The Union Cabinet approved ₹1,500 crore allocation to promote low-value UPI transactions, offering 0.15% incentives for transactions up to ₹2,000. The goal is 200 billion transactions by FY25. Some industry players deem the allocation inadequate. Additional projects approved include a national highway in Maharashtra, a new ammonia-urea complex in Assam, and revisions in dairy and livestock programs.
Source: The Economic Times
The Cabinet Committee on Economic Affairs approved the construction of a six-lane high-speed national highway in Maharashtra, costing Rs 4,500.62 crore. The highway will connect JNPA Port to Chowk, improving logistics and connectivity with the Navi Mumbai International Airport.
Source: The Economic Times
The Reserve Bank of India has said that the policymakers are now walking a tightrope, having to balance the upward strain of rising prices on account of tariffs and currency depreciation, as well as the downward pressure on inflation from economic slowdown, according to its bulletin. "The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth," the bulletin said.
Source: The Economic Times
The 10th CII India-LAC Conclave emphasized the strengthening of India-LAC trade relations and highlighted potential areas for collaboration including agriculture, food security, renewable energy, and healthcare. Two MoUs were signed to enhance economic cooperation between both regions in various sectors. Closer bilateral and multilateral relations between the Latin American and Caribbean (LAC) countries, like Cuba and India would improve relations amongst countries in the Global South, stated Dr Eduardo Martinez Diaz, Deputy Prime Minister, Republic of Cuba while speaking at the 10th CII India-LAC Conclave with the theme of “Advancing Economic Alliances for Collaborative Growth” held in New Delhi between 19-20 March 2025. He was speaking at the inaugural session on Wednesday on “Facilitating India-LAC Trade Relations”.
Source: The Economic Times
India has suggested that talks for free trade agreements (FTAs) should initially focus on core trade issues and that the comprehensive agreements can be concluded in phases, commerce secretary Sunil Barthwal said on March 19, 2025. This will deliver results faster, he said at the 10th CII India-Latin America and Caribbean Conclave.
The commerce secretary said India has put forward the suggestion to some of its FTA partners. “Even if it is the first phase of that comprehensive agreement, some kind of outcome should come out of these negotiations,” he said.
India has followed this approach with Australia and both sides promptly concluded an Economic Cooperation and Trade Agreement (ECTA). Now negotiations are on between the two sides to convert it into a broader one and sign the Comprehensive Economic Cooperation Agreement (CECA).
Source: The Financial Express
India's export of key items such as petroleum products, iron ore, gems and jewellery, oil seeds, and ceramics witnessed double-digit contraction in February, which calls for ‘targeted support and strategic interventions’ to drive recovery, Delhi-based think tank GTRI said in a report on March 19, 2025.
Data released by the commerce department on March 17, 2025 showed that outbound shipments from India shrank at the sharpest pace in 20 months —by 10.9 per cent year-on-year (Y-o-Y) — to $36.91 billion in February. The contraction was driven by negative growth in several items.
Source: The Financial Express
Despite global trade instability amid geopolitical threats since the start of US President Donald Trump’s second stint, India is looking to continue capacity building at Iran’s Chabahar Port.
The Centre aims to raise capacity fivefold at the terminal over the next decade.
“There is a capital expenditure (capex) of ₹4,000 crore or so underway which will help us acquire modern cranes, leading to mechanisation and modernisation at the terminal. The current capacity at the port is 100,000 twenty-foot equivalent units (TEUs) and the target is to expand this to 500,000 TEUs,” a senior government official said.
Source: The Financial Express
UKFT has published a new report on Responsible UK Fashion and Textile Supply Chains, following workshops with brands and retailers, textile and garment manufacturers, and social and ethical compliance experts. The report is a key step in supporting the UK fashion and textile ecosystem’s reshoring efforts. It identifies practical solutions and opportunities to drive positive change for manufacturers, brands and retailers alike.
The report aims to strengthen social and ethical compliance practices within UK fashion and textile manufacturing to boost domestic production.
Source: UKFT.Org
Pakistan’s textile exports saw a sharp decline of $272.6 million in February compared to January, as exporters struggle with high production costs due to expensive electricity.
According to data released by the Pakistan Hosiery Manufacturers Association (PHMA), the country’s textile exports stood at $1.41 billion in February, down from $1.68 billion in January. Category-wise, the biggest decline was recorded in knitwear exports, which fell by $102.7 million. Ready-made garment exports also dropped by $67.8 million, while bedwear exports saw a decline of $39 million. Additionally, cotton cloth exports decreased by $16.3 million, and towel exports were down by $4.6 million.
Source: 24 Newshd
