Daily News - Tuesday, 10 June 2025

India-EFTA trade pact to come into effect in September: Piyush Goyal (The Economic Times)

India’s trade deal with the EFTA bloc (Switzerland, Norway, Iceland, Liechtenstein), signed in March 2024, will take effect by September and includes a landmark $100 billion investment commitment over 15 years in return for tariff cuts. Commerce Minister Piyush Goyal, currently visiting Switzerland and Sweden with a 90-company delegation, said the agreement ensures policy stability and has attracted strong interest from sectors like biotech, cybersecurity, and machinery. Talks with the EU are progressing faster than expected, while New Delhi is also engaging the US and countries like Chile, Peru, and Oman to secure more targeted trade deals focused on non-contentious sectors.

India faces two years of sugar surplus, growers and officials say (The Economic Times)

⁠After two years of restricted exports due to drought-hit yields, India is set for a sugar surplus through 2025/26 and beyond, as heavy pre-monsoon rains—1,007% above average in Maharashtra and 234% in Karnataka—boost sugarcane planting and crop prospects. The National Federation of Cooperative Sugar Factories expects gross sugar output to jump nearly 20% to 35 million tons in 2025/26, paving the way for potential exports exceeding 3 million tons. Although 2024/25 production will fall short of consumption for the first time in eight years, the recovery signals India’s likely return as a major exporter from the next cycle.

⁠Sops sought for critical battery parts (mint)

India’s Central Electricity Authority has proposed targeted incentives to boost local production of critical battery components like BMS and cooling systems, as part of its push to scale up battery energy storage systems (BESS) to meet surging power demand and improve grid reliability. Despite a ₹3,760 crore scheme for large-scale battery manufacturing launched in 2023, India still heavily relies on China for components, prompting calls for a national BESS testing and certification lab and new standards on safety, construction, and connectivity. Battery costs have declined, bringing down solar+BESS tariffs from ₹6.99/unit in 2018 to ₹3.09/unit in 2024, with projects like the one on Kavaratti Island demonstrating success in replacing diesel and doubling energy output.

Citizen-centric tax regime planned (mint)

The CBIC has unveiled its FY26 roadmap focused on a tech-driven, citizen-centric, and facilitative tax administration, urging zonal offices to align their strategies accordingly across areas like GST, customs, grievance redressal, and HR optimization. The move reflects a broader policy push to balance tax collection with ease of doing business, as the government targets ₹17.3 trillion in indirect tax revenue this year—a projected 8.35% rise from GST, customs, and excise duty. Alongside, GST compliance scrutiny has been steadily tightened with enhanced disclosure norms to improve supply chain transparency.

⁠Investments in renewables, roads & realty to touch Rs 17.5L cr in FY26-27: Crisil (Financial Express)

Investments in India’s renewable energy, roads, and real estate sectors are projected to rise 15% annually, reaching ₹17.5 lakh crore over FY26–FY27 from ₹13.3 lakh crore in the prior two years, driven by storage-linked renewable capacity (75 GW additions with 37% hybrids), highway monetisation (₹3.5–4 lakh crore asset base), and rising demand for premium housing and GCC-led commercial leasing. Crisil notes risks like transmission delays in renewables, slow monetisation in roads, and inventory build-up in housing, but expects sector resilience due to strong cash flows, ₹2.1 lakh crore in equity inflows over two years, and the rise of InvITs and REITs. Real estate revenue is forecasted to grow 10–12% annually, with net commercial leasing demand to cross 50 million sq ft by FY27.