Indian steelmakers urge government for minimum import price amid global slump (The Economic Times)
Indian steelmakers are pressing the government to impose a minimum import price, arguing that the current 12% safeguard duty has failed to offset falling global prices, with hot rolled coil still trading 10–15% below the benchmark ₹52,900 per tonne and industry margins squeezed to as low as 0.3% in some quarters. Executives warn that without stronger protection, companies will struggle to sustain investments needed for India’s steel output goals, though experts caution that excessive duties could harm consumers and distort the market. Analysts add that with global steel supply outpacing demand, weak consumption in China and Europe, and stable raw material prices, the pressure on Indian producers is unlikely to ease soon, making policy support a delicate balancing act.
India pushing rice exports to largest importer of world Philippines (Business Standard)
India is intensifying efforts to expand agricultural exports by targeting the Philippines, the world’s largest rice importer, where despite India’s global dominance in rice exports worth $11.83 billion in 2024-25, its shipments to the country were only $48.91 million, highlighting a vast untapped market. To capture this opportunity, a high-level delegation of Indian exporters will visit the Philippines in September to promote rice along with onions, potatoes, groundnuts, and meat, while Philippine importers will participate in major Indian trade fairs like World Food India and the International Rice Conference later this year. At the same time, India’s agricultural exports to the CIS region, especially Russia, have surged from $480 million in 2023-24 to $628 million in 2024-25, with APEDA leveraging global trade events to deepen networks and strengthen India’s footprint in these fast-growing markets.
Piyush Goyal slams India Inc, says needs to step out of 'cosy comfort zone' (Business Standard)
Commerce Minister Piyush Goyal urged Indian companies to break free from their reliance on the domestic market and instead pursue global opportunities with greater value addition, criticising industries for exporting raw materials like rice and iron ore rather than finished, higher-value products. He acknowledged challenges from U.S. tariffs imposed by Donald Trump on Indian goods, warning that sectors like textiles, gems, and leather will feel pressure, but advised firms to innovate, add value, and even use the domestic market temporarily to absorb excess supply. At the same time, he highlighted India’s strong 7.8% GDP growth, ongoing trade negotiations, and upcoming GST reforms as signs of resilience and momentum that should give businesses confidence to expand internationally.
