The Centre has removed all restrictions on the sale of diesel and petrol across the country, effective July 1. This includes lifting the daily cap of 200 litres per consumer on retail diesel sales and allowing industrial consumers to purchase fuels from retail pumps. The Union Petroleum Ministry stated that these temporary measures, initially imposed on June 12 to combat black marketing, diversion, and hoarding, were successful in ensuring adequate availability. The withdrawal signifies an improvement in the supply situation and the restoration of normal supply arrangements, building on a previous order that restored LPG supply levels.
- All restrictions on the sale of diesel and petrol have been removed by the Centre, effective July 1.
- The daily retail cap of 200 litres per consumer for diesel has been lifted.
- Industrial and commercial consumers are now permitted to purchase fuels from retail outlets.
India's industrial activity accelerated to a five-month high of 5.1% in May, driven by strong performances in manufacturing, electricity, capital goods, and consumer goods sectors. The Ministry of Statistics and Programme Implementation updated the Index of Industrial Production (IIP) series, changing the base year to 2022-23 and adopting the Producer Price Index (PPI) instead of the Wholesale Price Index (WPI) for value-based outputs. This methodological change is expected to significantly impact growth figures and GDP data. While manufacturing grew 5.5%, the mining and quarrying sector contracted for the fifth consecutive month.
- India's industrial output grew by 5.1% in May, marking a five-month high.
- The growth was primarily driven by manufacturing, electricity, capital goods, and consumer goods sectors.
- The Index of Industrial Production (IIP) series has been updated with a new base year of 2022-23.
Prime Minister Narendra Modi, in his Mann Ki Baat address, lauded India's increasing self-reliance in defence manufacturing, designating June as a "landmark month." He highlighted the maiden flight of the first made-in-India C-295 transport aircraft and the successful test of the indigenous Long-Range Land-Attack Cruise Missile (LRLACM). Modi also noted the induction of indigenously designed and built warships like INS Dunagiri, INS Shanshak, and INS Agrya into the Indian Navy. Beyond defence, he thanked citizens for their positive response to his call for austerity amid the West Asia crisis, citing examples like carpooling and recycling old gold. He also praised community initiatives for environmental conservation and youth sports, such as Nagaland's 'Baby League' football.
- PM Modi emphasized India's growing self-reliance in defence manufacturing, marking June as a significant month for the sector.
- Key achievements include the maiden flight of the first made-in-India C-295 transport aircraft and the successful test of the indigenous LRLACM.
- The induction of indigenously designed and built warships into the Indian Navy further demonstrates India's 'Atmanirbhar Bharat' vision in defence.
The article details the upcoming India-UK Free Trade Agreement (FTA), also known as the Comprehensive Economic and Trade Agreement (CETA), which comes into force on July 15. This landmark deal is projected to significantly boost India's GDP by £5.1 billion, the UK's GDP by £4.8 billion, and increase bilateral trade by £25.5 billion annually. The agreement, spanning 30 chapters, aims to reduce tariffs on 99% of UK tariff lines for Indian products and 90% for UK products in India, benefiting key sectors like textiles, IT, and aerospace. It also includes unprecedented provisions on customs, digital trade, services, anti-corruption, gender, development, labour, and environmental commitments, while ensuring protections for domestic producers.
- The India-UK FTA (CETA) is a landmark agreement set to come into force on July 15, significantly enhancing bilateral trade.
- The deal is projected to boost both India's and the UK's GDPs and substantially increase annual bilateral trade.
- It is a comprehensive agreement covering 30 chapters, aiming for extensive tariff reductions on products from both countries.
Tensions between the US and Iran have escalated significantly, particularly concerning the Strait of Hormuz, a critical oil transit choke point. The US 'maximum pressure' campaign, initiated after withdrawing from the 2015 nuclear deal (JCPOA), has led Iran to retaliate by enriching uranium beyond agreed limits and seizing tankers. This has raised fears of a military confrontation and disrupted global oil markets. Regional actors like Saudi Arabia and UAE are caught in the middle, while European powers struggle to de-escalate. The situation underscores the fragility of Gulf security and the challenges in finding a diplomatic resolution amid conflicting interests and a 'shipwrecked' international order.
