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    China sets lower economic growth target of 4.5pc to 5pc for 2026 as challenges loom
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March 5, 2026
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Economic growth target provides policy leeway amid external trade risks and domestic demand pressures.
China sets an economic growth target modestly lower than recent practice and presents it as a tool to preserve policy flexibility for structural adjustment, risk prevention, and reform in the opening year of a new five year plan. The report links the target to responses to external trade and geopolitical risks and to domestic challenges including a supply demand imbalance, while emphasising strengthening the domestic economy and promoting technology development.
March 4, 2026
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Family Benefit Management System directive to build integrated household database and issue universal family cards across the state.
The administration directed creation of a Family Benefit Management System compiling twenty-six household attributes-such as family identity, Aadhaar, rice card identity, education, profession, and contact details-and integrating records from multiple public and utility sources to build a comprehensive beneficiary registry. Officials reported most data is already available and the government intends to issue a family card to every household, instructing continued interagency data integration to operationalize the system for welfare delivery.
March 4, 2026
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Data protection breach: probe sought after mass discovery of identity cards, with UIDAI inquiry and legal action requested.
A data protection and public safety concern arose when a large number of Aadhaar identity cards were found on the Nethravathi riverbank, prompting the Karnataka Assembly Speaker to ask UIDAI Bengaluru for immediate intervention, a thorough investigation to determine how the cards were disposed and identify those responsible, and initiation of appropriate legal action through the concerned department.
March 4, 2026
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Bail refusal upholds detention of accused amid documentary evidence and witness-influence concerns, despite prior PMLA order.
Court denied bail to an accused in a cheating conspiracy who allegedly promised plots and flats from a government quota and used forged government documents; the magistrate found the chargesheet and documentary material crystallise his role, noted the seriousness of offences and risk of witness influence, and held that filing of the chargesheet and a separate money-laundering bail order did not by themselves justify release.
March 4, 2026
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Supply chain disruption delays exports from Sambhajinagar, raising transport costs and risking customer loss for manufacturers.
Supply chain disruption from the US Israel conflict has delayed containers at Jawaharlal Nehru Port Authority and suspended certain shipping services, causing longer transit times, higher transport costs, halted agricultural shipments to affected regions, and commercial risks such as customer attrition, repatriation of cargo, and potential post conflict surcharges that would raise export costs for manufacturers in Chhatrapati Sambhajinagar.
March 4, 2026
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Force majeure suspends LNG deliveries, disrupting contracted supplies and straining city gas distribution and industrial feedstock.
Reciprocal force majeure notices have been issued following attacks that prevent LNG tankers transiting the Strait of Hormuz, excusing non performance by the exporter and importer and prompting the importer to issue corresponding notices to downstream offtakers; the supply shortfall has reduced contracted gas availability for industrial and city gas distribution consumers, who seek confirmation on continued allocations while market participants assess costly spot replacements and insurance exclusions for acts of war.
March 4, 2026
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Tariff reduction boosts export prospects while domestic demand weakness keeps manufacturing contraction risk elevated in coming months.
China's official manufacturing PMI returned to contraction, driven by weak domestic consumption and real estate weakness, while private-sector PMI showed export-led expansion. A judicial reduction of reciprocal tariffs has lowered US tariff levels globally and is expected to provide a modest boost to exports. Upcoming high-level bilateral talks and China's national congress, which will set a growth target and approve a five-year plan focused on technology and self-reliance, are poised to influence near-term manufacturing prospects.
March 4, 2026
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Currency depreciation driven by crude oil price shock and capital outflows, worsening trade balance risk and market volatility.
Rupee depreciation accelerated as a spike in international crude prices amid geopolitical tensions prompted safe-haven flows and foreign portfolio outflows, driving the currency to a record low, pressuring equity markets and raising the risk of a larger fuel import bill that could strain the trade balance and market stability.
March 3, 2026
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GST input tax credit fraud exposed; arrests and shell company network identification trigger criminal and financial probes.
An organised racket used stolen identity documents to register shell firms, obtain GST numbers and open bank accounts to perform large-scale GST Input Tax Credit (ITC) fraud by issuing fake invoices and generating fraudulent e-way bills; funds were routed through multiple accounts, criminal cases for cheating and forgery filed, evidence recovered and coordination with tax authorities and banks is underway.
March 3, 2026
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Fraudulent GST registrations enabling Input Tax Credit misuse uncovered; coordinated raids, electronic forensics and an arrest followed.
A large-scale operation procured GST registrations for non-existent firms through forged and fraudulently obtained KYC documents, producing fake taxpayers and fraudulent invoices that enabled the wrongful availment and passing on of Input Tax Credit; coordinated IP tracking and searches led to seizure of electronic evidence and documents and to the arrest and judicial remand of a key suspect, with further investigation ongoing.
March 3, 2026
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Supply chain resilience measures initiated to monitor West Asia risks and coordinate trade, logistics and customs responses.
