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March 2, 2026
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Comprehensive Economic Partnership Agreement negotiations launched to cover goods and services and pursue an ambitious bilateral trade pact.
Launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between India and Canada, with signed Terms of Reference to set the format, frequency and approach for talks covering trade in goods, services and other policy areas. The ToR aim to guide negotiators toward an ambitious, balanced pact, resuming talks from the start after a prior pause. Negotiations target expanded market access and increased bilateral trade, identifying key goods and services sectors and naming chief negotiators for each country.
March 2, 2026
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Fuel pricing policy shields consumers by using company-held margins to stabilize retail petrol and diesel amid global crude spikes.
India's fuel pricing policy freezes retail petrol and diesel prices by allowing public sector oil companies to absorb losses when international crude prices rise and build margins when prices fall; this cushion-based approach, overseen by the Oil Ministry, will continue unless a sustained, very large spike in crude or prolonged disruptions (notably via the Strait of Hormuz) make it untenable, exposing vulnerabilities from high import dependence and increased procurement, freight, and insurance costs.
March 2, 2026
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Travel suspension to Middle East prompts IT firms to enforce employee safety measures and remote work arrangements.
Indian IT firms have suspended or deferred travel to the Middle East and implemented employee safety measures: TCS suspended all incoming and outgoing travel, advised associates to stay indoors, activated a call tree, and is coordinating with local authorities and embassies; Wipro issued a no travel advisory for multiple countries and directed regional staff to follow local guidance. Nasscom advised members to defer travel and enable work from home arrangements as a precaution while monitoring operations and preparing further measures if required.
March 2, 2026
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Customs enforcement against areca nut smuggling intensified, emphasising prosecution under prohibitory orders and strengthened border surveillance.
Intensified enforcement targets areca nut smuggling from Myanmar due to evasion of import duties and market harm to local growers. Authorities have registered numerous cases and made arrests under prohibitory-order offences prosecuted via the Indian Penal Code and the Bharatiya Nagarik Suraksha Sanhita, and separate prosecutions under the Customs Act. The government affirms continued prohibition, enhanced border surveillance, and a zero-tolerance stance including probes into alleged official complicity.
March 2, 2026
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Energy supply disruption risks push global markets lower as oil and gas price spikes strain trade and inflation expectations.
Energy supply disruptions from Middle East hostilities sharply pushed up oil, gas and fuel prices, driving marketwide volatility as investors rotated into safe havens. Attacks affecting transit through the Strait of Hormuz threaten continuity of crude and LNG exports, prompting buyers to seek alternate sources and tightening physical markets. Higher wholesale inflation readings increase the prospect of delayed monetary easing, reinforcing downward pressure on risk assets and elevating short term downside risk to trade and investment flows.
March 2, 2026
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Trade continuity secured through coordinated facilitation and procedural flexibility to protect exporters and sustain EXIM logistics.
The Department of Commerce convened a multi stakeholder consultation to coordinate regulatory and operational measures for EXIM logistics amid geopolitical developments, focusing on real time monitoring of routing, capacity, surcharges and equipment availability, and strengthening facilitation at ports and ICDs to prevent congestion. The Government emphasised a facilitative, coordinated approach prioritising supply chain resilience and exporter interests, agreeing measures including procedural flexibility for export authorisations, Customs coordination for smooth clearance, financial and insurance engagement, and prioritisation of time sensitive export segments.
March 2, 2026
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Current account deficit rises due to widening trade deficit; services surplus partially offsets external imbalance.
