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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
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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
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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
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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
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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
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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
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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.
July 14, 2026
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Synthetic drug trafficking enforcement exposes clandestine Mephedrone laboratories, leading to arrests and seizure of manufacturing equipment under narcotics law
Interstate synthetic drug trafficking enforcement under the NDPS Act, 1985 led to the dismantling of a sophisticated Mephedrone manufacturing laboratory and the arrest of two alleged chief conspirators during coordinated operations. Officers seized digital machinery, laboratory equipment, heavy glassware, precursor chemicals and safety gear used in illicit MD production. Sustained intelligence and interstate investigation identified a second facility financed and coordinated by a co-conspirator. Simultaneous searches resulted in the second arrest and seizure of the clandestine laboratory's equipment and chemicals, which were taken into possession under the NDPS Act, 1985. Further investigation remains in progress.
July 14, 2026
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Wildlife trafficking enforcement targets ivory, endangered species, and transnational smuggling through coordinated operations and CITES-based protections
Intelligence-led operations targeted organised wildlife trafficking involving endangered and protected fauna, ivory, and other wildlife products. More than 440 protected or endangered animals, approximately 15 kg of ivory articles and elephant ivory, and products including pangolin scales, leopard pelt, seahorse-based articles, and Red Sanders were seized, while 33 persons were arrested or apprehended. Elephant ivory recoveries were referred to the Forest Department for action under the Wildlife (Protection) Act, 1972. The Indian elephant is protected under Schedule I, trade in elephants and derivatives is prohibited, commercial ivory trade is restricted under CITES obligations, and ivory imports and exports are prohibited under the Foreign Trade Policy.
July 14, 2026
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Reseller cover bids and coordinated supplies sales treated as cartelisation, with penalties and cease-and-desist directions imposed
The Competition Commission of India addressed cartelisation in the sale and supply of toner, cartridges and other consumables used with print hardware products. Sixteen Tier-2 resellers were identified as having sought and submitted support or cover bids, contrary to Sections 3(3)(d) read with Section 3(1) of the Competition Act, 2002. HP India was identified as playing a central role in the arrangement. Monetary penalties were imposed on HP India, the resellers and relevant officials under Section 48, together with directions to cease and desist from the anti-competitive conduct.
July 14, 2026
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Bid-price coordination and tender-participation manipulation in personal system products attract competition-law penalties and cease-and-desist directions.
HP India and five resellers were found to have engaged in cartelisation in the sale and supply of personal system products. The conduct included dictating bid prices and manipulating reseller participation in GeM tenders by withholding authorisation. The conduct was treated as contravening Sections 3(3)(d) read with Section 3(1) of the Competition Act, 2002. The resellers were found to have acted in collusion with HP India, while officials were treated as liable under Section 48. Penalties and cease-and-desist directions were imposed under the Act.
July 14, 2026
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Export Growth Driven by AI Demand as Technology Products, Semiconductors, and Electric Vehicles Lift China's June Trade Performance
China's exports increased sharply in June, driven by strong external demand associated with the expansion of artificial intelligence. Exports of electric vehicles, semiconductors, and related technology products expanded significantly, while imports also recorded substantial year-on-year growth. Strong export manufacturing helped offset weakness in domestic demand.
July 13, 2026
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Cryptocurrency investment fraud allegations trigger PMLA provisional attachment of bank deposits, flats, and commercial shops linked to diverted funds.
The Enforcement Directorate reported a money-laundering investigation into an alleged cryptocurrency fraud involving ATC Coin. It alleged that investors were induced to contribute funds through assurances of high and assured returns, and that the collections were deposited with Jewria Services Club India before being diverted through accounts of the accused and associated entities. Under the Prevention of Money Laundering Act, bank deposits and Mumbai properties comprising residential flats and commercial shops were provisionally attached.
July 13, 2026
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Preferential market access anchors India-US trade negotiations as tariff investigations and bilateral commitments remain under discussion
India and the United States are progressing negotiations on a framework deal and a bilateral trade agreement focused on preferential market access and comparative tariff advantages. India is engaging with the USTR on Section 301 investigations concerning forced labour and excess industrial capacity. The forced-labour investigation has proposed an additional tariff on imports from India, but the measure remains unfinalised. India has urged resolution through bilateral negotiations rather than unilateral measures. The excess-capacity investigation remains pending, and the eventual trade agreement is expected to address relevant aspects of the bilateral trade relationship, including tariff treatment, market access, and investigation-related issues.

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Customs & Trade

Govt sets LPG production targets for refiners; Reliance gets largest quota

August 16, 2026

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New Delhi, Aug 16 (PTI) The government has for the first time fixed maximum cooking gas LPG production targets for individual public- and private-sector refineries and upstream companies, as it seeks to build a domestic supply buffer after the West Asia conflict exposed the country's vulnerability to disruptions in imported cooking gas.

