Customs Duty on Gold/Silver Hiked to 15% from 6% to Reduce CAD, Support Rupee

Govt Collects Rs 10,463 Cr from Gold, Silver, Platinum Duty Hike (May 13-Aug 2, 2026)

The central government raised customs duty on gold, silver, and platinum on May 13, 2026, to curb imports and protect the rupee amid West Asia crisis. Within under 3 months (May 13-Aug 2), it collected Rs 10,463 crore in additional revenue, with gold alone contributing Rs 10,040 crore. This is a high-yield fiscal move with direct Prelims and Mains implications for Economy and Trade.

NDB Approved 139 Projects Worth $43 Billion; India Urged to Expedite Rupee Bond at BRICS

The 18th BRICS Summit concluded in New Delhi, highlighting India's strategic dilemma between non-West and anti-West identities. The New Development Bank (NDB) remains a practical tool, but its limited lending ($43 billion in 139 projects over a decade) and slow disbursement ($20 billion) lag behind AIIB. India must push the long-delayed rupee bond and expand local-currency lending to reduce dollar dependence without strengthening China's position.

RBI Steps Up Rupee Internationalisation Push: BRICS Task Force, UPI & CBDC for Faster Cross-Border Payments

RBI Governor Sanjay Malhotra announced a renewed push for rupee internationalisation at a FICCI-IBA event. The RBI is exploring faster cross-border payments via UPI linkages, CBDCs, and a BRICS task force. MoUs have been signed with UAE, Mauritius, Maldives, and Indonesia to promote local currency trade, aiming to reduce dollar dependence and strengthen the rupee's global role.

India-Canada CEPA Talks: 5th Round From Oct 5, $70B Trade Target by 2030

India and Canada are fast-tracking negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with the fifth round starting October 5, 2026. Both sides aim to conclude by end of 2026 and double bilateral trade to $70 billion by 2030, up from $30.4 billion in 2025. This signals India's proactive trade diversification strategy, relevant for IR and Economy syllabus.

Global Refinery Attacks Spike Sulphur Prices Above $1,000/Tonne; Threatens India's Phosphatic Fertiliser Supply

The energy crisis has shifted from crude oil supply to refined products. Attacks on refineries in Russia and West Asia have caused sulphur prices to skyrocket from $200 to $1,000/tonne, severely affecting India's ability to manufacture phosphatic fertilizers. This distinct crisis poses a long-term threat to India's food security and fertiliser imports even as the country enjoys surplus refining capacity.

India's LNG Imports Rise 15.4% in May-July as US, Nigeria, Oman Offset Strait of Hormuz Crisis

India successfully diversified its LNG import sources during the Strait of Hormuz crisis, increasing imports by 15.4% in May-July 2026. The US became the top supplier, while imports from Qatar plummeted 91.3%, highlighting India's energy security strategy amid geopolitical turmoil.

OECD Upgrades India's GDP Growth to 7.1% for FY 2026-27; Multiple Agencies Raise Outlook

The OECD has raised India's GDP growth forecast for FY 2026-27 to 7.1% from 6.3%, joining S&P, Fitch, and Moody's in upgrading India's outlook. All agencies cite domestic resilience and robust demand despite global headwinds from the West Asia crisis. Students should note the convergence of global forecasts and the projected slowdown in the second half of the fiscal year.

Japan Credit Rating Agency Upgrades India's Sovereign Rating to 'A-' After 35 Years

Japan Credit Rating Agency (JCRA) upgraded India's sovereign credit rating to 'A-' from 'BBB+' after over 35 years, reflecting strong growth and policy credibility. This lowers India's borrowing costs and signals improved fiscal health, directly impacting taxpayer money and investor confidence.