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India slaps 3 year safeguard duty on steel imports

India has imposed a safeguard duty on select steel products for a period of three years to curb the inflow of low-priced imports that have been affecting domestic manufacturers. The move follows a detailed investigation that found a sharp rise in steel imports, particularly from China, causing stress to India’s steel industry.

Under the new notification, imports of certain non-alloy and alloy steel products will attract a duty of 12% in the first year. This will be gradually reduced to 11.5% in the second year and 11% in the third year. The graded structure is intended to give domestic producers time to stabilise operations while ensuring fair competition in the market.

The safeguard duty was recommended by the Directorate General of Trade Remedies (DGTR), which concluded that the surge in imports was sudden and significant, posing a risk of serious injury to Indian steelmakers. Industry bodies had flagged concerns that cheap steel shipments were undercutting local prices, impacting profitability and capacity utilisation across the sector.

While the measure is largely targeted at imports from China, it will also apply to steel inflows from countries such as Vietnam and Nepal. However, imports from certain developing nations have been exempted in line with global trade rules. High-end and specialty steel products, including stainless steel, are not covered under the duty.

The decision comes after a temporary 200-day safeguard duty imposed earlier this year expired in November. With India being the world’s second-largest steel producer, the government has emphasised the need to protect domestic manufacturing, jobs and long-term investment in the sector, while maintaining stable supply for downstream industries.

Also Read: India moves up to 4th spot in global economy rankings

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India moves up to 4th spot in global economy rankings

India has climbed to fourth place among the world’s largest economies, overtaking Japan in terms of nominal Gross Domestic Product (GDP), according to the government’s latest assessment. With its economy now valued at around USD 4.18 trillion, India stands behind only the United States, China, and Germany, marking a key moment in the country’s growth story.

The government attributed this rise to strong and steady economic expansion despite global challenges such as slowing trade, high inflation in advanced economies, and geopolitical uncertainties. India continues to be the fastest-growing major economy, supported mainly by robust domestic demand, higher consumer spending, and sustained public investment.

Recent economic data shows a sharp improvement in growth during the second quarter of the current financial year. Strong performance in manufacturing, services, and infrastructure activity has helped accelerate overall output. Policy reforms, digital transformation, and efforts to improve the ease of doing business have also played an important role in strengthening economic activity.

International agencies have responded positively to India’s progress. Institutions such as the International Monetary Fund and the World Bank have projected that India’s economy will grow at over 6 per cent annually in the coming years, well ahead of most large economies. These forecasts underline India’s growing role as a major contributor to global growth.

Looking ahead, the government said India is expected to surpass Germany and move into third place within the next two to three years if current growth trends continue. By the end of the decade, India’s economy is projected to expand significantly, driven by a young population, a rising middle class, and increased investment in manufacturing, technology, and infrastructure.

Economists, however, note that challenges remain. While the economy’s overall size has increased rapidly, per capita income levels remain relatively low, pointing to the need for inclusive growth, job creation, and stronger outcomes in health, education, and skills.

Still, India’s rise in the global economic rankings highlights its growing influence and long-term potential on the world stage.

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India’s industrial output jumps 6.7% in November

India’s industrial production rose sharply by 6.7% in November, recording its fastest growth in over two years, according to official data.

The surge was mainly driven by a strong recovery in manufacturing output, which grew around 8%, supported by higher production of automobiles, pharmaceuticals, metals and consumer goods.

Mining activity also showed improvement, reflecting steady demand. However, electricity generation remained weak, showing a slight contraction during the month.

The sharp rise in the Index of Industrial Production (IIP) marks a significant rebound from October’s muted performance and signals improving economic momentum amid festive demand and rising consumption.

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Scindia flags security, pricing delays in satellite internet rollout

Satellite internet services in India have not yet begun commercial operations due to pending security approvals and unresolved spectrum pricing, Union Telecom Minister Jyotiraditya Scindia has said.

Companies such as Starlink, OneWeb and Jio Satellite Global Services have already received licences to operate in the country. However, Scindia clarified that services can start only after all regulatory and security conditions are fully met.

The minister said satellite communication companies must demonstrate compliance with national security norms. These include setting up lawful interception systems for security agencies, ensuring secure handling of Indian user data, and establishing approved international gateways. Security agencies must be satisfied with these arrangements before giving the final clearance.

