Daily News - Tuesday, 31 March 2026
India Approves First Rare-Earth Magnet Unit Worth USD $83.7 Million (News18)
Government of India approved 29 projects worth INR ₹7,104 crore (USD $850 million) under the Electronics Component Manufacturing Scheme (ECMS), including the country’s first rare-earth permanent magnet manufacturing facility with an investment of INR ₹700 crore (USD $83.7 million). Union IT and Electronics Minister Ashwini Vaishnaw emphasized that the magnet project is based on fully indigenous technology and intellectual property, marking a breakthrough in domestic capabilities across the refined mineral-to-magnet value chain. The approved projects span 16 product segments such as lithium-ion cells, flexible PCBs, connectors, and display modules, distributed across eight states, with Karnataka and Maharashtra accounting for the highest number of projects. The government estimates these investments will generate 14,000 jobs and enable production worth INR ₹84,515 crore (USD $10.1 billion), while also setting localisation targets of 50% for PCBs and 61% for lithium‑ion batteries. Vaishnaw noted that the rare earth magnet unit could cater to 25% of India’s domestic demand, reducing reliance on global suppliers and strengthening India’s strategic electronics ecosystem. The initiative is being closely monitored by the Ministry of Electronics and IT (MeitY) as part of India’s broader push to deepen electronics manufacturing and supply chain resilience.
India’s Industrial Output Rises 5.2% in Feb 2026, Led by Manufacturing (Business Today)
India’s Index of Industrial Production (IIP) rose 5.2% in February 2026, compared to 2.7% in February 2025, according to data released by the National Statistics Office (NSO). Manufacturing, which carries the highest weight in the index, expanded 6% year-on-year, up from 2.8% in the same month last year, while mining output grew 3.1% versus 1.6% previously. Power generation, however, slowed to 2.3% growth, down from 3.6% a year earlier, highlighting uneven sectoral performance. The NSO also revised January 2026 industrial growth upwards to 5.1% from the provisional 4.8%, reflecting stronger momentum. Over the April-February FY26 period, industrial growth averaged 4.1%, unchanged from the same period in FY25, suggesting stability despite global headwinds. The data is being closely monitored by the Ministry of Statistics and Programme Implementation (MoSPI) and the Ministry of Commerce and Industry, as manufacturing gains are critical to sustaining India’s GDP growth trajectory above 7%.
India, South Africa, Oman Block Investment Facilitation for Development (IFD) Agreement into the WTO (Business Standard)
At the 14th WTO Ministerial Conference (MC14), members debated extending the global moratorium on Customs duties for cross‑border electronic transmissions, with a draft statement proposing continuation until June 30, 2031. The US Trade Representative Jamieson Greer pushed for a permanent ban, arguing that temporary extensions undermine certainty for businesses, while Commerce and Industry Minister Piyush Goyal resisted, citing potential revenue losses and lack of clarity on the moratorium’s scope. India, along with South Africa and Oman, also opposed the inclusion of the Investment Facilitation for Development (IFD) Agreement into the WTO framework, warning it could dilute multilateral principles. The Department of Commerce highlighted India’s active role in shaping Phase II fisheries subsidy negotiations, calling for a 25‑year transition period for developing countries, stronger disciplines on distant‑water fleets, and permanent carve‑outs for small‑scale fishers. India emphasized that its fisheries subsidies are among the lowest globally about USD $15 (INR ₹1,250) per fisher family annually, compared with tens of thousands in developed nations. Analysts note that India’s stance reflects a broader push to safeguard policy space for developing countries while balancing multilateral commitments.
Indian Ministry of External Affairs Report 67,000 Nationals Returned in First 9 Days of War (Financial Times)
Nearly 10 million Indians live and work across the Gulf, and despite ongoing drone and missile interceptions, the vast majority are staying put, with only 67,000 nationals returning home in the first nine days of the conflict, according to External Affairs Minister S. Jaishankar. Analysts like Yashwant Deshmukh and Kabir Taneja (Observer Research Foundation) note that while anxiety is widespread, job security outweighs personal safety concerns, especially for workers in shipping, logistics, construction, and IT services. Prominent Indian business figures such as Mukesh Ambani and Rizwan Sajan have invested heavily in Dubai, with Sajan offering free accommodation to stranded workers, underscoring the diaspora’s deep roots. The Ministry of External Affairs (MEA) is monitoring the situation closely, as remittances from the Gulf account for about 1% of India’s GDP, and disruptions to Gulf air travel have already impacted more than 50% of India’s international passenger traffic. India’s historic ties with the region dating back to 19th‑century trade and reinforced by Prime Minister Narendra Modi’s seven UAE visits since 2014 explain why migrants are reluctant to leave. Experts warn that prolonged instability could threaten employment and remittance flows, which remain critical to India’s economy.
