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BUSINESS AND ECONOMY - July 2026

Jul 2026

Jul 05, 2026

Assam becomes first Indian state to commercially produce Matcha tea

Assam became the first Indian state to commercially produce Matcha tea on 3 July 2026. The first batch, 5 kilograms, was produced at the Chota Tingrai Tea Estate in Tinsukia district and sold at the Guwahati Tea Auction Centre to a Guwahati buyer for Rs 3,000 per kilogram. Matcha is a powdered green tea from shade grown leaves, a product of Japan now produced in Assam through a decade long collaboration with Japanese partners. This marks a new product line for Assam’s tea economy, which has long focused on black and orthodox teas.
  • Date: 3 July 2026
  • Location: Chota Tingrai Tea Estate, Tinsukia
  • Product: Matcha tea, first commercially produced in India
  • Market: Guwahati Tea Auction Centre
  • Price: Rs 3,000 per kilogram

Jul 03, 2026

NPCI-HSBC tie enables real-time FX for cross-border UPI

NPCI announced a strategic partnership with HSBC India to enable real-time foreign exchange settlement for cross-border UPI payments. The UPI network is already live in nine countries, including Singapore, UAE, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia. The collaboration will deliver real-time FX pricing via direct API integration, allowing users to see exact INR costs at the point of transaction when shopping abroad. This further expands the international footprint of UPI, providing greater transparency and smoother cross-border shopping for Indian travellers and workers.
  • HSBC India partners with NPCI for FX settlement
  • Real-time FX pricing via API
  • UPI live in 9 countries worldwide
  • Enhances cross-border shopping with transparency
  • Supports expansion of India's digital payments footprint

Global green methanol supply deal seals with Mitsubishi Gas Chemical

India signed its first binding global green methanol supply deal on 3 July 2026. ACME Green Molecules, part of the ACME Group, entered a long-term agreement with Mitsubishi Gas Chemical Company for the supply of 100,000 tonnes per annum of green methanol, valued at about USD 1 billion. The green methanol will be produced at ACME’s Paradip facility in Odisha, marking the group’s third major investment in the state. The deal aligns with EU rules on renewable fuels, and supports decarbonisation goals across industrial markets where India seeks to expand exports and energy security.
  • Binding green methanol deal signed on 3 July 2026
  • 100,000 tonnes per annum; ~USD 1 billion
  • Production at Paradip, Odisha
  • ACME Green Molecules and Mitsubishi Gas Chemical partner
  • Supports EU compliance and India’s export aims

Jul 02, 2026

Eurobank Launches UPI Cross-Border Remittance to India

In June 2026, Eurobank launched a UPI‑based cross‑border remittance service enabling money transfers from Greece to India. The move makes Eurobank the first European bank to activate such a UPI facility, developed in collaboration with NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India. The service aims to reduce transfer times and costs for Indian residents with accounts in Greece and to expand digital payment connectivity between Europe and India. Market observers expect the initiative to catalyse further adoption of UPI across international remittance corridors.
  • Eurobank becomes first European bank with UPI-based Greece–India remittance.
  • Collaboration with NPCI International Payments Limited (NIPL).
  • Aims to lower transfer times and costs for users.
  • Expands India's digital payment reach in Europe.
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