Latest News on the Indian Economy
August 03, 2026
Formal retail credit access doubles over past decade
Formal retail credit access in India has doubled over the past decade, with 74% of credit-eligible consumers now accessing formal credit, reflecting deeper financial inclusion and stronger consumption-led lending.
Prime Minister Mr. Narendra Modi says Andhra Pradesh can become growth engine for Viksit Bharat
Prime Minister Mr. Narendra Modi said Andhra Pradesh is poised to become a key growth engine for Viksit Bharat, highlighting major investments in aviation, infrastructure, manufacturing, renewable energy and logistics to accelerate the state's economic development.
The Union Cabinet has approved the continuation of the PM-KISAN Scheme from 2026-27 to 2030-31 with a financial outlay of US$ 33 billion to strengthen farmers' incomes, agricultural investment and rural prosperity.
The Union Cabinet has approved the Samudra Manthan, National Offshore Exploration Scheme with an outlay of US$ 8.81 billion to accelerate offshore exploration, strengthen energy security and promote domestic oil and gas production.
India and Bhutan approved 12 new development projects worth US$ 34.41 million under Bhutan's 13th Five-Year Plan, further strengthening bilateral cooperation across infrastructure, healthcare, agriculture and energy.
India to host BRICS meeting of Heads of National Statistical Offices in Lucknow
India will host the BRICS NSO meeting in Lucknow on August 3-4, 2026, building on the Joint Statistical Publication series running since 2010, with side events on administrative data and AI readiness in official statistics.
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