New quality control orders for steel parts may lead to factory shutdowns, job losses: GTRI

India risks widespread factory shutdowns and job losses due to upcoming quality control orders (QCOs) on steel fastener imports. The QCOs, to be implemented in phases, might lead to critical shortages and customs delays. Small firms may struggle with certification, potentially causing industrial stagnation.

India’s trade deficit likely narrowed to USD 21.5 billion in February from January’s USD 23 billion, driven by a moderation in the Non-Oil-Non-Gold segment. The oil trade deficit decreased due to lower global Brent crude prices and reduced oil imports from Russia. Rising geopolitical risks and tariffs could limit further trade balance recovery.

The US has strongly criticised high tariffs imposed by India, Canada, and Japan on American goods. White House Press Secretary Karoline Leavitt cited India’s 150% tariff on American alcohol and 100% on agricultural products, saying the US seeks fair trade. President Donald Trump also suggested further tariff hikes, accusing nations of exploiting the US for […]

Indian steel companies are hesitant to announce new investments due to increasing imports, especially from China and South Korea, which may impact domestic prices and profit margins. The National Steel Policy aims for 300 mt capacity by 2030, but current conditions may slow expansions, with profitability expected to remain flat.

The Federation of Indian Export Organisations, along with the International Trade Centre and UK government support, launched the SheTrades India Initiative Hub. This initiative aims to empower women entrepreneurs by providing workshops, mentoring, business matchmaking events, and policy advocacy to help them access international markets and development opportunities.

India and the US are in negotiations for a mutually beneficial, multi-sector bilateral trade agreement focusing on market access, reducing import duties, and removing non-tariff barriers. Both countries aim to double their two-way trade to $500 billion by 2030, with the first part of the agreement expected by fall 2025.

New Delhi announced that the certificate of inspection requirement for rice exports from government bodies mainly applies to EU member states, including the UK, Iceland, Liechtenstein, Norway, and Switzerland. The rule is exempt for other European countries for the next six months.

Mauritius’ Foreign Affairs Minister has highlighted the special bond between Mauritius and India, emphasizing India’s role in development projects. He urged Indian investors to use Mauritius as a gateway to Africa. PM Modi’s visit will include National Day celebrations, meetings with dignitaries, and inaugurations of projects supported by India’s grant assistance, along with several MoUs.

Commerce and Industry Minister Piyush Goyal will discuss trade issues with export promotion councils amid the threat of US reciprocal tariffs. Exporters are concerned about potential impacts on India’s largest trading partner, the US. Importantly, trade negotiations are ongoing, with no agreement yet on tariffs reduction despite recent claims by US President Donald Trump.

India is preparing for a potential bilateral trade agreement with the US, aiming to complete the first phase of negotiations by fall. The commerce ministry is gathering industry wish lists for tariff concessions from Washington. The discussions include reducing tariffs on items such as American nuts and seeking a zero-duty structure for textile trade to […]