To support this process, the government has allotted provisional spectrum to the companies so they can test their systems and prove compliance. Final spectrum allocation will be granted only after security requirements are fulfilled.

Another key factor delaying the launch is spectrum pricing. The Department of Telecommunications and the Telecom Regulatory Authority of India are still discussing the pricing framework for satellite internet services. Issues such as the method of charging spectrum fees and the overall cost structure are yet to be finalised.

Differences between the regulator and the department on certain pricing elements have slowed the decision-making process. The final pricing policy is expected to be cleared by senior government bodies, including the Digital Communication Commission and, if required, the Cabinet.

Scindia said the government is keen to promote satellite internet services, especially for improving connectivity in remote and underserved regions. However, he stressed that security and regulatory safeguards remain a priority.

Once security clearances are completed and spectrum pricing is approved, satellite internet services are expected to be rolled out in a phased manner across India.

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India to miss $1trillion export goal

India’s exports for FY26 are projected at around $850 billion, falling short of the $1 trillion target, according to the Global Trade Research Initiative (GTRI).

Sluggish global demand, especially from the US and EU, and rising protectionism are limiting merchandise export growth. While India has signed 18 free trade agreements, GTRI notes that more effort is needed to make them effective.

Expanding export products and markets, along with improving competitiveness, will be crucial. Services exports may help offset shortfalls, but without strategic action, the $1 trillion milestone remains out of reach.

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India tests long-range submarine K‑4 missile

India has successfully test-fired its K‑4 submarine-launched ballistic missile (SLBM) from the nuclear-powered submarine INS Arighaat in the Bay of Bengal. The missile, with a range of 3,500 kilometres, represents a major step forward in strengthening India’s sea-based nuclear deterrence.

The launch was conducted under the supervision of the Strategic Forces Command. Defence analysts describe it as a significant move in boosting India’s “second-strike” capability, ensuring that the country retains the option to respond even if faced with a nuclear attack. The test underlines India’s progress toward operationalising a credible nuclear triad – the ability to deploy nuclear weapons from land, air, and sea.

Developed by the Defence Research and Development Organisation (DRDO), the K‑4 missile is a solid-fuel, intermediate-range weapon. It can carry a nuclear warhead of up to 2.5 tonnes. Designed for underwater launch, the missile exits the submarine, rises through the water, and then ignites its rocket motor to reach distant targets.

Previously, India’s submarines carried K‑15 missiles with a shorter range of around 750 km. The K‑4 dramatically extends the reach of India’s sea-based strategic forces, allowing for more flexible deployment and greater deterrence.

INS Arighaat, commissioned in August 2024, is India’s second nuclear-powered ballistic missile submarine. Its integration with the K‑4 missile marks a key milestone in strengthening the operational readiness of India’s strategic submarine fleet.

Although the Defence Ministry has not released an official statement, analysts say the test signals India’s growing strategic capabilities. With this achievement, India joins a small group of countries capable of firing long-range nuclear missiles from submarines, enhancing regional security posture and deterrence.

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Corporate

India clears 2 new airlines to boost competition

The Indian government has given initial approval to two new airlines, Al Hind Air and FlyExpress, allowing them to move closer to starting flight operations. The decision is aimed at increasing competition in the domestic aviation sector, which is currently dominated by a few large players.

The approvals were granted by the Ministry of Civil Aviation through the issuance of No Objection Certificates (NOCs). Civil Aviation Minister K. Rammohan Naidu said the move reflects the government’s effort to strengthen the aviation sector and offer passengers more choices.

The decision comes shortly after a major disruption at IndiGo earlier this month, when the airline cancelled thousands of flights due to staffing and operational issues. The incident affected a large number of passengers and highlighted the risks of depending heavily on one airline. At present, IndiGo controls about 65 per cent of India’s domestic air travel market, while the Air India Group accounts for around 27 per cent. Smaller airlines share the remaining portion.

Al Hind Air is promoted by the Kerala-based alhind Group. The airline plans to start operations with smaller aircraft and focus on regional routes, especially in southern India. Its aim is to improve connectivity between smaller cities and towns. The airline will now work on completing regulatory requirements, including getting an Air Operator Certificate.

FlyExpress, the second airline to receive approval, has indicated that it plans to begin operations soon. While detailed plans about its routes and fleet have not yet been shared publicly, the airline is expected to serve domestic passengers and add capacity to the market.

In addition, another airline, Shankh Air, has already received its NOC earlier and is expected to start flying in 2026.

