Executive summary
Industrial policy is moving from broad subsidies to conditional, investment-linked support; the startup and MSME frameworks have widened; and MCA is simplifying processes while courts refine the limits of judicial intervention in arbitration.
- EV: PM E-DRIVE now runs to 31 March 2028 with an outlay reported at ₹11,900 crore.
- Semiconductors: Semicon 2.0 (approved 15 July 2026) sets capex support of 40% for silicon fabs, 35% for other fabs and advanced packaging, 25% for conventional packaging.
- Startups & MSMEs: DPIIT ceiling raised to ₹200 crore and a deep-tech category added; MSME limits revised from 1 April 2025.
- Disputes: limited court power to modify arbitral awards; pre-institution mediation remains mandatory for commercial suits.
Key policy highlights
1. India EV policy and PM E-DRIVE
- Scheme and duration: PM Electric Drive Revolution in Innovative Vehicle Enhancement, effective 1 October 2024; as reported in August 2026, extended to 31 March 2028 with the outlay raised to ₹11,900 crore. It may close early if funds run out.
- Demand incentives: electric two-wheelers get ₹2,500 per kWh, capped at ₹5,000 per vehicle, for purchases from 1 April 2025 to 31 March 2028; support also extends to three-wheelers, e-trucks, e-ambulances and e-buses.
- Charging infrastructure: about ₹2,000 crore for public charging, targeting roughly 22,100 fast chargers for four-wheelers, 1,800 for e-buses and 48,400 for two- and three-wheelers. Ministry of Power guidelines provide for public charging at set intervals in cities and on highways.
- Phased Manufacturing Programme: localisation requirements steer OEMs and suppliers toward domestic value addition; check eligibility and certification before claiming incentives.
- Passenger cars: the 2024 scheme for electric passenger car manufacturing offers reduced import duty on a limited number of vehicles in exchange for committed investment and localisation milestones.
What it means for you: map incentive eligibility, documentation and localisation certificates now; charging operators should review land, power-connection and safety approvals.
2. India Semiconductor Mission (ISM) and Semicon 2.0
- ISM 1.0 (2021, ₹76,000 crore): up to 50% fiscal support on a pari-passu basis for fabs, display fabs, compound semiconductors and ATMP / OSAT units, plus the Design Linked Incentive scheme.
- Semicon 2.0: silicon (CMOS) fabs 40% of capex; compound, photonics, sensor, discrete and display fabs up to 35%; advanced packaging 35% and conventional packaging 25%; 30% capital support for equipment and materials.
- Design and R&D: fabless startups and MSMEs can get milestone-linked seed support up to ₹15 crore or 50% of project cost; new chips can earn a deployment-linked incentive of 9% of net sales for five years, subject to caps.
- OSAT / ATMP set-up: applications go through ISM with detailed project reports and technology-partner details; support is released pari-passu as the project progresses.
Read the notified scheme guidelines for exact eligibility, caps and timelines before applying; figures above summarise reported scheme terms.
Regulatory updates and case law briefs
MCA and corporate governance
- Annual filings: General Circular 08/2025 allowed FY 2024-25 AOC-4 and MGT-7 filings without additional fee up to 31 January 2026. For FY 2025-26, AOC-4 is due within 30 days and MGT-7 within 60 days of the AGM.
- Director KYC: the Companies (Appointment and Qualification of Directors) Amendment Rules, 2025 merge DIR-3 KYC into one web form, reported as effective from 31 March 2026.
- MCA V3: company and LLP e-forms have moved to the V3 portal; check form versions and DSC requirements before filing.
- Startups: DPIIT notification G.S.R. 108(E) of 4 February 2026 raises the turnover ceiling to ₹200 crore, adds deep-tech startups (20 years, ₹300 crore) and admits cooperative societies; angel tax stands abolished from 1 April 2025.
Landmark rulings
| Case | Practical takeaway |
|---|---|
| Gayatri Balasamy v. ISG Novasoft (Supreme Court, Constitution Bench, 2025) | Courts hearing challenges under Sections 34 and 37 can only modify an award in limited situations, such as clerical or computational errors or severable parts. |
| Patil Automation v. Rakheja Engineers (Supreme Court, 2022) | Pre-institution mediation under Section 12A is mandatory for commercial suits that do not seek urgent interim relief. |
| Vidya Drolia v. Durga Trading Corp. (Supreme Court, 2020) | Sets the arbitrability test: most commercial disputes are arbitrable; certain rights in rem and sovereign matters are not. |
| Essar Steel India (CoC) v. Satish Kumar Gupta (Supreme Court, 2019) | Under the IBC, the commercial wisdom of the Committee of Creditors is central, with limited judicial review. |
| Cox & Kings v. SAP India (Supreme Court, Constitution Bench, 2023) | Recognises the group of companies doctrine to bind a non-signatory affiliate to an arbitration agreement in appropriate cases. |
| Rangappa v. Sri Mohan (Supreme Court, 2010) | In Section 138 cases the presumption under Section 139 covers a legally enforceable debt; it is rebuttable. |
Statutory compliance calendar: Oct 2026 – Mar 2027
| Date | Compliance | Applies to |
|---|---|---|
| 11 Oct / Nov / Dec | GSTR-1 (previous month) | Monthly GST filers |
| 13 Oct | GSTR-1 / IFF for July–September | QRMP filers |
| 15 Oct / Nov / Dec | PF and ESI contribution | Employers |
| 20 Oct / Nov / Dec | GSTR-3B (previous month) | Monthly GST filers |
| 22 / 24 Oct | GSTR-3B for July–September | QRMP filers (by state category) |
| 30 Oct | AOC-4 (30 days after AGM on 30 Sept); LLP Form 8 | Companies; LLPs |
| 31 Oct | TDS return Q2; MSME Form 1 (Apr–Sep); ITR for audit cases | Deductors; MSME dues; audit cases |
| 29 Nov | MGT-7 (60 days after AGM on 30 Sept) | Companies |
| 30 Nov | ITR where transfer-pricing report applies | Related-party transactions |
| 15 Dec | Advance tax: 3rd instalment (75%) | Advance-tax payers |
| 31 Dec | GSTR-9 / 9C for FY 2025-26; belated / revised ITR | GST registrants; income-tax filers |
| 31 Jan 2027 | TDS return Q3 | Deductors |
| 15 Mar 2027 | Advance tax: final instalment (100%) | Advance-tax payers |
| 31 Mar 2027 | Year-end compliance, MSME payment review, tax planning | All entities |
Dates follow the general statutory calendar and can be extended or changed by CBDT, CBIC, MCA or state notifications. The Income-tax Act, 2025 applies from 1 April 2026; confirm forms and section references. Verify before filing.