Current account deficit widened to USD 13.2 billion in the December quarter, driven mainly by a larger merchandise trade deficit, while net services receipts rose and partially offset the deterioration; the April-December current account deficit moderated compared with the prior year, reflecting goods and services flow dynamics within the balance of payments.
March 2, 2026
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GST revenue collections: gross receipts, refunds and net receipts reported, with state settlements and cess treatment noted.
Statement of February 2026 GST revenues detailing gross receipts by CGST, SGST and IGST (domestic and import), reported refunds (domestic and export/ICEGATE) and resulting net GST revenue split into net domestic and net customs receipts. It separately reports compensation and import cess inflows and refunds, noting compensation cess remains transitory until loan liabilities are discharged. State/UT pre- and post-settlement SGST distributions and Apr-Feb collection breakdowns by Central and State formations are included for inter-year comparison.
March 2, 2026
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Trade facilitation measures to mitigate West Asia crisis impact on exports, including customs coordination and logistical support.
The consultation assessed risks to EXIM cargo flows from West Asian hostilities and committed a facilitative, coordinated response focused on preserving trade continuity. Agreed measures include real-time monitoring of routing, capacity, surcharges and equipment availability; strengthened port/ICD facilitation to avoid congestion; targeted support for time-sensitive exports such as perishables and pharmaceuticals; procedural flexibility for export authorisations in genuine disruption; Customs coordination for smooth clearance; and engagement with financial and insurance institutions to protect exporter interests, with emphasis on MSMEs and essential imports.
March 2, 2026
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Exchange rate pressure intensified as geopolitical conflict, crude price spikes and capital outflows pushed the currency lower despite central bank support.
Severe exchange rate pressure drove the rupee sharply lower amid geopolitical conflict, FII outflows and rising crude prices, increasing India's import bill vulnerability; the Reserve Bank of India's visible market presence capped deeper intraday depreciation while analysts warned that geopolitical developments, crude trends, capital flows and key US data will determine near term exchange rate direction.
March 2, 2026
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Genetic upgrade initiative boosts local mutton and wool production via import of elite sheep and goat breeds.
Importation of Romanov and Finn sheep and Boer and Swiss Alpine goats aims to implement a genetic upgrade of Jammu and Kashmir's small ruminant population to improve growth rates, carcass yield, reproductive efficiency and overall flock productivity. Imported germplasm will be multiplied at government breeding farms and progeny distributed to farmers in phases, with farmer-level distribution starting in the third quarter of 2026-27, as part of Project 24 under the Holistic Agriculture Development Programme alongside complementary livestock and rural productivity measures.
March 2, 2026
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Oil supply disruption risk drives markets as geopolitical attacks push energy prices up and equities downward.
Attacks on Iran caused equity declines and sharp rises in oil and gold as traders priced in disruption to energy flows through the Strait of Hormuz; sustained interruptions to Iranian exports and regional shipping could tighten global supply, elevate fuel and production costs, affect major importers' sourcing strategies, and influence inflation dynamics and central bank rate decisions.
March 2, 2026
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Manufacturing activity growth driven by stronger domestic demand despite slower export orders, prompting higher input buying and hiring.
Manufacturing activity accelerated to a four-month high as stronger domestic demand supported faster output growth and higher new business intakes; firms increased input purchasing, inventories and hiring. New export orders continued to slow, somewhat constraining employment creation. Cost pressures remained moderate, and forward-looking sentiment was positive with many manufacturers expecting higher output over the year ahead.
