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    Punjab offers immense opportunities in Textile sector; CM urges entrepreneurs to invest
    Mahadev betting app PMLA case: ED arrests Ebix chairman Vikas Garg
    Direct taxes grow 16 pc to Rs 6.51 lakh crore so far on faster corporate tax mop-up
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    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
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    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
    Show AI Summary
    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.
    July 14, 2026
    Show AI Summary
    Bilateral economic cooperation expands through trade, investment, innovation, industrial partnerships and technology collaboration across priority sectors
    India and Spain pursued deeper economic cooperation through discussions on trade, investment, innovation and industrial partnerships. Priority areas included renewable energy, green hydrogen, advanced manufacturing, digital technologies, infrastructure, clean energy, mobility, tourism, automotive, railways and smart infrastructure. The discussions addressed market access, resilient supply chains, technology partnerships, investment flows and business linkages. The India-Spain Business Forum examined opportunities in manufacturing, infrastructure, renewable energy, digital technologies, the digital economy and innovation, while the Fast Track Mechanism was discussed as a means of facilitating new investments and strengthening business confidence.
    July 14, 2026
    Show AI Summary
    Direct tax collections rise as corporate and non-corporate tax receipts grow, alongside increased refunds during the fiscal year
    Net direct tax collection increased by 16.40 per cent to over Rs 6.51 lakh crore up to July 13 of the fiscal year. Net corporate tax collection rose by 22 per cent, while net non-corporate tax collection, covering individuals, Hindu undivided families and firms, increased by about 12 per cent. Refunds of Rs 1.22 lakh crore were issued, and gross direct tax collection increased by 16.11 per cent to over Rs 7.73 lakh crore.
    July 14, 2026
    Show AI Summary
    Export Order Through Subsidiary Expands Railway Equipment Business and Increases Unexecuted International Order Book Beyond Prior Executions
    IC Electricals received a USD 510,000 export purchase order from a United States customer through its subsidiary, Safe Coils India Private Limited. The order increases its unexecuted export order book to USD 1.8 million, representing growth of more than 300% compared with export orders executed during financial year 2025-26. The company manufactures railway electrical and electronic equipment and undertakes turnkey railway electrification projects, including design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substations. Its forward-looking growth statements remain subject to governmental, economic, political, operational, and technological risks.
    July 14, 2026
    Show AI Summary
    Excess GST collection requires promoter refund or direct GST claims by eligible homebuyers after credit-note deadlines expire
    Registered real estate promoters must collect GST from homebuyers only at notified rates and refund any excess collection or issue a credit note where legally permissible. If a project is cancelled, an agreement terminated, or an allotment revoked after the statutory credit-note period expires, an eligible unregistered allottee may seek a direct GST refund by obtaining temporary registration through a PAN and filing Form GST RFD-01 with proof of tax payment, supporting documents, and a promoter-issued certificate. Claims must be filed within two years and remain subject to GST verification.
    July 14, 2026
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    India-UK trade pact expands preferential market access, with phased automobile tariffs, procurement rights, origin rules and intellectual-property safeguards
    The India-UK Comprehensive Economic and Trade Agreement provides duty-free or reduced-duty access for nearly 99% of Indian exports to the UK and phased tariff reductions for specified UK goods entering India. Automobile concessions are subject to quotas and differentiated treatment for conventional, electric, hybrid and hydrogen vehicles. Alcoholic-beverage concessions depend on phased tariff reductions and minimum import prices, while specified products remain excluded. The agreement covers government procurement, stronger intellectual-property enforcement while preserving compulsory licensing, temporary social-security contribution relief for transferred employees, and rules of origin requiring specified production, processing or value addition for preferential tariffs.
    July 14, 2026
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    Wholesale inflation rises as mineral, food, fuel and non-food prices intensify, complicating RBI's inflation-management mandate.
    Wholesale Price Index inflation increased to 9.87 per cent in June 2026, driven by mineral oils, food articles, basic metals, and chemicals. Fuel and power inflation remained elevated, while food and non-food article prices also rose. Retail inflation increased to 4.38 per cent. The Reserve Bank of India primarily considers CPI inflation for monetary policy and is mandated to maintain headline inflation at 4 per cent, with a tolerance range of 2 per cent on either side. Its inflation projection was raised due to higher input costs and the transmission of global energy prices to retail fuel prices.
    July 14, 2026
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    NCLT vacancies and infrastructure gaps remain under review as delays in insolvency resolution plans raise IBC efficiency concerns
    Delays in appointing judicial and technical members to the National Company Law Tribunal, inadequate infrastructure, and concerns over its disposal rate are being considered in suo motu proceedings. The hearing was deferred after the appointment process was reported to be underway. The proceedings followed concerns regarding persistent delays in approving insolvency resolution plans under the Insolvency and Bankruptcy Code, including applications pending before the NCLT for periods ranging from weeks to several years.

