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March 16, 2026
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Foreign exchange stability: rupee weakened as capital outflows and reserves decline increased market pressure.
Foreign exchange stability: the rupee weakened against the US dollar as foreign portfolio outflows, higher global crude prices and volatile equity markets drove the currency to near intra day lows; exchange data showed significant FII net selling and a notable weekly decline in forex reserves reported by the central bank, highlighting interacting external and domestic drivers relevant to reserve management and market stability.
March 16, 2026
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Pre-deposit linkage: link DRC-03 payments via DRC-03A on portal to avoid duplicate pre-deposit when filing appeal.
Payments made through Form GST DRC-03 are not automatically recognised against a Demand ID for pre-deposit calculation. Taxpayers must file Form GST DRC-03A on the GST portal to map the DRC-03 payment to the relevant Demand ID so that the Electronic Liability Register reflects the adjustment and the automated pre-deposit check will not require duplicate payment when filing an appeal.
March 16, 2026
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Regulatory harmonization for medical devices drives export policy to expand global market access and manufacturing competitiveness.
Strengthening India's medical devices export ecosystem focuses on regulatory harmonization, streamlining approval processes, and coordination between industry and regulators to reduce compliance bottlenecks and facilitate exports, supported by trade policy measures to improve market access. Complementary measures include development of manufacturing clusters, expansion of testing and certification capacity, and incentives for research and development and innovation to build global brand recognition and scale high value manufacturing.
March 16, 2026
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Responsible Business Conduct: integrating ESG into corporate reporting, labour protections and insolvency frameworks for better market alignment.
The consultation advanced embedding Responsible Business Conduct and the social dimension of ESG across corporate, labour and financial frameworks by mapping national initiatives to the National Guidelines on Responsible Business Conduct, aligning SEBI's Business Responsibility and Sustainability Reporting with labour and social data, designing tiered compliance mechanisms for smaller enterprises, and exploring integration of employee wage protection and ESG considerations into insolvency and restructuring under the Insolvency And Bankruptcy Code.
March 16, 2026
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Unclaimed dividend facilitation enabling direct investor access to recovery, KYC update, and on site grievance redressal services.
Facilitation of unclaimed dividends and shares via a one stop public outreach event connecting investors directly with companies and Registrars and Transfer Agents, offering on the spot KYC updates, nomination services, and immediate assistance for pending claims to streamline grievance redressal and recovery of long held unclaimed assets.
March 16, 2026
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Smuggling of foreign-origin gold disrupted with seizures and arrests under customs enforcement, highlighting illegal melting and transport.
An enforcement operation uncovered an organised syndicate smuggling foreign-origin gold into India, transporting it by rail to illegal melting facilities where the gold was defaced to remove identifying marks before sale; seizures under the Customs Act, 1962 recovered gold, silver and currency and six persons involved in the collection, transport, melting and disposal were arrested.
March 15, 2026
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Strait of Hormuz access disrupted, prompting multinational responses and elevated risks to regional shipping and energy flows.
A civilian freight convoy returning from Afghanistan to Turkey was struck near Zanjan in northwest Iran, killing a Turkish truck driver and leaving his vehicle shredded by shrapnel with a large crater at the site. Concurrent regional developments include restrictions on Strait of Hormuz access for certain states, discussion of strikes on energy infrastructure, a planned phased partial shutdown by a major aluminum producer due to blocked exports, and humanitarian and ordnance-clearance responses to civilian impacts.
March 15, 2026
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Domestic gas priority may limit commercial hotel supplies; government seeks balanced approach to prevent operational disruptions.
The central advisory mandates uninterrupted household PNG and CNG supply and has led to regulated reductions in industrial and commercial gas deliveries, with commercial LPG allocated to states for priority distribution; Maharashtra will review hotel sector concerns and seek a balanced approach to protect domestic consumers while addressing commercial supply hardships.
March 15, 2026
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Maritime safety: Indian-flagged tanker sailed from UAE after terminal attack, ensuring crew safety and fuel supply continuity.
An Indian-flagged crude tanker departed Fujairah safely after an attack on the oil terminal, with all crew reported safe. The Directorate General of Shipping has activated a control room to monitor vessel movements, handle communications, facilitate repatriation and coordinate with ship owners, RPSL agencies, Indian Missions and central ministries to ensure maritime safety, seafarer welfare and continuity of fuel supplies amid disruptions to Gulf shipping routes.
March 15, 2026
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Piped gas priority: consumers with PNG must surrender domestic LPG connections, suppliers barred from providing refills.
The Ministry amended the LPG (Regulation of Supply and Distribution) Order to require consumers with PNG connections to surrender domestic LPG connections and forbade Government oil companies and distributors from providing domestic LPG connections or refills to consumers who already own PNG, while PNGRB instructed CGD companies to prioritise and accelerate domestic PNG rollout, deployment, permissions, and last-mile connectivity to reduce pressure on LPG supplies.
