India’s steel imports could halve by FY26, as the government considers a 12% provisional safeguard duty on some steel products. This measure is anticipated to boost domestic manufacturers’ profitability and capacity utilization, with imports expected to decline significantly and domestic demand growing steadily.
Safeguard measures to cut India’s steel imports by 50% in FY26: Experts
India has requested consultations with the EU at the WTO regarding the EU’s planned changes to safeguard measures on certain steel imports, which could affect India’s steel industry. The EU’s adjustments, set to begin in two phases, include a 25% out-of-quota duty until 2026 and alterations to residual quotas and quota caps.
Commerce and industry minister Piyush Goyal suggested India pursue bilateral free trade agreements with Mercosur members to circumvent stalled preferential trade talks. Goyal emphasized the need for swift negotiations and mentioned India’s concern about non-market economies, particularly China, leveraging the region as a trade route to India.
India may not be severely impacted by Trump’s reciprocal tariffs set for April 2, as the specifics remain uncertain. Treasury Secretary Scott Bessent suggested potential delays and negotiations, giving India a chance to reach a trade deal and possibly avoid the tariffs.
Trackon is expanding its franchise network across South India including Tamil Nadu, Karnataka, Telangana, Andhra Pradesh and Kerala. This move will enhance delivery capabilities and support regional economic growth. Trackon plans to add 1500 new franchises and invest in technology like AI-driven tracking systems to improve efficiency for partners and customers.
Kerala Port Minister V N Vasavan announced that gateway container operations at Vizhinjam International Port will begin within four months. The port, developed by Adani Ports, has already seen 215 ships and handled 4,22,846 TEU. Recent environmental clearances ensure the full completion of the port by 2028, with operations commencing soon after final approval from […]
India seems to be preparing for US President Trump’s upcoming tariffs on imports by partnering with Elon Musk’s Starlink Inc. The Modi government is shifting its trade approach to appease the US, potentially disadvantaging local industry giants who have thrived under protectionist measures.
Exports of auto components and medical instruments from India have shown strong growth over the past three years. Auto parts exports rose significantly to $7.7 billion in FY24, while medical instruments exports reached $2.43 billion, highlighting India’s increasing global market presence and reduced dependence on imports.
India looks to shift sourcing of synthetic fibre & apples to US in effort to narrow trade surplus
1 year ago
India is considering shifting the sourcing of certain products from countries like Turkey, New Zealand, and China to the US in an effort to reduce its trade surplus with the latter. This move is part of ongoing negotiations for a trade deal and aims to increase trade engagement between the two nations.
The government is addressing trade restrictions with the EU and focusing on sectors like Agri-food, APIs, and Clean Technologies. Aiming for a fair Free Trade Agreement, it also highlights the importance of imports from China for various industries and introduces stringent quality controls to curb sub-standard imports.