July 25, 2025
State Government Fails to Submit Rs 70,877 Crore Utilisation Certificates, Breaching Financial Rules and Raising Misuse Concerns
The state government failed to submit utilisation certificates for projects totaling approximately Rs 70,877 crore, with 49,649 certificates outstanding as of March 31, 2024, according to the Comptroller and Auditor General. This non-compliance raises concerns about potential misuse or diversion of funds, especially as Rs 14,452 crore relates to projects before 2017. Key defaulting departments include Panchayati Raj, Education, Urban Development, Rural Development, and Agriculture. Additionally, detailed contingent bills amounting to Rs 9,205 crore remain unsubmitted against advance withdrawals, breaching financial discipline and increasing risks of misappropriation. The state's budget for 2023-24 was Rs 3.26 lakh crore, with actual expenditure at 79.92%. Despite significant savings, only a fraction was surrendered. The state's liabilities rose by 12.34%, driven primarily by internal debt, which increased by 13.51%, highlighting growing fiscal pressures.
July 25, 2025
Auction ordered for sports academy and land to repay Rs 512 crore cooperative bank fraud under MPID Act Section 2
A special anti-money laundering court ordered the auction of a sports academy and land parcel linked to a former legislator to repay creditors of a cooperative bank involved in a Rs 512 crore fraud. The properties, attached under the Maharashtra Protection of Interest of Depositors Act by the Economic Offences Wing, are part of 87 assets seized in the investigation. The Enforcement Directorate, probing related money laundering charges, holds dual attachment on some properties. The court approved the bank liquidator's plea to release these assets for auction, with all parties, including the accused, consenting. The auction aims to discharge the bank's liabilities to depositors. The underlying case stems from an FIR filed in 2020 alleging financial irregularities at the cooperative bank headquartered in Panvel, Maharashtra.
July 25, 2025
Countries Sign Landmark Free Trade Agreement to Boost Economic Growth and Strengthen Strategic Partnership
Two countries concluded a two-day diplomatic visit resulting in the signing of a landmark free trade agreement aimed at promoting mutual economic growth. Discussions included strengthening a comprehensive strategic partnership covering trade, defense, security, technology, and education. The leaders expressed condolences regarding a recent aviation disaster and affirmed ongoing support for affected families. An invitation for a reciprocal official visit was extended and accepted, with arrangements forthcoming. The visit also featured a symbolic environmental gesture involving the planting of a tree at a royal estate.
July 25, 2025
Historic Free Trade Agreement Signed to Boost Trade, Security, and Strategic Partnership Between Two Nations
Two countries concluded a two-day official visit resulting in the signing of a historic bilateral Free Trade Agreement aimed at enhancing trade and economic growth. The leaders held extensive discussions on regional and global issues, strengthening their Comprehensive Strategic Partnership encompassing trade, defense, security, technology, and education. The visit included expressions of condolences regarding a recent aviation disaster, with commitments to ongoing support for affected families. An invitation for a reciprocal visit was extended and accepted, with arrangements forthcoming. The agreement and discussions signify a commitment to deepening cooperation and mutual prosperity.
July 24, 2025
India-US negotiate Bilateral Trade Agreement focusing on tariff cuts, market access, and supply chain integration
India and the US are actively negotiating a Bilateral Trade Agreement aimed at enhancing trade relations through improved market access, tariff reductions, and supply chain integration. The negotiations seek to conclude a mutually beneficial, multi-sector agreement. The US had announced additional tariffs on imports from multiple countries, including India, initially imposing a 10% tariff from April 5, 2025, with plans to adjust to country-specific rates. India's tariff was set at 26%, but a temporary reduction to 10% was granted, with the implementation date extended to August 1, 2025. Both governments emphasize maintaining positive momentum toward finalizing the agreement to address trade barriers and strengthen economic ties.
