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    Senco opens 8 stores in Q1, eyes 12-15 more this fiscal
    Indian envoy pitches greater pharma exports, Chinese investment to deepen ties
    Vijayan seeks SEBI, stock exchange intervention over proposed Vizhinjam port stake transfer
    Union Minister of Commerce and Industry Shri Piyush Goyal Asks States to Fully Utilise BHAVYA Scheme and Accord Highest Priority to Exports at Board o...
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    Rupee rises 17 paise to close at 95.18 against US dollar
    Indian officials to testify before US Trade Representative to counter tariff move
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    India's forex kitty drops USD 5.65 bn to USD 666.93 bn
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    NCLT to admit case only if debt, default established: Insolvency & Bankruptcy (Amendment) Act
    Rupee rises 14 paise to close at 95.21 against US dollar
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    ICAR panel to study Totapuri mango price crash in Andhra Pradesh
    SC halts Delhi government's CAG audit of private discoms
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    July 4, 2026
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    Retail expansion and customs duty pressure shape jewellery retailer's strong quarterly update and margin outlook.
    Jewellery retailer reported retail expansion through new showroom openings, with further store additions planned and a stronger shift toward the franchise model. The update also recorded substantial year-on-year growth in standalone revenue, retail revenue and same-store sales, supported by festive demand across company-owned, franchise and branded showroom formats. The company said performance continued despite elevated gold prices and a customs duty increase, but cautioned that discounting and duty pressure would affect margins.
    July 4, 2026
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    Pharmaceutical exports and Chinese investment seen as key to strengthening India-China trade ties and broader economic relations.
    Greater market access for Indian pharmaceuticals in China and expanded Chinese investment in India were identified as measures that could strengthen the broader bilateral relationship. India's envoy said India seeks higher exports to China in sectors where it has a competitive advantage, particularly pharmaceuticals, and urged that Chinese partners open their market to high-quality generic medicines exported by India to other countries. He also said trade and commerce remain central to India-China ties, and that a more balanced commercial relationship would benefit both sides.
    July 4, 2026
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    Stake transfer approval dispute over Vizhinjam port raises disclosure, concession compliance, and public interest concerns.
    SEBI and stock exchange intervention was sought over a proposed 49 per cent stake transfer in the Vizhinjam port project, on the allegation that it breached the concession agreement. The objection was that prior state approval was required for any transfer of ownership or of more than 25 per cent shareholding, and that the transaction proceeded without such approval. The matter was also linked to disclosure obligations under the SEBI listing regulations and concerns about public interest, national security, and possible monopolistic effects.
    July 4, 2026
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    Export promotion strategy stresses Centre-State coordination, MSME support, quality infrastructure and district-level export hubs.
    Export promotion strategy centres on coordinated Centre-State action, wider use of the BHAVYA Industrial Parks Scheme, State export committees, regular consultations and monthly reviews of district export performance. The approach links exports with land and labour reforms, improved regulatory coordination and alignment of State incentives with Central programmes to strengthen export competitiveness and MSME participation. Support for exporters includes the Export Promotion Mission, quality infrastructure, trade remedies, import substitution, overseas exhibitions and cross-border e-commerce.
    July 4, 2026
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    Trade and investment cooperation deepens as India and Mali identify priority sectors, matchmaking opportunities and export facilitation measures.
    India and Mali institutionalised their bilateral commercial engagement through the inaugural India-Mali Forum for the Promotion of Exports, aimed at deepening trade and investment cooperation through B2B, B2G and G2G matchmaking, exhibition visits and sectoral discussions in renewable energy, pharmaceuticals, textiles, automotive manufacturing and mining. The parties identified cotton and textiles, mining and energy, agro-industry and shea processing, pharmaceuticals, and social infrastructure as priority sectors, while Mali also sought support for digitising its Certificate of Origin system and prompt registration of approved Indian pharmaceutical products.
    July 4, 2026
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    Bilateral economic cooperation deepens as India and France expand dialogue on critical minerals, investment, railways and financial ties.
    India and France advanced bilateral economic and financial cooperation through the India-France Economic and Financial Dialogue, focusing on alignment in multilateral economic platforms, including the G20 and Paris Club, and on broader views of the world economic outlook. The discussions covered cooperation in critical minerals, economic sovereignty and security policy, efforts to increase cross-investment, expand collaboration in the high-speed railway sector, and further connect the financial industries of both countries.
    July 3, 2026
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    Rupee gains amid weaker dollar index and reserve rebuilding, even as importer demand keeps pressure on the currency.
    The rupee appreciated against the US dollar as the dollar index retreated from recent highs and domestic equities remained positive, though the currency continued to face pressure from strong dollar demand by importers and corporate hedgers. Foreign exchange reserves were reported to have declined, with the Reserve Bank of India stated to be actively purchasing dollars to rebuild reserves.
    July 3, 2026
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    Forced labour tariffs face Indian challenge over alleged legal flaws and compliance-based export supply chains.
    India is preparing to contest a proposed US tariff action linked to allegations of forced labour in export supply chains, arguing that the underlying findings are legally flawed and fail to consider the effect on American businesses and consumers. Industry bodies have said that India's domestic legal regime is robust and that export supply chains operate within established compliance systems emphasising traceability, supplier due diligence, independent audits and responsible sourcing. Sectoral submissions also state that forced labour is inconsistent with legitimate operating practices.
    July 3, 2026
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    Aadhaar enrolment and biometric updates gain push with Nagaland's first Seva Kendra to widen public access.
    Nagaland's first UIDAI Aadhaar Seva Kendra was inaugurated at Dimapur to improve Aadhaar enrolment and update services in the state, where enrolment remains well below the national saturation level. The centre is intended to make Aadhaar services more accessible to the public and to support wider coverage across districts where enrolment rates continue to lag.
    July 3, 2026