- US-Iran tensions have intensified, primarily over the Strait of Hormuz and Iran's nuclear program.
- The US 'maximum pressure' campaign, following its withdrawal from the JCPOA, has prompted Iran's retaliatory actions, including uranium enrichment and tanker seizures.
- The escalating conflict poses a significant threat to regional stability and global oil supplies.
The Viksit Bharat-Guarantee for Rozgar and Aajeevika Mission (Gramin) (VB-G RAM G) is set to launch on July 1, replacing MGNREGA. At least five states have requested a revision of wage rates, while four objected to the 60 non-working days provision during peak agricultural season. Bihar, Madhya Pradesh, and Jharkhand explicitly sought reconsideration of the proposed 40% state share in the funding pattern, finding it difficult to bear. States like Punjab also criticized the blackout period, arguing it reduces workers' bargaining power. The Centre's response to an RTI plea revealed these concerns, highlighting delays in wage payments and the inadequacy of interim allocations for states to meet work commitments.
- The new Viksit Bharat-Guarantee for Rozgar and Aajeevika Mission (Gramin) (VB-G RAM G) is replacing MGNREGA from July 1.
- Several states have raised concerns regarding the proposed wage rates and the 60-day blackout period during peak agricultural season.
- Three BJP-ruled states, Bihar, Madhya Pradesh, and Jharkhand, have explicitly requested a reconsideration of the 40% state share in the funding pattern.
The Union Health Ministry has proposed amendments to the Drugs Rules, 1945, to simplify the procedure for importing drugs for examination, test, or analysis. An acknowledgement-based system will replace licensing for importing small quantities of drugs for analytical and non-clinical testing, except for certain sensitive categories. This deregulation aims to boost the R&D sector and promote ease of doing business in the pharma sector. Additionally, the Ministry proposes revising the minimum residual shelf-life norm for imported drugs to 12 months, ensuring sufficient time for distribution and consumption, though biological products and radiopharmaceuticals retain the 60% norm due to their specialized nature.
- The Union Health Ministry proposes amendments to the Drugs Rules, 1945, to simplify drug import procedures for testing and R&D.
- An acknowledgement-based system will be introduced for importing small quantities of drugs, replacing the need for licenses, except for specific sensitive drug categories.
- This deregulation is intended to boost the pharmaceutical R&D sector and improve ease of doing business.
This article critiques the narrative of India as the world's fastest-growing major economy, arguing that deep structural weaknesses and external shocks threaten its long-term prospects. It highlights India's heavy reliance on imported energy and fertilizers, leading to trade deficits and rupee depreciation. The author points to the weakening of rural safety nets like MGNREGA, cautious international investor sentiment, and India's marginal presence in critical 21st-century technologies (AI, semiconductors). The piece concludes that the promised manufacturing revolution and demographic dividend utilization have not materialized, leading to concentrated wealth and socialized burdens, urging for a shift towards public investment and social protection.
- India's economic growth narrative is undermined by vulnerabilities such as heavy dependence on imported energy and fertilizers.
- Rising fuel costs and a weak monsoon threaten to exacerbate inflation and reduce rural incomes, weakening domestic consumption.
- The government's weakening of rural safety nets like MGNREGA has increased economic uncertainty for millions.
The proposed India-New Zealand Free Trade Agreement (FTA) aims to boost bilateral trade, which has historically been modest despite untapped potential. Beyond traditional tariff reductions, the FTA emphasizes addressing non-tariff barriers, trade facilitation measures, and robust compliance mechanisms. India offers duty-free access across 100% of its tariff lines to New Zealand, while cautiously protecting sensitive domestic sectors like dairy. The agreement is also expected to significantly benefit India's services sector, including technology and healthcare, through improved market access and mobility provisions. Businesses are urged to prioritize compliance with Rules of Origin (RoO) and strengthen supply-chain documentation to maximize benefits.
- The India-New Zealand FTA seeks to enhance bilateral trade, which has been modest despite untapped potential.
- Modern FTAs, like this one, go beyond tariff reductions to include trade facilitation, non-tariff barrier resolution, and robust compliance mechanisms.
- India provides duty-free access for 100% of New Zealand's tariff lines but protects sensitive domestic sectors.
