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Govt Approves Rs.13.65 Crore Grant for 31 Technical Textile Startups Under GREAT Scheme

Govt Approves Rs.13.65 Crore Grant for 31 Technical Textile Startups Under GREAT Scheme New Delhi, Jul 22 (KNN) The Ministry of Textiles has approved 31 start-ups under the Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme, with total project costs of Rs 15.40 crore, including Rs 13.65 crore as the Government of India's share. The information was provided by Minister of State for Textiles Pabitra Margherita in a written reply to a question in the Lok Sabha. The start-ups have been approved across Andhra Pradesh, Delhi, Gujarat, Karnataka, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh and Uttarakhand. Maharashtra has the highest number of approved start-up projects with seven, followed by Tamil Nadu with six, Delhi with five, Gujarat with four and Uttar Pradesh with three. Karnataka has two approved projects, while Andhra Pradesh, Punjab, Rajasthan and Uttarakhand have one each. The GREAT scheme, implemented under the National Technical Textiles Mission (NTTM), provides financial assistance of up to Rs 50 lakh to eligible start-ups for developing commercial technologies and products in the technical textiles sector. The approved projects cover areas including smart textiles, advanced functional fabrics, energy-harvesting textiles, healthcare wearables, high-performance composites, sustainable materials, biodegradable products and medical textile technologies. The Government has also supported educational institutions under the NTTM through the General Guidelines for Enabling Academic Institutes in Technical Textiles for private and public institutes. The initiative has approved projects across several States and Union Territories to strengthen technical textile education and research. The NTTM also conducts workshops, exhibitions, seminars and outreach programmes to promote technical textiles and provide platforms for researchers and start-ups to showcase products and engage with industry stakeholders. The GREAT scheme is open to eligible start-ups across the country, including those from Palnadu and Chhindwara districts. One proposal from Guntur district in Andhra Pradesh has been approved under the scheme, while no proposal has been received from Palnadu district. (KNN Bureau)

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RBI Proposes Simpler FDI Rules To Streamline Foreign Investment Framework

RBI Proposes Simpler FDI Rules To Streamline Foreign Investment Framework New Delhi, Jul 22 (KNN) The Reserve Bank of India (RBI) on Tuesday released draft ‘Foreign Exchange Management (Foreign Investment) Rules, 2026’, proposing a simplified and principle-based framework to govern foreign direct investment (FDI) in India. The central bank has invited comments from stakeholders by August 31. The draft rules aim to replace the existing Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, in line with the Union Budget 2026–27 announcement of a comprehensive review of the foreign investment regime. The proposed framework seeks to rationalise provisions, harmonise definitions and create a clearer regulatory structure to reduce complexity. According to the RBI, the new rules are designed to align with evolving business practices and the government’s FDI policy while improving regulatory clarity and consistency. Key Proposed Changes The draft introduces several changes to streamline investment processes and enhance flexibility. These include adopting accounting-based standards for equity instruments, expanding capital structuring options such as special purpose vehicle (SPV) equity swaps and direct overseas listings, and broadening the classification of equity instruments. The framework also proposes redefining ‘control’ by introducing a 10 per cent voting rights threshold, under which an investor may be deemed to have control if such rights are held individually or collectively. It also formalises the concept of foreign-controlled entities to improve monitoring of downstream investments. Ease of Doing Business Focus The RBI said the proposals aim to reduce compliance burden through streamlined procedures and a more transparent regulatory environment. The draft also seeks to clearly separate procedural provisions under FEMA from policy and sector-specific requirements, enabling quicker policy updates. In addition, the ceiling for repatriable gifts is proposed to be raised to USD 2,50,000—aligned with the Liberalised Remittance Scheme limit—from the current USD 50,000, with such transfers restricted to close relatives. Consultation and Next Steps The draft rules have been prepared following a review by a government-appointed committee and consultations with relevant stakeholders. The RBI said the framework will be finalised after incorporating public feedback. Foreign investment in India is currently governed by the 2019 NDI Rules, and the proposed overhaul is aimed at making the regulatory system more contemporary, investor-friendly and adaptable to changing economic priorities. (KNN Bureau)

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Govt Plans Unified Digital Platform To Overhaul Insolvency Ecosystem, Seeks Stakeholder Feedback

