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July 15, 2026
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India-UK trade agreement enables tariff reductions, market access and digital trade facilitation for expanded cross-border commerce and investment.
India-UK Comprehensive Economic and Trade Agreement (CETA) entered into force, establishing tariff reductions, expanded market access and greater certainty for cross-border trade and investment. Its 30 chapters cover trade in goods and services, sanitary and phytosanitary measures, technical barriers to trade, digital trade, intellectual property and government procurement. Trade-facilitation and digital provisions are intended to improve cross-border commerce, while the framework supports bilateral business, investment and collaboration across services, manufacturing, technology and healthcare sectors.
July 15, 2026
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Equity market rebound follows softer United States inflation, supporting expectations of a less aggressive Federal Reserve policy stance.
Indian benchmark equity indices rebounded in early trading, supported by bank and selected large-cap shares after the preceding session's decline. Softer-than-expected United States consumer inflation strengthened expectations of a less aggressive Federal Reserve monetary-policy stance and supported global risk sentiment. Stronger United States equities, generally positive Asian markets, Brent crude movements and foreign institutional investor equity sales were identified as relevant market factors.
July 15, 2026
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Foreign exchange market conditions lifted the rupee early, but crude prices, investor outflows and geopolitical tensions restrained gains.
Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, while elevated crude oil prices, foreign institutional investor outflows, higher US Treasury yields and West Asia tensions limited gains. A weaker dollar and positive domestic equity-market opening provided support. Intensified US-Iran conflict and risks to regional energy exports contributed to higher crude prices and dollar demand. Higher wholesale price inflation and growth in net direct tax collection formed part of the domestic economic backdrop.
July 15, 2026
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Proposed geopolitical tariffs would target major purchasers of Russian oil, alongside broad sanctions on Russia's economic sectors.
Proposed United States legislation would authorise tariffs of up to 100 per cent on India, China, Slovakia, Hungary and Azerbaijan as major purchasers of Russian oil. It also contemplates broad blocking sanctions affecting Russia's energy, financial and defence sectors and designated persons. The tariffs would be narrowly targeted and subject to restricted waiver authority, while certain European purchasers of Russian gas would be exempted based on limited dependence and efforts to reduce reliance on Russia.
July 14, 2026
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Video-conference statement request in PNB fraud case pending decision on approver plea, with prosecution reply sought
Purvi Modi, an accused in the Punjab National Bank fraud case, has sought permission to record her statement before the special CBI court through video conference. She has applied to become an approver, and the CBI has stated that her statement should be recorded before that application is decided. The court has sought the prosecution's response. Purvi Modi and her husband have already become approvers in a related money-laundering investigation conducted by the Enforcement Directorate.
July 14, 2026
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Rupee depreciation reflects crude oil pressures, safe-haven dollar demand, widening trade deficit, and rising global economic uncertainty
The Indian rupee depreciated against the US dollar amid higher crude oil prices, renewed geopolitical concerns, increased safe-haven demand for the dollar, and rising global bond yields. Higher crude prices increased India's dollar-denominated import requirements, widened the trade deficit, and intensified foreign-exchange outflows. Merchandise exports increased year-on-year, but the trade deficit widened because of stronger imports. Wholesale price inflation also rose, while net direct tax collections increased on account of higher corporate tax receipts.
July 14, 2026
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Advanced technology in banking requires cybersecurity, internal controls, fraud prevention, and safeguards against data misuse.
Banks were encouraged to use advanced technologies, including artificial intelligence, to expand their reach, improve operational efficiency, reduce costs, and enhance customer experience. This approach must be supported by robust cybersecurity, strong internal controls, and safeguards against fraud and misuse of data. The banking sector was also urged to serve all segments of the economy prudently, strengthen customer service, and consider developments involving the Central KYC Records Registry, counterfeit currency detection, MuleHunter, central bank digital currency, the Unified Lending Interface, Account Aggregator, FX Retail, and Retail Direct.
July 14, 2026
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Textile investment opportunities: Punjab promotes integrated value chains, single-window approvals, infrastructure, and export-focused industrial growth.
