Daily News - Monday, 17 March 2025
Trump has clear road map: PM (Financial Express)
In a podcast interaction with Lex Fridman, Prime Minister Narendra Modi praised former US President Donald Trump for his “humility” and “resilience,” highlighting his “clear roadmap” and emphasizing their shared leadership priorities—Trump’s “America First” and Modi’s “India First.” On geopolitical issues, Modi stated that India and China are working to restore pre-2020 conditions along the Line of Actual Control in Ladakh, reiterated that the Russia-Ukraine conflict can only be resolved through direct negotiations, and criticized Pakistan as the global “epicenter of terror.” Reflecting on his personal experiences with Trump, Modi recalled the 2019 Howdy Modi event in Houston, where Trump’s willingness to listen and spontaneously walk around the stadium despite security concerns demonstrated his “courage and remarkable gesture.”
US tariffs on China may have an impact on Indian chemical companies (mint)
The US decision to impose 20% tariffs on all Chinese imports is expected to disrupt global trade dynamics, with Chinese chemical companies likely to offload excess supply into non-US markets, intensifying competition and driving down prices for Indian chemical exporters. India exported $2.9 billion worth of chemicals to the US in 2023-24 (14% of its total $20.4 billion chemical exports), with key players like Aarti Industries (24% of exports to the US), Vinati Organics (39%), and Navin Fluorine International (35%) at risk of losing market share or facing price pressures in alternative regions. Additionally, India’s chemical sector may face further strain if the US retaliates with reciprocal tariffs, as India’s current tariff on organic and miscellaneous chemicals stands at 10%, compared to the US’s lower 3-4% duty structure.
India cuts China bulk-drug reliance (mint)
Under the government’s Production Linked Incentive (PLI) scheme, Indian companies have begun manufacturing key bulk drugs and active pharmaceutical ingredients (APIs) like Penicillin G, Clavulanic Acid, Atorvastatin, and Telmisartan, reducing dependency on China and strengthening domestic pharmaceutical production. In April-December FY25, India exported $3,520 million worth of bulk drugs and intermediates while importing $3,504 million, marking a slight trade surplus, with total exports in FY24 at $4,787 million and imports at $4,556 million. The PLI scheme, with an outlay of ₹6,940 crore, has so far grounded ₹4,200 crore in investments, with 34 commissioned projects generating ₹1,500 crore in sales (including ₹400 crore in exports), and major projects like Lyfius Pharma’s ₹1,923.07 crore Penicillin G facility in Andhra Pradesh expected to replace ₹2,700 crore in annual imports.
Apple to make airpods in Hyd (Financial Chronicle)
Apple plans to begin AirPods production for exports at Foxconn’s Hyderabad facility in April, marking its second major manufacturing initiative in India after iPhones, following Foxconn’s $400 million (₹3,500 crore) investment in the plant. The move comes amid US President Donald Trump’s proposed reciprocal tariffs, which could impact Apple’s India operations, especially as the company announced a $500 billion investment in US manufacturing over the next four years. Meanwhile, India imposes a 20% import duty on hearables and wearables (compared to zero in the US), and the India Cellular and Electronics Association (ICEA) has suggested waiving tariffs on US imports to encourage investment, while Apple is also preparing an AirPods software update with live translation features linked to iOS 19.
Govt to enhance outlay via PLI for steel makers (Financial Chronicle)
Amid concerns over the US imposing 25% tariffs on steel and aluminium imports from March 12, the Indian government is considering policy measures such as increased PLI scheme funding (rising from ₹55 crore in FY25 RE to ₹305 crore in FY26 BE), duty adjustments, and boosting domestic demand to support the steel sector. As the world’s second-largest steel producer, India saw crude steel production reach 36.61 million tonnes (MT) in Q1 FY25, with major players like Tata Steel, JSW Steel, and SAIL exporting to over 100 countries, while per capita steel consumption is projected to rise from 100 kg to 158 kg by 2030. Key challenges remain, including efficiency improvements, AI adoption, digitization, and decarbonization, particularly in the secondary steel sector, which accounts for 45% of India’s total capacity, prompting the government to introduce three targeted schemes to address these structural issues.
