Economy

The reform booster shot that transformed India into pharmacy of the world

From generics to global leadership, India's pharmaceutical industry has transformed since 1991. Its next challenge is becoming a global hub for breakthrough drug innovation

Macro fundamentals of Indian economy remain strong amid global challenges

The domestic financial system remains resilient, underpinned by strong bank and non-bank balance sheets, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Rajya Sabha.

New urea policy revives self-reliance push, but demand keeps racing ahead

The Centre's new investment policy could attract up to Rs 1 trillion into urea production, but rising demand, subsidy distortions and weak private participation may keep India reliant on imports

India's industrial output growth at 23-month high of 7.3% in June

Manufacturing output growth witnessed a sharp uptick during the month, accounting for most of the improvement over May

Centre shifts export strategy, aims to give state govts bigger role

Plan comes at a time when WTO urged India to address structural challenges

ADB commits $1 bn to support sustainable growth, Indian cities' resilience

ADB also approved a USD 850-million loan to support reforms that will speed up the rollout of the Government of India's flagship rooftop solar programme

US, Japan urge India to address export restrictions in farm sector

The US and Japan urged India at the WTO to ease agricultural export restrictions, improve trade predictability and address non-tariff barriers during its Trade Policy Review

GST ITC fraud detections jump to ₹74,782 cr in FY26; cases more than double

Central tax authorities detected ITC fraud worth Rs 74,781.56 crore across 30,162 cases in FY26 as analytics, biometric checks and enforcement measures strengthened detection

Infrastructure projects see cost overrun of ₹4.92 trillion: Mospi

Infrastructure projects worth above Rs 150 crore each registered a cumulative cost overrun of around Rs 4.92 trillion, according to a monthly government report for June 2026

India faces 'stagflationary shock' amid upside risks to food prices: BMI

The Fitch Solutions unit says higher food prices could push up inflation and curb GDP growth as El Niño and West Asia tensions threaten agricultural output and input costs

Industry seeks 3-month extension for GST e-way bill changes from August 1

Trade bodies urge the finance ministry to defer GSTN's e-way bill changes, citing technology upgrades, testing needs and concerns over commercial confidentiality

No assessment on whether higher tobacco taxes hurt farmers' incomes: Govt

The government told Parliament it has no assessment on whether higher tobacco taxes hurt farmers' incomes, while citing higher exports, better prices for FCV growers and anti-tax evasion measures

Govt plans to source up to a quarter of LPG imports from US in 2027

New Delhi faced its worst ‌LPG shortage earlier this year after the Iran war and closure of the Strait of Hormuz disrupted supplies

35 years of liberalisation: How the 1991 BoP crisis forced historic reforms

A balance of payments crisis, emergency gold pledges, and a reform-driven Budget in 1991 set India on the path towards economic liberalisation

US widens foreign exchange review, keeps India off currency watch list

US Treasury expands its assessment framework for exchange-rate policies while concluding that India did not manipulate the rupee to gain a trade advantage

Reserve Bank of India gets govt's nod to issue ₹10, ₹20 polymer banknotes

The central bank will issue 1 billion each of ₹10 and ₹20 polymer banknotes for field trials before taking a call on their regular issuance

Farm R&D drove a third of India's increase in agri output in 2025: Icar

Icar estimates agricultural R&D contributed around Rs 55,000 crore, or a third, to the increase in India's farm output value between 2024 and 2025, its latest analysis shows

Number of individuals reporting ₹100 crore-plus income rises to 576

The government told the Lok Sabha that the number of taxpayers reporting gross total income of ₹100 crore or more has quadrupled since assessment year 2021-22

TN govt taps Montek Singh Ahluwalia to chart roadmap for boosting revenue

Six-member panel will recommend measures to improve tax and non-tax revenues, enhance compliance and fiscal self-reliance amid the state's rising debt burden

SC backs taxpayers, rules out GST on industrial lease rights transfer

The apex court dismissed the Centre's petitions against the Gujarat High Court ruling, holding that transfers of long-term GIDC industrial leasehold rights are not subject to GST