The minister said greater collaboration between the government and technology companies would be essential to accelerate innovation-led and technology-driven economic growth. His remarks came during a meeting with a delegation from Google, where discussions focused on expanding the use of AI and digital solutions across different sectors of the economy.

The Google delegation was led by Vidya Srinivasan, Vice President (Ads and Commerce), and Preeti Lobana, Vice President and Country Manager of Google India. The meeting explored opportunities to leverage emerging technologies to improve productivity, competitiveness and market access for businesses, particularly small and medium enterprises.

According to Goyal, AI-powered tools have the potential to help smaller businesses overcome operational challenges and participate more effectively in the digital economy. As India continues its push towards digital transformation, policymakers are increasingly viewing technology adoption as a key driver of growth for enterprises that form the backbone of the country's economy.

MSMEs contribute significantly to employment generation, exports and manufacturing output. Industry experts have often pointed out that wider adoption of digital tools can help these enterprises improve efficiency, access new customers and compete in both domestic and international markets.

During the discussions, particular emphasis was placed on enabling startups, exporters and small businesses to take advantage of AI-driven solutions. The participants also examined ways to encourage innovation, improve digital capabilities and create an environment where businesses can adopt advanced technologies more easily.

Goyal said the meeting covered several important areas, including faster adoption of AI, strengthening digital skilling initiatives, expanding market access and promoting technology-led innovation. He later shared details of the interaction on social media platform X, stating that stronger cooperation between the government and technology companies could help build a robust digital ecosystem for Indian enterprises.

The focus on AI comes at a time when countries around the world are investing heavily in emerging technologies to boost productivity and economic competitiveness. India has also been working to expand its digital infrastructure and encourage businesses to integrate technology into their operations.

Earlier in the day, Goyal also spoke about the impact of India's recent Free Trade Agreements (FTAs), saying they are helping accelerate manufacturing growth and innovation across sectors. According to the minister, these agreements are creating new opportunities for Indian businesses while enabling young professionals to compete more effectively in global markets.

His comments reflect the government's broader strategy of combining trade expansion with technological advancement to strengthen India's position in the global economy.

Separately, while virtually addressing the launch of the online bilingual Bachelor of Business Administration (BBA) programme at the Indian Institute of Management (IIM) Udaipur, Goyal urged students to focus on practical skills and technology-oriented learning.

He encouraged young learners to embrace emerging technologies and develop industry-relevant capabilities that can help them succeed in a rapidly evolving job market. The minister noted that technology-driven education and continuous skill development would be critical for preparing India's workforce for future economic opportunities.

The government has repeatedly emphasised the importance of digital adoption, innovation and entrepreneurship as key pillars of India's growth strategy. With AI increasingly influencing sectors ranging from commerce and manufacturing to education and services, policymakers are seeking greater collaboration between industry, academia and technology companies to ensure that businesses and workers can benefit from the next wave of digital transformation.

Govt restricts silver imports, makes licence mandatory for key categories

Silver import rules tightened to curb non-essential imports; primary keyword “silver imports” used here

New Delhi, late morning — The central government on Saturday tightened rules around silver imports, moving key categories from a freely importable list to the “restricted” category and making an import licence mandatory, according to an official notification seen by this newspaper.

What changed
The notification says 99.9% pure silver bars, unwrought (raw) silver, silver powder and silver coated with gold or platinum will now require prior government approval for import. Customs will not clear consignments in these categories without the requisite licence, officials said.

Why the step was taken
Officials described the move as aimed at reducing non-essential imports and checking the outflow of foreign exchange. “Rising imports of precious metals have been widening the trade deficit and putting pressure on the rupee,” a government source familiar with the matter said on condition of anonymity. The change follows an earlier increase in import duty: on May 13 the government raised import duty on gold and silver from 6% to 15%.

Timing and context
The DGFT notification comes amid a sharp year‑to‑date rise in bullion prices and record gold imports in 2025–26. India’s gold import bill climbed over 24% to about $72 billion last fiscal year, putting added focus on curbing precious‑metal imports. Silver prices have also jumped — from roughly ₹2.30 lakh per kg on 31 December 2025 to about ₹2.69 lakh per kg this month, industry data show.

Trade and routing concerns
Think tanks and officials cited concerns that low‑duty silver could be routed through third countries, notably the UAE, under trade pacts such as the India‑UAE CEPA. “There was a risk of a surge in cheap silver imports routed via Dubai to exploit preferential tariffs,” said Ajay Srivastava, founder of the Global Trade Research Institute (GTRI). The restricted status is intended to plug such channels, the government said.