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    Export growth targets set for merchandise and services as India aims for a one trillion dollar total export milestone.
    India has set export growth targets for the current fiscal year, aiming for 16-17 per cent growth in merchandise exports to USD 530 billion and 11 per cent growth in services exports to USD 470 billion in 2026-27. The overall target for total exports has been fixed at USD 1 trillion for the fiscal year.
    July 3, 2026
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    Money laundering investigation allows auction of seized aircraft for investor restitution under anti-money laundering law.
    Enforcement Directorate auctioned a seized business aircraft in a money-laundering investigation arising from alleged investor fraud through a Ponzi scheme. The aircraft was sold after the agency sought permission to dispose of the property under the Prevention of Money Laundering framework and the adjudicating authority allowed the auction. The sale proceeds are stated to be available for restitution to genuine investors in accordance with the Prevention of Money Laundering Act, subject to leave of the Special Court.
    July 3, 2026
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    Foreign exchange reserves decline as gold reserves fall sharply and central bank data shows weaker currency assets.
    India's foreign exchange reserves declined during the reporting week ended June 26, falling by USD 5.654 billion to USD 666.933 billion. The decrease was driven mainly by a sharp fall in gold reserves, which dropped by USD 5.394 billion, while foreign currency assets also edged down. Smaller reductions were recorded in special drawing rights and the reserve position with the IMF. The article notes that earlier reserve gains were followed by weeks of decline as the rupee came under pressure and market intervention involved dollar sales.
    July 3, 2026
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    Startup mentoring and compliance support framework advances ecosystem growth through funding, legal guidance, and market readiness support.
    A structured post-funding mentoring and handholding framework has been announced for the selected startups, covering business, regulatory, financial, legal, investment and technology support. The framework includes specialised mentoring on regulatory and legal compliance, taxation, fund utilisation, fundraising strategy, valuation, term sheet negotiations, data privacy, cybersecurity and intellectual property protection, together with Demo Days and the Sounding Board Programme to improve market readiness, strategic positioning and partnership opportunities.
    July 3, 2026
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    Debt and default threshold shape insolvency admission under the amended framework, alongside new approval and resolution requirements.
    The Insolvency and Bankruptcy (Amendment) Act 2026 is described as requiring debt and default to be established before the National Company Law Tribunal admits a case. The amended framework also alters security interest creation, restructures insolvency administration, requires CCI approval before submission of a resolution plan, and requires the committee of creditors to record reasons while approving a plan. Certain features, including cross-border insolvency and CIIRP, are stated to be not yet in force.
    July 3, 2026
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    Rupee appreciation reflects weaker dollar index, even as importer demand and foreign outflows keep pressure on the currency.
    The rupee appreciated against the US dollar in interbank foreign exchange trade, supported by a weaker dollar index and gains in domestic equities, but remained under pressure from dollar demand by importers and corporate hedgers. It moved within a narrow range before closing stronger at 95.21 against the US dollar, while market commentary noted Reserve Bank of India dollar buying to rebuild foreign exchange reserves and continued foreign investor selling in Indian equities.
    July 3, 2026
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    Desalination project for Mumbai's water supply advances with limited tariff increase and key approvals secured.
    Mumbai's first desalination project has moved ahead with a work order issued and key approvals secured to strengthen the city's drinking water supply. The project, undertaken for the Brihanmumbai Municipal Corporation by an expert firm, is intended to meet rising demand through an alternative source as existing dam-based supplies become insufficient. The government says the tariff impact will be limited, while remaining statutory clearances are still being processed.
    July 3, 2026
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    Totapuri mango price crash prompts review of value chain, farmer incomes, processing capacity and export bottlenecks.
    A high-level committee under the Indian Council of Agricultural Research has been constituted to study the sharp fall in Totapuri mango prices in Andhra Pradesh and the distress caused to growers. The panel will review the Totapuri mango value chain across cultivation, processing, marketing, domestic trade and exports, examine cultivation costs, farmer incomes, processing capacity utilisation, demand-supply trends, and the causes of the price decline in domestic and export markets, and identify bottlenecks and opportunities across the sector.
    July 3, 2026
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    CAG audit of private discoms raises legality questions over regulatory assets and tariff recovery framework.
    A dispute concerns the legal permissibility of the Delhi Electricity Regulatory Commission's initiation of a CAG audit of three private distribution companies in relation to accumulated regulatory assets recoverable through future tariffs. The matter arises from competing views on whether the audit could be entrusted to the Comptroller and Auditor General or whether the statutory framework required appointment of an independent chartered accountant instead. The proceedings also involve the broader issue of accumulation and liquidation of regulatory assets, with the status of the audit and related steps remaining under judicial consideration.
    July 3, 2026
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    Rupee pressure persists despite weaker dollar and crude, as import demand and reserve rebuilding limit gains.
    The rupee appreciated in early interbank trade as the dollar index eased from recent highs and Brent crude traded lower, but the currency remained under pressure from sustained dollar demand by importers and corporate hedgers. Foreign exchange commentary also indicated that the Reserve Bank of India was focused on rebuilding forex reserves, leaving less room for the rupee to strengthen freely even when external conditions were supportive. Foreign investors continued net selling in Indian equities amid global risk aversion and higher US bond yields.
    July 2, 2026
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    Virtual digital assets face regulatory resistance as the central bank warns of illegal use, tracking challenges, and economy-wide risks.
    Virtual digital assets, including cryptocurrency, were described as posing risks to an emerging economy because of potential misuse for illegal activity, difficulty in tracking offshore entities, and broader regulatory challenges. The Reserve Bank of India stated that such assets should not be legalised in India at this stage. The Institute of Chartered Accountants of India supported a comprehensive VDA law and proposed guidance on recognition, measurement, presentation, disclosure, financial reporting, and compliance frameworks.

