Cabinet approves two multitracking projects covering Four Districts across Odisha and Jharkhand, increasing the existing network of Indian Railways by...
Cabinet approves development of 6 lane Greenfield Elevated Corridor & Ramps/Loops & Foot Over Bridge between National Highway-19 and Varanasi Ring Roa...
Cabinet approves development of 6/4 lane Elevated Corridor along Varuna River Bank & its Ramps/Loops in Uttar Pradesh on Hybrid Annuity Model at total...
PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JUNE 2026, AND FINA...
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UK-India trade agreement introduces wider market access, tariff reductions and social security arrangements to support bilateral commerce. The UK-India Comprehensive Economic and Trade Agreement has entered into force, providing expanded market access, tariff reduction and trade facilitation. India receives zero-duty access for nearly all exports to the UK, while UK products entering India receive duty-free or reduced-tariff treatment. The framework covers goods including textiles, leather, engineering products, food, cosmetics, alcoholic beverages and premium cars. A bilateral social security agreement has also been operationalised to support wider commercial engagement.
Data governance expectations propose stronger lifecycle controls, quality standards, accountability and third-party data-sharing safeguards for regulated financial entities. Draft regulatory guidance on data governance proposes expectations for regulated financial entities to maintain data that is accurate, consistent, secure and fit for purpose. The framework addresses data-governance arrangements, defined roles, data architecture, metadata and data lineage, data quality, and third-party data-sharing arrangements. It applies to specified banking entities, financial institutions, non-banking financial companies, asset reconstruction companies and credit information companies, and invites stakeholder feedback on the proposed framework.
Semiconductor and mobile manufacturing incentives support domestic production, component sourcing, design investment, exports and resilient electronics supply chains. Semicon 2.0 and the Mobile Phone Manufacturing Scheme provide manufacturing support to expand domestic electronics production, exports and local value addition. Semicon 2.0 covers chip design, equipment and materials, fabrication, advanced packaging and testing, research, and talent development, while supporting semiconductor intellectual property and critical-component manufacturing. The mobile-phone scheme provides production-linked incentives linked to eligible sales, with additional support for domestic component sourcing and Indian investment in product design and research. The measures seek to reduce import dependence and strengthen domestic critical-technology capabilities.
India-UK trade liberalisation expands tariff preferences, services access and skilled professional mobility while preserving protections for sensitive domestic sectors. The India-United Kingdom Comprehensive Economic and Trade Agreement establishes preferential tariff treatment for goods and expands cooperation in services, digital trade, government procurement, investment and professional mobility. India retains protections for sensitive sectors through phased tariff reductions and quota-based access, while duties on British automobiles and alcoholic beverages are reduced in stages. The accompanying social-security convention exempts eligible Indian professionals temporarily assigned to the United Kingdom from simultaneous contributions in both jurisdictions, supporting skilled-worker mobility and reducing employment-related costs.
Railway capacity augmentation strengthens multimodal connectivity, freight movement, operational reliability and lower-emission transport across Odisha and Jharkhand. Railway capacity augmentation is approved through doubling of the Paradeep-Haridaspur route and construction of a fourth line on the Rajkharsawan-Dangoaposi route. The projects aim to reduce congestion, improve railway operational efficiency and reliability, and strengthen integrated multimodal connectivity. Enhanced capacity is intended to support freight transport of coal, iron ore, dolomite, limestone and gypsum, improve regional and tourist connectivity, promote logistics efficiency, and reduce oil imports and carbon emissions.
Urea investment policy promotes gas-based domestic manufacturing through transparent cost treatment, return-on-equity parameters, and foreign-exchange risk mitigation. NIPU-2026 provides a framework for investment in new gas-based urea manufacturing units to increase indigenous production and reduce reliance on imported urea. It separates fixed and variable costs for transparency, provides a prescribed return-on-equity band, and mitigates foreign-exchange exposure through conversion of fixed costs into Indian rupees after four years at prevailing exchange rates. The policy supports self-sufficiency through additional domestic urea manufacturing capacity.
Greenfield elevated corridor development strengthens multimodal connectivity, urban decongestion, road safety and pilgrimage access through the Hybrid Annuity Model. Development of a six-lane greenfield elevated connector corridor between National Highway-19 and the Varanasi Ring Road has been approved under the National Highways (Original) programme through the Hybrid Annuity Model. The access-controlled corridor includes elevated road infrastructure, bridges, loops, ramps, link roads and service roads, and is intended to divert through traffic from congested urban roads. Aligned with the PM Gati Shakti National Master Plan, it integrates road, rail, air and inland-water connectivity while improving access to logistics, religious, educational and cultural destinations.
