Daily News - Monday, 8 December 2025
India's Finance Minister Nirmala Sitharaman Prioritizes Complete Customs System Overhaul to Streamline India’s Economy (MoneyControl)
India’s Finance Minister Nirmala Sitharaman announced that a complete overhaul of the customs system will be her next major reform priority. She emphasized that India broadly aligns its customs standards with the World Customs Organisation (WCO) and has already reduced customs duties steadily over the past two years, with further cuts planned for items still above optimal rates. Sitharaman cautioned that modernising customs involves a dual challenge: streamlining processes while preventing illegal or contraband goods from entering the country. She suggested greater use of comprehensive scanning and reduced direct interaction between customs officials and cargo to build trust and minimize discretion, while reiterating that remaining high-duty items will be reviewed.
India's New Renewable Energy Secretary Santosh Kumar Sarangi projects India's Commercial & Industrial renewable capacity to hit 80 Giga Watt by 2030 (India Brand Equity Foundation)
India’s renewable energy (RE) market is expanding rapidly, with New Renewable Energy Secretary Santosh Kumar Sarangi projecting that the Commercial & Industrial (C&I) segment will add over 6 GW by 2025 and support up to 80 GW by 2030, driven by demand from data centres and manufacturing. This growth aligns with India’s national target of 500 GW installed RE capacity by 2030. With the economy projected to grow above 6.5%, electricity consumption is set to rise, further boosting RE adoption. To support this transition, the government has launched a Viability Gap Funding (VGF) program for Battery Storage, with least‑cost scenarios estimating 240 GWh storage capacity needed by 2047. Additionally, India aims to achieve 65 GW of solar module manufacturing by June 2026, including upstream production of Ingots and Polysilicon, to strengthen both C&I and decentralized RE deployment and build a clean energy ecosystem.
India’s Petroleum Exports to US Surge 95% Despite Global Declines (Business Standard)
India’s petroleum exports to the United States rose 94.5% in October 2025, reaching $251.5 million, according to trade data. The Commerce Department reported that this was the only major export category to show positive growth, apart from telecom instruments (iPhone-led) which surged 204%. Meanwhile, petroleum exports to other countries fell sharply: Netherlands (-15.7%), Australia (-93.1%), and Togo (-62.3%). Despite overall exports to the US dropping 28.5% between May and October 2025 due to tariff hikes, The US has long been a major buyer of Indian petroleum, accounting for 6.9% of India’s total petroleum exports ($5.8 billion annually).
Global Trade Research Initiative reports India can expand exports to Russia from $5 billion to $35 billion by 2030 (The Hindu Businessline)
India has the potential to expand its exports to Russia from $5 billion to $35 billion by 2030, according to a GTRI report, even as bilateral trade already touches $70 billion. In FY2025, India exported $4.9 billion worth of goods but imported $63.8 billion, leaving a trade deficit of $58.9 billion, with crude oil ($50.3 billion) dominating imports. India supplies only 2.4% of Russia's $202.6 billion import market. Food and agriculture showed the widest gap. Russia imported $13 billion worth of food items in 2024, but India's exports to Russia in fruits, oils, meat and dairy stayed under $250 million. In consumer goods and chemicals, Russia imported $3.13 billion of perfumery and essential oils and $1.07 billion of soaps and detergents, but India's export stayed below 4%. In Pharmaceuticals, Russia imported $11.8 billion worth of medicines in 2024, while India's share was $413.5 million, despite being one of the world's largest pharma exporters. To close these trade deficits, the report stresses the need for a modern rupee‑rouble settlement system, trade missions, and stronger institutional support to diversify trade between the two nations.
India’s Department of Science and Technology Launches CCUS R&D Roadmap to Accelerate India’s Net-Zero Mission by 2070 (India Brand Equity Foundation)
India’s Department of Science and Technology (DST) has launched a Carbon Capture, Utilisation and Storage (CCUS) R&D Roadmap, unveiled by Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India. The roadmap aims to build India’s technological capabilities, attract investment, strengthen global climate leadership, and contribute to the vision of Viksit Bharat@2047. DST Secretary Prof. Abhay Karandikar highlighted that India has advanced CCUS research through international collaborations, test beds, and translational R&D, with the roadmap aligned to the Rs. 1 Lakh Crore (US$ 11.13 billion) RDI Scheme to boost private sector participation in industrial decarbonisation. CCUS is expected to play a critical role in decarbonising industries such as cement, power generation, and steelmaking, supporting India’s net-zero target by 2070. To accelerate innovation, DST has also established three National Centres of Excellence (NCOEs) as well as CCUS testing facilities, which will facilitate technological innovation.