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      Customs & Trade

      Fearmongers wallowing in depths of despair after India successfully navigated energy crisis: PM Modi

      July 4, 2026

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      Pachpadra (Rajasthan), Jul 4 (PTI) India successfully navigated one of the biggest global energy crises of the century through proactive policies, diversified fuel sourcing and strong diplomatic ties, with "minimal burden" on citizens, while major countries struggled, Prime Minister Narendra Modi said on Saturday.

      Some forces were busy spreading fear in public and political games were played, but "they must be wallowing in the depths of despair today", Modi said at a public meeting, asserting that the country's handling of the situation would be remembered as an "unprecedented" chapter in history.

      "The war in West Asia created the biggest energy crisis of the 21st century. Many powerful nations struggled with fuel shortages. India overcame this challenge because it took the right decisions at the right time, assessed the situation correctly, used its resources in a balanced manner and utilised its diplomatic strength positively," he said.

      Prime Minister Modi, who dedicated the country's first greenfield integrated refinery-cum-petrochemical complex to the nation in Rajasthan's Balotra area, lauded authorities for working tirelessly over the last two months to repair the project, where a major fire had occurred on April 20, forcing the postponement of its scheduled inauguration by the PM the next day.

      On Friday, strong winds accompanied by rains damaged banners and hoardings at the refinery site ahead of the prime minister's visit and workers were engaged since Saturday morning for the repairs.