Govt Plans Unified Digital Platform To Overhaul Insolvency Ecosystem, Seeks Stakeholder Feedback New Delhi, Jul 22 (KNN) The Ministry of Corporate Affairs (MCA) has proposed the creation of an Integrated Platform for Insolvency Ecosystem (iPIE), aimed at streamlining processes under the Insolvency and Bankruptcy Code (IBC) through a single digital interface. The ministry has invited comments from insolvency professionals, creditors, industry bodies and other stakeholders on the proposed platform before finalising its design and functionality. Addressing Fragmentation in the Insolvency Framework According to the MCA, while the IBC has strengthened India’s insolvency system with a structured and time-bound process, the ecosystem continues to operate across multiple standalone platforms. Stakeholders currently depend on manual coordination and data exchange between institutions such as the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), Insolvency and Bankruptcy Board of India (IBBI), the MCA-21 portal and National E-Governance Services Ltd. (NeSL). This fragmented system often leads to duplication of work, delays and limited data integration. The proposed iPIE platform seeks to address these gaps by enabling seamless and real-time information exchange across institutions. End-to-End Digital Workflow The iPIE platform is designed to digitise the entire insolvency lifecycle—from initiation of proceedings to resolution, liquidation and compliance. It will integrate various processes and digital services into a unified system, reducing reliance on manual processes. Key features are expected to include modules for user registration, claims management, stakeholder communication, litigation tracking, compliance monitoring, finance and cost management, as well as dashboards and analytics. Integrated Tools and Enhanced Transparency The platform will also incorporate digital tools such as virtual data rooms, electronic voting systems, document and meeting management systems, auction platforms and digital signatures. Communication tools and chatbots may also be included to support users. The MCA said the platform will improve transparency, enable real-time monitoring of cases and enhance regulatory oversight. It will also create a central data repository to support analytics and policy formulation. Improved Accountability and Efficiency The proposed system will maintain detailed activity logs for all actions, including claim submissions, document uploads and approvals, to ensure better traceability and accountability. By bringing all stakeholders and processes onto a single platform, the MCA aims to improve efficiency in insolvency proceedings and strengthen the overall functioning of the IBC framework. (KNN Bureau)

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Govt Strengthens Export Diversification Through FTAs, Export Promotion and Logistics Reforms

Govt Strengthens Export Diversification Through FTAs, Export Promotion and Logistics Reforms New Delhi, Jul 22 (KNN) The Government has undertaken measures to diversify India's export markets through Free Trade Agreements (FTAs), trade negotiations, export promotion initiatives, e-commerce export infrastructure and logistics reforms. The information was provided by Minister of State for Commerce and Industry Jitin Prasada in a written reply to a question in the Lok Sabha. Recent trade agreements include the India–Mauritius CECPA, India–UAE CEPA, India–Australia ECTA, India–EFTA TEPA, India–Oman CEPA, India–UK CETA and India–New Zealand FTA. India–EU FTA negotiations concluded on January 27, 2026, while negotiations are ongoing with several other countries and regional blocs. The FTAs aim to expand market access, promote bilateral trade and investment, address non-tariff barriers and support exports, particularly in labour-intensive sectors such as textiles, apparel and leather. The Government is also engaging with trading partners on standards, sanitary and phytosanitary measures, technical barriers to trade and other regulatory requirements. The Export Promotion Mission, launched in 2025 with an outlay of Rs 25,060 crore for FY 2025–26 to FY 2030–31, includes the NIRYAT PROTHSAHAN sub-scheme for improving access to trade finance and NIRYAT DISHA for export quality and compliance, international branding, market access, logistics, warehousing and trade intelligence. The Government is also implementing the E-Commerce Export Hub initiative on a pilot basis to support logistics, customs clearance and other export-related services. The Districts as Export Hubs initiative identifies 3–5 products or services with export potential in each district for targeted interventions. Export procedures have also been simplified. The RBI has relaxed export reconciliation requirements for small-value exports up to Rs 10 lakh, while the per-consignment value limit for courier exports has been removed. Customs procedures have also been eased for the re-import of export rejects and returned goods related to cross-border e-commerce exports. The PM Gati Shakti National Master Plan aims to support integrated multimodal infrastructure planning and reduce logistics costs, while the RoDTEP Scheme provides refunds for eligible unrefunded duties, taxes and levies borne on exported products. The Ministry of MSME has established 65 Export Facilitation Centres to provide mentoring and handholding support to MSMEs. Its International Cooperation Scheme also supports MSMEs in participating in international exhibitions, fairs, conferences and buyer-seller meets abroad. (KNN Bureau)