Hybrid annuity corridor development advances urban decongestion, multimodal connectivity, safer travel and efficient passenger and freight movement. A predominantly elevated 6/4-lane link and connector corridor along the Varuna River Bank has been approved under the Hybrid Annuity Model. Comprising carriageways, flyovers, loops, ramps and service roads, it will connect NH-31 with the Varanasi Ring Road under the Varanasi Decongestion Plan. The corridor is intended to reduce congestion and travel time, improve safety and freight movement, and strengthen access to transport, economic, social and logistics nodes through multimodal integration.
Personal loan disbursal incentives provide eligible borrowers reward bundles, subject to eligibility conditions, verification, assessment and applicable terms. Personal loan disbursal incentive campaign offers eligible borrowers an entertainment and lifestyle voucher bundle upon successful disbursal during the specified promotional period. Reward availability is conditional on customer eligibility and applicable terms and conditions. The collateral-free, digitally processed credit facility involves eligibility-based approval, review of loan terms, KYC and bank-account verification, and application assessment before disbursal.
Domestic-demand weakness slows China's economic growth despite export support from artificial-intelligence technology and electric-vehicle demand. China's economic growth slowed in the second quarter amid weak domestic demand, property-market weakness, subdued consumer confidence and higher energy costs. Export demand, especially for artificial-intelligence technology and electric vehicles, supported foreign trade and industrial production, but underscored reliance on overseas demand. Property investment and new-home prices continued to decline, while youth unemployment remained elevated. Further support measures focused on new infrastructure could be considered as investment growth weakens and systemic risks require management.
Mobile phone manufacturing incentives link eligible sales, domestic sourcing, design and research support to indigenous brands and expanded production. The Mobile Phone Manufacturing Scheme establishes a five-year incentive-linked framework for manufacturing mobile phones in India. It provides differentiated incentive support on eligible sales, additional support for domestic sourcing of key components and sub-assemblies, and a further incentive for product design and research and development aimed at building Indian brands. The scheme seeks to expand domestic production and exports, promote technological sovereignty, create patents, support employment, and strengthen domestic value capture in mobile-phone manufacturing.
Domestic urea investment policy supports new natural gas-based capacity through subsidy-cost separation, assured returns, and foreign-exchange risk mitigation. National Investment Policy 2026 establishes an investment framework to add domestic natural gas-based urea production capacity and reduce import reliance. Extending the New Investment Policy 2012, it provides for separation of fixed and variable costs for subsidy calculation, assured returns for urea plant companies, and foreign-exchange risk mitigation to support investment in new domestic urea manufacturing capacity.
India-UK free trade agreement expands zero-duty export access and reduces duties on specified United Kingdom goods. The India-UK Comprehensive Economic and Trade Agreement entered into force with zero-duty market access for nearly all Indian exports to the United Kingdom. It is expected to support sectors including textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods. A bilateral social security agreement has also become operational. The arrangement reduces Indian import duties on specified United Kingdom goods, including Scotch whisky and premium UK-built cars.
Middle East energy export disruption risks raise oil prices and unsettle global equity markets amid renewed conflict. Middle East energy-export disruption risks increased following renewed conflict and a threatened halt to regional oil and gas exports amid a blockade of Iranian ports. Concerns over the security of shipping through the Strait of Hormuz contributed to higher oil prices and reduced Gulf traffic flows, reflecting the potential for wider interruption of energy transportation. Global equity markets showed mixed movements as investors assessed escalating conflict, oil-supply disruption, inflation data and corporate earnings.
Apricot export facilitation enables overseas market access through exporter-managed supply chains, cold-chain transport, and proposed local processing capacity. Apricot export facilitation for Ladakh's indigenous Raktsey Karpo and Halman varieties is being implemented through an agreement under which exporters manage harvesting, sorting, grading, packing, transportation and marketing. Administrative measures include transport monitoring, expedited transit arrangements and cold-chain support for perishable produce. A proposed apricot processing unit is intended to improve value addition, address short shelf life and support smoother exports while reducing post-harvest losses.
