Daily News - Monday, 11 May 2026
India-EU Banking Will Enhance Financial Sector Engagement with 2026 Agreement Pact (Economic Times)
Reserve Bank of India (RBI) and the European Central Bank (ECB) signed a revised Memorandum of Understanding (MoU) in Basel on the sidelines of the Bank for International Settlements (BIS) meetings. The agreement, signed by RBI Governor Sanjay Malhotra and ECB President Christine Lagarde, updates the earlier 2015 pact and establishes a framework for regular information exchange, policy dialogue, and technical cooperation. The MoU is designed to strengthen institutional engagement on central banking practices, financial sector developments, and regulatory coordination. Both institutions emphasized that the arrangement will enhance collaboration in areas of mutual interest, including monetary policy, banking supervision, and financial stability. The RBI noted that this renewed cooperation will support India’s efforts to align with global best practices while safeguarding domestic priorities. The ECB highlighted the importance of closer ties with India as part of its broader outreach to emerging economies.
India Oman to Finalize CEPA Timeline by June 1 (Financial Express)
India and Oman will begin talks on May 12, 2026 to resolve pending issues and finalize the timeline for operationalizing the Comprehensive Economic Partnership Agreement (CEPA), which was signed on December 18, 2025. Both sides had earlier targeted June 1, 2026 for entry into force, with Oman ratifying the pact via a Royal Decree in February 2026. The CEPA provides zero duty access on 98.08% of tariff lines, covering 99.38% of India’s exports to Oman, while India will open 77% of its tariff lines, covering 94% of Oman’s exports to India. Tariff reductions will be immediate for most products, though petrochemicals will see phased cuts. The negotiations are overseen by the Ministry of Commerce and Industry (India) and Oman’s trade authorities, aiming to boost bilateral trade and investment flows. Parallelly, India is also advancing FTA talks with Chile, including a chapter on critical minerals (copper, lithium, silver, molybdenum), highlighting India’s broader trade diversification strategy.
India and Trinidad Sign 8 MoUs Worth USD $1 Milion in Education, Health, Tourism (Economic Times)
During his visit to Port of Spain, External Affairs Minister S. Jaishankar signed 8 MoUs with Prime Minister Kamla Persad Bissessar covering tourism, healthcare, infrastructure, vector control, solarisation of the Ministry of Foreign and CARICOM Affairs building, and Ayurveda. A key cultural pact includes establishing an Indian Chair on Ayurveda at the University of the West Indies, strengthening academic and health cooperation. India also supported heritage infrastructure by upgrading Nelson Island, where early Indian immigrants first stayed. In addition, Jaishankar handed over 2,000 laptops to schoolchildren and inaugurated an agro processing facility, backed by USD $1 million (INR ₹83 crore) worth of machinery provided by India in 2025. The agreements build on commitments made during Prime Minister Narendra Modi’s 2025 visit, reflecting continuity in India’s Caribbean outreach. The Ministry of External Affairs (MEA) emphasized that these initiatives deepen bilateral ties and expand India’s role in the CARICOM region.
India’s Mining Sector Can Add USD $500 Billion to GDP by 2047 (The Hindu Businessline)
A joint Deloitte-ICC report titled “Mining 5.0 - Emerging Mining Technologies by 2030” projects that India’s mining sector could add USD $500 billion (INR ₹41.5 lakh crore) to GDP and create up to 25 million jobs by 2047. The sector currently contributes 2-3% of GDP, supporting industries like steel, cement, power, automobiles, and infrastructure, but is undergoing a structural transition driven by rising mineral demand. The report emphasizes a shift from Mining 4.0 (automation and digitalisation) to Mining 5.0, integrating AI, digital twins, predictive safety systems, and hybrid cloud-edge architectures into operations. India’s aspiration of becoming a USD $30 trillion (INR ₹2,490 lakh crore) economy by 2047 hinges on mining’s transformation into a value driven, sustainable, and human‑centric ecosystem. Policy reforms, critical mineral requirements, and the government’s Atmanirbhar Bharat push are expected to accelerate adoption of integrated digital systems across planning, production, logistics, and safety. The report concludes that success will depend on treating AI and data as enterprise capabilities, aligning operating models with national priorities of energy security, sustainability, and inclusive growth.