The government has set up an inter-ministerial group to monitor West Asia developments daily, assess vulnerabilities in shipping, logistics, exports and critical imports, and coordinate inter-ministerial actions. Measures include procedural flexibility in export authorisations, coordination with customs and port authorities to ensure smooth clearance, engagement with financial and insurance institutions to safeguard exporter interests, and a 24x7 DGFT help desk. The IMG for supply chain resilience includes departments of financial services, external affairs, shipping, petroleum and customs to facilitate coordination, monitoring and follow-up amid exporter concerns about surcharges, insurance gaps, route diversions and increased transit times.
March 3, 2026
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Force majeure declaration halts key LNG deliveries, prompting contractual supply cuts and reliance on pricier spot procurement.
Qatar declared force majeure on LNG deliveries after production halted due to regional hostilities and maritime disruptions, prompting curtailed supplies to industry and relief from supplier performance obligations. Importers are assessing long term contract entitlements, pursuing spot market purchases, and reallocating available cargoes while contending with higher war risk insurance, shipping costs, and transit constraints through the Strait of Hormuz.
March 3, 2026
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Fuel stock coverage ensures short-term supply continuity by using strategic reserves and diversified sourcing to mitigate disruptions.
India maintains sufficient crude and refined fuel inventories to manage short-term disruptions from West Asia hostilities, with strategic petroleum reserves and commercial stockpiles providing roughly six to eight weeks' coverage. The government has a 24x7 control room for continuous monitoring and contingency measures include drawing on strategic reserves, using commercial stocks, and diversifying sourcing from suppliers outside the Strait of Hormuz to sustain availability and affordability while managing price and freight risks.
March 3, 2026
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Debt-to-GSDP reduction signals fiscal consolidation as borrowings largely went to service prior liabilities under current administration.
The administration reports a reduction in the state's debt-to-GSDP ratio from its level at the start of the term and asserts that most recent borrowings were applied to servicing legacy debt, including repayment of significant portions of past principal and interest. The Finance Minister also highlights increased mobilisation of GST and excise revenues during the current four-year period relative to prior administrations, presented as strengthening fiscal capacity.
March 3, 2026
Show AI Summary
Mandatory biometric update for children enables Aadhaar authentication for benefits, scholarships and examinations.
The UIDAI has implemented a mandatory biometric update (MBU) programme for school children aged 7-15, delivered through in-school camps and enrolment centres, with MBU made free for a limited period. Integration with UDISE+ enables identification of students due for updates and monitoring of MBU status. Initial enrolment below age five records demographic data only; fingerprints and iris biometrics are captured later via the MBU process once children reach the prescribed ages, enabling subsequent Aadhaar authentication for benefits, scholarships and examinations.
March 3, 2026
Show AI Summary
Free trade agreements prompt industry to boost investment, research, and quality to expand manufacturing exports and access markets.
India aims to use free trade agreements to expand manufacturing exports by urging industry to increase investment, adopt new technologies, and prioritise research and quality to meet global standards. The budget supports this through record capital expenditure for infrastructure and logistics, reforms in MSME classification to improve credit and technology access, and sectoral missions including the BioPharma Shakti Mission and the Carbon Capture, Utilization, and Storage Mission to boost advanced manufacturing and sustainability-linked market access.
March 3, 2026
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Comprehensive Economic Partnership Agreement negotiations launched to set a negotiation framework and pursue an ambitious, balanced trade pact.
Terms of Reference for the India-Canada Comprehensive Economic Partnership Agreement establish the negotiation framework-setting format, frequency and approach-to guide talks toward an ambitious, balanced and mutually beneficial CEPA covering trade in goods, services and other mutually agreed policy areas, reflecting prior leader-level direction to advance negotiations.
March 3, 2026
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Quality standards and R&D investment urged to align industry with free trade agreement opportunities and export growth.
Industry is urged to accelerate investment and prioritise research and development to meet global quality standards and fully exploit opportunities from free trade agreements; early adoption of clean technologies, including carbon capture initiatives, and expanded infrastructure and logistics spending are presented as necessary complements to enhance export readiness and supply chain resilience.
March 2, 2026
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Reservation for Agniveers in police expands recruitment priority while a new Agri Discom targets uninterrupted farm power supply.
The budget creates a dedicated Haryana Agri Discom to deliver uninterrupted, reliable electricity and expedited services to all agricultural feeders and consumers, alongside biomass power projects and cropping incentives. Concurrently, it provides reserved recruitment access for returning defence personnel in the state police, forms a State Disaster Response Force with Agniveer participation, establishes an Anti Terrorist Squad under IG rank, and commits funds to rural employment guarantees, PACS reform, a Green Climate Resilience Fund, and enhanced crop compensation schemes.
March 2, 2026
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Trade facilitation to protect exporters amid West Asia crisis, focusing on logistics continuity and insurer coordination.
Government coordination aims to maintain continuity of export import logistics amid the West Asia crisis by monitoring routes, capacity, surcharges and equipment availability, directing facilitative measures including procedural flexibility in export authorisations, customs coordination, engagement with financial and insurance institutions, and targeted support for time sensitive exports; exporters sought restoration of higher RoDTEP rates, restraint on insurance premium increases by ECGC, broader insurance cover and sector specific timeline relief.