India-UK trade agreement expands market access, tariff reductions, services trade and professional mobility across identified commercial sectors. The India-UK Comprehensive Economic and Trade Agreement entered into force as a free trade arrangement intended to expand bilateral market access and promote movement of goods and services. It provides for tariff reductions and supports trade, services and professional mobility. The agreement is expected to create opportunities for businesses, entrepreneurs, farmers, manufacturers, MSMEs and skilled workers, including in textiles, leather, gems and jewellery, engineering goods, marine products, chemicals and processed foods.
Punitive tariffs for Russian oil purchases could make trade duties a geopolitical mechanism targeting India and other countries. Proposed United States tariff legislation would impose punitive tariffs on India and other specified countries for purchasing oil from Russia. Certain European countries purchasing Russian gas would be exempted on the stated basis that their purchases are limited and that they are reducing dependence on Russia. If enacted, the measure would expressly authorise tariffs as a geopolitical mechanism directed at countries considered to be financing another nation's war effort.
Strait of Hormuz transit rights remain contested as blockade measures, toll disputes, and hostilities threaten regional energy exports. Maritime access through the Strait of Hormuz is disputed following the reimposition of a naval blockade, retaliatory threats affecting regional energy exports, and attacks on shipping routes. An interim arrangement had provided for toll-free transit during a limited negotiating period but left the later regulatory position unresolved. One side asserts a right to regulate traffic and potentially levy transit charges, while the opposing position maintains that passage should remain open without tolls. Continuing hostilities and stalled negotiations threaten navigational access and energy trade flows.
Major banking shareholding acquisitions: draft directions propose simplified approval for subsequent investments by institutional fund categories. Draft directions propose a simplified approval process for subsequent acquisitions of major shareholding or voting rights in banking companies by mutual funds, insurance companies and pension funds. The proposals cover commercial banks, small finance banks, payments banks and local area banks. Regulated entities, the public and other stakeholders may provide feedback through the Reserve Bank's online consultation facility or by email within the stated consultation period.
Wholesale and producer price indices report rising June inflation, revisions to April estimates, and manufacturing input-price movements. Provisional June 2026 and final April 2026 estimates are reported for the Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index under the base year 2022-23. Wholesale inflation increased year-on-year, driven principally by mineral oils, food articles, basic metals, and chemicals and chemical products. April WPI and Output PPI estimates were revised upward, while the April trial Input PPI was revised downward. The release also provides group-wise monthly and cumulative index data, weighted response rates for WPI estimates, and provisional and final data classifications.
MOU on Mutual Administrative Assistance to facilitate Co-operation in the Prevention, Detection, Investigation and Combating of Customs Offences between United Kingdom of Great Britain and Northern Ireland and Republic of India
June 19, 2009
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The Union Cabinet today approved the text of a new MOU to be signed between India and United Kingdom of Great Britain and Northern Ireland on Mutual Administrative Assistance to facilitate Co-operation in the Prevention, Detection, Investigation and Combating of Customs Offences.
The MOU provides for assistance by sharing information and intelligence to facilitate proper application of Customs law and prevention, detection, investigation and combating of Customs offences. The assistance under the MOU shall be provided in accordance with the national laws within the competence and available resources of the Customs administration. The MOU also provides for "capacity enhancement" by way of cooperation in exchange of information on new Customs law enforcement techniques, modern technologies and on developments in policy, legislation and the evolution of best practices.
The provisions in the approved MOU have been framed to enable systematic and structured exchange of information, including a separate Service Level Framework, to facilitate expeditious response on requests within a prescribed time frame. This Agreement will significantly help the Indian Customs Administration in getting reliable information to enable detection and investigation of Customs violations, particularly in the critical area of under-valuation of imports and over-valuation of exports and the consequent fraudulent availment of export incentives.
BACKGROUND:
A MOU between the Central Board of Excise & customs, India (CBEC) and Her Majesty's revenue and Customs of the United Kingdom of Great Britain and Northern Ireland (HMRC) on Cooperation in Customs Matters was signed on 16.03.2001. After mutual discussion, it was agreed that the existing MOU needs to be replaced by a new MOU in light of the current requirements and to provide for systematic exchange of data and information.
Mutual administrative assistance in customs fosters structured information exchange and capacity enhancement to tackle valuation and related offences.
The MOU creates a structured mechanism for sharing information and intelligence to prevent, detect, investigate and combat customs offences, subject to each administration's national laws, competence and available resources, and includes provisions for capacity enhancement through cooperation on enforcement techniques, technologies, policy and best practices, together with a Service Level Framework to ensure time bound, expeditious responses to requests.
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