Punjab's industrial policy aims to attract textile investment, expand employment and exports, and provide an industry-friendly environment through time-bound approvals, single-window and single-pen systems, and reduced bureaucratic obstacles. Punjab is promoted as having a complete textile value chain covering cotton cultivation, spinning, yarn, fabrics, knitting, processing, garments, manufacturing and exports. Its investment ecosystem is described as offering power tariffs, land facilities, transparent approvals, infrastructure and the Right to Business Act, while industry participation is encouraged to strengthen innovation, exports and inclusive economic growth.
July 14, 2026
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Betting proceeds laundering allegations link layered transactions and asset acquisitions to the Mahadev online betting syndicate investigation
The Enforcement Directorate arrested Ebix Group chairman Vikas Garg under the Prevention of Money Laundering Act in an investigation concerning alleged laundering of proceeds from Mahadev Online Book and Skyexchange betting operations. The agency alleges that betting proceeds were routed through hawala entries, shell entities and layered transactions into entities owned or controlled by Garg, and used to acquire shares, securities and other assets. It further alleges that Garg acquired a controlling stake in EbixCash using such funds. The investigation concerns a franchise-based betting syndicate operating through multiple online platforms.
July 14, 2026
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Corporate tax growth strengthens direct tax collections, reflecting resilient profitability, advance tax payments, and improving compliance
Net direct tax collections rose by 16.40 per cent to over Rs 6.51 lakh crore up to July 13, driven mainly by a 22 per cent increase in net corporate tax collections. Net non-corporate tax collections also increased, while Securities Transaction Tax collections grew by 48 per cent. Gross direct tax collections rose by 16.11 per cent, and refunds increased by 14.57 per cent. The collection trend was associated with resilient corporate profitability, stronger corporate advance tax payments, continued compliance and increasing formalisation.
July 14, 2026
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PMLA territorial jurisdiction in homebuyer fraud permits concurrent forum competence where alleged proceeds were acquired and concealed across locations
Money-laundering proceedings arising from alleged cheating of homebuyers in a Gurugram real-estate project were transferred to the Special PMLA Court at Saket, Delhi, with prosecution continuing from its existing stage. The jurisdictional issue involved alleged acquisition of proceeds of crime at Gurugram and concealment of attached proceeds in Delhi, creating simultaneous jurisdiction for the PMLA courts at both locations. The underlying allegations include collection of funds before project licensing, fraudulent bookings, diversion of project funds, undervalued land transfers during insolvency, and diversion of public-sector bank loans.
July 14, 2026
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Forced-labour import ban strengthens trade controls, with DGFT inquiry procedures and government power to restrict identified goods.
The Foreign Trade Policy, 2023 prohibits the import of goods produced or manufactured, wholly or partly, through forced labour. The central government may prohibit specific goods where an inquiry or other relevant evidence indicates forced-labour production. The Directorate General of Foreign Trade will conduct inquiries under the procedure prescribed in the Handbook of Procedures, 2023. Forced labour is defined by reference to the ILO Forced Labour Convention, 1930, as work or service exacted under threat of penalty without voluntary offer by the person concerned.
July 14, 2026
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Police leadership reshuffle strengthens economic-offences investigations and reallocates senior officers across intelligence, security, and district policing
West Bengal reorganised its police leadership by transferring 28 IPS officers and five WBPS officers across investigative, intelligence, telecommunications, correctional, traffic, cyber and district-policing assignments. N R Babu became head of the Criminal Investigation Department while retaining additional charge of prisons, and Supratim Sarkar moved from the CID to Telecommunications. K Jayraman was appointed Director of the Directorate of Economic Offences in the context of the government's stated focus on alleged financial irregularities. Other changes included new leadership for the Special Task Force, Intelligence Branch, Bidhannagar Police, the Narayani Battalion and several districts, including revised postings in Baruipur following serious criminal incidents.
July 14, 2026
Show AI Summary
Industrial collaboration platform combines policy advocacy, regulatory guidance and cross-border manufacturing partnerships to advance India's global industrial ambitions
BGIF is presented as a Swadeshi-oriented industrial collaboration and policy platform connecting businesses, policymakers, investors, technocrats and innovators. Its functions include policy advocacy, regulatory guidance, sector-specific insights, investment access, fundraising support, deal structuring and business expansion. The forum operates through domestic chapters and an international network, and reports engaging in freight-related policy advocacy, participating in pre-Budget consultations, and facilitating a memorandum of understanding between an Indian manufacturer and an overseas partner for manufacturing cooperation and technology exchange. Its roadmap includes further chapters, international partnerships, industry conclaves and policy dialogues.
