Non-animal testing models (NAMs) are becoming crucial for the next phase of pharmaceutical growth, especially for India's transition from generic manufacturing to original drug discovery. Currently, only 10-14% of drug candidates entering clinical trials receive regulatory approval, partly due to animal testing's poor predictive accuracy for human body behavior. NAMs, including organoids, organ-on-chip platforms, and AI-enabled computational models, offer human biology-grounded insights, improving predictive accuracy and shortening development timelines. India needs a national framework and clear regulations to integrate NAMs effectively, leveraging its strengths in generics and biosimilars to become a hub for drug discovery and innovation.
- Non-animal testing models (NAMs) are essential for improving drug discovery and reducing reliance on animal testing.
- Animal testing often has poor predictive accuracy, contributing to high failure rates in drug development.
- NAMs like organoids and AI-enabled models offer more human-relevant insights, improving accuracy and speeding up timelines.
Corporate India's Corporate Social Responsibility (CSR) spending increased by 17% year-on-year to ₹40,794 crore in FY25, according to a Fulcrum report based on Ministry of Corporate Affairs data. The cumulative investment over the past decade reached ₹2.61 lakh crore. The report noted a broader participation from firms, with 72,233 CSR projects implemented nationwide, a 21% increase from the previous year. The top 10 companies accounted for 17% of the total CSR expenditure, with Reliance Industries Ltd. being the highest spender at ₹1,309 crore, followed by HDFC Bank Ltd. at ₹1,039 crore.
- Corporate India's CSR expenditure grew by 17% to ₹40,794 crore in FY25.
- The cumulative CSR investment over the last decade has reached ₹2.61 lakh crore.
- A total of 72,233 CSR projects were implemented, indicating broader participation from firms.
Gujarat has been identified as India's leading investment destination, securing the top position among major States in NITI Aayog's first-ever Investment Friendliness Index 2026. The State scored 56.6 points, surpassing Maharashtra (53.7) and Tamil Nadu (53.3). The index evaluates 17 major States across 84 indicators under eight pillars, covering the entire investment lifecycle. Gujarat's success is attributed to its policy stability, investor-centric governance, streamlined business facilitation, and robust industrial infrastructure. The Industrial Extension Bureau (iNDEXTb) and time-bound statutory approvals were highlighted as key contributors to reducing project implementation delays.
- Gujarat secured the top rank in NITI Aayog's first Investment Friendliness Index 2026.
- The index assesses 17 major States based on 84 indicators across eight pillars of the investment lifecycle.
- Gujarat's high ranking is due to policy stability, investor-centric governance, and efficient business facilitation mechanisms.
Promoters and venture capitalists (VCs) of companies listed in the stock market up to July 2026 earned a lower share of the total Offer for Sale (OFS) component compared to the previous year. Their share reduced to 84% of the total OFS proceeds, amounting to ₹10,696 crore, down from 95.5% in CY25. While the overall OFS proceeds still constitute more than half (52%) of the total money garnered from the market, this indicates a shift. The report highlights that VCs' share in total OFS has significantly reduced from over 60% in 2023 to about 36% in 2026, while promoters consistently maintained a minimum of 30% share.
- Promoters and VCs' share in Offer for Sale (OFS) proceeds from IPOs decreased to 84% in CY26 from 95.5% in CY25.
- The total OFS proceeds still account for over half (52%) of the money garnered from the market in CY26.
- VCs' share in total OFS has seen a significant reduction from 60% in 2023 to 36% in 2026.
Chief Minister Rekha Gupta announced that Delhi's public transport fleet will be augmented with 2,800 new air-conditioned low-floor electric buses by August 2028 under Phase I of the PM e-Drive Scheme. This initiative will increase the fleet strength to 14,000 by 2028-29. Of the new buses, 1,400 will be 12-metres long, and the remaining 1,400 will be 9-metres long, deployed on narrow roads and rural areas to enhance last-mile connectivity and extend public transport beyond main corridors. The scheme offers financial assistance of ₹35 lakh for 12-metre buses and ₹25 lakh for 9-metre buses, aiming to improve air quality and provide sustainable public transport.