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      Customs & Trade

      A Swadeshi Blueprint for a Rs.3000 Trillion Bharat: The BGIF Story

      July 14, 2026

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      In just over a year since its founding, The Bharat Global Industries Forum (BGIF) has moved from an idea rooted in the Swadeshi Jagran Manch's vision of self-reliant industrial growth to a fast-expanding national platform — one now filing for trademark protection, opening state chapters across India, and brokering its first cross-border industrial partnership. Its own progress reports describe the mission in a single line: "From Vision to Action — Building Bharat as a Global Industrial Hub through Collaboration, Innovation, and Industrial Excellence."
      BGIF describes itself not as a conventional trade body but as a "strategic think-and-action platform" — one built to bring India's leading industrialists, corporations, policymakers, global investors, technocrats, and innovators onto a single stage. Its stated objective is striking in scale: to help India grow from its current size of roughly ₹350 trillion to a ₹3000 trillion economy by 2047, establish the country as a global hub for manufacturing and exports, generate quality employment for its youth workforce, and position India as a global centre for research and development and a focal point of international trust and respect.


      The Founders Behind the Forum
      BGIF's founding leadership brings together an exceptional blend of industrialists, technologists, and policy experts, reflecting the forum's ambition to bridge industry, government, and global diplomacy.


      Mr Sridhar Vembu, Founder and Chief Scientist of Zoho Corporation, serves as BGIF's Chief Patron. A Padma Shri awardee and one of India's leading technology entrepreneurs, Vembu is globally recognised for building Zoho into a world-class enterprise software company while championing rural entrepreneurship, decentralised innovation, and skill development.


      Dr Amrit Sagar Mittal, Vice Chairman of the Sonalika Group, serves as BGIF's Chairman. A veteran industrialist with over four decades of experience, he has transformed Sonalika into India's third-largest tractor manufacturer with a presence in over 140 countries. His leadership in manufacturing innovation has earned him several honours, including the Rashtrapati Udyog Patra Award.


      Mr Rajkumar Goel, Managing Director of SLR Metaliks, serves as Vice Chairman. He has led the development of a fully integrated alloy steel enterprise powered by renewable energy and is recognised for combining sustainable manufacturing with leadership principles inspired by Indian values of ethics, discipline, and resilience.


      Dr Ashwin Johar, a founder member of BGIF, is a Central Committee Member of the BJP's Foreign Affairs Department and Chairman of the Sigma Group of Companies. An economist and policy strategist, he has played key roles in investment promotion, international relations, and regional economic development, including assignments with NITI Aayog and the Government of Haryana.


      Rounding out the core leadership team are Mr Yogesh Mehta, Chairman of the Vyankatesh Group and a visionary in the manufacturing and export of ferro alloys, who serves as Secretary General and also holds positions as State Convenor of the BJP MP Economic Cell and President of the Association of Industries, Madhya Pradesh.


      Mr Pankaj Hans, Managing Director of Competent Industries — a fast-growing Faridabad-based manufacturer of construction equipment and heavy engineering fabrication — who serves as Treasurer.
      Dr Raj Kumar, Chairman of the United Group of Companies, with interests spanning food, textiles, automotive, and media, and a food scientist with two decades of global experience advising major FMCG corporations, who serves as a founder member.


      Vikramjit Singh Sahney, a Rajya Sabha MP from Punjab, Padma Shri awardee, and Whole-time Director of Sun International Limited, who is also a founder member and Head of North region.


      Dr Sidharath S. Sharma, who serves as Organization Secretary. A 24-year veteran of both the private and government sectors and an alumnus of IIM Kozhikode, Sharma currently serves as Advisor to the Department of Co-operation, Government of Haryana, having previously advised the Government of Punjab and held leadership roles across the insurance and financial sector.
      The Executive Committee
      Beyond its core leadership, BGIF's Executive Committee includes Members of Parliament and prominent industrialists, reflecting the forum's vision of connecting industry, policy, and national development.


      Among them is Mr. Rajinder Gupta, Rajya Sabha MP from Punjab, Padma Shri awardee and Chairman Emeritus of the Trident Group, who built Trident from a small chemical unit into a global textile and paper conglomerate with revenues exceeding USD 2 billion and a workforce of over 17,500.


