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    July 20, 2026
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    India-EU economic cooperation advances through FTA implementation, investment facilitation, digital partnerships, manufacturing collaboration and market-access discussions across Europe.
    India advanced economic engagement with European partners through discussions on trade, investment, technology cooperation, manufacturing, digital infrastructure and market access. The engagements emphasised early signing and implementation of the India-EU Free Trade Agreement, investment protection, geographical indications, regulatory cooperation and professional mobility. Cooperation initiatives included digital payments interoperability, artificial intelligence, advanced manufacturing, clean energy, cybersecurity, fintech, telecom, research and supply-chain resilience. European businesses were encouraged to establish India as a manufacturing, innovation and export hub, including through opportunities for MSMEs, startups and future-oriented sectors.
    July 19, 2026
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    Russian oil purchase tariffs would target major buyers and sanctions-evasion facilitators, with specified energy, nuclear and cooperation exemptions.
    Proposed United States legislation on Russian sanctions would impose tariffs on imports from countries identified as major purchasers of Russian crude oil or natural gas or leading facilitators of Russian oil-sanctions evasion. It provides for periodic reassessment and tariff adjustment based on purchasing behaviour, while exempting specified reduced natural-gas imports, United States uranium purchases for nuclear and medical needs, and certain nuclear and space cooperation. The revised proposal also addresses sanctions-evasion fleets and Chinese support for Russia's defence industrial base.
    July 18, 2026
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    Corporate governance and asset quality improvements accompany stronger banking profitability amid continuing leadership reappointment considerations.
    Banking-sector performance reporting records higher profitability, improved asset quality and lower provisions for bad loans, although operating profit declined and capital adequacy moderated. Corporate governance developments include appointment of a part-time chairman following the former chairman's resignation and concerns about internal practices. The chairman's prior financial-services role was associated with actions against shell companies and ponzi schemes targeting black-money structures. Reappointment of the managing director and chief executive officer remains subject to committee consideration.
    July 18, 2026
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    Covid business loan fraud involved inflated turnover, duplicate applications, personal diversion, and criminal sentencing with recovery action.
    Covid business loan fraud involved false Bounce Back Loan applications based on inflated turnover, duplicate claims, and false declarations that funds would be used solely for business purposes. The loan proceeds were diverted to personal accounts for personal debts, personal finance, stocks and shares, and transfers between company accounts. The borrower pleaded guilty to fraud offences, received a custodial sentence, and faces recovery proceedings for the fraudulently obtained funds under the Proceeds of Crime Act 2002.
    July 18, 2026
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    Onion export infrastructure: growers seek a Nashik export hub, dedicated terminal and logistics link to global markets.
    Onion growers seek development of Nashik as a National Onion Export Hub linked to the proposed agricultural market near Vadhvan port. The proposed framework includes an onion export terminal, grading, sorting, packing, quality testing and customs-clearance facilities, and rail, container and cold-chain logistics. Additional requests include a stable national onion export policy, support for processing industries, direct farmer producer organisation participation in exports, an export promotion cell, and a training, research and export-guidance centre.
    July 18, 2026
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    EXIM operations at Vizhinjam will establish an international cargo gateway while retaining open-access common-user port services.
    Full export-import (EXIM) operations at Vizhinjam International Seaport are scheduled to commence from August 18, transitioning the port from a transshipment hub into an international cargo gateway. The launch is intended to reduce logistics costs, improve supply-chain efficiency, enhance export competitiveness, and support investment and employment. The port will continue as an open-access, common-user facility serving shipping companies on an equal basis.
    July 18, 2026
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    India-Finland technology cooperation expands across digital infrastructure, sustainable manufacturing, research partnerships, investment, and emerging industrial technologies.
    India-Finland cooperation was advanced through discussions on telecommunications, digital infrastructure, electronics manufacturing, research and development, innovation, clean technologies, advanced materials, and technology transfer. Further priorities included smart urban infrastructure, sustainable construction, advanced manufacturing, localisation, industrial machinery, clean industrial solutions, and investment. The engagements also explored EV charging infrastructure and reinforced business-to-business linkages for long-term cooperation in technology, sustainable manufacturing, research, and investment.
    July 18, 2026
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    Alternative oil export routes aim to reduce Iraq's reliance on the Strait of Hormuz through pipeline investment and regional transit.
    Alternative oil export routes from Iraq are being pursued through agreements to develop pipeline capacity that can reduce reliance on the Strait of Hormuz. Planned pipelines would support larger-scale exports through Syria and Turkey and strengthen energy-security options amid disrupted maritime shipments. Their timing and viability remain uncertain because cross-border construction requires substantial development and coordination. Existing overland shipments through Syria offer a temporary, but less efficient and more costly, route to European markets. Iraq has emphasised its preference for long-term investment partnerships over project-based contracting.
    July 17, 2026
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    Consolidated fraud investigation requires specialised inquiry where an investor complaint forms part of an alleged shell-company network.
    A fraud investigation concerning an alleged real-estate investment scheme was transferred to the Serious Fraud Investigation Office because the named company was stated to be part of a wider alleged shell-company network already under its examination. The FIR was not quashed, as the complainant's individual transaction had not been investigated. A single specialised inquiry was considered necessary to prevent fragmented or conflicting investigations into an allegedly indivisible fraud scheme.
    July 17, 2026
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    Foreign exchange market movement strengthens the rupee as equity gains and possible central-bank support offset oil-price pressure.
    Foreign exchange market movement saw the rupee appreciate against the US dollar, supported by positive domestic equity-market performance, lower US Treasury yields and reported possible central-bank intervention. Elevated West Asia tensions, higher global crude-oil prices and cautious foreign investment flows continued to pressure the currency. Market attention remained focused on global developments, crude-oil movements and foreign institutional investment activity, alongside an increase in foreign-exchange reserves.