- Delhi will add 2,800 new electric buses to its public transport fleet by August 2028 under the PM e-Drive Scheme.
- The initiative aims to increase the total fleet strength to 14,000 by 2028-29.
- Shorter 9-metre buses will be deployed in rural and narrow areas to improve last-mile connectivity.
Skyroot Aerospace, a Hyderabad-based private firm, successfully launched its small-satellite launch vehicle Vikram-1 into low-earth orbit, deploying six technology demonstration payloads. This marks India's first private orbital rocket launch, a significant milestone for the country's private space sector, which was opened up by the Centre in 2020. The Vikram-1 is a four-stage rocket, with the first three stages using solid fuel and the fourth liquid fuel. The mission, 'Aagaman', validated key parameters like stage separation, propulsion, guidance, and orbital insertion. While a major achievement, Skyroot faces challenges in the evolving small-satellite launch market, including the need for industrial maturity and access to demand to prove commercial viability.
- Skyroot Aerospace achieved India's first private orbital rocket launch with its Vikram-1 vehicle, deploying six payloads.
- The mission, named 'Aagaman', successfully validated critical flight parameters for the four-stage rocket.
- The private space sector in India was opened in 2020, allowing firms like Skyroot to utilize ISRO infrastructure.
Petrol pump owners are reporting that the hygroscopic nature of ethanol is leading to contamination of E20 fuel, particularly during monsoons and in coastal areas. This occurs because existing underground storage tanks, designed for conventional petrol, allow water ingress. When water content exceeds 0.5%, ethanol binds with water, causing phase separation where a water-ethanol mixture settles at the bottom, leading to vehicles being dispensed contaminated fuel. This results in vehicle malfunctions, financial losses for dealers, and concerns about corrosion of mild steel tanks. Dealers also noted that Oil Marketing Companies (OMCs) discouraged displaying informational boards about E20 issues.
- Ethanol's hygroscopic nature causes E20 fuel contamination, especially in monsoons and coastal areas.
- Water ingress in underground tanks leads to phase separation, resulting in contaminated fuel being dispensed.
- Contaminated E20 fuel can cause vehicle malfunctions, poor driveability, and engine damage.
The Central Board of Direct Taxes (CBDT) will soon enable taxpayers to view information it has received from abroad regarding their foreign assets and incomes. This initiative aims to enhance taxpayer services and promote voluntary tax compliance. Data from over 100 countries, obtained under the Automatic Exchange of Information (AEOI) framework, will be displayed in the Annual Information Statement (AIS) on the Income Tax e-Filing portal. Information for calendar years 2022, 2023, and 2024 is already available, with 2025 data expected by September or October 2026.
- CBDT will provide taxpayers access to their foreign asset and income data received from abroad.
- The initiative aims to enhance taxpayer services and encourage voluntary tax compliance.
- Data from over 100 countries, under the AEOI framework, will be available on the Income Tax e-Filing portal.
The Centre has released the third draft of Corporate Average Fuel Economy (CAFE III) norms for passenger vehicles, effective from April 2027. The revised norms will recognize ethanol, compressed biogas (CBG), and other biofuels, allowing manufacturers to claim specified reductions in declared tailpipe carbon dioxide emissions. The draft retains a flatter weight-adjustment curve, which reduces the compliance advantage previously available to heavier SUVs. Fleet-wide emission targets are tightened, with compliance assessed over two blocks (three-year and two-year periods), aiming for progressive improvement in fuel efficiency.
- The third draft of CAFE III norms for passenger vehicles will be effective from April 2027.
- The norms recognize biofuels like ethanol and compressed biogas (CBG) for reducing CO2 emissions.
- A flatter weight-adjustment curve is retained, reducing compliance benefits for heavier SUVs.
