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    Cabinet approves Rs 62,500 crore for Mobile Phone Manufacturing Scheme
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July 15, 2026
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Mobile phone manufacturing incentives link eligible sales, domestic sourcing, design and research support to indigenous brands and expanded production.
The Mobile Phone Manufacturing Scheme establishes a five-year incentive-linked framework for manufacturing mobile phones in India. It provides differentiated incentive support on eligible sales, additional support for domestic sourcing of key components and sub-assemblies, and a further incentive for product design and research and development aimed at building Indian brands. The scheme seeks to expand domestic production and exports, promote technological sovereignty, create patents, support employment, and strengthen domestic value capture in mobile-phone manufacturing.
July 15, 2026
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Domestic urea investment policy supports new natural gas-based capacity through subsidy-cost separation, assured returns, and foreign-exchange risk mitigation.
National Investment Policy 2026 establishes an investment framework to add domestic natural gas-based urea production capacity and reduce import reliance. Extending the New Investment Policy 2012, it provides for separation of fixed and variable costs for subsidy calculation, assured returns for urea plant companies, and foreign-exchange risk mitigation to support investment in new domestic urea manufacturing capacity.
July 15, 2026
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India-UK free trade agreement expands zero-duty export access and reduces duties on specified United Kingdom goods.
The India-UK Comprehensive Economic and Trade Agreement entered into force with zero-duty market access for nearly all Indian exports to the United Kingdom. It is expected to support sectors including textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods. A bilateral social security agreement has also become operational. The arrangement reduces Indian import duties on specified United Kingdom goods, including Scotch whisky and premium UK-built cars.
July 15, 2026
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Middle East energy export disruption risks raise oil prices and unsettle global equity markets amid renewed conflict.
Middle East energy-export disruption risks increased following renewed conflict and a threatened halt to regional oil and gas exports amid a blockade of Iranian ports. Concerns over the security of shipping through the Strait of Hormuz contributed to higher oil prices and reduced Gulf traffic flows, reflecting the potential for wider interruption of energy transportation. Global equity markets showed mixed movements as investors assessed escalating conflict, oil-supply disruption, inflation data and corporate earnings.
July 15, 2026
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Apricot export facilitation enables overseas market access through exporter-managed supply chains, cold-chain transport, and proposed local processing capacity.
Apricot export facilitation for Ladakh's indigenous Raktsey Karpo and Halman varieties is being implemented through an agreement under which exporters manage harvesting, sorting, grading, packing, transportation and marketing. Administrative measures include transport monitoring, expedited transit arrangements and cold-chain support for perishable produce. A proposed apricot processing unit is intended to improve value addition, address short shelf life and support smoother exports while reducing post-harvest losses.
July 15, 2026
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India-UK trade agreement expands market access, tariff reductions, services trade and professional mobility across identified commercial sectors.
The India-UK Comprehensive Economic and Trade Agreement entered into force as a free trade arrangement intended to expand bilateral market access and promote movement of goods and services. It provides for tariff reductions and supports trade, services and professional mobility. The agreement is expected to create opportunities for businesses, entrepreneurs, farmers, manufacturers, MSMEs and skilled workers, including in textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods.
July 15, 2026
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Punitive tariffs for Russian oil purchases could make trade duties a geopolitical mechanism targeting India and other countries.
Proposed United States tariff legislation would impose punitive tariffs on India and other specified countries for purchasing oil from Russia. Certain European countries purchasing Russian gas would be exempted on the stated basis that their purchases are limited and that they are reducing dependence on Russia. If enacted, the measure would expressly authorise tariffs as a geopolitical mechanism directed at countries considered to be financing another nation's war effort.
July 15, 2026
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Strait of Hormuz transit rights remain contested as blockade measures, toll disputes, and hostilities threaten regional energy exports.
Maritime access through the Strait of Hormuz is disputed following the reimposition of a naval blockade, retaliatory threats affecting regional energy exports, and attacks on shipping routes. An interim arrangement had provided for toll-free transit during a limited negotiating period but left the later regulatory position unresolved. One side asserts a right to regulate traffic and potentially levy transit charges, while the opposing position maintains that passage should remain open without tolls. Continuing hostilities and stalled negotiations threaten navigational access and energy trade flows.
July 15, 2026
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Major banking shareholding acquisitions: draft directions propose simplified approval for subsequent investments by institutional fund categories.
Draft directions propose a simplified approval process for subsequent acquisitions of major shareholding or voting rights in banking companies by mutual funds, insurance companies and pension funds. The proposals cover commercial banks, small finance banks, payments banks and local area banks. Regulated entities, the public and other stakeholders may provide feedback through the Reserve Bank's online consultation facility or by email within the stated consultation period.
July 15, 2026
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Wholesale and producer price indices report rising June inflation, revisions to April estimates, and manufacturing input-price movements.
Provisional June 2026 and final April 2026 estimates are reported for the Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index under the base year 2022-23. Wholesale inflation increased year-on-year, driven principally by mineral oils, food articles, basic metals, and chemicals and chemical products. April WPI and Output PPI estimates were revised upward, while the April trial Input PPI was revised downward. The release also provides group-wise monthly and cumulative index data, weighted response rates for WPI estimates, and provisional and final data classifications.
July 15, 2026
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India-UK trade agreement operationalisation expands market access, tariff reductions, skilled mobility and social security support for enterprises and professionals.
The India-United Kingdom Comprehensive Economic and Trade Agreement is intended to facilitate greater two-way movement of goods and services through tariff reductions and stronger access to the UK market for farmers, entrepreneurs, MSMEs and other sectors. Together with the Agreement on Social Security, it is described as promoting cooperation in technology, professional services and innovation, supporting mobility for skilled Indian talent, and assisting Indian professionals temporarily working in the UK.
July 15, 2026
Show AI Summary
Zero-duty market access under the India-UK trade pact expands opportunities for domestic goods, enterprises, professionals and skilled mobility.
The India-UK Comprehensive Economic and Trade Agreement has been operationalised, enabling a range of domestic goods to enter the UK market at zero customs duty and expanding market access for Indian farmers, entrepreneurs and micro, small and medium enterprises. A social security agreement has also entered into force to support Indian professionals temporarily working in the UK, improve enterprise competitiveness, and complement cooperation in technology, professional services, innovation and skilled-worker mobility.
July 15, 2026
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Accredited photovoltaic module testing strengthens reliability validation, safety qualification, and in-house product development under internationally recognised laboratory quality standards.
NABL accreditation under ISO/IEC 17025:2017 recognises a photovoltaic module laboratory's technical competence to conduct testing through accepted procedures, calibrated equipment, qualified personnel and quality-management controls. Its scope includes module design and safety qualification, degradation testing and high-temperature operating-condition assessment. Environmental, electrical and mechanical evaluations-including thermal cycling, damp heat, humidity freeze, UV exposure, mechanical loads, leakage current, insulation and power testing-support design verification, reliability analysis, manufacturing consistency and product development.
July 15, 2026
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Export-led growth exposes weak domestic demand as high-technology manufacturing support raises trade imbalance and employment concerns.
China's growth has become increasingly reliant on strong exports of high-technology manufactured products, while domestic consumption and investment remain weak. Household spending is constrained by the property-sector downturn and uncertainty over jobs and wages. Policy support and investment in artificial intelligence, robotics and advanced manufacturing have strengthened exports but raised concerns about trade imbalances, excess production capacity and employment creation. The policy direction identified is to strengthen the domestic market and maintain employment while pursuing higher-quality growth.
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.