July 14, 2026
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Integrated agricultural trade hub near Vadhvan Port aims to strengthen exports through cold chains, logistics, and transparent trading
Maharashtra has approved an international-standard agricultural market at Dapchari in Palghar district near the upcoming Vadhvan Port. Developed by the Maharashtra State Agricultural Marketing Board, the project will combine an international market, a market of national importance and Agricultural Produce Market Committees. Planned infrastructure includes wholesale and import-export facilities, cold chains, grading and packaging units, multimodal logistics, warehouses, testing laboratories, container terminals, railway siding, e-auctions and an export facilitation centre. The project aims to support transparent trading, post-harvest value addition, reduced losses and improved agricultural exports.
July 14, 2026
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Bilateral trade expansion with China coincides with a widening deficit, as India seeks greater market access and investment
Bilateral trade between India and China increased in the first half of 2026, while the trade imbalance widened in China's favour. Chinese exports included electronics, telecommunications equipment, semiconductors, batteries, machinery, computers, chemicals, plastics and polymers. Indian exports included minerals, refined fuels, chemicals, electronics, agricultural and marine products, metals, gems, jewellery and pharmaceuticals. India continues to seek improved Chinese market access for information technology, pharmaceutical and agricultural products, alongside greater Chinese investment in India. Discussions also focus on expanding the range of traded goods and applying consumer-protection mechanisms while enabling increased Indian exports.
July 14, 2026
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Language-policy challenges and religious-practice arrangements highlight legal developments alongside deportation reform and criminal investigation measures.
The Supreme Court sought responses on challenges to the CBSE three-language requirement for Class 9 students and directed that Muslims be provided a separate open space adjacent to the disputed Bhojshala site for Friday prayers. A special NIA court issued a non-bailable warrant against Hafiz Saeed in connection with an investigation into the Pahalgam terror attack. The United Kingdom initiated a legislative change intended to remove an obstacle to deporting a grooming-gang leader to Pakistan.
July 14, 2026
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India-Maldives FTA negotiations advance market access, investment facilitation and broader economic cooperation through eight technical sessions
The first round of India-Maldives Free Trade Agreement negotiations concluded after virtual, text-based discussions across eight technical sessions and eight policy areas. The parties made substantive progress and reached broad convergence on several issues. The proposed FTA is intended to enhance market access, facilitate investment, promote economic cooperation and support sustainable economic growth. Both sides are pursuing a broad-based, balanced and comprehensive agreement guided by fairness and reciprocity, while also seeking deeper cooperation in tourism, startups, digital payments, MSMEs and trade.
July 14, 2026
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Business excellence recognition highlights Explore Touristhub Holidays LLP's personalized travel planning, service quality, and customer-focused holiday experiences.
Explore Touristhub Holidays LLP received recognition as a leading travel agency for memorable holiday experiences. The recognition highlighted its personalized holiday planning, customer satisfaction, itinerary innovation, and contribution to India's travel and tourism sector. The company provides leisure holidays, corporate travel management, MICE services, educational tours, group departures, honeymoon packages, pilgrimage tours, and customized travel experiences. Its service approach emphasizes tailored itineraries, quality hospitality, safety, seamless execution, competitive pricing, reliable support, and assistance throughout the journey.
July 14, 2026
Show AI Summary
Rupee depreciation reflects crude oil pressures, geopolitical uncertainty, safe-haven dollar demand, widening trade deficit, and rising inflation
The rupee depreciated against the US dollar amid higher crude oil prices, renewed geopolitical concerns and increased demand for safe-haven dollar assets. Rising crude prices increased India's dollar-denominated import burden and contributed to foreign exchange outflows and pressure on the domestic currency. India's exports increased year-on-year in June, but the trade deficit widened as imports, particularly crude oil imports, rose. Wholesale price inflation also increased, while net direct tax collections recorded year-on-year growth, primarily reflecting higher corporate tax collections.

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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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