July 24, 2025
Indian PM gifts Davidia involucrata tree sapling to British monarch, symbolizing environmental initiative and ties
The Prime Minister of India presented a tree sapling from his environmental initiative to the British monarch during a royal audience at the monarch's estate. The tree, a Davidia involucrata 'Sonoma', will be planted in autumn as a symbol of the initiative encouraging tree planting in tribute to mothers. The meeting followed bilateral talks between the Indian Prime Minister and the British Prime Minister, culminating in the signing of a historic free trade agreement to enhance economic ties. The Indian Prime Minister also engaged with local business leaders and participated in cultural exchanges highlighting shared interests such as cricket and football. The visit concluded with plans for the Indian Prime Minister to attend Independence Day celebrations in a neighboring island nation.
July 24, 2025
Three promoters arrested under money laundering charges involving over Rs 1,000 crore in real estate fraud case
Three promoters and former directors of a real estate company were arrested by the Enforcement Directorate in connection with a money laundering case involving over Rs 1,000 crore. The accused had evaded court summons for more than seven years and were declared proclaimed offenders in multiple predicate offences. The company, engaged in residential and commercial property development, was under Corporate Insolvency Resolution Process since 2018. The case involves fraudulent fund mobilization from homebuyers through false assurances of project completion and promised returns, as well as defrauding financial institutions via fake agreements. The accused raised funds over 12 years through multiple projects but used only a portion for construction. They face charges including criminal misappropriation, cheating, forgery, and embezzlement for personal gain. The investigation follows over 30 FIRs registered across Delhi-NCR under various IPC sections. The accused are currently in custody and under interrogation.
July 24, 2025
Former President Supports EV Maker Amid Stock Drop and Loss of Government Subsidies
A former president publicly expressed support for a major electric vehicle manufacturer despite previous conflicts, emphasizing that the company's success benefits the national economy. This statement came amid the manufacturer's significant stock decline following disappointing quarterly financial results and warnings of challenging upcoming quarters. The company faces the loss of substantial government subsidies due to recent budget legislation, as well as increased costs from tariffs imposed on key trading partners. The CEO criticized the budget bill and threatened political action in response. The manufacturer is transitioning its business model toward autonomous ride services and robotics, though these ventures are not yet profitable. Regulatory approvals remain a key factor for the planned expansion of its robotaxi service. The CEO anticipates economic improvements once autonomous technology scales, despite near-term financial difficulties linked to reduced incentives and increased operational costs.
July 24, 2025
India-UK Free Trade Agreement signed to boost trade, remove duties on key exports, and support farmers and MSMEs
The India-UK Free Trade Agreement (FTA) has been signed, marking a significant development in trade, investment, and services between the two countries. The agreement aims to double bilateral trade to USD 120 billion within five years by eliminating duties on various Indian exports including textiles, leather, footwear, toys, furniture, and pharmaceuticals. The FTA also benefits farmers and MSMEs by expanding market access. Additionally, the Double Contribution Convention (DCC) was agreed upon, allowing Indian workers in the UK to transfer social security contributions to their Indian provident fund, securing long-term pension benefits. Although the UK parliamentary ratification process will take several months, bipartisan support is expected to expedite approval. The agreement provides a stable, predictable environment for businesses to plan and integrate supply chains, with benefits anticipated to begin accruing shortly after implementation.
July 24, 2025
India-UK Trade Deal Removes Tariffs on Most Products, Boosts Market Access and Security Cooperation
India and the UK signed a comprehensive trade agreement eliminating tariffs on nearly all product categories, aiming to increase bilateral trade by approximately USD 34 billion annually. The deal includes provisions for better market access for Indian goods such as textiles, seafood, and engineering products, and UK products like medical devices and aerospace parts. Concurrently, the parties agreed to negotiate a social security exemption for Indian workers in the UK for up to three years. They also unveiled a Vision 2035 partnership to enhance cooperation in defence, technology, clean energy, and migration, alongside a defence industrial roadmap for co-development of key products. Security cooperation was strengthened through an agreement between Indian and UK law enforcement agencies. The Indian side raised concerns about extremist activities originating from the UK, emphasizing the need to prevent misuse of democratic freedoms. The agreement represents the UK's largest post-Brexit trade deal and aims to foster long-term economic growth and strategic collaboration.