NITI Aayog has unveiled a roadmap proposing a ₹50,000-crore BioEconomy Growth Fund and six National BioMissions to position India among the top three biotechnology powers by 2035. The strategy aims to expand India's bioeconomy from $195.3 billion in 2025 to $691 billion by 2035, and $2.6 trillion by 2047, while creating over 30 million high-value jobs. The fund will provide blended finance and infrastructure support to bridge the 'valley of death' between research and commercial-scale manufacturing. The BioMissions will focus on areas like gene therapies, climate-resilient crops, synthetic biology, infectious diseases, marine biotechnology, and biologics.
- NITI Aayog's roadmap aims to make India a top three biotechnology power by 2035.
- A ₹50,000-crore BioEconomy Growth Fund is proposed to support biomanufacturing and advanced therapeutics.
- The strategy targets expanding India's bioeconomy to $691 billion by 2035 and creating over 30 million high-value jobs.
Maharashtra's Mukhyamantri Majhi Ladki Bahin Yojana, providing ₹1,500 monthly to eligible women, is under scrutiny following a significant reduction in beneficiaries from 2.43 crore to 1.66 crore after verification rounds. The Comptroller and Auditor General (CAG) also flagged 'significant deficiencies' in the scheme's implementation, including unjustified excess expenditure of ₹3,541.16 crore and reappropriation of funds from other schemes like Lek Ladki Yojana. The CAG criticized the scheme for undermining budgetary discipline and financial propriety. The Opposition has accused the government of using the scheme for electoral gains and demanded restoration of benefits and an inquiry.
- The Mukhyamantri Majhi Ladki Bahin Yojana provides ₹1,500 monthly to eligible women in Maharashtra.
- The number of beneficiaries has significantly dropped from 2.43 crore to 1.66 crore after verification, attributed to e-KYC issues.
- The CAG reported 'significant deficiencies' in the scheme, including ₹3,541.16 crore in excess expenditure.
The India-U.K. Double Contributions Convention (DCC), which came into effect on Wednesday, allows temporary Indian and British workers an exemption from paying social security contributions in their host countries for up to 60 months. However, the guidance from His Majesty's Revenue and Customs (HMRC) clarifies that the DCC is not retrospective. This means it does not apply to individuals already working in the U.K. or India before July 15, 2026. To avail the exemption, eligible workers must obtain a 'certificate of coverage' from India's Employees' Provident Fund Organisation (EPFO) as proof of contributions in India.
- The India-U.K. Double Contributions Convention (DCC) became effective on Wednesday.
- The DCC allows temporary workers a 60-month exemption from host country social security contributions.
- The pact is not retrospective, applying only to employees arriving on or after July 15, 2026.
The Reserve Bank of India (RBI) has issued 'Guidance on Regulatory Expectations for Data Governance' for banks and other Regulated Entities (REs). This comprehensive framework aims to strengthen data quality, accountability, risk management, and security across the banking system, ensuring compliance with the Digital Personal Data Protection (DPDP) Act, 2023. Recognizing data as a critical asset in an increasingly digitalized financial sector, the RBI mandates REs to establish a Data Governance Framework (DGF) proportionate to their size and complexity, covering all aspects of data management and requiring annual reviews.
- RBI issued new data governance guidance for banks and other Regulated Entities (REs).
- The framework aims to enhance data quality, accountability, risk management, and security.
- It ensures compliance with the Digital Personal Data Protection (DPDP) Act, 2023.
Prime Minister Narendra Modi stated that the India-U.K. Comprehensive Economic and Trade Agreement (CETA), effective Wednesday, will significantly benefit Indian farmers, entrepreneurs, and MSMEs. He highlighted that the deal will provide enhanced market access for various Indian sectors, deepen cooperation in technology, professional services, and innovation, and improve mobility for skilled Indian talent through the Double Contribution Convention. The CETA aims to provide duty-free access for 99% of exports, particularly benefiting textile exporters and opening new frontiers for IT, financial, education, and healthcare services, contributing to India's global competitiveness.
- The India-U.K. Comprehensive Economic and Trade Agreement (CETA) became effective on Wednesday.
- PM Modi stated that CETA will boost incomes for Indian farmers, entrepreneurs, and MSMEs.
- The agreement aims to enhance market access for Indian exports and improve mobility for skilled talent.