March 14, 2026
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Energy security measures bolster fuel supply and exporter support amid West Asia supply disruptions with insurance cover and diversified imports.
The government has increased kerosene production as an alternative cooking fuel, diversified LPG/LNG and crude import sources to mitigate shipping-route disruptions, and maintained sufficient fuel stocks. The Commerce Ministry is engaging stakeholders through a 24-hour helpline and developing schemes that provide insurance cover for export cargo damaged, lost or delayed due to maritime disruptions, with a forthcoming concrete action agenda to support exporters.
March 14, 2026
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Advance tax e campaign alerts: taxpayers told to ignore inaccurate emails and verify transactions on the Compliance Portal.
The tax authority advised taxpayers to ignore recent email alerts about significant transactions from the Advance Tax e Campaign because some messages contained inaccurate transaction details; it is coordinating with its service provider to resolve the issue and directed taxpayers to verify details using the e Campaign tab on the Compliance Portal via the e Filing portal to ensure appropriate advance tax compliance.
March 14, 2026
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Attack on critical port infrastructure declared legitimate targets, prompting evacuation warnings and heightened risks to energy transit.
Iran threatened strikes on UAE ports, urging evacuation of Jebel Ali, Khalifa and Fujairah after alleging US forces operate from those civilian facilities and thereby designating them legitimate targets; the warning accompanies ongoing missile and drone exchanges, reported damage to Iran's Kharg Island oil export terminal and disruption of the Strait of Hormuz, while the UAE detained foreigners for posting alleged war-related disinformation.
March 14, 2026
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Exhibition centres to be established to boost industry and exports, providing platforms for product showcases and value-added agriculture.
The Punjab government will establish three world-class exhibition centres at Ludhiana, New Chandigarh and Amritsar to give industry dedicated venues to showcase products, boost commerce, attract investment and support export-oriented growth as part of a wider strategy to expand food processing, encourage agricultural diversification, and increase farmer incomes through value addition.
March 14, 2026
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Production Linked Incentive Scheme drives domestic manufacture of a critical antibiotic intermediate to reduce import dependence and boost supply resilience.
The project establishes domestic manufacture of the critical antibiotic intermediate Amino Cephalosporanic Acid (ACA) in Kathua, financed under the Production Linked Incentive Scheme with public facilitation, aiming to reduce import dependence, strengthen pharmaceutical supply resilience, generate local employment, and align with the Biopharma Shakti policy to expand national biopharmaceutical capacity.
March 14, 2026
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Police appointments: state upgrades and reassigns senior intelligence and economic offences officers, creating additional charges for related posts.
The state government upgraded and appointed B Bala Naga Devi from Additional DGP, Intelligence to DGP, Intelligence, while assigning additional charge to Santosh Kumar as Additional DGP, Economic Offences Wing and to Rupesh Kumar Meena as Additional DGP, Civil Supplies CID to maintain leadership continuity across those divisions.
March 14, 2026
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Industry support pledged to strengthen domestic manufacturing and reduce reliance on imports, with state backing for exporters.
Commitment to state-led industry support in Punjab to promote domestic manufacturing, reduce dependence on imported consumer goods, provide required environment and resources to enable local manufacturers to compete with foreign suppliers and begin exporting, and remove government interference to restore regional industrial competitiveness.
March 14, 2026
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Electricity tariff reduction sought to offset rising production costs amid fuel supply disruption and request for repayment moratorium.
Industrial associations in Chhatrapati Sambhajinagar formally sought a reduction in electricity tariffs to alleviate rising production costs from disrupted fuel supplies, alongside a moratorium on loan repayments and expedited permits for alternative fuels; these demands were compiled after an administrative request and presented to the State Industries Minister, who acknowledged limited gas stocks but urged continued operations.
March 13, 2026
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Currency depreciation driven by strong dollar, foreign outflows and rising oil prices pressures domestic exchange rate stability.
The rupee fell to a fresh record low against the US dollar amid a stronger dollar, heavy foreign portfolio outflows and sustained equity market selling. Rising crude oil prices, higher US treasury yields and geopolitical risk heightened market risk aversion, while RBI data showed a notable weekly decline in gross forex reserves; analysts warned these factors collectively impart a negative near term bias on the currency and provided a projected trading range.
March 13, 2026
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Bilateral trade agreement talks continue amid US tariffs and Section 301 investigations affecting timing of formal signing.
India and the United States continue negotiations on a first-phase bilateral trade agreement with chief negotiators finalising contours and legal text, but signing is deferred until US tariff policy and related measures are clarified. Recent US actions - including a court-affected tariff decision, the imposition of temporary across-the-board levies, and initiation of Section 301 investigations into multiple economies - have affected timing though not the ongoing engagement; Indian officials say the US intends to calibrate tariffs to preserve India's comparative advantage and preferential access under the proposed pact.

