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    The Supreme Court struck down some of Trump's most sweeping tariffs; Which levies are impacted?
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February 20, 2026
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IEEPA authority curtailed: major emergency based tariffs invalidated, leaving sectoral trade measures and exemptions intact.
The President exceeded statutory authority by invoking IEEPA to impose broad import tariffs, nullifying core emergency based levies. Affected measures include the wide ranging "Liberation Day" tariffs, trafficking justified duties on Canada, Mexico and China, Brazil linked duties, and India related levies tied to Russian oil purchases. The decision removes the IEEPA route for economy wide tariffs but leaves intact sectoral and statute specific tools that continue to impose tariffs on selected industries and products.
February 20, 2026
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IEEPA authority struck down; partners unlikely to abandon recent tariff deals, administration to rely on other statutes.
The Supreme Court invalidated reliance on the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs, finding IEEPA does not authorize such duties. Observers anticipate the Administration will instead invoke clear congressional tariff statutes and that trading partners who made recent deals are unlikely to withdraw them, having expected alternative statutory mechanisms to keep tariffs in place.
February 20, 2026
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Emergency-powers tariff invalidation restores trade predictability for exporters, but sectoral steel and aluminium duties remain in force.
The US Supreme Court invalidated country-specific reciprocal tariffs imposed under emergency powers, restoring predictability for exporters and enabling importers to seek refunds for duties paid under the invalidated regime, while separate sector-specific duties on steel, aluminium and certain auto components remain in force.
February 20, 2026
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Tariff authority options: multiple statutory pathways remain for imposing import duties despite limits on emergency powers.
After the court rejected the administration's emergency-based authority for sweeping reciprocal tariffs, the president can still impose import duties using alternative statutes: the Trade Act unfair-practices authority permitting unlimited tariffs after investigation and hearings; the Trade Act provision for addressing unbalanced trade that allows time-limited tariffs without prior investigation but is untested; the national-security tariff authority under the Trade Expansion Act which requires Commerce investigations; and a rarely used Tariff Act depression-era authorisation that allows very high, indefinite tariffs without investigation.
February 20, 2026
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IEEPA authority questioned as tariffs ruled unauthorized; dissent stresses tariffs' foreign affairs leverage, including India example.
The decision holds that the International Emergency Economic Powers Act does not authorize the imposition of import duties, rejecting the use of IEEPA as a statutory basis for tariffs; a dissent argued such tariffs fall within foreign affairs practice, serve as leverage in international negotiations, and cautioned against applying a major questions constraint to executive statutory authority in national security and diplomatic contexts.
February 20, 2026
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Trade deals improve market access and spur investor confidence, supporting growth and fiscal consolidation momentum.
Trade agreements with the EU and an interim US deal are expected to improve market access, boost export competitiveness, and reverse investor sentiment with renewed foreign portfolio investment into equity and debt. Fiscal consolidation alongside stepped up capital expenditure aims to crowd in private investment and support state infrastructure. Concurrently, the Reserve Bank recorded consecutive spot market dollar sales amid rupee volatility and capital flow intermittency, while inflation is expected to remain near target, sustaining a favourable near term growth-inflation balance.
February 20, 2026
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Emergency powers limits curb broad presidential tariffs, invalidating sweeping reciprocal trade measures and reshaping trade policy authority.
The Supreme Court found that tariffs enacted under asserted emergency statutory powers-including widely applied reciprocal tariffs-exceeded the President's lawful authority, clarifying statutory limits on unilateral tariff measures and signaling judicial constraints on executive use of emergency powers for sweeping trade regulation.
February 20, 2026
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Repo rate decision maintains neutral monetary stance as growth outlook brightens while inflation risks remain monitored.
The Monetary Policy Committee held the repo rate steady and retained a neutral stance, finding the current policy rate appropriate amid buoyant growth and broadly benign inflation. Members cited healthy medium term macroeconomic fundamentals and improving external outlook driven by trade agreements and fiscal measures, while noting persistent global volatility and risks to inflation. The MPC emphasized ongoing transmission of prior easing, awaited new GDP and inflation data series, and reaffirmed readiness to reassess policy as fresh data emerge.
