Daily News - Monday, 23 February 2026
India’s iPhone exports hit USD $23B in 2025, smartphones top export category (Economic Times)
India’s iPhone exports surged to USD $23 billion (INR 1.91 lakh crore) in 2025, making smartphones the country’s top export category for the first time, according to data released by the Ministry of Commerce and Industry. Overall smartphone exports reached USD $30.13 billion (INR 2.50 lakh crore), a 47% jump from 2024, with Apple accounting for 76% of shipments. Apple’s exports from India doubled from USD $11.5 billion (INR 95,000 crore) in 2024 to USD $23 billion (INR 1.91 lakh crore) in 2025, driven by the Production‑Linked Incentive (PLI) scheme and diversification away from Chinese suppliers. The company now operates five iPhone factories in India, three run by Tata Group and two by Foxconn supported by a supply chain of nearly 45 component firms, including MSMEs. However, India faces a cost disability of 11-14% in electronics manufacturing compared to China, as noted in a NITI Aayog trade report, and the abolition of 20% fentanyl tariffs on Chinese electronics exports to the US could erode India’s competitive edge. Automotive diesel fuel slipped to second place with USD $16.34 billion (INR 1.36 lakh crore) in exports, followed by diamonds, medicines, and motor gasoline.
Reserve Bank of India to tighten rules in India’s USD $5.2 Trillion derivatives market (Business Standard)
Indian regulators are tightening rules in the USD $5.2 trillion (INR 432 lakh crore) derivatives market, after the Reserve Bank of India (RBI) warned that excessive leverage could trigger shocks to household finances. The RBI recently curbed lending to stock brokers and proprietary traders, targeting leverage that had fueled explosive growth, with average daily notional turnover hitting USD $5.2 trillion (INR 432 lakh crore) by end‑2025. A SEBI study found retail traders lost USD $33 billion (INR 2.74 lakh crore) in derivatives between 2021-2025, raising concerns that welfare aid and tax breaks were being diverted into speculative trades. The Finance Ministry has fielded complaints from families nursing losses, while global firms like Jane Street, Citadel Securities, Jump Trading, and Optiver expanded operations in India, attracted by its options market. Trading volumes fell in 2025 for the first time since 2016, dropping from a peak of 150 billion contracts, as new limits on broker lending and a Feb 1 tax hike on equity derivatives took effect. Economists such as Kanika Pasricha (Union Bank of India) called the measures prudent, noting household debt stood at 41% of GDP in March 2025, with nearly a quarter of household financial assets tied up in stocks and mutual funds.
Ministry of Commerce says PLI schemes cushion exporters from U.S. tariff shock (Money Control)
Veteran fund manager Samir Arora (Helios Capital) downplayed panic over US President Donald Trump’s decision to raise global tariffs to 15%, arguing that India is better placed than many peers because the hike applies universally and does not single out Indian exports. The move followed a US Supreme Court ruling (6-3) that struck down Trump’s earlier use of emergency powers under the International Emergency Economic Powers Act (IEEPA), forcing him to re‑route tariff policy through legally permissible channels such as Commerce Department investigations. In response, the White House announced a temporary 10% global tariff on most imports, resetting India’s duties from fluctuating highs of 25-50% back down to 10-15%, pending further bilateral negotiations. Analysts note that while Indian exporters (textiles, pharmaceuticals, auto components) will face higher costs, the Ministry of Commerce and Industry believes India’s diversified supply chains and Production‑Linked Incentive (PLI) schemes cushion the impact. Consumer studies in the US suggest the tariff rollback could save American households up to USD $800 (INR 66,400) in 2026, though uncertainty remains over refunds and compliance. Indian think tanks argue the ruling reasserts Congress’s control over trade policy, giving India room to renegotiate terms under its upcoming India–US interim trade pact, while opposition voices in India warn of risks to small exporters and call for stronger government support.
Goldman Sachs: India earnings to rebound 14% in FY27 (Financial Express)
Goldman Sachs projects India’s corporate earnings to grow 14% in FY27, rebounding after a slower 2025 due to high starting valuations. In its February 19, 2026 research note, the firm highlighted AI, China, and India as the three key opportunity areas for global investors in 2026. MSCI India profits are expected to rise 10% in CY2025, accelerating to 14% in CY2026-27, outpacing the 10% EM average (excluding Korea and Taiwan). The report credits supportive government policies, booming domestic consumption, and narrowing valuation premiums for India’s improved investment outlook, overseen by the Ministry of Finance and Ministry of Commerce and Industry. Emerging markets overall delivered their strongest performance in 8 years, with the MSCI EM Index returning 34.4% in 2025, aided by resilient growth, lower oil prices, and anticipated interest‑rate easing. Goldman Sachs emphasized that active management is essential in India, noting that local fund managers have consistently outperformed benchmarks by leveraging flexible, all‑cap strategies.