      The committee also includes Mr. K. Vishweshwar Reddy, Lok Sabha MP from Telangana's Chevella constituency and founder of Citadel Research & Solutions, who is the only Indian parliamentarian to have been granted a US patent while serving as an MP.


      Other members include Mr. B. Indrasen Reddy, founder of Four Solar Energy Systems and Managing Director of Energy Homes and Namaste Solar, with three decades of experience in renewable energy and technology-driven entrepreneurship.
      Mr. Naresh Kumar, promoter of the Dynamic Group and a pioneer of India's private offshore drilling industry, who also has interests in mining and renewable energy and has served on the Executive Committee of the International Association of Drilling Contractors.
      Mr. Madhuram Reddy, an industrialist recognised for his contributions to infrastructure, sustainable farming, and agricultural innovation.


      The International Committee
      To strengthen its global outreach, BGIF has established an International Committee comprising Indian-origin professionals based overseas. Members include Mr. Jitu Yadav (Dubai, UAE), Mr. Vikas Vashisht (Sydney, Australia), Dr Dame Neelam (Belarus), and Mr. B.K. Anand, a former Indian diplomat whose experience brings valuable expertise in international relations and diplomatic engagement. Together, this network gives BGIF a presence across three continents, reinforcing its strategy of building strong partnerships through the global Indian diaspora and international business communities.


      A Growing Roster of Industry Members
      Since its launch, BGIF has brought together leading companies from manufacturing, FMCG, steel, real estate, technology, and international trade. Its members include Zoho Corporation, Sonalika Tractors, SLR Metaliks, Haldiram's, Pioneer Group, Trident Group, Sun International, Supple Tek, Dynamic Group, Unity Builders, AMD Group, Ambika Steels, Arora Iron & Steel, Varuna International, SG Alloy & JD Alloy, RHI Magnesita, Reghuvamsi Group, Nano Wings, Altruist Tech, GB Realty and many more. This diverse membership reflects BGIF's commitment to uniting large Indian industries, Indian-origin multinational companies, and globally promoted Indian enterprises to foster industrial collaboration, attract investment, strengthen exports, and position Bharat as a global industrial hub.


      Industry and Policy Expertise on Tap
      BGIF distinguishes itself by combining corporate leadership with a strong network of industry experts, technocrats, and policy advisors, positioning itself as a bridge between business and government. The forum supports members through policy advocacy, sector-specific insights, regulatory guidance, and access to investment bankers for fundraising, deal structuring, and business expansion, offering a comprehensive platform for industrial growth.


      Advocacy That Delivers, and a First Cross-Border Breakthrough
      During the recent Middle East crisis, BGIF engaged with the Government of India to seek relief from freight overcharges imposed by shipping companies. The government accepted the demand, delivering tangible relief to industry.


      BGIF was also invited by the Ministry of Finance for pre-Budget consultations ahead of the Union Budget, where its recommendations were well received.


      Alongside this, BGIF notched its first cross-border achievement, facilitating an MoU between an Indian manufacturer and an overseas industrial partner to strengthen manufacturing cooperation and technology exchange — a template BGIF hopes to replicate with other countries ahead.


      Driving the Expansion on Both Fronts
      BGIF has rapidly expanded its presence through a chapter-based structure, with chapters already established in Punjab and Jammu & Kashmir and new chapters under formation in Delhi, Haryana, Madhya Pradesh, Rajasthan, and Gujarat. This domestic growth, aimed at connecting industry leaders, policymakers, investors, and innovators, has been coordinated by Founder Member & Organization Secretary Dr Sidharath Sharma. Alongside this, Founder Member Dr Ashwin Johar and Dr Sharma have jointly led BGIF’s international outreach across Australia, Russia, Sri Lanka, Belarus, the UAE, Singapore, and Saudi Arabia, helping secure the forum’s first international MoU and build a growing network that supports BGIF’s vision of positioning Bharat as a global industrial hub.


      What Comes Next
      BGIF's roadmap includes launching additional state chapters, forging new international partnerships, and organising industry-focused conclaves and policy dialogues to strengthen Bharat's position as a global industrial hub. Backed by a founding team with expertise in enterprise technology, tractor manufacturing, steel, ferro alloys, construction equipment, FMCG, and public policy, along with a rapidly growing membership base, BGIF continues to expand its domestic network and international collaborations. BGIF is positioning itself as one of the more ambitious new entrants in India's crowded field of industry associations — one explicitly built to operate at the intersection of Swadeshi economic philosophy and global industrial competitiveness.


      For more information, please visit: https://www.bgif.in
      (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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