July 24, 2025
Bihar Govt Misses Deadline for Rs 70,877 Crore Utilisation Certificates, Raises Fund Misuse Concerns Under Section 2
The Bihar government failed to submit utilisation certificates for Rs 70,877 crore by the prescribed deadline, raising concerns about the proper use of funds and potential misappropriation. The outstanding certificates include Rs 14,452 crore from before 2017, with major defaults in Panchayati Raj, Education, Urban Development, Rural Development, and Agriculture departments. Additionally, detailed contingent bills worth Rs 9,205 crore remain unsubmitted against advances, violating financial discipline. The state spent only 79.92% of its Rs 3.26 lakh crore budget in 2023-24, surrendered 36.44% of its savings, and saw a 12.34% increase in liabilities, primarily internal debt. Bihar also failed to meet fiscal targets set by the XVth Finance Commission, indicating significant financial management issues.
July 24, 2025
India-UK Trade Deal Boosts Digital Trade, Data Protection, and Cybercrime Safeguards Under CETA Rules
India and the UK entered into a trade agreement under the Comprehensive Economic and Trade Agreement to promote digital trade, ensuring open internet access and cross-border consumer protection. Both parties commit to allowing users to access and use internet services and devices of their choice, subject to reasonable network management and legal frameworks. The pact encourages collaboration on data innovation, regulatory sandboxes, and policies for data mobility and consumer data portability. It permits online contracts for transborder transactions and access to publicly available government data. The agreement mandates protective measures against cybercrime, spam, and fraudulent digital practices, requiring clear identification and opt-out options for unsolicited commercial messages. Both nations agree to limit access to software source codes owned by entities in the other territory, except for authorized investigations, and to safeguard against unauthorized disclosure of such source codes.
July 24, 2025
India-UK Trade Deal Cuts Scotch Whisky Import Duties from 150% to 75%, Slashing Prices for Consumers
An India-UK Free Trade Agreement has reduced import duties on British spirits, including Scotch whisky, from 150% to 75%, with a further reduction to 40% planned in the tenth year. This duty cut is expected to lower prices of premium Scotch whisky brands in India by Rs 200-300 per bottle and domestically bottled Scotch by Rs 100-150. The agreement also waives duties on bulk Scotch imports used by Indian manufacturers for blending. Despite Scotch whisky holding less than one percent of the Indian whisky market, India is the largest global market for Scotch by volume. The duty reduction aims to make premium spirits more affordable and accessible in India, benefiting both consumers and importers within the world's largest whisky market.
July 24, 2025
India-UK Free Trade Deal Cuts Tariffs, Boosts Investment, and Aims to Double Trade by 2030
India and the UK have signed a comprehensive free trade agreement aimed at significantly enhancing bilateral trade and investment. The deal reduces tariffs on key goods such as British whisky and cars, increases market access, and is expected to double trade between the two countries by 2030. The agreement anticipates nearly GBP 6 billion in new investments and the creation of over 2,200 jobs in the UK through expanded operations of Indian firms and new business opportunities for British companies in India. The UK India Business Council played a key role in facilitating the negotiations by representing the interests of businesses from both nations. This agreement marks a strategic milestone in India-UK relations, promoting sustainable economic growth and collaboration amid shifting global trade dynamics.
July 24, 2025
India-UK Free Trade Deal Cuts Tariffs to 10% on British Cars, Protects Indian EV Market
India and the UK have entered a free trade agreement reducing tariffs on British passenger vehicle imports to 10 percent within quotas over five years, marking India's first auto sector opening in such a pact. The agreement excludes tariff concessions on electric, hybrid, and hydrogen vehicles priced below GBP 40,000, protecting India's mass-market EV segment. Tariffs on automotive imports will decrease from about 110 percent to 10 percent within quotas, with larger engine vehicles receiving greater quota and duty reductions. Out-of-quota tariffs will reduce by 50 percent over ten years. The deal balances market access for UK exporters of high-end vehicles while safeguarding India's sensitive small and mid-engine vehicle sectors. The agreement also provides reciprocal market access for Indian EVs in the UK. The pact covers completely built units of passenger vehicles and aims to foster economic cooperation, technology partnerships, and enhanced export opportunities for the Indian automotive component industry.
