prompt-to-Production is designed to compress that journey into minutes. It is a highly differentiated capability of the platform at launch and a clear expression of Swaraj Cloud's AI-autonomous design philosophy.

"Every regulated enterprise in India has been navigating a difficult trade-off, capable cloud infrastructure that does not meet sovereignty requirements, or sovereign infrastructure that does not meet capability requirements. Swaraj Cloud is built to remove that trade-off. With Prompt-to-Production, built-in compliance monitoring, and a sovereign AI platform, enterprises now have a single platform that meets regulatory obligations and operational demands without compromise." Komal Somani, Whole-time Director, ESDS Software Solution Ltd.

Beyond the Solution Generator, Swaraj Cloud launches with a service portfolio spanning the full enterprise cloud stack. The Enlight AIOps platform provides GPU-enabled virtual machines for AI model training, managed Jupyter Notebooks, fine-tuning-as-a-service, automated MLOps pipelines, model governance, drift detection, built-in AI safety controls and a [library of 20+ pre-built industry models all running on Indian infrastructure. Infrastructure services include a multi-hypervisor IaaS platform with Software-Defined Networking, DDoS protection and elastic IP management; Managed Kubernetes Service; an OCI-compliant Container Registry with automated vulnerability scanning; and agentless VM backup with point-in-time restore. Security operations are supported by a built-in SIEM platform with MITRE ATT&CK threat categorisation and CERT-In breach notification integration. Compliance-as-a-Service is embedded natively into the platform providing continuous monitoring against PCI DSS, NIST and TSC (Trust Service Criteria) frameworks, automated compliance scoring across all provisioned resources and one-click audit evidence export. Billing is managed entirely in Indian Rupees, with real-time usage dashboards, resource-level cost breakdowns and an in-platform billing calculator. A cloud marketplace with one-click deployment and a developer platform with multi-language SDKs, CLI tooling and an interactive API documentation portal complete the launch offering.

Swaraj Cloud is available immediately to Indian enterprises across Government, PSU, BFSI and regulated sectors. The platform is MeitY-empanelled and DPDP Act-aligned. Enterprises can access the platform at www.esds.co.in/swaraj-cloud or by contacting ESDS at 1800-209-3006.

About ESDS Software Solution Ltd.

ESDS Software Solution Ltd. Is India's Sovereign End-to-End AI Ecosystem Provider headquartered in Nashik, Maharashtra. ESDS operates Tier III certified data centers and serves enterprises across Government, BFSI, Healthcare and regulated industries with cloud infrastructure, AI platforms, cybersecurity solutions and managed services. Swaraj Cloud is ESDS's sovereign enterprise cloud platform. For more information, visit www.esds.co.in.

Important Disclosure ESDS Software Solution Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the Company at www.esds.co.in, the website of SEBI at www.sebi.gov.in, as well as on the websites of the Book Running Lead Manager, DAM Capital Advisors Limited, the website of the National Stock Exchange of India Limited at www.nseindia.com, and the website of BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus which may be filed with the Registrar of Companies, Maharashtra at Mumbai, in future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

(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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