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Financial Inclusion Mission Strengthens Access to Banking, Social Security Schemes & Institutional Credit

Financial Inclusion Mission Strengthens Access to Banking, Social Security Schemes Institutional Credit New Delhi, Jul 22 (KNN) The Government has reported the latest coverage figures under key financial inclusion schemes, including the Pradhan Mantri Jan Dhan Yojana (PMJDY), insurance schemes, Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India. The information was provided by Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha. Under PMMY, 59.14 crore loans amounting to Rs 41.71 lakh crore had been sanctioned as of June 26, 2026. The scheme provides collateral-free institutional credit of up to Rs 20 lakh to micro and small business units for income-generating activities. Under the Stand-Up India Scheme, 2.75 lakh cumulative loans worth Rs 62,790 crore had been sanctioned as of March 31, 2025, to Scheduled Caste, Scheduled Tribe and women entrepreneurs for setting up greenfield projects in manufacturing, trading, services and agriculture-allied activities. Under PMJDY, 58.63 crore accounts with deposits of Rs 3,08,333 crore had been opened as of July 1, 2026. Of these, 32.68 crore accounts belonged to women, while 45.62 crore accounts were in rural and semi-urban areas. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) recorded 27.84 crore cumulative enrolments as of July 1, 2026, providing life insurance cover of Rs 2 lakh for death due to any reason. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) recorded 58.78 crore cumulative enrolments as of July 1, 2026. The scheme provides accidental insurance cover of Rs 2 lakh for death or permanent total disability and Rs 1 lakh for permanent partial disability. Cumulative enrolments under the Atal Pension Yojana (APY) reached 9.29 crore as of June 30, 2026. (KNN Bureau)

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SC Raises Concern Over 41-Year Appeal Delay, Allahabad High Court Pendency

SC Raises Concern Over 41-Year Appeal Delay, Allahabad High Court Pendency New Delhi, Jul 22 (KNN) The Supreme Court's recent observations over a criminal appeal that remained pending in the Allahabad High Court for nearly 41 years have brought renewed attention to Uttar Pradesh's growing judicial backlog, with official data showing the state accounts for a significant share of pending cases across the higher and subordinate judiciary. During a hearing on June 8, a bench of Justices Prashant Kumar Mishra and A.S. Chaudhari termed the delay in deciding the appeal of a murder convict as ‘disturbing’ and sought suggestions on innovative measures to address rising pendency in the Allahabad High Court. Allahabad High Court Tops Pendency List According to data presented in the Rajya Sabha by Union Law Minister Arjun Ram Meghwal, the Allahabad High Court had over 12 lakh pending cases as of early 2026, the highest among all high courts. The backlog has risen steadily from around 10.24 lakh cases in 2021 to over 12 lakh in 2026, accounting for nearly 19 percent of the total pendency across the country's 25 high courts, reported Hindustan Times. Of the pending cases, around 6.17 lakh are civil matters and 5.76 lakh are criminal cases. Data from the Indian Justice Report also indicate that nearly 40 percent of the court's pending cases are more than a decade old. Vacancies Add To Judicial Burden The pendency is further compounded by judicial vacancies. As of December 2025, the Allahabad High Court had around 60 vacant judges' posts against a sanctioned strength of 160. The pressure is more acute in Uttar Pradesh's subordinate judiciary. According to the National Judicial Data Grid, district and subordinate courts in the state were handling over 1.19 crore pending cases by mid-June 2026, accounting for nearly one-fourth of the country's total lower court pendency of about 4.96 crore cases. Parliamentary data also showed that Uttar Pradesh had the highest number of vacancies in the subordinate judiciary, with 1,055 judicial officer posts lying vacant in 2025. Nearly 40 percent of pending cases in subordinate courts are over five years old, with thousands remaining unresolved for more than two decades. Reforms Proposed To Reduce Delays The Supreme Court has recently proposed measures to reduce judicial delays, including automated case listing, fixed timelines for disposal of bail applications, software-based scheduling, and curbs on avoidable adjournments, emphasising that prolonged delays affect the right to personal liberty under Article 21 of the Constitution. Officials said efforts are underway to address the issue through judicial appointments and the establishment of new courts, while a collegium meeting for filling vacancies in the Allahabad High Court is expected soon. (KNN Bureau)