      The prime minister said India has substantially expanded its refining capacity while several developed regions have failed to do so.

      "The United States has not built a new refinery in the last 50 years. Europe's refining capacity has continuously declined. India has now become the world's fourth-largest country in refining capacity and this capacity will continue to grow," he said.

      The prime minister spoke about how LPG production was maximised, PNG connections increased and energy imports were sourced from more than 40 countries to overcome the crisis and shield citizens in India from the worst impact of the crisis.

      He said oil companies incurred losses of over Rs 75,000 crore between April and June due to rising global prices, but the government absorbed the burden.

      "In several countries, diesel and petrol prices rose by 40 to 50 per cent and fuel was distributed through quotas. India did not witness such a situation even for a single day.

      "Rumours were spread, people were frightened and political games were played, but those with wrong intentions did not succeed," he said, apparently attacking the Congress and other opposition parties.

      He noted the government was working round the clock at the policy and diplomatic levels to tackle the crisis. Every sensitive decision taken during that period will one day become part of history. What India achieved during this crisis is unprecedented, he said.

      "Those who wished to see India fail had even begun making predictions.. their malicious intentions did not succeed," he said.

      Modi said nearly 70 per cent of India's LPG requirement was met through imports and about 90 per cent of those supplies came from Gulf countries through the Strait of Hormuz. The conflict had nearly halted those supplies.

      He said the government immediately decided to maximise domestic refining capacity for LPG production.

      "Industrial gas production was shifted in favour of LPG production. Within seven days, refinery output of LPG increased significantly. During the crisis, LPG production went up by 54,000 metric tonnes. Refineries that had never produced LPG earlier were also reconfigured," he said.

      The government simultaneously ensured that PNG connections expanded rapidly so that domestic demand for LPG remained under control, Modi said.

      "More than 11 lakh households were connected with PNG in a very short period. Domestic consumers were also protected from the burden of rising prices. Experts believed a domestic LPG cylinder could cost Rs 2,000. Today it is available at around Rs 950," he said.

      He said commercial LPG prices were also reduced substantially. Referring to petroleum products, Modi said crude oil prices had surged from about USD 70 per barrel to USD 120 per barrel after the conflict escalated and supply routes were disrupted.

      He said India expanded energy imports significantly during the West Asia crisis.

      "When the crisis began, India was importing energy from about 25-26 countries. During the crisis, we increased this to more than 40 countries," he said, attributing the turnaround to India's diplomacy.

      On oil companies incurring losses, he said, "We reduced excise duty by Rs 10 per litre and ensured that the burden on citizens did not increase significantly." The prime minister said the country has become the world's fourth-largest in refining capacity and continues to expand. He also credited his government's long-term policies with overcoming global disruptions in fuel and fertiliser supply caused by the war between Iran and the US-Israel combine.

      Talking about the refinery project, he said an agreement for the Pachpadra refinery project had been signed in 2017, but work slowed considerably during the previous Congress government in Rajasthan between 2018 and 2023.

      "Because of the Congress government's lack of cooperation, work on the project almost came to a standstill. After the double-engine government came to power, work gathered pace. Today we are dedicating the project to the nation. We not only lay foundation stones but also complete and inaugurate projects," he said.

      The prime minister was speaking after dedicating and launching development projects worth around Rs 1.06 lakh crore.

      Modi said global conflicts had also affected fertiliser supplies, particularly after the Ukraine war, but India managed the situation.

      The prime minister said self-respect of an individual or a nation can remain high only when they are self-reliant.

      He said the BJP governments do not simply lay foundation stones for projects and leave them. "We work day and night to ensure their completion," he said.

      Modi also accused the Congress of neglecting the interests of Rajasthan and not resolving the water crisis.

      He noted that Rajasthan and Haryana have signed an agreement to provide Yamuna water to Rajasthan's Shekhawati region.

      "The agreement has been signed. It will benefit people in Sikar, Churu, Jhunjhunu and nearby areas. Around Rs 34,000 crore will be spent on this project," he said.

      Rajasthan Governor Haribhau Bagade, CM Bhajanlal Sharma, Union petroleum and natural gas minister Hardeep Singh Puri, deputy chief ministers Diya Kumari and Prem Chand Bairwa, several ministers and other public representatives, officials and a large number of people were present in the programme. PTI AG SDA RT

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