The article highlights the growing collaboration between India and South Korea in the shipbuilding industry, a strategic sector India aims to revive. Recent high-level interactions, including South Korean President Lee Jae Myung's visit, have led to MoUs and investment plans from major Korean shipbuilding firms like Samsung Heavy Industries and HD Korea Shipbuilding. These partnerships are expected to provide India with crucial design, engineering expertise, and technology, helping develop human capital and a competitive industrial ecosystem. While India has ambitious targets for its maritime sector by 2030 and 2047, policy and operational gaps need to be addressed through regulatory reforms and sustained support.
- India is actively pursuing collaboration with South Korea to revive and strengthen its shipbuilding industry.
- Major South Korean firms are investing in India, bringing expertise and technology to enhance India's shipbuilding capabilities.
- The partnership aims to develop human capital and establish a holistic, cluster-led shipbuilding ecosystem in India.
The Union Mines Ministry announced that 56 critical and strategic mineral blocks have been cumulatively auctioned across all tranches to date. This update came after the completion of the seventh tranche of auctions, which saw 10 critical and strategic mineral blocks successfully auctioned. The seventh tranche, initiated on March 23 this year, originally offered 19 mineral blocks. The Ministry also confirmed the completion of the second tranche of exploration licence auctions, indicating ongoing efforts to boost domestic mineral production and reduce import dependency for critical minerals essential for various industries and national security.
- 56 critical and strategic mineral blocks have been cumulatively auctioned across all tranches.
- The seventh tranche of auctions resulted in the auction of 10 critical and strategic mineral blocks.
- The seventh tranche initially offered 19 mineral blocks, commencing on March 23, 2026.
The External Affairs Ministry stated that the signing of a 14-point Memorandum of Understanding (MoU) between Iran and the United States on June 17 has positively impacted the flow of energy and fertilizers to India. Ministry spokesperson Randhir Jaiswal confirmed two-way traffic of India-specific vessels through the Strait of Hormuz since the MoU. He reported that 11 India-bound vessels, including crude oil tankers and bulk carriers with fertilizer cargo, have transited the strait. Ten Indian-flagged vessels remain in the Persian Gulf, with two recently arrived, and hopes were expressed for their swift passage. This indicates a partial normalization of maritime traffic, which had faced chokehold for nearly three and a half months due to the West Asia war.
- A 14-point MoU between Iran and the U.S. has positively influenced energy and fertilizer flow to India.
- India-specific vessels have resumed two-way traffic through the Strait of Hormuz since June 17.
- 11 India-bound vessels, including crude oil tankers and fertilizer carriers, have transited the strait.
The article critiques India's industrial decarbonisation strategy, stating that while it's central to climate goals, current policies primarily target well-defined heavy-emitting sectors, overlooking a significant portion of industrial emissions. The First Biennial Transparency Report (BTR1) shows that over 40% of industrial emissions come from "non-specific industries," a vague category not subject to the same energy efficiency mandates or emission-reduction targets as specified sectors under schemes like Perform, Achieve and Trade (PAT) or Carbon Credit Trading Scheme (CCTS). This policy gap hinders the green transition. The authors emphasize the urgent need for disaggregated data and identification of these sub-sectors to effectively decouple industrial growth from greenhouse gas emissions and achieve net-zero targets.
- India's industrial decarbonisation strategy is crucial but currently overlooks a large segment of industrial emissions.
- Over 40% of industrial emissions originate from "non-specific industries," a vaguely defined category.
- These "non-specific industries" are not adequately covered by existing mitigation policies like PAT or CCTS.
The article argues that India has a strong history of technological vision and innovation but often struggles to translate early leadership into globally dominant industries. Examples like Semiconductor Complex Limited (SCL), ECIL, and Simputer show that despite pioneering efforts, issues such as limited capital, inadequate scale, inconsistent policy support, and an inward-looking public sector approach prevented global competitiveness. The author highlights successful models like the pharmaceutical industry, PARAM supercomputing, Aadhaar, and UPI, which achieved global scale. India now faces a similar challenge with emerging technologies like AI, quantum computing, and space technologies. The key is to build, scale, commercialize, and create globally competitive enterprises, making intelligence affordable and ubiquitous, and focusing on cost reduction and practical applications.
- India has a history of technological vision and indigenous innovation but often fails to scale these into globally competitive industries.