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Customs & Trade

Trump's tariffs hurting American manufacturers instead of helping them

March 18, 2026

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Washington, Mar 17 (AP) Jay Allen is a fan of President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.

But the tariffs at the core of Trump's economic agenda have wreaked havoc on his company, Allen Engineering Corp., which makes industrial equipment used to install, finish and pave concrete. The import taxes have raised the costs of engines, steel, gearboxes and clutches made abroad that Allen needs to build power trowels that can sell for up to USD 100,000 each.

Allen's experience embodies a growing body of evidence that the tariffs that Trump said would help American factories are, in fact, squashing many of them.

The problem could get worse as the administration scrambles to craft new tariffs to replace the emergency import taxes that the Supreme Court ruled illegal in February.

Allen said he ran his company at a loss in 2025 because of tariffs. His payroll has fallen to 140 workers from a peak of 205. To get by this year, he has hiked prices by 8 per cent to 10 per cent, even though that might mean fewer sales.

“What's really sad is the unintended consequences of his tariffs are hurting manufacturing in our country,” said Allen. “Unfortunately, the working-class people are getting squeezed.” Manufacturing jobs have declined during Trump's first year back Trump's core rationale for tariffs has been that they would force more factories to open in the US and would generate enough revenue to close federal budget deficits. But that hasn't materialized.

Factories continue to shed workers, with 98,000 manufacturing jobs lost during Trump's first full 12 months back in the White House. American companies that foot the bill for tariffs are now suing the Trump administration for more than $130 billion in tariff refunds. Meanwhile, the federal deficit is projected to climb over the next decade.

The White House maintains that construction spending is high, more workers are being hired to build factories, new investments are being made and labour productivity in manufacturing is increasing — which could eventually fuel a factory revival.

“It takes time to get production online, and therefore it will be some more time before we fully materialise the benefits of the president's policies,” Pierre Yared, the acting chairman of the White House Council of Economic Advisers, said in an email.

Construction is up — but that's due to Biden's bill Some of the bright spots in construction cited by the White House appear to be the result of programmes launched by then-President Joe Biden, a Democrat.

