Daily News - Thursday, 27 November 2025

⁠Indian economy to surpass $4 trillion in FY26, says CEA Nageswaran (Business Standard)

India’s Chief Economic Advisor V Anantha Nageswaran said the economy is set to cross the 4 trillion dollar mark this fiscal year, stressing that strong growth is essential for preserving India’s global influence at a time when geopolitics is shifting rapidly. He noted that while India must push ahead with its energy transition and climate commitments, all green initiatives must remain aligned with national development priorities in both the near and medium term. Nageswaran added that India recognises the serious long-term risks of climate change on sectors like agriculture and coastal regions, which is why the country remains committed to achieving net zero emissions by 2070.

India rejects IMF view that US tariffs will stay indefinitely, hit growth (Business Standard)

India has disagreed with the IMF staff’s baseline assumption that the recent 50 per cent US tariffs on Indian exports will remain permanently in place, arguing that this scenario exaggerates the potential drag on growth since India could diversify its export markets and benefit from new free trade agreements. The IMF warned that if the tariffs persist, India could face weaker external demand, softer investment, tighter financial conditions, and slower growth, although it also noted that benign inflation could create room for monetary easing, while recommending temporary and targeted support for industries most affected. Indian authorities acknowledged global uncertainty but maintained that it is too early to pause fiscal consolidation in FY27, insisting that their fiscal roadmap remains credible and that the IMF’s growth impact estimates and potential growth assumptions are more conservative than warranted.

Union Cabinet approves ₹7,280-crore scheme to manufacture rare earth magnets in India (The Hindu)

The government has approved a large ₹7,280 crore scheme to build India’s own manufacturing capacity for rare earth permanent magnets, a move aimed at reducing dependence on imports, strengthening supply chains for electric vehicles and clean energy technologies, and positioning the country as a meaningful player in the global magnet market. The plan seeks to create 6,000 MTPA of integrated production capacity through five selected manufacturers and offers incentives and subsidies over seven years while industry bodies and automakers say this push will help stabilise supply chains, support clean mobility, and advance India’s long term energy security. Companies from the automobile sector have strongly welcomed the decision as they believe that localising these magnets will improve competitiveness, deepen the domestic value chain, attract advanced manufacturing investments, and provide lasting resilience for EV and clean energy industries.

Maharashtra eyes $1-trillion economy by 2030: Official (Financial Express)

Maharashtra has unveiled an ambitious industrial policy aimed at attracting 850 billion dollars in investment as it pushes to expand its economy from 530 billion dollars today to 1 trillion dollars by 2030, with the plan strongly focused on balanced regional growth and new sectors like electric vehicles and semiconductors. State officials highlighted that Maharashtra’s strong FDI inflows and large pool of young skilled workers position it well to lead India’s industrial and technological shift at a time when global manufacturing patterns are undergoing major rebalancing. Industry leaders at the CII Manufacturing Summit stressed that India must use this window of opportunity to strengthen competitiveness, build sustainable manufacturing capabilities, and establish itself as a global leader in advanced production.

Exporters flag payment delays in rupee-ruble trade (Financial Express)

⁠Indian exporters are struggling with growing payment delays on shipments to Russia because sanctions have made banks increasingly hesitant to process transactions, leading to higher costs from multiple currency conversions and prompting industry bodies to push for a stable and transparent rupee–ruble exchange mechanism. With more than 90 percent of bilateral trade already conducted in local currencies, exporters say routing payments through only a couple of sanctioned-linked Russian banks drives transaction charges up to 4 percent and squeezes already thin margins, while volatility in the ruble and limited banking channels add further uncertainty. Trade between the two countries has expanded sharply since 2022 due to India’s purchases of discounted Russian crude, but exporters warn that without easier banking access, fixed exchange rates, and additional accounts with Russian bank branches in India, the payment bottlenecks will continue to strain business.