- Past examples like SCL, ECIL, and Simputer demonstrate how lack of capital, scale, and consistent policy hindered global dominance.
- Success stories like the pharmaceutical industry, PARAM programme, Aadhaar, and UPI show India's capability to achieve global scale.
The editorial highlights increasing economic distress in India, exacerbated by the West Asia crisis, which has revealed underlying weaknesses. The Index of Eight Core Industries grew only 0.5% in May 2026 and 1.1% in FY 2025-26, indicating anemic growth. Domestic crude oil and natural gas sectors continued to contract, missing strategic goals despite rising oil imports. Coal production also contracted, raising concerns for electricity generation. Furthermore, Goods and Services Tax (GST) revenue from domestic transactions contracted 2.6% in May 2026, with an average growth of only 3.1% over the last six months. This points to a demand problem, driven by low real wage growth and rising inflation, underscoring the need for hard-hitting reforms.
- The West Asia crisis has exposed significant economic distress and underlying weaknesses in the Indian economy.
- The Index of Eight Core Industries showed anemic growth of 0.5% in May 2026 and 1.1% in FY 2025-26.
- Domestic crude oil and natural gas production continued to contract, and coal production also saw a decline.
A Comptroller and Auditor General of India (CAG) report on Kerala's finances for 2024-25, tabled in the Assembly, highlighted that the State's economy (GSDP) grew by 9.97% but revenue receipts saw a "negligible growth" of 0.30% over 2023-24. This marked a decadal low in revenue receipts as a percentage of GSDP. The report noted that committed expenditure (salaries, pensions, interest payments) accounted for approximately 79% of revenue receipts, stressing an "urgent need for expenditure reform" to enhance fiscal flexibility. Another CAG report also criticized the practice of withdrawing funds from Treasury Savings Bank (TSB) accounts, including public contributions to the Chief Minister's Disaster Relief Fund (CMDRF).
- Kerala's GSDP grew by 9.97% in 2024-25, but revenue receipts showed only 0.30% growth, a decadal low.
- Committed expenditure constituted about 79% of revenue receipts, indicating a need for urgent spending reforms.
- The CAG recommended improved targeting and prudent management of salary and pension commitments.
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu expressed concern over the Central government's decision to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission Gramin (VB-G RAM G) scheme. He warned that this change could severely impact around 12 lakh workers in the State. The CM highlighted inadequate wage rates (₹247-₹309 per day) under the proposed VB-G RAM G, given the State's geographical conditions and cost of living. He directed officials to seek a reasonable increase from the Centre and emphasized providing work according to need, not predetermined limits.
- Himachal Pradesh CM Sukhvinder Singh Sukhu raised concerns about the new VB-G RAM G scheme replacing MGNREGA.
- The CM fears the new scheme could adversely affect 12 lakh workers in Himachal Pradesh.
- He criticized the proposed wage rates of ₹247-₹309 per day as inadequate for the State's conditions.
This article argues that high oil prices are inadvertently benefiting Chinese exports and accelerating the global shift towards electric vehicles (EVs). It explains that as oil remains expensive, countries are increasingly turning to China for cheaper manufactured goods, including EVs, batteries, and solar panels, which China produces efficiently due to its scale and subsidies. This trend is strengthening China's position as a global manufacturing hub and a leader in green technologies. The article suggests that while India also aims to boost manufacturing, it needs to address its reliance on imported components and focus on competitive pricing to truly benefit from this global shift.
- High oil prices are inadvertently boosting Chinese exports, particularly in manufactured goods and green technologies.
- Countries are increasingly sourcing EVs, batteries, and solar panels from China due to its cost-effectiveness and scale.
- This trend is strengthening China's position as a global manufacturing hub and a leader in green technologies.
This article examines the economic and social challenges faced by millennials, who are often caught between the expectations of older generations and the realities of a changing world. It highlights that millennials are grappling with stagnant wages, rising costs of living, and a competitive job market, making it difficult to achieve traditional markers of success like homeownership. The article also touches upon the psychological impact of these pressures, including increased stress and mental health concerns. It suggests that policymakers need to understand and address the unique challenges faced by this demographic to ensure their economic stability and social well-being, rather than applying outdated frameworks.