Rules for importers
Under the new process importers must obtain a licence from the commerce ministry or designated authority before consignments are cleared by customs. Some categories may also be placed under Reserve Bank of India monitoring, which would add compliance for banks and traders dealing in overseas payments for bullion.

Changes to Advance Authorisation
Separately, DGFT has tightened the Advance Authorisation scheme that allows duty‑free imports for exporters. Exporters will be allowed to import a maximum of 100 kg of gold per licence, and first‑time applicants must undergo physical verification of their manufacturing units before licences are issued. Repeat authorisations will be contingent on meeting at least 50% of past export obligations, the notification said. Firms must now file transaction reports every 15 days, certified by a chartered accountant, with regional DGFT officers compiling monthly reports for headquarters.

Industry reaction
Jewellery and manufacturing bodies expressed concern about the suddenness of the move. The All India Gems and Jewellery Council warned higher duties and licensing could push trade into the grey market and spur smuggling, hurting legitimate businesses and small jewellers. “Sudden restrictions create near‑term disruption for manufacturers that rely on imported raw silver,” said an industry executive requesting anonymity.

Ground reality and public impact
On the ground in Delhi and Mumbai, dealers reported an uptick in enquiries about import licences and compliance timelines. Small and medium jewellers — many of whom operate on thin margins — said they would face working capital stress if supplies tighten. Consumers are already seeing higher retail prices after bullion runs earlier this year.

What’s next
Officials said implementation details, including licence application procedures and timelines, will be clarified in follow‑up orders. Traders and industry associations expect further consultations with the commerce ministry and customs in the coming days. Markets will be watching how the new rules affect domestic liquidity of silver and the wider jewellery supply chain.

Focus on enforcement and monitoring is likely to increase, officials added, as New Delhi balances trade deficit concerns with the needs of industry.

India Imposes Sugar Export Ban Till Sept 2026

Government tightens grip on sugar outflows to secure domestic stocks and steady prices amid festive demand.

In a swift move to safeguard local supply, the Centre has banned sugar exports effective May 13 until September 30, 2026, or further notice. The Ministry of Commerce and Industry notified the change late Tuesday, shifting raw, white, and refined sugar from 'Restricted' to 'Prohibited' category under DGFT rules. Officials say this will help control prices and ensure availability, especially with festivals looming.

Ban Kicks In Immediately

The notification, issued by the Directorate General of Foreign Trade, bars all sugar shipments without special clearance. This comes after India exported 7.75 million tons in FY 2024-25—up sharply from 1 million tons the year before. Earlier years saw even higher volumes: 11 million tons in 2021-22 and 7 million in 2020-21. Sources in the trade ministry noted the decision stems from rising domestic needs.

EU, US Quotas Unaffected

Not all doors are shut. Exports to the European Union and US under CXL and TRQ quotas will continue as per existing schedules. Shipments tied to the Advance Authorisation Scheme also get a pass. "These are locked-in commitments," a senior official told reporters on background, stressing no disruption to key partners.

Relief for Port-Bound Cargo

Traders with sugar already in transit got some breathing room. Vessels where loading began before the notification can sail out. Same for shipments with filed bills of entry or anchored at Indian ports. Consignments handed to customs and logged electronically are exempt for now. This clause aims to avoid chaos at major ports like Mumbai and Kandla, where sugar piles up.

Neighbours' Food Security Clause

The order leaves wiggle room for emergencies. If a neighbouring country faces a sugar crunch threatening food security, New Delhi can approve limited exports case-by-case. No such requests are pending yet, per initial reports, but the provision nods to India's regional role.

Past Exports in Perspective

India's sugar outbound surged post-ethanol blending pushes, but domestic mills flagged shortages last season. FY 2023-24 exports crashed to 1 million tons amid similar curbs. The fresh India sugar export ban reverses that trend, prioritising local mills and consumers. Prices have held steady so far, but traders watch ethanol mandates closely.

Festive Season in Focus

With Diwali and other festivals ahead, the ban targets potential price spikes. Ground reports from Uttar Pradesh and Maharashtra—top sugar belts—indicate ample stocks, but rains could play spoiler. Millers welcome the step, though some grumble over lost forex. Retail prices hover around ₹40-45 per kg in key markets.

What's Next After September?

The prohibition lasts till September 30, 2026; absent extension, sugar reverts to 'Restricted' status automatically. Government circles hint at reviews based on crop yields and global cues. For now, this India sugar export ban underscores priority on home turf—steady supply over overseas sales.