RBI Financial Stability Report, December 2025
31 December 2025National
The FSR pegged FY26 growth at 7.8% (Q1) and 8.2% (Q2) and reported the gross NPA ratio of scheduled commercial banks at a multi-year low of 2.1%, while flagging risks from unsecured retail lending and stablecoins.
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EIndia-UK CETA comes into forceThe India-UK Comprehensive Economic and Trade Agreement (CETA), along with the Agreement on Social Security (Double Contribution Convention), came into force on 15 July 2026 — India's most ambitious bilateral trade pact to date. The UK scraps duties on 96.8% of tariff lines (covering 97.7% of trade value) immediately; tariffs fall to zero on textiles, leather, marine products and engineering goods. India removes duties at once on 64.1% of tariff lines and phases out another ~21%, while shielding sensitive sectors (dairy, cereals, edible oils, apples). It boosts services trade, professional mobility and social-security protection for Indian professionals.18 Jul 2026EMoSPI launches first trial Index of Services Production (ISP)The National Statistics Office (NSO) under MoSPI launched the first trial Index of Services Production (ISP), India's first official monthly indicator of services-sector output, complementing the Index of Industrial Production (IIP). It is India's first high-frequency indicator dedicated to measuring services output, tracking short-term changes in the volume of output of the formal services sector against a base year. The services sector is India's largest GDP contributor, providing over 50% of Gross Value Added (GVA) since 2013-14.18 Jul 2026EIndia's Exports Reach USD 232.73 Billion in Q1 FY27The <b>Ministry of Commerce and Industry (MoC&I)</b> released trade data for <b>Q1 (April-June) of FY2026-27</b>. India's total exports in Q1 FY27 stood at <b>USD 232.73 billion</b> and total imports at <b>USD 270.15 billion</b>. Merchandise exports were <b>USD 129.32 billion</b> (up from USD 111.57 bn in Q1 FY26) and services exports were estimated at <b>USD 103.41 billion</b>. Merchandise imports stood at USD 216.18 billion and service imports at USD 53.97 billion.16 Jul 2026EUnion Cabinet Approves Rs 2.19 Lakh Crore Package — Semicon 2.0, Mobile Phone Manufacturing Scheme & Urea PolicyOn 15 July 2026, the Union Cabinet chaired by PM Narendra Modi cleared seven major decisions with a combined outlay of Rs 2,19,353 crore. Key approvals: Semicon 2.0 (outlay Rs 1,27,500 crore), the second phase of the India Semiconductor Mission; the Mobile Phone Manufacturing Scheme (MPMS) with Rs 62,500 crore over 5 years; and the National Investment Policy for Urea-2026 (NIPU-2026) to boost indigenous urea capacity. Rail projects cleared include doubling of the Paradeep-Haridaspur line (Rs 2,542 crore) and a fourth line between Dangoaposi-Rajkharsawan (Rs 1,365 crore), plus a 6-lane Greenfield elevated corridor linking NH-19 and the Varanasi Ring Road (UP) on Hybrid Annuity Model.16 Jul 2026