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February 24, 2026
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Presidential tariffs prompt legal uncertainty after court rejection of broader authority, spurring market volatility and potential litigation.
The article reports that the president announced a temporary import tariff measure after the Supreme Court struck down a broader reciprocal tariff regime, raising questions about the scope of presidential tariff authority and the likelihood of subsequent litigation. The announcement produced market volatility as investors weighed legal uncertainty over trade policy and possible challenges to the new, narrower tariff action.
February 24, 2026
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February 24, 2026
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Illegally collected tariffs: lawmakers seek mandatory refunds and interest while administration says refunds await court litigation.
Senate Democrats propose legislation directing Customs and Border Protection to refund tariff revenues found to have been collected under unlawful executive orders, requiring refunds within 180 days with interest, prioritising small businesses and encouraging importers and wholesalers to pass repayments to customers, while the administration maintains refunds should be resolved through litigation and that the Supreme Court ruling did not settle refund procedures.
February 24, 2026
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Political criticism: BJP says opposition's remark reflects organisational decline, urging focus on party affairs and governance.
BJP leadership dismissed an SP chief's remark about potential legislative manoeuvring as reflecting opposition frustration and political bankruptcy, stressing that the SP's support base is declining amid nepotism and infighting while the BJP emphasises discipline and governance priorities.
February 24, 2026
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The article concerns the legal and policy dispute after the Supreme Court struck down broad import tariffs imposed under an asserted emergency powers authority, the executive threat to raise and enforce uniform import taxes despite that ruling, and proposed legislation to require refunds with interest administered by customs, prioritizing small businesses, while refund procedures remain legally and operationally uncertain.
February 24, 2026
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The article describes markets reacting to the administration's escalation of temporary import tariffs after the Supreme Court limited a prior broad tariff framework, with the executive signaling use of alternative statutory routes for permanent measures. That policy shift, coupled with investor selling of companies deemed vulnerable to AI-driven competition and ambiguous signals from monetary authorities, is framed as intensifying trade-policy uncertainty and contributing to sector-specific stock declines and broader market volatility.
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February 23, 2026
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Misuse of government funds prompts arrests in alleged DMF and overtime payment diversion probes and ongoing money laundering inquiry.
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February 23, 2026
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February 23, 2026
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February 23, 2026
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February 23, 2026
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February 23, 2026
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February 23, 2026
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Taxation of capital gains shifted to the company's residence; dividend rates, PE and information exchange provisions updated.
The Amending Protocol reassigns full taxing rights on capital gains from company share sales to the company's State of residence, removes the MFN clause, replaces a single dividend rate with a split withholding regime based on a ten percent ownership threshold, aligns the Fees for Technical Services definition with an established bilateral model, and expands Permanent Establishment to include Service PE.

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Customs, DGFT & SEZ

Union Minister of Commerce and Industry Shri Piyush Goyal Calls Prime Minister Narendra Modi’s ‘Zero Defect, Zero Effect’ Vision the Core of India’s Manufacturing Push; Says Quality Key to $30–35 Trillion Economy by 2047.

February 23, 2026

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India Must Become High-Quality Producer to Achieve $2 Trillion Export Target: Shri Goyal

Nine FTAs with 38 Developed Nations Cover Two-Thirds of Global Trade; Shri Goyal Urges Industry to Leverage Market Access with High-Quality Standards

Shri Piyush Goyal Outlines Five-Pillar Roadmap to Institutionalise Quality Across Manufacturing Ecosystem

Quality Conclave Engages 20+ Cities, 14 Clusters and 50+ Regulatory Bodies Through Sector-Specific Consultations and Gunvatta Manthan Dialogues

Union Minister of Commerce and Industry Shri Piyush Goyal today emphasised that quality must become the defining mantra of India’s manufacturing and export ecosystem, asserting that Prime Minister Shri Narendra Modi’s vision of “zero defect, zero effect” will serve as the cornerstone of India’s growth story in the Amrit Kaal. Aligning the initiative with the Prime Minister’s vision of Viksit Bharat 2047, the Minister said India’s ambition to become a $30–35 trillion economy by 2047 rests on three pillars — zero defect (quality), zero effect (sustainability), and equitable opportunity (inclusivity).

Addressing the first National Quality Conclave, organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in partnership with the Quality Council of India (QCI), Shri Goyal, who joined the event virtually, underscored that no country can progress merely as a consumer; it must establish itself as a globally recognised producer of high-quality goods and services. He emphasised that Brand India must stand for quality, reliability and trust. Noting that India has been the world’s fastest-growing large economy for the past four years and is poised to become the third-largest GDP in the next two to two-and-a-half years, he said the country’s $2 trillion export target — comprising $1 trillion in merchandise and $1 trillion in services within the next six to seven years — can only be achieved through uncompromising quality standards.