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Customs & Trade

Trump has other tariff options after Supreme Court strikes down his worldwide import taxes

February 20, 2026

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Washington, Feb 20 (AP) President Donald Trump still has options to keep taxing imports aggressively even after the Supreme Court struck down the tariffs he imposed last year on nearly every country on earth.

The Justices didn't buy the president's sweeping claims of authority to impose tariffs as he sees fit. But Trump can re-use tariff powers he deployed in his first term and can reach for others, including one that dates back to the Great Depression.

“It's hard to see any pathway here where tariffs end,” said Georgetown trade law professor Kathleen Claussen. “I am pretty convinced he could rebuild the tariff landscape he has now using other authorities." Trump had claimed nearly boundless authority to impose tariffs under 1977 International Emergency Economic Powers Act (IEEPA). But opponents argued before the Supreme Court that that power wasn't necessary because Congress delegated tariff power to the White House in several other statutes — though it carefully limited the ways the president could use the authority.

Tariffs have been a cornerstone of Trump's foreign and economic policy in his second term, with double-digit “reciprocal" tariffs imposed on most countries, which he has justified by declaring America's longstanding trade deficits a national emergency.

The average US tariff has gone from 2.5 per cent when Trump returned to the White House in January to nearly 17 per cent a year later, the highest since 1934, according to calculations by Yale University's Budget Lab.

The president acted alone even though the US Constitution specifically gives the power to tax – and impose tariffs – to Congress.

Countering unfair trade practices ----------------------------------- The United States has long had a handy cudgel to wallop countries it accuses of engaging in “unjustifiable," “unreasonable" or “discriminatory" trade practices. That is Section 301 of the Trade Act of 1974.

And Trump has made aggressive use of it himself — especially against China. In his first term, he cited Section 301 to impose sweeping tariffs on Chinese imports in a dispute over the sharp-elbowed tactics that Beijing was using to challenge America's technological dominance. The US is also using 301 powers to counter what it calls unfair Chinese practices in the shipbuilding industry.

There are no limits on the size of Section 301 tariffs. They expire after four years but can be extended.

But the administration's trade representative must conduct an investigation and typically hold a public hearing before imposing 301 tariffs.

Experts have said Section 301 is useful in taking on China. But it has drawbacks when it comes to dealing with the smaller countries that Trump has hammered with reciprocal tariffs.

“Undertaking dozens and dozens of 301 investigations of all of those countries is a laborious process," Veroneau said.

Targeting trade deficits ------------------------- In striking down Trump's reciprocal tariffs in May, the US Court of International Trade ruled that the president couldn't use emergency powers to combat trade deficits.

That is partly because Congress had specifically given the White House limited authority to address the problem in another statute: Section 122, also of the Trade Act of 1974. That allows the president to impose tariffs of up to 15 per cent for up to 150 days in response to unbalanced trade. The administration doesn't even have to conduct an investigation beforehand.

But Section 122 authority has never been used to apply tariffs, and there is some uncertainty about how it would work.

Protecting national security ------------------------------ In both of his terms, Trump has made aggressive use of his power — under Section 232 of Trade Expansion Act of 1962 — to impose tariffs on imports that he deems a threat to national security.

In 2018, he slapped tariffs on foreign steel and aluminum, levies he's expanded since returning to the White House. He also plastered Section 232 tariffs on autos, auto parts, copper, lumber.

In September, the president even levied Section 232 tariffs on kitchen cabinets, bathroom vanities and upholstered furniture.

Section 232 tariffs are not limited by law but do require an investigation by the US Commerce Department. It's the administration itself that does the investigating – also true for Section 301 cases — “so they have a lot of control over the outcome," Veroneau said.

Reviving Depression-era tariffs ---------------------------------- Nearly a century ago, with the US and world economies in collapse, Congress passed the Tariff Act of 1930, imposing hefty taxes on imports. Known as the Smoot-Hawley tariffs (for their congressional sponsors), these levies have been widely condemned by economists and historians for limiting world commerce and making the Great Depression worse. They also got a memorable pop culture shoutout in the 1986 movie “Ferris Bueller's Day Off." Section 338 of the law authorises the president to impose tariffs of up to 50 per cent on imports from countries that have discriminated against US businesses. No investigation is required, and there's no limit on how long the tariffs can stay in place.

Those tariffs have never been imposed — US trade negotiators traditionally have favoured Section 301 sanctions instead — though the United States used the threat of them as a bargaining chip in trade talks in the 1930s.

In September, Treasury Secretary Scott Bessent told Reuters that the administration was considering Section 338 as a Plan B if the Supreme Court ruled against Trump's use of emergency powers tariffs. (AP) RD RD

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