Daily News - Tuesday, 19 May 2026
India Pushes Clean Energy, Shipbuilding at Oslo Summit. TEPA Targets USD $100 Billion and 1 Million Jobs (Fortune India)
Prime Minister Narendra Modi, alongside Norwegian PM Jonas Gahr Støre, urged Norwegian investors to deepen their presence in India, highlighting opportunities in shipbuilding, clean energy, healthcare, and food security. Modi emphasized the India-EFTA Trade and Economic Partnership Agreement (TEPA), operationalised in October 2025, which targets USD $100 billion (INR ₹8.3 trillion) in investments over 15 years and the creation of 1 million jobs. He pitched India’s 500 GW clean energy and 5 million tonnes green hydrogen by 2030 goals, inviting Norway’s Wealth Fund to partner in this transition. On shipbuilding, Modi noted that 10% of Norway’s ships are already built in India, urging that share be raised to 25% within five years, supported by new maritime clusters and MRO hubs. Støre described India and Norway as natural partners, citing complementarities in MedTech, maritime, batteries, storage systems, digitalisation, and wind energy, and stressed the need for closer cooperation amid weaponised trade and diplomacy. Modi was also conferred the Grand Cross of the Royal Norwegian Order of Merit, one of Norway’s highest honours, underscoring the political weight of the visit.
India-Oman CEPA to Take Effect June 1, Unlocking USD $2 Trillion Export Ambition (News18)
India’s Comprehensive Economic Partnership Agreement (CEPA) with Oman will come into force on June 1, 2026, giving India 100% duty-free access on 98.08% of Oman’s tariff lines, covering 99.38% of India’s trade value. Commerce Minister Piyush Goyal announced that the pact supports India’s ambitious target of USD $2 trillion (INR ₹166 trillion) exports over the next five years, with USD $1 trillion (INR ₹83 trillion) set for FY27. India will cut duties on 80.08% of Oman’s tariff lines, covering 95% of imports, while sensitive sectors will be managed through tariff-rate quotas. Bilateral trade stood at USD $10.61 billion (INR ₹880 billion) in FY24-25, marking 18.6% growth year‑on‑year, with Indian exports worth USD $3.64 billion (INR ₹302 billion) gaining immediate competitiveness as duties of up to 5% are eliminated. The CEPA also integrates services, investment, professional mobility, and regulatory cooperation, providing certainty to exporters from day one. Goyal noted that India remains a bright spot amid global geopolitical uncertainty, with several other FTAs awaiting ratification.
India Achieves Record USD $863 Billion Exports in FY26 Despite Global Uncertainty (CNBC TV18)
Commerce and Industry Minister Piyush Goyal on May 18, 2026 launched the Bharatiya Vyapar Mahotsav portal, a new trade fair initiative jointly organised by CAIT and ITPO to boost domestic manufacturing and exports. The government is targeting USD $1 trillion (INR ₹83 trillion) exports in FY26-27 and USD $2 trillion (INR ₹166 trillion) over five years, supported by 15-16% year‑on‑year growth. India achieved record exports of USD $863 billion (INR ₹71.7 trillion) in FY25-26, with April 2026 exports rising 13.78% YoY to USD $43.56 billion (INR ₹3.6 trillion), though the merchandise trade deficit widened to USD $28.38 billion (INR ₹2.35 trillion). Goyal stressed import substitution, urging youth and startups to expand production in capital goods and medical devices, sectors where India remains import-dependent. He also called for energy efficiency measures and collaboration with NPCI and RuPay to promote cashless transactions. The minister highlighted India’s pursuit of 38 FTAs, including the India-Oman CEPA effective June 1, 2026, and urged industrial hubs like Rajkot, Ludhiana, Jalandhar, Batala, and Pune to scale up domestic manufacturing with better quality standards and packaging.
