Chandigarh Pioneers Digital Rupee-Based Food Subsidy Transfers

Chandigarh, August 15, 2026: The government has taken a new step towards digitising welfare delivery with the launch of a Central Bank Digital Currency (CBDC)-based Direct Benefit Transfer (DBT) system for food subsidies under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) in Chandigarh.

Union Agriculture Minister Shivraj Singh Chouhan launched the initiative on Friday. Under the new system, eligible beneficiaries will receive their food subsidy directly in Digital Rupee (e₹) wallets, replacing the conventional bank-account-based transfer mechanism.

The digital subsidy is designed to be purpose-bound, meaning beneficiaries can use it to purchase foodgrains from authorised or empanelled merchants. The system is expected to make subsidy transactions more transparent, traceable and secure while reducing the scope for leakages and misuse.

The rollout also covers Dadra & Nagar Haveli, making the two Union Territories the first to adopt the CBDC-based model for PMGKAY food subsidy transfers. The Chandigarh launch is being viewed as a pilot for potentially expanding digital-currency-based welfare payments to other parts of the country.

The initiative marks a significant intersection of digital finance and social welfare, with the government seeking to use the Digital Rupee to make public-benefit transfers more targeted, accountable and efficient.

India’s Forex Reserves Jump $14.1 Billion, Cross $707 Billion

Mumbai, August 15, 2026: India’s foreign exchange reserves surged by $14.136 billion in the week ended August 7, taking the country’s total reserves past the $707 billion mark, according to data released by the Reserve Bank of India (RBI).

The sharp weekly increase was led by a rise in foreign currency assets (FCAs), which grew by nearly $9.95 billion to $574.63 billion. Gold reserves also recorded a strong increase of about $4 billion, reaching $108.74 billion.

In rupee terms, the country’s reserves rose by around ₹1.20 lakh crore, reaching ₹67.32 lakh crore during the reporting week. The latest figures underline the strengthening of India’s external financial buffer at a time when global markets remain sensitive to geopolitical and currency-related risks.

The latest jump also reflects increased foreign currency inflows following measures introduced by the RBI to attract overseas deposits and strengthen the country’s balance of payments. India’s reserves have risen by roughly $40 billion over the past six weeks, according to Reuters.

While the reserves remain below the record $728.49 billion reached in February 2026, the latest rise provides greater room for the RBI to manage external shocks and volatility in the rupee and global financial markets.

Telangana to Court Global Investors at ‘Invest Telangana’ Summit in December

Hyderabad, August 15, 2026: Telangana is getting ready to make a fresh pitch to investors as it hosts the Telangana Rising Global Summit 2.0 from December 7 to 9. This year’s event will carry a clear message — “Invest Telangana” — as the state looks to attract new businesses, capital and jobs.

The summit will bring together investors, industry leaders and policymakers, with the government expected to showcase opportunities across sectors such as defence, aerospace and pharmaceuticals.

A major focus will be the unveiling of the Future City Master Plan, which is expected to outline Telangana’s vision for planned urban growth, infrastructure and new economic opportunities.

For the state government, the summit is more than a three-day business gathering. It is an opportunity to turn investor interest into actual projects and strengthen Telangana’s position as one of India’s key destinations for industrial and technology-led investment.

The December event is also likely to put Telangana’s infrastructure, policy environment and sector-specific opportunities in the spotlight as the state competes for a larger share of domestic and global investment.

Government Cuts Export Duties on Petrol, Diesel and ATF

New Delhi, August 15, 2026: The Centre has reduced export duties on petrol, diesel and aviation turbine fuel (ATF), with the revised rates coming into effect from Saturday. The move follows the government’s latest fortnightly review of petroleum product export levies.

Under the revised structure, the export duty on petrol has been brought down to zero from ₹3.50 per litre. The levy on diesel has been reduced to ₹24 per litre from ₹25.50, while the duty on ATF has been lowered to ₹19.50 per litre from ₹22.

The latest changes apply only to petroleum products cleared for export and do not alter the excise duty applicable to fuel sold in the domestic market.

The revision comes less than two weeks after the government had increased export levies on the three fuels amid volatility in international crude and refined fuel prices. Export duties are reviewed every fortnight based on prevailing global prices.

The policy is aimed at balancing export economics with domestic availability of petroleum products, particularly during periods of heightened global energy-market uncertainty.

FM Sitharaman Meets 86 PM Internship Scheme Interns, Highlights Pathways to Jobs

New Delhi, August 15, 2026: Union Finance and Corporate Affairs Minister Nirmala Sitharaman interacted with 86 interns from 24 partner companies under the Prime Minister Internship Scheme (PMIS), discussing their workplace experiences, skills gained and career aspirations.

The interaction highlighted how industry exposure is helping young people move beyond classroom learning and develop practical, job-ready skills. Several interns who performed well during their assignments have also received full-time employment offers from their respective companies.

Sitharaman said the internship programme was developed after consultations with industry to address the gap between the skills employers seek and the practical exposure available to many young graduates. She encouraged interns to approach their work with professionalism, responsibility and attention to quality.

The event also featured success stories from interns who used the programme to explore new career fields. One beneficiary with an IT background gained experience in finance through an internship with the National Stock Exchange and is now looking towards a career in fintech. Another intern secured a full-time opportunity with Alkem after completing her internship.

The government has positioned PMIS as a key youth-focused initiative aimed at improving employability through hands-on industry experience, professional training and exposure to leading companies.

Nifty, Sensex End Week Lower as Rising Crude Prices Pressure Markets

Mumbai, August 15, 2026: Indian equity markets ended the week on a weaker note, with the Nifty 50 declining 0.8% to 24,366 and the BSE Sensex falling 0.6% to 78,009.25. The decline ended a two-week run of gains for both benchmark indices.

Rising crude oil prices emerged as a key concern for investors, with Brent crude climbing about 4.6% to around $87 a barrel amid renewed geopolitical uncertainty and stalled peace negotiations in West Asia. Higher oil prices are particularly significant for India because of the country’s dependence on imported crude.

Market sentiment was also affected by weakness across several major sectors. Financial stocks declined around 1%, while metal stocks fell 1.9%. Reliance Industries and Tata Motors were among the notable drags, with Tata Motors declining sharply following a weaker quarterly profit performance.

Despite the weekly decline, strong corporate earnings, a relatively stable rupee and improved foreign investor participation offered some support to the market. Analysts are likely to closely track crude prices, geopolitical developments, global market cues and upcoming corporate results in the sessions ahead.