Summary : The government has introduced a 10 percent import duty on lentils, comprising a 5 percent basic customs duty and a 5 percent Agriculture Infrastructure and Development Cess, effective from March 8. Previously, lentils were exempt from import duty. Additionally, the duty-free import of yellow peas has been extended until May 31 to boost domestic supply. Initially granted in December 2023, the duty-free status for yellow peas has been extended multiple times. In 2024, India imported 30 lakh tonnes of yellow peas out of a total 67 lakh tonnes of pulses.
Summary : China has adapted its strategy in response to renewed US tariffs under President Trump's second term, opting for a firm stance rather than seeking immediate negotiations. Unlike Canada and Mexico, which are engaging directly with Trump, China has prepared retaliatory measures, including tariffs on US farm imports and blacklisting US companies. Beijing aims to negotiate on equal terms, avoiding any appearance of capitulation. With Xi Jinping's leadership providing continuity, China is leveraging its economic resilience and diversified trade relationships to withstand US pressures. Meanwhile, Canada and Mexico face challenges from Trump's shifting trade policies, responding with their own retaliatory measures.
Summary : Negotiations for a trade deal between India and the US have commenced, with both nations emphasizing their respective interests and sensitivities. Government sources in India consider it premature to discuss specifics like tariff reductions, despite US President Trump's claims that India agreed to significantly lower tariffs on American products. Talks were initiated following discussions between Indian Prime Minister Modi and President Trump, aiming for a Bilateral Trade Agreement by fall 2025. India's Commerce Minister recently visited the US for discussions. India has not directly addressed Trump's reciprocal tariff announcement but seeks to deepen trade relations by reducing barriers.
Summary : India and Mauritius will sign pacts on capacity building, trade, and tackling financial crimes during Prime Minister Modi's visit. In Karnataka, two women, including an Israeli tourist, were allegedly gang-raped, and a male traveler was killed. President Murmu emphasized the need for increased women's workforce participation. PM Modi highlighted his government's focus on women's safety. India-US trade negotiations are ongoing, with no details finalized. The world's first commercial space surveillance satellite was commissioned by Digantara. China extended Pakistan's loan repayment period by one year, and Nepal experienced three earthquakes with no casualties reported.
Summary : The Indian government has lifted the export ban on broken rice, which was imposed in September 2022, to boost shipments. The Directorate General of Foreign Trade announced the amendment of the export policy from prohibited to free. This decision follows exporters' requests due to increased inventories and comes after the removal of the minimum export price on non-basmati white rice. The ban was initially enacted due to supply chain disruptions from the Russia-Ukraine conflict. Despite the ban, exports to certain countries were allowed. In recent years, India exported significant quantities of broken rice to various nations.
Summary : India is seeking a beneficial trade agreement with the US to boost economic growth and maintain stable supply chains, according to the Finance Minister. Amid global tariff conflicts, India aims to protect domestic industries from potential dumping of goods due to US tariffs, while also ensuring affordable imports. The Commerce Minister is actively negotiating to double trade with the US to USD 500 billion by 2030. The government is also reviewing existing free trade agreements to prioritize India's interests and is consulting stakeholders throughout the process. Various sectors, like steel, have requested safeguard duties against increased imports.
Summary : Negotiations between India and the US for a trade deal are in their early stages, and it is too soon to discuss details, according to Indian government sources. This follows US President Trump's claim that India agreed to significantly reduce tariffs. Talks for a Bilateral Trade Agreement were initiated after discussions between Indian and US leaders. Indian Commerce Minister recently engaged in talks in the US. Trump's comments on India's tariffs were seen as premature by New Delhi. India has been lowering tariffs for several countries and is negotiating similar agreements with others, including the EU and the UK.
Summary : Finance Minister announced that GST rates are set to decrease further as efforts to rationalize tax rates and slabs near completion. The revenue neutral rate has reduced from 15.8% at GST's inception in 2017 to 11.4% in 2023, with expectations of further decline. A group of ministers, including finance ministers from six states, has been working on this rationalization. The minister plans to review their work before presenting it to the GST Council. Additionally, the government aims to increase public sector banks' public float by encouraging more retail investors.