    July 17, 2026
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    E-commerce export promotion supports Madhya Pradesh businesses through global marketplace access, exporter readiness, and a cross-border export roadmap.
    A memorandum of understanding supports Madhya Pradesh businesses, including MSMEs, entrepreneurs, direct-to-consumer brands, manufacturers, weavers, artisans and producers, in accessing international customers through the Amazon Global Selling programme. The collaboration will improve e-commerce export awareness, exporter readiness and knowledge sharing, while developing a state export roadmap with policy and infrastructure recommendations. It will also identify interventions relating to logistics, access to finance, payment reconciliation and regulatory enablers for cross-border exports.
    July 17, 2026
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    Russian oil purchase tariffs and tighter visa oversight reshape trade exposure and immigration compliance for foreign nationals.
    Proposed trade tariffs on purchases of Russian oil would target specified countries, including India and China, while exempting European purchasers of Russian gas. Separately, tighter United States visa regulations for international students, exchange visitors and journalists would end a long-standing arrangement allowing indefinite residence without government oversight. The reported changes may materially affect foreign nationals, including Indian nationals, through differentiated trade treatment and enhanced immigration compliance requirements.
    July 17, 2026
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    Clean slate doctrine extinguishes uncrystallised operational claims and pending proceedings once an approved insolvency resolution plan becomes binding.
    The clean slate doctrine under the Insolvency and Bankruptcy Code is described as abating or extinguishing pending civil suits and arbitration involving pre-insolvency operational claims that had not crystallised into determinable and quantifiable amounts before resolution-plan approval. Claims must be submitted to and determined by the resolution professional, and only crystallised claims incorporated in the approved plan remain payable under its prescribed treatment. Once final, the creditor list and approved plan bind all stakeholders.
    July 17, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold, Special Drawing Rights and IMF reserve position increased.
    Foreign exchange reserves increased during the reporting week, principally because foreign currency assets rose. Reserve components include foreign currency assets, gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund. Foreign currency assets, expressed in dollar terms, reflect valuation effects arising from movements in non-US currencies held in the reserves. Gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund also increased.
    July 17, 2026
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    Rupee exchange-rate movement stabilised after possible central bank intervention, while oil prices and foreign fund flows sustained pressure.
    The rupee strengthened against the US dollar following four declining sessions, reportedly amid possible Reserve Bank of India intervention. Elevated West Asia tensions, higher crude-oil prices and cautious foreign fund flows continued to weigh on the currency, despite consolidation in the absence of major domestic triggers. Market participants were expected to monitor global developments, crude-oil movements and foreign institutional investor activity for the next directional move.
    July 17, 2026
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    Revised Index of Core Industries adopts a new base year, adds Iron Ore, and aligns production measurement methodology.
    The revised Index of Core Industries adopts 2022-23 as its base year and replaces the 2011-12 series. Its weights are derived from the 2022-23 Index of Industrial Production and redistributed pro rata to total 100. Iron Ore is added as a core industry, expanding the basket to nine industries. The Steel Index will use gross production data for consistency with the Index of Industrial Production. In the Coal sector, only Raw Coal is retained; Coal Middlings and Washed Coal are excluded to prevent double counting.
    July 17, 2026
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    Sustainability reporting discipline requires credible disclosures, board-level integration, data assurance and proportionate ESG implementation across business value chains.
    ESG-led responsible business conduct requires sustainability disclosures that are relevant, comparable, evidence-based and verifiable, supported by reliable systems, internal controls, documentation, traceability and independent examination. Sustainability should be integrated into board-level decision-making, fiduciary responsibilities, risk management and long-term enterprise value. Stronger governance, accountability and data-assurance frameworks are needed to address greenwashing, with proportionate reporting, technology and capacity-building supporting implementation across value chains and MSMEs.
    July 17, 2026
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    Promoter shareholding increase through market purchases remains within creeping acquisition limits and signals confidence in long-term growth prospects.
    Promoter and promoter-group shareholding in Reliance Industries Ltd increased by nearly 0.5 percentage points through market purchases during the June quarter. The purchases were reported to be within SEBI creeping acquisition limits, allowing gradual promoter acquisitions without triggering a mandatory open offer where prescribed thresholds are met. The increase may strengthen promoter control and marginally reduce public float, and was characterised as reflecting confidence in long-term growth, earnings trajectory and capital-allocation plans.
    July 17, 2026
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    Tariffs on Russian oil purchasers would target sanctions evasion, with reassessment mechanisms and limited energy-sector exemptions proposed.
    Proposed United States Senate legislation would impose mandatory tariffs on imports from leading purchasers of Russian oil or gas and leading facilitators of Russian oil-sanctions evasion. It provides for periodic reassessment and tariff adjustments, while exempting qualifying countries reducing Russian gas imports. Russian uranium purchases for specified nuclear and medical needs, and certain nuclear and space cooperation activities, would be excluded.
    July 17, 2026
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    Foreign currency non-resident deposits enable overseas Indians to invest foreign earnings while supporting India's foreign-exchange reserves.
    Foreign Currency Non-Resident deposits allow Non-Resident Indians and Persons of Indian Origin to maintain overseas earnings as foreign-currency fixed deposits with Indian banks without conversion into Indian rupees. Banks may offer enhanced interest rates for a limited period under an initiative intended to strengthen foreign-exchange reserves and support the rupee. The framework covers the investment process, regulatory requirements, taxation aspects and advantages for eligible overseas investors.

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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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