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CBIC Mulls Single GST Authority For Businesses With Multiple Registrations

CBIC Mulls Single GST Authority For Businesses With Multiple Registrations New Delhi, Jul 22 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has constituted a high-level working group to examine the feasibility of centralised administration for GST taxpayers holding multiple registrations under a single Permanent Account Number (PAN). The move is aimed at improving ease of doing business and addressing long-pending industry concerns. Proposal Under Review The proposal seeks to allow businesses operating across multiple states to be administered by a single central GST authority, instead of dealing with separate tax offices for each registration, ET reported. At present, companies must interact with multiple field formations for audits, assessments and compliance, depending on their state-wise registrations. Panel Composition and Mandate The 11-member panel, led by Chief Commissioner Vinayak Chandra Gupta, will assess the legal, administrative and technological changes required to implement such a system. It will also study past mechanisms such as centralised registration and the Large Taxpayer Unit (LTU) under the earlier excise and service tax regime, along with international practices. The group will recommend whether the proposed framework should be optional or mandatory for taxpayers. Timeline and Next Steps The panel has been asked to submit its report within 30 days, along with a detailed implementation roadmap and draft proposals. The timeline indicates that the government is moving to fast-track a reform that has been under discussion for several years. Background and Industry Demand Before the rollout of the Goods and Services Tax (GST) in July 2017, service providers could opt for centralised registration, allowing them to deal with a single tax authority. However, under the GST regime, businesses are required to obtain separate registrations in each state of operation. Industry stakeholders have consistently called for a return to a centralised administrative framework, stating that multiple audits and overlapping compliance requirements increase costs without significantly improving tax efficiency. (KNN Bureau)

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Delhi Govt Clears PARIVARTAN Scheme Implementation To Phase Out Old Polluting Commercial Vehicles

Delhi Govt Clears PARIVARTAN Scheme Implementation To Phase Out Old Polluting Commercial Vehicles New Delhi, Jul 22 (KNN) The Delhi Cabinet has approved the implementation of the PARIVARTAN scheme, aimed at reducing transport-related air pollution by replacing ageing commercial vehicles with cleaner alternatives. Chief Minister Rekha Gupta announced the decision on Monday. The scheme, introduced by the Union Ministry of Road Transport and Highways (MoRTH), focuses on phasing out older, high-emission trucks and buses operating in the Delhi-National Capital Region (NCR). It encourages owners to switch to electric or BS-VI compliant vehicles through a range of financial incentives. Scheme Outlay and Coverage The PARIVARTAN programme has a total financial outlay of Rs 9,585 crore, of which Rs 5,041 crore will be contributed by the Centre. The Union Cabinet approved the scheme on June 3, while detailed guidelines were issued by the Ministry of Housing and Urban Affairs on July 16. According to the Delhi government, around 2.07 lakh truck and bus owners across Delhi-NCR are expected to benefit from the initiative. Incentives for Vehicle Replacement Under the scheme, owners of BS-IV or older light goods vehicles (LGVs) who scrap their vehicles and purchase new electric LGVs will receive a 100 per cent exemption on motor vehicle tax and registration fees for 10 years. Additional benefits include a 5 per cent interest subsidy, an 8 per cent discount from manufacturers, and fuel vouchers or an equivalent one-time financial benefit. Those opting to purchase used electric LGVs will receive a 50 per cent tax exemption for 10 years, along with similar interest support and fuel-related benefits. For medium and heavy goods vehicles, owners replacing BS-IV or older vehicles with new BS-VI or electric models will be eligible for full tax and registration fee waivers for a decade, along with interest subsidies, manufacturer discounts, and fuel incentives. Similar provisions apply to buyers of used compliant vehicles. Focus on Buses and Compliance The scheme also covers older buses, which can only be replaced with BS-VI CNG or electric models. Additionally, vehicles scrapped under the programme will be exempted from pending road tax and fitness penalties older than one year. Notably, BS-IV vehicles may be sold outside NCR regions that are not covered under stricter emission norms, instead of being scrapped. Implementation and Objectives The initiative will be operated through a dedicated digital portal developed by the Union road transport ministry to ensure a transparent and streamlined process. The Delhi government said the scheme aligns with the goals of the Delhi EV Policy-2026 and is expected to accelerate the transition to cleaner mobility while modernising the commercial vehicle fleet. (KNN Bureau)