Summary : The External Affairs Minister inaugurated a new Consulate General of India in Manchester, highlighting its significance for the Indian diaspora and as a precursor to an India-UK Free Trade Agreement. The event coincided with International Women's Day, marking the appointment of a new Consul General. The minister emphasized the evolving India-UK relationship and the potential impact of the FTA. The inauguration was attended by UK officials, including the Deputy Prime Minister, and concluded with a diaspora reception. The opening of consulates in Manchester and Belfast concluded the minister's tour of the UK and Ireland.
Summary : Ethanol-producing cooperative sugar mills in India are enhancing food security and reducing the petroleum import bill, according to a Union minister. At an event in Gujarat, the foundation for reviving three sugar mills was laid, benefiting around 10,000 local farmers. The revival is supported by Indian Potash Limited and involves the use of advanced agricultural technologies. The initiative aligns with Prime Minister Modi's vision of transforming farmers into global biofuel producers. Additionally, significant increases in the agriculture budget and farmer loans under Modi's government were highlighted. The minister also inaugurated several educational and medical facilities in the region.
Summary : The Congress party has urged Prime Minister Modi to clarify whether India has agreed to reduce trade tariffs as claimed by US President Trump. They demand transparency and ask the government to take Parliament into confidence, questioning if Indian interests are being compromised under US pressure. Commerce Minister Piyush Goyal is in the US for trade talks, but Congress accuses the government of surrendering to US demands without consulting key stakeholders. They criticize the Modi administration for potentially harming Indian farmers and MSMEs, suggesting that the government's actions prioritize foreign relations over domestic economic interests.
Summary : The Enforcement Directorate (ED) seized a business jet at Hyderabad airport as part of a money laundering investigation involving a Hyderabad-based company, Falcon Group, and its promoters. The case originated from a Cyberabad police FIR, alleging the company defrauded investors in a Rs 850 crore Ponzi scheme. The Falcon Group reportedly collected Rs 1,700 crore from investors through a fraudulent investment scheme, repaying only Rs 850 crore. The company's CMD allegedly fled using the seized jet, which was bought with proceeds from the scheme. The ED conducted a search under the Prevention of Money Laundering Act and recorded statements from the crew and associates.
Summary : The Congress party urged Prime Minister Narendra Modi to clarify US President Donald Trump's claim that India has agreed to significantly reduce trade tariffs. Concerns were raised about whether this decision might compromise the interests of Indian farmers and manufacturers. Commerce Minister Piyush Goyal is currently in Washington for trade discussions. Trump, in a video shared by a Congress official, accused India of imposing massive tariffs that hinder US business, claiming India has now agreed to lower them. The Congress demands the Prime Minister address these issues when Parliament resumes on March 10.
Summary : US President Donald Trump announced that India has agreed to significantly reduce its tariffs, addressing longstanding concerns about the high tariffs that restrict American products in India. Trump criticized India, along with other countries like Canada, Mexico, and the EU, for imposing what he considers unfair trade barriers. He emphasized that reciprocal tariffs on countries imposing levies on American goods will be implemented soon. Trump has repeatedly labeled India as a "tariff king" and criticized its trade practices as restrictive. His comments follow previous statements made during a joint press conference with India's Prime Minister.
Summary : The Enforcement Directorate has seized a private jet, valued at approximately Rs 14 crore, in connection with a money laundering investigation involving a Hyderabad-based company and its promoters. The case involves a Ponzi scheme that defrauded investors of around Rs 850 crore. The company, Falcon Group, and its head are implicated, with the latter reportedly fleeing the country using the jet. The jet, owned by Prestige Jets Inc, was found at Hyderabad airport, and the ED is investigating under the Prevention of Money Laundering Act. The aircraft is believed to have been purchased with illicit funds.