The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, has approved several major projects. These include ₹1.27 lakh crore for India Semiconductor Mission 2.0, aiming to attract ₹4 lakh crore in investments and achieve ₹2 lakh crore in production. A ₹62,500 crore outlay was approved for the Mobile Phone Manufacturing Scheme (MPMS) to boost local production and Indian brands. Additionally, nine new gas-based urea plants with a capacity of 10 million tonnes were sanctioned under the New National Investment Policy for Urea (NIPU-2026) to achieve self-reliance. Two highway projects worth ₹25,400 crore were also cleared for Varanasi to ease congestion.
- The CCEA approved India Semiconductor Mission 2.0 with a significant outlay to boost domestic chip manufacturing.
- The Mobile Phone Manufacturing Scheme (MPMS) received approval to scale up local production and promote Indian brands.
- Nine new gas-based urea plants were sanctioned under NIPU-2026 to achieve self-reliance in fertilizer production.
An analysis by LibTech India indicates a marginal dip in registered (2.5%) and active (2.43%) workers in rural job schemes following the transition from MGNREGS to the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission Gramin (VB-G RAM G) on July 1, 2026. The Rural Development Ministry, however, disputed these findings, attributing changes to continuous verification and stating that no complaints of employment denial due to e-KYC or face authentication issues have been received. The analysis highlights that states like Bihar, Uttar Pradesh, and Telangana accounted for a significant portion of the decline, raising concerns about the impact of digital compliance measures on worker numbers.
- A marginal dip in registered and active rural job scheme workers was observed after the program transition.
- The transition occurred from MGNREGS to Viksit Bharat Guarantee for Rozgar and Ajeevika Mission Gramin (VB-G RAM G).
- The Rural Development Ministry disputes the findings, citing continuous verification of records.
Iran's recent actions in the Strait of Hormuz and its strategy of targeting Gulf neighbors, while achieving tactical successes, are proving to be strategic blunders. This disruptive approach, rooted in challenging 'Western imperialism' and supporting proxies like Hezbollah, Hamas, and Houthis, has alienated Iran from most of the world, except Russia, China, and North Korea. India has maintained a transactional relationship, reducing Iranian crude imports and co-sponsoring UN resolutions condemning Iran's aggression. The author argues that Iran needs to acknowledge the limits of its current geopolitical advantage and seek legitimate leverage through diplomatic means, such as de-freezing assets and widening energy flow, to achieve sustained economic progress.
- Iran's disruptive strategy, involving actions in the Strait of Hormuz and supporting proxies, is alienating it globally.
- India has maintained a transactional relationship with Iran, reducing crude imports and condemning its aggressive actions.
- Iran's tactical successes have widened the chasm between itself and most of the world.
India's June trade data reveals a 430% jump in the trade deficit, primarily driven by increased imports of crude oil, gold, fertilizers, and electronic goods. While rising crude and gold prices reflect global uncertainties, the significant increase in electronic goods imports signals growth in domestic manufacturing, as more parts are needed to fuel this sector. Merchandise exports showed strong growth, rising 15.5% in June and 16% in Q1, indicating quick diversification. However, service exports grew slower at 2.9% in June and 6.2% in Q1, suggesting a need for continued focus to leverage India's advantage in this area.
- India's trade deficit surged by 430% in June, mainly due to higher imports of crude, gold, fertilizers, and electronics.
- Increased electronic goods imports reflect the growth of India's manufacturing and assembly sector.
- Merchandise exports demonstrated robust growth of 15.5% in June and 16% in Q1, indicating rapid diversification.
The U.S. and Iran have resumed hostilities, with both sides launching strikes across West Asia. The U.S. Central Command reported targeting Iranian military capabilities in the Strait of Hormuz, while Iranian media reported explosions near key port cities. Iran's Revolutionary Guards claimed to target the U.S. Fifth Fleet and threatened to halt all energy exports from West Asia if the blockade continues. This renewed conflict has led to Brent crude oil prices nearing $85 a barrel and has reportedly 'dismantled' a recent peace memorandum, escalating regional tensions.