- Millennials face significant economic and social challenges, including stagnant wages and rising living costs.
- They struggle to achieve traditional markers of success like homeownership due to economic pressures.
- The competitive job market and economic instability contribute to increased stress and mental health concerns among millennials.
This article discusses the challenging political and economic landscape awaiting Britain's next Prime Minister, following Keir Starmer's resignation. The author suggests that the new leader will inherit a deeply divided country grappling with economic instability, high inflation, and the ongoing repercussions of Brexit. The article highlights the need for a leader who can unite the Labour Party, address the cost-of-living crisis, and navigate complex international relations. It emphasizes that the next PM faces the daunting task of rebuilding trust, fostering economic growth, and defining Britain's role on the global stage, requiring strong leadership and a clear vision.
- Britain's next Prime Minister faces a challenging inheritance of economic instability and a divided country.
- The country is grappling with high inflation, a cost-of-living crisis, and the ongoing repercussions of Brexit.
- The new leader will need to unite the Labour Party and address internal divisions.
This article argues that despite India's economic growth, the benefits are not translating effectively into improved wellbeing for all citizens, particularly the poor. It highlights that while GDP has grown, consumption expenditure for the bottom 50% has declined, and the share of food in total consumption has increased, indicating a struggle with basic necessities. The article points out that real wages have not kept pace with inflation, and unemployment remains a concern, especially among the youth. It suggests that the current economic model needs reforms to ensure that growth is more inclusive, focusing on improving living standards, reducing inequality, and addressing issues like food prices and employment.
- Despite India's economic growth, the wellbeing of the poor has not significantly improved.
- Consumption expenditure for the bottom 50% of the population has declined, and food's share in total consumption has increased.
- Real wages have not kept pace with inflation, impacting the purchasing power of the working class.
This article discusses the potential benefits of the India-UK Free Trade Agreement (FTA), highlighting new opportunities across various sectors in India. It emphasizes that the FTA will boost exports of Indian agricultural products like fruits, vegetables, and spices, benefiting farmers. It also foresees increased opportunities for Indian professionals in the UK and growth in manufacturing, textiles, and automotive sectors. The agreement is expected to enhance bilateral trade, reduce tariffs, and improve market access, contributing to India's goal of becoming a global manufacturing hub and a $10 trillion economy by 2035. The article also notes the importance of addressing non-tariff barriers and ensuring fair competition.
- The India-UK Free Trade Agreement (FTA) is expected to create new opportunities across various Indian sectors.
- It will boost exports of Indian agricultural products, benefiting farmers and the agriculture sector.
- The FTA is anticipated to increase opportunities for Indian professionals in the UK and growth in manufacturing and textiles.
This article analyzes the reasons behind Keir Starmer's resignation as British Prime Minister and Labour Party leader, following a significant defeat in the general election. Despite inheriting a party at a low point, Starmer initially improved Labour's standing by focusing on economic stability and public services. However, his government faced challenges including high inflation, rising interest rates, and a cost-of-living crisis. The article suggests that while he managed to stabilize the economy, public dissatisfaction with the Conservatives and the desire for change ultimately led to Labour's downfall. The article also touches upon the impact of Brexit and the Northern Ireland Protocol on the political landscape.
- Keir Starmer resigned as British Prime Minister and Labour Party leader after a significant general election defeat.
- His government faced challenges including high inflation, rising interest rates, and a cost-of-living crisis.
- Despite initial improvements in Labour's standing, public dissatisfaction with the ruling party contributed to his downfall.
This article argues that India should transition away from paying publishers for academic research, following a global trend towards open access. It highlights that India, despite being the third-largest producer of academic publications, spends significantly on journal subscriptions. The article points out that the current system, where researchers publish in journals and institutions then pay for access, is inefficient. It references the "Rights Retention Strategy" adopted by Plan S countries and the EU, which mandates immediate open access. The author suggests that India, with its large research output and public funding, should adopt similar policies to ensure publicly funded research is freely available, enhancing its global influence and research ecosystem.
- India, as the third-largest producer of academic publications, spends heavily on journal subscriptions despite public funding for research.
- The current system of paying publishers for publicly funded research is inefficient and restricts access.
- There is a global movement towards open access, with initiatives like Plan S mandating immediate public availability of research.