July 24, 2025
India-UK Free Trade Pact Ensures Fair, Transparent Telecom Access and Spectrum Policies for Providers
India and the UK have entered into a free trade agreement that includes provisions ensuring non-discriminatory access for each other's telecom service providers to public telecommunications networks and services. The agreement mandates timely, reasonable, transparent, and non-discriminatory terms for cross-border telecom operations, including spectrum allocation and interconnection. Both parties retain the right to manage spectrum policies but must do so consistently with the agreement, promoting open and transparent processes that encourage competition. The pact also requires major telecom operators to provide foreign suppliers treatment no less favorable than that given to their own subsidiaries or affiliates, potentially facilitating Indian telecom operators' entry into the UK market for the first time.
July 24, 2025
New National Cooperation Policy Aims to Triple Cooperative Sector GDP by 2034 with Tech and Transparency Focus
The government has introduced a new National Cooperation Policy aimed at tripling the cooperative sector's contribution to the national GDP by 2034. The policy, developed by a committee and supported by key financial institutions, targets diversification into emerging sectors such as tourism, taxi services, insurance, and green energy. It emphasizes professional management, transparency, technology adoption, and inclusivity, with plans to increase cooperative membership significantly and establish primary cooperative units in every local administrative division. Implementation will be overseen by dedicated committees with a decennial review mechanism to ensure ongoing legal and policy relevance. The policy also seeks to create model cooperative villages and transform cooperatives into job-creating entities, aligning with broader national economic development goals. The government positions this policy as a strategic framework to enhance rural economic empowerment and integrate a large population segment into cooperative enterprises.
July 24, 2025
Odisha Approves Rs 4,982 Crore Industrial Projects to Create 12,000 Jobs Across 12 Districts
The Odisha government approved 23 industrial investment proposals totaling Rs 4,982 crore, expected to generate employment for approximately 12,000 people across 12 districts. Key approvals include an integrated steel plant with an investment of Rs 620 crore, a steel structure unit at Rs 451.90 crore, and a solar cell and PV module manufacturing unit at Rs 950 crore. Additional projects receiving approval involve investments of Rs 350 crore, Rs 320 crore, and Rs 300 crore from various companies. These approvals were granted by the State Level Single Window Clearance Authority, reflecting the state's focus on job creation, value addition, and regional development aligned with its economic vision for 2036.
July 24, 2025
Five Foreign Nationals Detained for Illegal Entry Using Forged IDs and Damaged Border Fence Breach
Five foreign nationals were detained in a northeastern Indian state for illegal entry after crossing a damaged border fence and using forged identification documents. They admitted to entering through difficult terrain and paying an agent to facilitate travel for employment purposes. Security forces apprehended the group based on intelligence and found them hiding in dense vegetation. The detainees were transferred to local police authorities. In a related event, a local youth organization intercepted four additional foreign nationals traveling in a vehicle and handed them over to border security personnel. These individuals also confessed to illegal entry from a neighboring country. The incidents underscore ongoing challenges in border security and the efforts of authorities and local groups to prevent unauthorized crossings.
July 24, 2025
Government to set formal standards for 27% ethanol petrol blend under new fuel regulations by August
The government plans to establish regulatory standards for blending 27 percent ethanol in petrol by the end of August, following the successful implementation of a 20 percent ethanol blend. Currently, vehicles can operate on 20 percent ethanol fuel with minor engine modifications, but no formal standards exist for the 27 percent blend. The move aims to reduce reliance on imported fossil fuels, which constitute 85 percent of the country's oil consumption, and to support agricultural diversification by utilizing ethanol derived from sugarcane, broken rice, and other crops. Eleven automobile manufacturers have developed flex-fuel vehicles compatible with higher ethanol blends. The government emphasizes protecting farmers' interests while addressing pollution and energy security concerns through increased ethanol use in fuel.