March 2, 2026
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Compliance with IS-17900 drives local manufacturing of advanced lift control systems, reducing import dependence and strengthening supply chains.
A Phase 1 manufacturing facility invests in local production of advanced lift electronic control systems designed to comply with IS-17900, reduce import dependency, and enable component to finished product localisation. The plant will operate automated PCB and semi automatic panel lines to produce MR, MRL and Slim Panels, emphasise controlled environment quality, IoT features, and support supply chain resilience and national industrial policy objectives under the Make in India framework.
March 2, 2026
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Reservation policy implementation strengthened across public financial institutions to improve accessibility and uniform compliance measures.
Strengthening institutional capacity for uniform implementation of the Government of India's reservation policy across public financial institutions and enhancing accessibility for Persons with Disabilities were the primary objectives. The programme combined a Sugamya Bharat sensitisation session on accessibility standards and compliance requirements, a roundtable on legal provisions and practical challenges, exchange of best practices, and an interactive question-and-answer session to identify operational measures for inclusivity, accessibility and reservation policy compliance.
March 2, 2026
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Deferred Customs Duty payment enables qualified manufacturers to clear imports and pay duties monthly, subject to compliance and eligibility.
A Deferred Customs Duty payment facility allows Eligible Manufacturer Importers to clear imports without immediate duty payment and to pay applicable customs duties monthly under the Deferred Payment of Import Duty Rules, 2016, subject to prescribed Customs and GST compliance, turnover, financial standing and track record; existing AEO T1 entities meeting eligibility may participate and applications are to be submitted via the AEO portal.
March 2, 2026
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Energy supply disruption risks trigger global market selloff and safe-haven flows, lifting oil and gold while bond yields fall.
Global markets moved to risk-off after US and Israeli attacks on Iran: equities opened lower while gold and government bonds rallied and oil prices surged on fears that strikes and incidents in the Strait of Hormuz could restrict oil and LNG exports, raising the prospect of higher energy and production costs; higher-than-expected wholesale inflation readings were identified as a factor that may affect the central bank's timing for interest-rate cuts.
March 2, 2026
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Rupee depreciation driven by crude price surge, dollar strength and foreign fund outflows pressures local currency lower.
Rupee depreciation in early trade reflected external pressures-higher crude prices, a stronger US dollar, and escalated Middle East tensions-compounded by negative domestic equity sentiment and significant foreign institutional outflows. Market indicators included a firmer dollar index, rising Brent crude futures, and a recent dip in forex reserves, while analysts warned of increased import bill risk due to India's reliance on fuel imports.
March 2, 2026
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Energy supply disruption threatens global oil flows, driving sharp price increases and straining fuel and goods markets worldwide.
Attacks and retaliatory strikes in the Middle East disrupted flows through the Strait of Hormuz and regional export infrastructure, triggering sharp crude price rises and heightened risk of sustained supply constraints; OPEC+ announced production increases, but analysts stress that constrained export routes limit the immediate effectiveness of added output.
March 2, 2026
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Maritime chokepoint security threatened, risking oil export disruptions and limiting the relief from increased production.
Attacks and military strikes in the Middle East disrupted maritime traffic through the Strait of Hormuz, risking restrictions on regional crude exports and driving upward pressure on oil and gasoline prices. Because the strait is a critical global oil chokepoint, market concerns focus on whether barrels can physically move; consequently, OPEC+ announcements of increased production may provide limited immediate relief if export routes remain constrained.