Factory construction spending began to accelerate in 2022 with the anticipation of government support from Biden's CHIPS and Science Act, which included big subsidies for computer chip plants. The law was a primary contributor to a historic surge in the annualised rate of construction spending on manufacturing facilities, said Skanda Amarnath, executive director of the economic policy group Employ America.

Construction spending on factories has slipped during Trump's presidency, but the pace remains relatively high largely because of continuing work on Biden-era projects in Arizona, Texas and Idaho, Amarnath said.

Amarnath has also gone through the interviews regional Federal Reserve banks have held with businesses. Those comments show some companies might expand by taking advantage of Trump's tax breaks on investments in equipment and new buildings.

But while the pharmaceutical drug sector might be expanding, the comments show no overall uptick in manufacturing because of Trump's tariffs.

“You don't get the sense that there is this new manufacturing renaissance underway,” Amarnath said.

Uncertainty in tariffs has deterred investments Based on orders, proclamations and other statements, Trump has taken more than 50 actions on tariffs so far — and that tally doesn't include the tariff threats he regularly makes on social media or in conversations with reporters but hasn't formally put in place.

The flurry of announcements, reversals, exemptions and legal challenges — as well as Trump's decision to bypass Congress to impose tariffs — has made it difficult for smaller manufacturing companies to plan.

For example, Allen Engineering imports its 75-horsepower diesel engines from Germany. Building them in the United States would require a USD 20 million investment — a huge risk if the status of the tariffs is unclear.

Are engine-makers “going to spend that kind of money to move production from Germany to the US when they don't know what the landscape is going to be in three years?” Allen said. “I don't know who is going to be in the White House, and what the stance is going to be on these tariffs.” Joseph Steinberg, an economist at the University of Toronto, said research shows that under the best-case scenario “it would take a decade for manufacturing employment to rise above where it was before tariffs were enacted.” But Steinberg said “the current situation is nothing like the best case”, since US trade policy is unsettled and that leaves companies reluctant to expand.

Equipment makers have been hit hard by rising steel costs About 98 per cent of US manufacturing establishments have fewer than 200 workers, according to Census Bureau data, and don't have the kind of name-brand recognition or lobbying heft to minimise the damage from tariffs that big players like Apple, General Motors and Ford possess.

The Association of Equipment Manufacturers in February reported that America's share of global manufacturing severely lags China's. The group has urged tax credits to offset the expense of tariffs, and specifically called for tariff relief on raw materials, parts and components that cannot be acquired domestically at scale.

Steel tariffs have been a particular concern. Trump imposed them last March and hiked them to 50 per cent in June. They were not affected by the Supreme Court decision.

Trump has credited the tariffs with restoring profits at American steel mills. But they have hurt companies that use that steel, like Calder Brothers in South Carolina, which makes equipment to pave asphalt.

“The steel tariffs were the first thing that got my attention,” said Glen Calder, the company's president. “My steel pricing jumped 25 per cent two weeks before the tariffs went into effect for domestic steel. The market price just jumped. It has stayed elevated.” Meanwhile, China's trade surplus has grown Part of Trump's push to expand manufacturing was to help American companies compete against China — a country he plans to visit this spring for talks with its leader, Xi Jinping.

But the US manufacturing trade imbalance rose last year under Trump instead of narrowing. Meanwhile, China's trade surplus with the world climbed to a record USD 1.2 trillion.

This trend exposes one of the big problems with Trump's tariff strategy, said Lori Wallach, director of the Rethink Trade program at American Economic Liberties Project. She noted that he largely bypassed Congress and failed to address gaps in the World Trade Organisation's rules for the trade frameworks that he negotiated with other countries.

Instead of working with partners to ensure there were penalties for foreign manufacturers with abusive labour practices and unfair subsidies, Trump chose against rallying partners to counter China as a unified group. American manufacturers are at a disadvantage, Wallach argued, because there is not a coalition of nations that can impose penalties for currency manipulation, subsidies and schemes to evade tariffs.

“The general revulsion of this administration to international cooperation means they're trying to do it alone,” Wallach said. (AP) PY PY

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