Highlighting India’s expanding trade outreach, Shri Goyal said that nine Free Trade Agreements finalised in the past three to three-and-a-half years with 38 developed countries now cover nearly two-thirds of global GDP and trade. These agreements, he noted, open new opportunities in sectors such as textiles, leather, footwear and pharmaceuticals, provided Indian products consistently meet the highest global benchmarks. He reiterated that India’s current share in global trade remains modest, even in competitive and labour-intensive sectors, and urged industry to leverage new market access opportunities created through these agreements.

Recalling earlier challenges, Shri Goyal remarked that Indian consumers were once compelled to seek “export quality” products, reflecting a dual-quality ecosystem. He stressed that such a culture must be decisively replaced with uniform, high standards for both domestic and international markets. He lauded the Quality Council of India (QCI) and the Department for Promotion of Industry and Internal Trade (DPIIT) for taking the message of quality to the grassroots through extensive consultations across clusters and sectors.

Outlining a five-pillar action agenda to institutionalise quality, the Minister emphasised the need for clearly defined standard operating processes with strict compliance and continuous inspection from raw material to finished product stage; skilling and re-skilling of the workforce to reduce wastage and enhance productivity, particularly in sectors such as textiles; undertaking gap analysis and benchmarking with global best practices to improve competitiveness and environmental outcomes; streamlining testing and certification protocols to reduce delays and costs; and strengthening shared infrastructure through modern, automated testing facilities across manufacturing clusters.

Shri Goyal assured that funds would not be a constraint for establishing high-quality testing infrastructure. He encouraged industry to seek support under the Export Promotion Mission (EPM) for international approvals and compliance requirements, including REACH regulations, CBAM verification, SPS and TBT measures, and other non-tariff barriers. He stated that government support would particularly benefit micro and small enterprises in accessing global markets and meeting international standards.

Quoting Prime Minister Shri Narendra Modi, Shri Goyal reiterated that India must be recognised globally as a guarantee of quality. He emphasised that quality consciousness has been a recurring theme in the Prime Minister’s recent public engagements and called for replacing the “chalta hai” mindset with a culture of excellence across all levels — from promoters and directors to workers on the shopfloor and personnel in laboratories and back offices.

The Union Minister also reflected on the symbolic “manthan” process, stating that just as nectar emerged from the Samudra Manthan, the consultative efforts under the Conclave must yield the nectar of quality, trust and excellence in day-to-day work. He reaffirmed the government’s readiness to support industry initiatives aimed at embedding quality deeply within India’s manufacturing ecosystem.

Union Minister of State for Commerce and Industry Shri Jitin Prasada emphasised that as global opportunities expand, India must transition decisively towards quality-led manufacturing. He stated that platforms such as the National Quality Conclave will play a crucial role in strengthening India’s global standing as a reliable manufacturing and export destination.

Secretary, DPIIT, Shri Amardeep Singh Bhatia highlighted that strengthening Bharat’s industrial ecosystem requires coordinated engagement between government, industry and institutions anchored in quality-driven policy frameworks. He described quality improvement as a long-term commitment essential for meeting global demand, building international trust and positioning India as a reliable part of global supply chains.

Chairperson, QCI, Shri Jaxay Shah underscored that quality must move beyond audits and certifications to become a daily discipline at the shopfloor level. He stated that for Viksit Bharat 2047, quality is not merely a pathway but the destination.

The National Quality Conclave represents a first-of-its-kind national initiative structured around extensive on-ground consultations with industry and MSMEs to directly capture shop-floor and supply-chain insights and integrate them into policy deliberations and the development of sector-specific quality roadmaps. Series 1 of the Conclave brought together senior policymakers, industry leaders, regulators and key stakeholders from four priority manufacturing sectors — textiles, leather, footwear and pharmaceuticals — identified for their strong export potential, extensive MSME participation and contribution to employment generation.

The Conclave adopted a sector-differentiated, evidence-driven three-stage engagement process over two months across more than twenty cities to ensure actionable outcomes. In the leather sector, 25+ nationwide consultations and 15+ Gunvatta Manthan dialogues were conducted with participation from 65+ industry stakeholders and MSMEs. The textiles sector engagement comprised 30+ nationwide consultations and 10+ Gunvatta Manthan dialogues engaging 10+ stakeholders and MSMEs, while the pharmaceuticals sector saw focused discussions through 7+ nationwide consultations involving 55+ stakeholders and MSMEs. The programme covered 14 manufacturing clusters and engaged over 50 government and regulatory bodies through a twin-track approach involving both private sector stakeholders and government agencies.

The National Quality Conclave is envisaged as part of an ongoing series of sector-focused engagements, with DPIIT and QCI undertaking regular consultations across manufacturing sectors to systematically address quality challenges, strengthen industry–government coordination and build sustained momentum for quality-led industrial growth. The outcomes of the Conclave will contribute to the development of a National Quality Roadmap for Manufacturing, guiding coordinated action across government, regulators and industry in the period ahead.

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Abhijiith Narayanan/ Ishita Biswas

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