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August 18, 2026
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Industrial corridor development prioritises empowered SPVs, integrated infrastructure and investor-ready parks to accelerate manufacturing investment and operations.
National Industrial Corridor Development Programme implementation prioritises timely infrastructure completion, land allotment, investment mobilisation and commencement of manufacturing. PM GatiShakti-aligned planning requires integrated connectivity, utilities and social infrastructure, while States should resolve land, clearance and SPV-power bottlenecks. BHAVYA proposes investment-ready, plug-and-play industrial parks appraised for ready land, credible demand, connectivity, utilities, realistic phasing and early investor attraction. NICDIT routes Government participation and equity support for BHAVYA project SPVs, and NICDC coordinates implementation and monitoring.
August 17, 2026
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RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
August 17, 2026
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Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
August 17, 2026
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Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
August 17, 2026
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FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
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LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
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Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
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Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
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Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
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Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.

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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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