India’s passenger vehicle (PV) exports are unlikely to be materially affected by the recent round of US tariffs, according to credit ratings agency ICRA. This assessment follows US President Donald Trump’s announcement of reciprocal tariffs on 60 countries, including a 27% levy on Indian goods, to counter what he described as unfair trade practices. Despite the headline figure, the automobile sector remains outside the purview...

India has introduced new procurement rules aimed at protecting and promoting the domestic iron and steel industry. The move comes amid mounting concerns over a sharp surge in cheaper imports, particularly from China, South Korea, and Japan, which led to record-high steel imports in the last financial year. New Steel Procurement Policy Comes Into Effect As per a gazette notification issued on April 1, the new...

The central government has begun pan-India implementation of the Production Linked Incentive (PLI) Scheme for Textiles, aimed at boosting domestic manufacturing of man-made fibre (MMF) apparel, fabrics, and technical textile products. This was confirmed by Pabitra Margherita, Minister of State for Textiles, in a written response in the Rajya Sabha. PLI Scheme to Enhance Scale and Competitiveness According to the minister, the scheme targets increased scale...

India’s finished steel imports surged to 8.98 million metric tonnes during the April–February period of FY24, reflecting a 15.8% increase year-on-year, according to provisional government data reviewed by Reuters. The rise highlights India’s growing reliance on overseas suppliers, making the country a net importer of steel for the year. As the world’s second-largest crude steel producer, India is grappling with higher shipments from traditional steel-exporting...

India’s solar photovoltaic (PV) module manufacturing capacity is set to rise to 125 gigawatts (GW) by 2030, Union Minister for New and Renewable Energy Pralhad Joshi announced on Saturday. Speaking at the inauguration of Waaree Energies Limited’s new 5.4 GW solar cell manufacturing facility in Degam, Gujarat, Joshi underscored the nation's rapid growth in renewable energy manufacturing and self-reliance. Major Growth in Domestic Solar Capacity Joshi...

Union Commerce and Industry Minister Piyush Goyal emphasized the vital role of arbitration and mediation in supporting India's rise as a global manufacturing hub. Speaking at the Special Plenary Session of the United International Avocat Conference in New Delhi, Goyal highlighted that an efficient, transparent, and impartial dispute resolution system is essential for fostering a robust business environment and accelerating economic growth. He underlined the...

Commerce and Industry Minister Piyush Goyal announced on Saturday that a German chemical company has committed to investing $1.5 billion in India. While the name of the firm and the state involved were not disclosed, Goyal confirmed that the land for the project has already been identified, and a formal meeting between the company's head and the state’s chief minister is scheduled for Sunday. According...

In a strategic move to build self-reliance in the electronics supply chain, the Union Cabinet has approved the Electronics Component Manufacturing Scheme with an outlay of ₹22,919 crore. The initiative is expected to attract ₹59,350 crore in investments and enable production worth ₹4,56,500 crore over six years. In addition to these targets, the scheme is estimated to generate 91,600 direct jobs and a considerable...

India’s alloy steel manufacturers are preparing to seek trade protection as cheap imports from China continue to flood the market. The Alloy Steel Producers Association of India (ASPA) confirmed plans to file an anti-dumping petition with the Directorate General of Trade Remedies (DGTR), part of the Union Ministry of Commerce and Industry. ASPA’s Director General Anil Dhawan stated that imports of alloy and special steel...

The Food and Consumer Affairs Ministry has announced strict penalties for sugar mills that violate monthly stock holding limits. The revised rules, effective from April 1, 2025, are aimed at curbing hoarding and stabilising prices in the domestic sugar market. April Quota Fixed at 2.35 Million Tonnes To manage supply, the ministry sets monthly stock limits for white and refined sugar. For April 2025, the cap...