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    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
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July 31, 2026
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Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
July 31, 2026
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Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
July 31, 2026
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Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
July 31, 2026
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Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
July 31, 2026
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Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
July 31, 2026
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Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
July 31, 2026
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Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
July 31, 2026
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Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
July 31, 2026
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Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
July 31, 2026
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Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
July 31, 2026
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Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
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July 31, 2026
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Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
July 30, 2026
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Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
July 30, 2026
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Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
July 30, 2026
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Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
July 30, 2026
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Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
July 30, 2026
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Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.

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PM takes stock of geo-political situation, safety of seafarers, supply chain constraints

July 30, 2026

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New Delhi, Jul 30 (PTI) Prime Minister Narendra Modi on Thursday discussed with a group of senior ministers the prevailing geo-political situation in West Asia and measures to keep supply chains uninterrupted despite conflicts surrounding the Strait of Hormuz, the Black Sea, the Red Sea, and the Gulf of Aden.

The extended Cabinet Committee on Security (CCS) meeting, chaired by the prime minister, was attended by permanent members, Defence Minister Rajnath Singh, Home Minister Amit Shah, External Affairs Minister S Jaishankar, and Finance Minister Nirmala Sitharaman, as well as special invitees, Chemicals and Fertilisers Minister JP Nadda, Commerce Minister Piyush Goyal, Shipping Minister Sarbananda Sonowal and Petroleum Minister Hardeep Puri, official sources said.

It is understood that a comprehensive discussion was held regarding the ongoing global conflicts, their security implications, and the resulting disruptions to India's imports and supply chains, most of which transit through these conflict zones.

"Prime Minister Narendra Modi today chaired a meeting of the Cabinet Committee on Security to review the situation in the context of the ongoing West Asia conflict and measures taken by various Ministries and Departments. This was the 4th special CCS meeting on the issue," a statement issued by the prime minister's office said.

Cabinet Secretary TV Somanathan briefed the CCS about the present geo-political situation and spoke about the initiatives taken to ensure adequate supply of petroleum products, including LNG/LPG and fertilisers, it said.

The cabinet secretary told the CCS that sources for procurement of LPG have already been diversified and the overall stock and supply positions of major petroleum products remain adequate.

Availability of adequate crude oil has enabled Central Public Sector Enterprise (CPSE) refineries to operate at utilisation levels exceeding 100 per cent, ensuring continued production of petrol, diesel and other petroleum products.

Initiatives have also been taken to expand Piped Natural Gas (PNG) connections, which have resulted in a substantial increase in subscriptions. The government is also facilitating industrial substitution of LPG through expansion of the National Gas Grid, augmentation of LNG import and re-gasification infrastructure, expansion of City Gas Distribution networks, and time-bound pipeline and last-mile connectivity approvals under the Pipeline Infrastructure Order, 2026.

"During the meeting, requirements for the fertilisers for the ensuing Rabi season was assessed and alternative sources of fertilisers were also discussed. The Prime Minister said that all measures be taken for ensuring uninterrupted supply of fertilisers," the statement said.

The situation of seafarers serving on domestic as well as foreign-flagged vessels in conflict zones was also deliberated on. Modi directed the ministers to establish a mechanism to provide timely information, emergency assistance and counselling to seafarers and their families.

The PM said all efforts must be made to safeguard the citizens as well as the Indian diaspora from the impact of conflict. He said in order to ensure energy independence, emphasis should be laid on renewable energy sources, including solar energy and other non-fossil fuel-based sources.

Modi said that a whole of government approach should be adopted to tackle the challenges arising due to the crisis. He said that a unified coordinated mechanism should be put in place for regular monitoring of all the developments to ensure expeditious implementation of appropriate measures to safeguard the interests of the citizens, the statement said.

The ministers gave presentations on their respective ministries and steps taken by them to ensure uninterrupted import of all goods, including petroleum, natural gas and fertilisers, they said.

The prime minister is learnt to have given certain directions to the ministers to ensure the safety of Indians, India's economic interests and find ways to the supply chain hinderance.

Before the US-Israel war with Iran, 40 per cent of India's energy imports came through the Strait of Hormuz. With the conflict not ending, India's energy imports from West Asia have been hit.

Last week, the Yemen-based Houthi militia announced that it will target Saudi Arabian tankers attempting to cross the Bab al-Mandab. The group also targeted a few ships following the announcement.

The Bab al-Mandab connects the Red Sea to the Gulf of Aden and the Arabian Sea and is a critical transit point for global trade and energy supplies -- similar to the Strait of Hormuz.

According to the data available, the impact is already visible as ships crossing through the Bab al-Mandab decreased to an average 31 per day over the past three days in comparison to 43 per day in the first half of July.

Besides, Russian oil import through the Black Sea is also under pressure as the Russia-Ukraine war has intensified. There have been several attacks on ships passing through the Black Sea in the past few days.

India depends on imports to meet over 88 per cent of its energy requirements. The country also imports a large amount of fertilisers from various sources. Nearly one crore Indians live and work in West Asia. PTI ACB PK SAP ACB SAP SAP

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