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IBC Resolves 1,419 CIRPs, Recovers Rs 4.32 Lakh Crore For Creditors: Government

IBC Resolves 1,419 CIRPs, Recovers Rs 4.32 Lakh Crore For Creditors: Government New Delhi, Jul 22 (KNN) The Insolvency and Bankruptcy Code (IBC) has facilitated the resolution of 1,419 Corporate Insolvency Resolution Processes (CIRPs) since its inception, resulting in recoveries of Rs 4.32 lakh crore for creditors as of March 31, 2026, the government informed the Rajya Sabha. Replying to a question, Minister of State for Corporate Affairs Harsh Malhotra said the IBC has strengthened the insolvency resolution framework while improving credit discipline and value recovery. IBC Amendment Aims To Speed Up Resolution The minister said the Insolvency and Bankruptcy Code (Amendment) Act, 2026 has been introduced to improve the functioning of the insolvency framework by reducing delays, enhancing governance and maximising value for stakeholders. The amendments introduce a Creditor-Initiated Insolvency Resolution Process (CIIRP), enabling financial institutions to initiate out-of-court insolvency proceedings in cases of genuine business failure, with the objective of ensuring quicker resolution under creditor oversight. The revised framework also includes provisions for group insolvency and cross-border insolvency to facilitate coordinated resolution of interconnected companies across jurisdictions, minimise conflicting proceedings and improve value recovery through time-bound approvals. IBC Strengthening Credit Discipline The government said the impact of the IBC is reflected in improving banking sector asset quality. Citing the Reserve Bank of India's Financial Stability Report, the minister said the Gross Non-Performing Asset (GNPA) ratio of scheduled commercial banks declined to 1.8 percent in March 2026. He also referred to a study by the Indian Institute of Management Bangalore (IIMB), which found that the IBC has strengthened borrower repayment discipline by encouraging timely loan servicing. According to the study, both the value and number of overdue loan accounts declined significantly during the period under review. (KNN Bureau)

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Government Highlights Strong Economy As RBI Manages Rupee Volatility

Government Highlights Strong Economy As RBI Manages Rupee Volatility New Delhi, Jul 22 (KNN) The government has said the value of the Indian rupee is determined by market forces and that the country's macroeconomic fundamentals remain strong despite global uncertainties. Replying to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the rupee's movement is influenced by several domestic and global factors, including the US Dollar Index, capital flows, interest rates, crude oil prices and the current account deficit. He said India's economy has recorded real GDP growth of over 7 percent during the past three years, supported by robust domestic demand, healthy corporate balance sheets and prudent fiscal management. High-frequency indicators for the first quarter of 2026-27 also point to continued economic resilience. RBI Monitors Volatility, Takes Measures To Boost Forex Inflows The minister said the Reserve Bank of India (RBI) does not target any specific exchange rate or trading band for the rupee but intervenes in the foreign exchange market to address excessive volatility. The RBI also monitors global developments, including monetary policy decisions by major central banks, global economic data, OPEC+ decisions and geopolitical events that could influence the USD-INR exchange rate. To support foreign exchange inflows and ease depreciation pressures on the rupee, the RBI has introduced several measures. These include changes to the External Commercial Borrowing (ECB) framework in February 2026 by expanding the pool of eligible borrowers and lenders, relaxing borrowing conditions and simplifying reporting requirements. In June 2026, the RBI also expanded the Fully Accessible Route (FAR) for foreign investment in government securities, eased investment norms for non-resident investors and introduced a swap facility for fresh Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits until October 16, 2026. They also announced concessional foreign exchange swap facilities for public sector borrowings and authorised dealer banks until January 15, 2027. The RBI has also restored the export realisation period to nine months from the earlier 15-month window. In addition, India has signed Local Currency Arrangement agreements with the UAE, Indonesia, Maldives and Mauritius to facilitate trade in local currencies. External Debt Indicators Remain Comfortable The government said India's external debt stood at USD 762.8 billion as of March 2026, compared with USD 736.4 billion a year earlier. It added that the country's external debt remains sustainable, with the debt service ratio improving from 6.6 percent at the end of March 2025 to 5.8 percent by March 2026. India's foreign exchange reserves stood at USD 671.6 billion as of June 12, 2026, providing an import cover of 10.3 months and covering 88 percent of the country's outstanding external debt, the minister said. (KNN Bureau)

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