The Petroleum and Natural Gas Ministry, in an order issued on August 13, has specified maximum LPG production levels for 21 refineries and upstream companies, with combined production potential set at 63,810 tonnes a day -- more than double the domestic LPG output in the fiscal year ended March 31, 2026 and about 70 per cent of the country's daily consumption.

The production limits will kick in whenever there is a supply constraint.

The lion's share of the planned output has been set from Reliance Industries Ltd's older refinery, which would have to produce up to 18,000 tonnes a day of LPG, according to the order.

India consumed 33.2 million tonnes of LPG in the 2025-26 fiscal year (about 91,000 tonnes per day). Of this, 13.1 million tonnes a year was produced locally (about 35,900 tonnes a day) while the remaining 21.3 million tonnes per annum (about 58,400 tonnes a day) was imported.

This high import dependence of over 64 per cent left the country exposed when the start of the Iran war effectively shut the Strait of Hormuz, the narrow sealane through which India got 90 per cent of its imports from nations like Saudi Arabia.

With supplies impacted, the government in March ordered refineries to divert streams used for petrochemicals production to maximise LPG output.

It also initially stopped sales to industrial and commercial users and thereafter gradually scaled it up. For domestic households, periodicity of booking a refill was increased, and they were encouraged to shift to piped natural gas, whose supplies were not so severely impacted due to the war.

Domestic production was ramped up to about 55,000 tonnes a day at the height of the crisis, but the emergency orders asking refiners to maximise output were gradually withdrawn after supplies eased from mid-June.

The new order goes further than the emergency one issued during the West Asia crisis by creating facility-wise production benchmarks and requiring refiners and upstream companies to maintain adequate infrastructure for LPG storage, evacuation and transportation. Companies must also pursue technically and economically feasible upgrades to maximise output.

The government has empowered itself to order refiners, oil marketing companies and upstream producers to ramp up LPG production for specified quantities and periods whenever it considers such action necessary to ensure adequate domestic availability, equitable distribution and supply at fair prices.

The production schedule will be reviewed every six months, allowing the government to add output from new refineries and upstream fields and account for additional capacity created through technology and infrastructure upgrades.

The order also requires refiners to consider measures such as converting naphtha into LPG and upgrading fluid catalytic cracking units where technically and economically viable, underscoring the government's push to extract more LPG from existing refining infrastructure.

The government had introduced several emergency measures during the West Asia crisis, including prioritising household LPG supplies and restricting supplies to some commercial and industrial users as imports were disrupted.

The new production framework is aimed at ensuring that a future disruption to overseas LPG supplies does not translate into the shortages and rationing seen during the recent crisis.

Taking lessons from the crisis, the government has now put the country's refineries and upstream producers under a standing framework to maintain and, when necessary, increase LPG output.

Eighteen refineries owned and operated by public sector oil companies have been ordered to produce a total of 31,470 tonnes a day.

In the private sector, Reliance's 33 million tonnes a year domestic-tariff area (DTA) refinery at Jamnagar in Gujarat, products from which are sold locally, has been ordered to produce 18,000 tonnes. No target has been set for Reliance's 35.2 million tonnes a year only-for-exports refinery at the same site.

Russia's Rosneft-backed Nayara Energy's 20 million tonnes a year Vadinar refinery has been asked to produce 4,480 tonnes a day, according to the order.

Upstream gas producers and processors like ONGC and GAIL, who make LPG from natural gas, have been given a target of 6,460 tonnes a day.

"It is hereby ordered that all public sector, joint venture and private sector oil refining companies, and upstream oil companies shall develop, augment and at all times maintain adequate infrastructure for storage, evacuation and transport of Liquefied Petroleum Gas (LPG) either by itself or through other entities viz railways or road tankers adequate for the specified quantities," the order said.

They were also ordered to "implement all technically and economically feasible measures and technologies such as naphtha-to-LPG conversion, gasoline-based fluid catalytic cracking unit to petro-fluid catalytic cracking unit, or other upgrades, to maximise LPG production beyond current minimum producible quantities as specified in the Schedule, with intimation to Centre for High Technology or any other authorised agency, whenever such an upgrade is undertaken." The ministry further said "if Central Government is of the opinion that it is necessary in public interest to ensure adequate availability, equitable distribution and availability at fair prices of domestic LPG, it may by itself or through Centre for High Technology or any other authorised agency, by order in writing, issue direction to oil refining companies, oil marketing companies and upstream oil companies to ramp up the LPG production levels for such quantity and period specified therein, including compliance with any restrictions on alternative uses of input streams required to produce the LPG." Whenever directions are issued, the companies will have to ramp-up LPG production levels within the stipulated time frame.

The central government, the order said, shall update the production Schedule on 1st January and 1st July of every year, including updates to LPG production from new refineries and upstream oil companies or additional LPG quantities from existing refineries and upstream companies due to changes to associated infrastructure and production technology, evacuation, supply, transport or distribution of LPG. PTI ANZ HVA

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