February 20, 2026
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Money laundering allegations prompt former MD to surrender to custody after interim bail term expires in fraud-linked probe.
Allegations of money laundering and diversion of homebuyer funds form the basis of an ED investigation and FIRs alleging that two group companies misapplied project receipts, leaving residential projects incomplete and purchasers defrauded. The promoter was arrested, obtained interim bail, and later surrendered after a court denied regular bail, the court noting allegations of widespread cheating and criminal breach of trust. A related listed company filed a regulatory update confirming the director's surrender upon expiration of interim bail.
February 20, 2026
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Policy rate maintained as appropriate: neutral monetary stance justified by buoyant growth and benign inflation.
The Monetary Policy Committee voted to maintain the existing policy repo rate and retain a neutral stance, finding the current policy rate appropriate given buoyant growth and benign inflation. The Governor noted healthy medium term macroeconomic fundamentals, while the Deputy Governor cited upward revisions to near term growth projections and incomplete transmission of earlier rate cuts as reasons to defer further easing until new GDP and inflation series data are available.
February 20, 2026
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Free trade agreements improving market access and export competitiveness, prompting investor confidence and supporting growth policy.
Free trade agreements with the EU and an interim pact with the US are expected to improve market access, enhance export competitiveness, and deepen Indian firms' integration into global value chains; this expectation has altered investor sentiment, prompting a return of foreign portfolio investment, while the Union Budget stresses fiscal consolidation alongside stepped up capital expenditure, and headline inflation remains benign under the revised CPI series.
February 20, 2026
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Market rebound driven by banking and metal stock buying as trade deal signals and supply chain shifts lift sentiment.
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February 20, 2026
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Foreign exchange reserves rise to record level after gains in foreign currency assets and gold, RBI data shows
India's foreign exchange reserves rose to USD 725.727 billion in the week ended February 13, driven by increases in foreign currency assets (up USD 3.55 billion to USD 573.603 billion) and gold reserves (up USD 4.99 billion to USD 128.466 billion); SDRs increased by USD 103 million to USD 18.924 billion and the IMF reserve position rose by USD 19 million to USD 4.734 billion, with dollar reporting reflecting valuation effects of non US currency movements.
February 20, 2026
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Supply chain security for critical minerals and AI strengthened as partners commit to trusted, diversified industrial cooperation.
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February 20, 2026
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February 20, 2026
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Production Linked Incentive scheme links incentives to incremental domestic production, deepening localisation and strengthening manufacturing competitiveness.
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February 20, 2026
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Interim India-US trade agreement likely operationalised in April after legal-text finalisation meeting, with related FTAs scheduled for implementation.
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February 20, 2026
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Interim trade agreement legal text to be finalised, codifying reciprocal tariff concessions and paving way for signature.
A three-day bilateral meeting will finalise the legal text converting the previously agreed framework into an interim trade agreement to be signed by the two governments; the agreement will codify reciprocal duty concessions and specific tariff adjustments, with the Indian negotiating team led by the chief negotiator.
February 20, 2026
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Investor verification: public SEBI Check awareness activation promotes verification-first behaviour to reduce fraud and strengthen investor protection.
SEBI Check is a verification mechanism to confirm whether market entities are registered with the regulator, aimed at reducing impersonation and unregistered advisory fraud by promoting verification before investing. NSDL has advanced this objective through behavioural investor education-digital content, transit-led campaigns, and on-ground activations-culminating in a flash mob at Priya High Street that reinforced the green triangle thumbs-up symbol as a trust marker and used public-space storytelling to drive symbol recall and verification-first behaviour.
February 20, 2026
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Trade agreements to reduce market barriers, spurring GCC expansion and materially boosting Grade A office demand in India.
Bilateral trade agreements with major partners are expected to reduce market barriers and tariffs, incentivizing multinational firms to expand India-based GCCs into higher value functions and thereby materially increase Grade A office demand across the top seven Indian markets; Colliers projects GCCs could account for a substantial share of future leasing while noting that benefits depend on finalisation and implementation of agreement details.

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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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