Daily News - Tuesday, 2 December 2025
Union Finance Minister Nirmala Sitharaman calls for global cooperation to address new tax challenges (Economic Times)
Finance Minister Nirmala Sitharaman highlighted that the global economy faces complex challenges from the rapid digitalisation of economic activity and the rise of new financial products. She stressed that these developments are reshaping financial systems and creating risks that no single country can manage alone. Speaking at the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, she called for joint action, trust, and timely data exchange among jurisdictions. Sitharaman emphasized that tax transparency, beneficial ownership structures, and cybersecurity safeguards must be strengthened to address cross‑border risks. Her remarks underline India’s push for international collaboration in financial governance to adapt to technological change and ensure stability.
India Considers Mongolian Coking Coal Imports to Diversify Supply (Reuters)
India, the world’s second‑largest crude steel producer, is assessing the viability of importing coking coal from Mongolia, a landlocked country offering high‑grade, low‑cost coal. Currently, India depends on imports for about 85% of its coking coal needs, with more than half sourced from Australia, making diversification a strategic priority. Mongolia lacks direct sea access, and shipments must transit through China, a route complicated by geopolitical risks and delays in trial consignments. Despite these hurdles, officials see Mongolia as a potential alternative supplier to balance India’s $50+ billion annual coking coal import bill and reduce vulnerability to price shocks. The evaluation underscores India’s broader effort to secure stable raw material supplies for steelmaking while navigating complex transport and diplomatic constraints.
India's Telecom Ministry Orders Smartphone Makers to Preload Cyber Safety App (Reuters)
India’s Telecom Ministry ordered smartphone makers including Apple, Samsung, Vivo, Oppo, and Xiaomi to preload the Sanchar Saathi cyber safety app on all new devices, citing threats from duplicate IMEIs and rising cybercrime. The app, which has already helped recover 700,000 lost phones, was meant to be undeletable and pushed via updates to existing devices. However, companies like Apple objected, citing privacy and security risks, while industry groups criticized the lack of consultation. Privacy advocates and opposition leaders warned the move could enable government surveillance across India’s 730 million smartphones. Amid backlash, the government later revoked the mandatory order, keeping the app voluntary but highlighting its role in combating cyber threats.
Apple Expands India Manufacturing Network to 8 States and 40 Suppliers (Business Standard)
Apple has expanded its manufacturing footprint in India from two iPhone plants in Karnataka and Tamil Nadu to a network spanning eight states and more than 40 suppliers. Many of these suppliers are MSMEs, reflecting Apple’s effort to integrate smaller firms into its global supply chain. The suppliers fall into three categories: those providing components and subassemblies to Foxconn and Tata factories, those contributing to Apple’s global supply chain, and those making equipment components for new iPhone production lines. States such as Kerala, Haryana, Gujarat, Telangana, Maharashtra, and Uttar Pradesh have joined the network, broadening Apple’s presence across India. The expansion underscores Apple’s strategy to reduce reliance on China and strengthen India’s role in global electronics manufacturing.
