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Industry bodies representing India’s gems and jewellery sector have urged the government to cut duties, reform procedures and consider GST rationalisation in Budget 2026-27. The pitch aims to boost export competitiveness and reduce cost pressures amid challenging global demand and pricing volatility.
The rupee hit an all-time intraday low of 92 against the US dollar on 23 January 2026 before ending around 91.88, as foreign fund outflows, weak domestic equities and global risk aversion weighed on the currency, traders said.
India’s gross GST collections grew 6.1% year-on-year in December 2025 to over ₹1.74 trillion, supported by a sharp rise in import-related revenue even as domestic transaction growth remained muted after sweeping rate cuts.
India’s gems and jewellery sector has asked the government for a set of Budget 2026–27 measures, including GST relief, customs duty rationalisation and policy tweaks aimed at strengthening exports. Industry bodies say cost reductions and clearer trade rules are needed to improve competitiveness amid global headwinds.
The Centre has announced the Padma Awards for 2026 on the eve of Republic Day, with veteran banker and industrialist Uday Kotak among the Padma Bhushan recipients. The government said 131 Padma awards were approved across Padma Vibhushan, Padma Bhushan and Padma Shri categories, recognising contributions spanning public affairs, arts, sports, science and social service.
A private survey showed India’s private-sector activity strengthened in January, with the HSBC Flash Composite Output Index rising to 59.5 from 57.8 in December, supported by faster new orders and improved output across manufacturing and services.
Ahead of the Union Budget 2026–27, India’s gems and jewellery industry has urged the government to consider GST rationalisation, customs-duty changes and faster, tech-enabled clearances to help exporters remain competitive amid shifting global supply chains. Industry bodies also flagged concerns about existing tax mechanisms and called for reforms tied to investment and skills.
Ahead of the Union Budget 2026–27, India’s gems and jewellery sector has asked for GST rationalisation, import-duty tweaks and faster, risk-based customs processes. Industry bodies say these changes could improve export competitiveness and help the sector manage global trade uncertainty and shifting supply chains.
Pine Labs’ fintech infrastructure unit Setu has received Reserve Bank of India approval to acquire 100% of account aggregator Agya Technologies, strengthening its play in regulated data-sharing as lenders and financial platforms push for faster, consent-based underwriting.
Government data showed GST collections for December 2025 increased 6.1% year-on-year to about ₹1.74 lakh crore, with import-related revenues rising sharply even as domestic growth remained muted. Net GST (after refunds) was reported at about ₹1.45 lakh crore, up 2.2% year-on-year.
Foreign portfolio investors (FPIs) have remained net sellers in Indian equities, with outflows crossing ₹22,500 crore in January so far. Analysts attribute the pressure to a mix of global factors such as higher US bond yields and a stronger dollar, alongside domestic valuation and sentiment concerns.
Walmart-backed PhonePe received SEBI approval for an IPO, but must still file updated draft papers, setting up one of India’s biggest fintech listings amid strong UPI scale and investor exits via an offer-for-sale structure.