The government believes that the entry of new airlines will improve services, reduce the impact of disruptions, and encourage competitive pricing. It also supports broader goals such as expanding regional air connectivity under existing aviation policies.

With passenger demand continuing to grow, the addition of new airlines is expected to make India’s aviation sector more balanced, competitive, and resilient.

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India suspends visa services in Chittagong

India has indefinitely suspended operations at its Indian Visa Application Centre (IVAC) in Chittagong (Chattogram), Bangladesh, citing security concerns following recent civil unrest. The suspension took effect on December 21, 2025. The centre will remain closed until further notice, and all visa applications from Chittagong are currently on hold. Applicants are advised to use other operational centres or await official updates.

The decision comes in the context of heightened political instability in Bangladesh after the death of youth leader Sharif Osman Hadi, who was fatally shot during a political rally in Dhaka on December 12. His death triggered demonstrations and localized unrest, including incidents targeting Indian diplomatic premises in Chittagong.

Reports from the region indicate vandalism and stone-pelting near the Indian Assistant High Commission’s residence, prompting authorities to implement enhanced security protocols. While the Chittagong centre remains closed indefinitely, other Indian visa centres in Bangladesh, including Dhaka, Khulna, Rajshahi, and Sylhet, continue operations under heightened security measures.

The Indian Ministry of External Affairs has reaffirmed its commitment to ensuring the safety of diplomatic missions and personnel. Visa services in Chittagong will resume only after a thorough assessment of local security conditions. Applicants are advised to monitor official communications from the IVAC for updates before planning travel.

Bangladeshi authorities are coordinating with Indian officials to maintain robust security measures around diplomatic facilities. The situation continues to be closely monitored, and additional precautionary measures may be implemented as required.

This strategic decision reflects India’s adherence to international diplomatic protocols and underscores the priority placed on staff safety and operational integrity. By temporarily halting services in Chittagong, the government ensures that visa processes are conducted under secure conditions, safeguarding both personnel and applicants.

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India and Oman ink historic CEPA trade deal

India and Oman have officially strengthened their economic partnership with the signing of a Comprehensive Economic Partnership Agreement (CEPA) on December 18, 2025, in Muscat, coinciding with Prime Minister Narendra Modi’s visit. This is Oman’s first major free trade deal in nearly two decades and represents a significant milestone in bilateral relations.

The agreement aims to make trade easier and more cost-effective for companies across both nations. By reducing or eliminating customs duties on a wide range of goods, including textiles, automobiles, food products, and jewellery, CEPA is expected to unlock new business opportunities and lower operational costs. This move benefits not only large corporations but also small and medium enterprises looking to expand into each other’s markets.

Beyond trade in goods, the pact also promotes investment, collaboration in services, and cooperation in emerging sectors like renewable energy, logistics, and professional services. Experts believe this will encourage long-term projects and partnerships, strengthening the overall business ecosystem between the two countries.

Bilateral trade between India and Oman currently stands at around USD 10–11 billion annually. With the new agreement in place, trade volumes are expected to rise further, creating opportunities for businesses to innovate and grow.

Officials from both countries described CEPA as a historic step in deepening economic ties. A senior Indian trade official said that beyond tariffs, this pact is about building a stronger, more integrated economic relationship that benefits businesses and consumers alike.

The CEPA signals a new era of economic cooperation, providing companies with a framework to explore joint ventures, investments, and new markets. Analysts view it as a strategic move that strengthens India-Oman relations while offering a model for future international trade partnerships.

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Nepal lifts 10-year ban on Indian high-value notes

Nepal has finally lifted a decade-old restriction on high-value Indian currency notes, making life easier for travellers, traders, and migrant workers. From now on, people can carry ₹200 and ₹500 notes into Nepal, as long as the total does not exceed ₹25,000 per person.

The move comes after a recent cabinet decision, and the Nepal Rastra Bank will soon issue official guidelines to implement it. For many Nepalis working in India, this change means they no longer have to carry their earnings in countless smaller notes. Indian tourists will also find shopping, dining, and hotel payments much more convenient.

For the past ten years, only smaller notes of ₹100 or below were allowed in Nepal. The ban had made everyday transactions complicated, especially along busy border towns where trade and tourism are vital. With the new rules in place, cross-border business and travel are expected to flow more smoothly, benefiting both countries’ economies and easing daily life for those crossing the border.

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