- The U.S. and Iran have launched renewed strikes on targets across West Asia, escalating conflict.
- Iran threatened to halt all energy exports from West Asia in response to the U.S. blockade.
- Brent crude oil prices have surged to nearly $85 a barrel due to heightened uncertainty about energy flows.
Wholesale Price Index (WPI) inflation increased to 9.87% in June, up from 9.68% in May. This rise was primarily driven by a sharp spike in prices of food articles and non-food articles. Food inflation alone rose to 5.49% in June, attributed to a rainfall deficit due to the El Niño impact. Other major contributors to the WPI inflation included mineral oils, manufactured basic metals, and chemicals and chemical products. The WPI data is based on the 2022-23 base year.
- Wholesale Price Index (WPI) inflation rose to 9.87% in June from 9.68% in May.
- The increase was primarily due to higher prices of food articles and non-food articles.
- Food inflation rose significantly to 5.49% in June, partly due to the El Niño impact causing rainfall deficit.
The government's inaugural Index of Services Production (ISP) reveals that 14 out of 19 sub-sectors experienced double-digit growth in April 2026. Accommodation and food, retail trade, administrative and support services, and real estate were among the best-performing sectors. The ISP, designed as the services sector counterpart to the Index of Industrial Production (IIP), represents a significant milestone in strengthening India's statistical system and improving the measurement of the services sector, which accounts for over half of the country's economic activity. The base year for the trial ISPs is 2024-25.
- The inaugural Index of Services Production (ISP) has been released by the government.
- 14 out of 19 sub-sectors in the services sector showed double-digit growth in April 2026.
- Top-performing sectors included accommodation and food, retail trade, and real estate.
The Government of India has issued a notification banning the import of goods manufactured using forced labour, a significant step towards securing an interim trade agreement with the U.S. This move comes as the U.S. is conducting a probe into countries, including India, for allegedly failing to enforce prohibitions on forced labour, proposing a 12.5% tariff. India had protested these proposed tariffs. The ban aligns India's trade framework with international standards, as defined by the ILO Forced Labour Convention, 1930 (No. 29).
- India has banned the import of goods produced using forced labour.
- This policy shift aims to facilitate an interim trade agreement with the U.S.
- The U.S. is investigating India and other countries for failing to enforce forced labour prohibitions.
The India-U.K. Comprehensive Economic and Trade Agreement (CETA) and the Double Contribution Convention (DCC) are set to come into force today, described by Commerce Secretary Rajesh Agrawal as a 'gold standard' and one of India's most ambitious FTAs. The CETA will see the U.K. immediately eliminate tariffs on 96.8% of its lines, while India will do so on 30.3%. The DCC is a 'game changer' for India's services sector, exempting Indian workers and employers from double social security contributions for five years, benefiting over 75,000 Indian workers.
- The India-U.K. Comprehensive Economic and Trade Agreement (CETA) and Double Contribution Convention (DCC) come into force today.
- The CETA is hailed as a 'gold standard' and one of India's most ambitious free trade agreements.
- The U.K. will immediately eliminate tariffs on 96.8% of its tariff lines, covering 97.7% of trade value.
Prime Minister Narendra Modi's recent visits to Australia and New Zealand underscore India's increased focus on strategic partnerships in the Indo-Pacific, aiming to manage global uncertainties and protect its vital interests. These visits reflect India's Act East Policy and MAHASAGAR vision. With Australia, India adopted a new Joint Declaration on Defence and Security Cooperation, enhancing interoperability and establishing an Annual Defence Ministers' Dialogue. A formal strategic partnership with New Zealand includes maritime cooperation and mutual logistics support, alongside efforts to expand bilateral trade and explore agricultural cooperation.
- PM Modi's visits to Australia and New Zealand signify India's enhanced focus on strategic partnerships in the Indo-Pacific.
- India aims to manage global uncertainties and protect its vital interests through these partnerships.
- With Australia, a new Joint Declaration on Defence and Security Cooperation was adopted, enhancing military interoperability.