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Customs & Trade

CIC directs petroleum ministry arm to share historical petrol, ethanol, profit data

July 13, 2026

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New Delhi, Jul 13 (PTI) The Central Information Commission (CIC) has directed the Petroleum Planning and Analysis Cell (PPAC), the oil ministry's planning arm, to reveal historical data on petrol production and imports, ethanol procurement and blending, and petroleum sector profits.

The direction was given to share the information with an RTI applicant after the commission found that the cell provided only "partial information." Information Commissioner Khushwant Singh Sethi also directed PPAC to provide the web link for ethanol blending notifications, transfer the query on ethanol suppliers to the concerned public authority, and invoke the appropriate exemption under the RTI Act, while responding to the request for company-wise petrol supplier information.

The RTI application sought six sets of information relating to India's petrol and ethanol programme, including fuel production and imports, ethanol blending norms, procurement and consumption of ethanol, supplier details and profits from petrol sales.

The commission observed that "the respondent has provided partial information to the appellant" and directed it to furnish a revised response on different queries.

The first query sought year-wise details from 2014-15 onwards of petrol purchased, imported, and produced in India, annual expenditure on petrol, and source-wise break-up.

PPAC replied that import, export, production and state-wise data were available on its website, but company details were "of commercial & confidential nature" and exempt under Sections 8(1)(d) and 8(1)(e) of the RTI Act.

During the hearing, the appellant said he "could not find the sought information in (sic) the website." The commission directed PPAC to "send soft copy of the sought information, including historical data, as available on the website to the appellant's e-mail ID." On the second query, the applicant sought year-wise norms, guidelines and official notifications prescribing ethanol blending in petrol.

PPAC replied that the National Policy on Biofuels, 2018, governed ethanol blending and was available on the Ministry of Petroleum and Natural Gas website. The respondent also submitted during the hearing that the notifications were maintained by the ministry and available in the public domain.

The commission directed PPAC to "provide the specific website link" for the relevant notifications and orders.

The third query sought year-wise details of ethanol procured and consumed for blending, along with reasons for any difference between procurement and consumption.

PPAC said Table 14 of its monthly Snapshot of India's Oil & Gas report contained information regarding "ethanol received and blended by PSU OMC's along with the blending percentage." The commission directed the authority to email the available historical data to the appellant.

The fourth query related to the ethanol supply chain, with the applicant seeking a year-wise list of ethanol suppliers to oil marketing companies, quantities supplied, percentage share, and copies of contracts or purchase orders.

PPAC replied that it had "no information available on list of suppliers who are supplying ethanol to OMC's." The commission directed the authority to "transfer the point to concerned CPIO of the public authority, who is custodian of the sought information." Under the fifth query, the applicant sought company-wise details of petrol suppliers, quantities supplied, their contribution to total supply, and copies of supply agreements.

PPAC denied the information, saying company-wise production, import and export details were commercial and confidential and exempt under Sections 8(1)(d) and 8(1)(e) of the RTI Act.

The commission directed PPAC to issue a fresh reply "claiming relevant exemption under the RTI Act, 2005." The sixth query sought annual profits from petrol sales, profit margins and the methodology used to calculate them.

PPAC replied that details of taxes collected by the Centre and states on petroleum products were available on its website.

The commission directed PPAC to email the appellant the available historical information relating to this query. PTI MHS VN VN

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Acts Income Tax