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Customs & Trade

EXPLAINER: Why kerosene and coal are making a temporary comeback in India

March 13, 2026

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New Delhi, Mar 13 (PTI) India has temporarily reintroduced kerosene for household use and permitted the use of coal and other alternate fuels for hotels and restaurants as the escalating West Asia crisis disrupts the country's energy supply chains.

The move comes after the conflict effectively shut the Strait of Hormuz, through which a large share of India's crude oil, LPG and LNG imports normally pass.

Why is India facing fuel supply pressure? -------------------------------------------- The Strait of Hormuz - a narrow passage of water between Iran and Oman - is one of the world's most critical energy transit routes. The 21-mile-wide choke point, where shipping lanes for incoming and outgoing traffic are restricted to just 2 miles wide each, separated by a 2-mile buffer zone, is the only sea exit for oil- and gas- producing countries, such as Saudi Arabia, Kuwait, Iran, Iraq, Qatar and the United Arab Emirates (UAE).

The narrow, 50-mile-long passage that connects the Gulf with the Arabian Sea carries about a fifth of the world's oil and liquefied natural gas (LNG).

India imports roughly 88 per cent of its crude oil, 50 per cent of its LNG needs and 60 per cent of its LPG requirement, most of which transits through the strait.

The widening conflict in West Asia, which began on February 28 when the United States and Israel carried out strikes on Iran, followed by retaliatory attacks from Tehran, has stopped energy flows through the strait.

For India, the route is particularly important: ------------------------------------------------ * More than half of India's crude oil imports pass through the strait.

* About 55 per cent of LPG supplies used for cooking arrive through the route.

* Nearly 30 per cent of LNG imports also move through the corridor.

India consumed 31.3 million tonnes of LPG in 2024-25, of which only 12.8 million tonnes were produced domestically, with the remainder imported. 85-90 per cent of imports came from countries, like Saudi Arabia, that rely on the strait for transit.

While there is enough crude oil available from alternative sources, such as Russia, replacing any loss of LPG supplies is more time-consuming, as other alternative sources are largely located in the United States and Canada.

The disruption has forced oil companies to prioritise household cooking gas supplies, leading to restrictions on commercial users, such as hotels and restaurants.

Measures taken by the government --------------------------------------- To manage the supply disruption, the government has introduced a series of temporary measures: * Additional kerosene allocation: States have been given 48,000 kilolitres of additional kerosene, over and above the regular monthly quota of about 1 lakh kilolitres, for household cooking needs.

* Alternate fuels for hospitality sector: Environmental regulators have been asked to permit biomass, refuse-derived fuel (RDF) pellets and coal as alternate fuels for hotels and restaurants for one month.

* Limited commercial LPG supply: Oil marketing companies will allocate 20 per cent of the average monthly commercial LPG demand to ensure essential businesses continue to receive supplies.

* Demand management: The minimum refill interval for LPG cylinders has been increased to 25 days in urban areas and 45 days in rural areas.

Why is kerosene being used again? ------------------------------------- The increase in kerosene allocation is notable because India has spent the past decade attempting to phase out the fuel due to pollution concerns and its misuse for adulterating petrol.

Delhi was officially declared the first kerosene-free city in India on June 17, 2014. The initiative, launched in 2012, replaced kerosene usage with LPG connections for households, aiming to reduce pollution and fire risks.

Mass roll-out of LPG through grant of free connections to the poor under the Pradhan Mantri Ujjwala Yojana was intended to cut the usage of firewood and coal for cooking, especially in rural households.

However, with LPG supplies under pressure, officials said kerosene is being temporarily reintroduced to ensure households continue to have access to cooking fuel.

Is there a fuel shortage? -------------------------- The government says the country is not facing a shortage of petrol or diesel despite the global disruption.

* Refineries are operating at high capacity utilisation, in some cases exceeding 100 per cent.

* No petrol pump or LPG distributor has run dry.

* Crude oil supplies have been secured from multiple sources. India has diversified its crude sources to around 40 countries from 27 previously.

Why are LPG supplies under pressure? ---------------------------------------- Before the crisis, about 60 per cent of LPG imports came from Gulf countries such as Qatar, Saudi Arabia, the UAE and Kuwait. Those supplies are blocked.

The government says LPG cargoes are now being sourced from the United States, Norway, Canada, Algeria and Russia, in addition to available Gulf supplies.

Domestic LPG production has also been increased by 28 per cent by redirecting refinery output.

How the government is preventing hoarding ----------------------------------------------- Officials say a surge in LPG bookings has largely been driven by panic buying rather than actual supply shortages.

To curb hoarding and diversion, delivery authentication codes will be expanded to 90 per cent of consumers, requiring confirmation before cylinders are marked delivered.

A three-member committee will assess genuine commercial demand across sectors and regions.

Commercial LPG sales are being regulated temporarily to prevent black-market diversion.

What Next? ------------ Officials say the measures are temporary responses to an extraordinary global energy disruption.

The government is monitoring supply flows and alternative import routes while prioritising household cooking fuel and essential sectors such as hospitals and educational institutions.

The Strait of Hormuz has remained disrupted for nearly two weeks, making the current situation one of the most severe energy supply shocks in recent decades. PTI ANZ BAL BAL

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