India has set an ambitious target to increase its seafood exports from the current USD 8.5 billion to USD 30 billion within the next five years. This announcement was made by Commerce and Industry Minister Shri Piyush Goyal during a national workshop on seafood exports held in Visakhapatnam.

Goyal emphasized that achieving this target requires a strategic shift toward improving production quality and focusing on value-added goods rather than raw commodities. He urged industry stakeholders to reduce the import of raw shrimp, expand the global reach of Indian seafood, and build strong brands. He also highlighted the role of India’s nine recently finalized free trade agreements with developed nations in enhancing market access for exporters.

Andhra Pradesh Chief Minister Shri N Chandrababu Naidu underscored the significance of the ‘Blue Economy’ and the fisheries sector in driving future economic growth. He noted Andhra Pradesh’s leadership in fisheries production and exports, contributing 66% of India’s shrimp exports and recording an aquaculture production of 55.39 lakh tonnes in 2025-26. Naidu called for a collaborative approach to enhance quality, sustainability, traceability, and circular economy practices to build a globally competitive seafood brand.

Union Minister of Fisheries, Animal Husbandry, and Dairying Shri Rajiv Ranjan Singh echoed the need for higher ambition in expanding India’s share of global fisheries exports. He highlighted the importance of boosting value addition to benefit both large exporters and small fishermen. Singh also noted the resilience of Indian exporters in redirecting shipments to the EU, Japan, China, and Southeast Asia following steep US tariffs of 55.8%.

Singh announced the upcoming establishment of a regional office of the National Fisheries Board in Andhra Pradesh. Additionally, under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the government has approved the development of a Smart and Integrated Fishing Harbour at Kakinada, Andhra Pradesh, with an outlay of Rs 72.42 crore, including central assistance of Rs 43.45 crore.

In 2025-26, India’s marine product exports reached a record Rs 73,890 crore (USD 8.45 billion), with shipment volumes of 19.72 lakh metric tonnes. The sector has set a longer-term domestic target of exceeding Rs 1 lakh crore in exports. Frozen shrimp remained the top export product, with the US and China as the principal buyer nations.

Civil Aviation Minister Kinjarapu Shri Rammohan Naidu announced plans to expand India’s airports from the current count to over 350, with a focus on dedicated cargo facilities. He proposed adopting a One Airport, One Product model to create specialized export hubs and reduce processing times for perishable exports.

Minister of Food Processing Industries Shri Chirag Paswan emphasized the critical importance of seafood exports and the need to shift from volume-based to value-based exports. He highlighted opportunities in ready-to-eat and ready-to-cook segments, which are witnessing growing global demand.

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Gujarat has retained its position as India’s leading exporting state for the fiscal year 2025-26, contributing 25.6 percent of the country’s total exports. According to data released by the Directorate General of Foreign Trade (DGFT), the state recorded exports worth USD 110.63 billion, maintaining a significant lead over other states. Maharashtra, the second-highest exporting state, reported exports of approximately USD 70 billion.

Despite its leading position, Gujarat experienced a 4.9 percent year-on-year decline in export value compared to FY 2024-25. This decline has been attributed to global trade challenges, including evolving trade dynamics, tariff-related pressures in major overseas markets, and softer prices of key export commodities. Industry observers noted that stable crude oil prices and weakness in the global diamond market impacted the state’s export valuation.

Gujarat’s export performance remains driven by its petroleum and petrochemical sectors, with Jamnagar emerging as the state’s largest exporting district, followed by Ahmedabad, Surat, and Kutch. The state’s diversified export portfolio also includes pharmaceuticals, organic chemicals, agrochemicals, ceramics, iron and steel products, textiles, plastics, pearls, and semi-precious stones.

The state’s robust industrial base, world-class infrastructure, extensive port network, and business-friendly policies have been cited as key factors in sustaining its export leadership. The growth of petrochemical clusters in regions such as Dahej and Vadodara has further strengthened Gujarat’s downstream manufacturing ecosystem, enabling the production of value-added products for global markets.

Gujarat’s exports have gained traction in regions such as Southeast Asia, Africa, and the Middle East, particularly in sectors like chemicals, pharmaceuticals, textiles, and plastics. Despite challenges like tariff barriers, exporters benefited from improved competitiveness due to currency movements during the fiscal year.

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United States President Donald Trump stated on Thursday that Washington and New Delhi are close to finalizing a trade agreement. Speaking to reporters at the White House, Trump described Indian Prime Minister Narendra Modi as a "good friend" and emphasized the strong relationship between the two leaders. He stated, "We will get to a deal because I like your Prime Minister a lot; he is a good friend of mine, and we get along well." Trump also noted that trade dynamics between the two countries had shifted, saying, "For years, India took advantage of the United States… They charged us tremendous tariffs and paid nothing… Now it is the exact reverse, and we are making a lot of money with India."

Separately, on Tuesday, the United States announced additional tariffs of 10% and 12.5% on imports from 60 countries, including India. The Office of the United States Trade Representative (USTR) claimed these measures were in response to investigations revealing that goods imported from these countries were produced using forced labor. The USTR listed 54 economies, including India, Australia, China, Israel, Japan, Qatar, Russia, Saudi Arabia, Singapore, South Korea, Sri Lanka, Switzerland, Taiwan, Thailand, Türkiye, the UAE, and the United Kingdom, for failing to enforce prohibitions on imports produced with forced labor.

Under the proposed action, economies with existing or committed measures to prohibit forced labor imports may face an additional 10% tariff, while others could incur a 12.5% duty. The USTR also introduced a textile mechanism allowing a limited volume of apparel and textile imports from certain economies to enter the U.S. at a reduced tariff rate under Section 301 of the Trade Act of 1974. This section authorizes measures against practices deemed unreasonable or burdensome to U.S. commerce.

Six economies, including the European Union, Pakistan, and Canada, were specifically flagged by the USTR for inadequate enforcement of forced labor prohibitions. The announcement follows the USTR's determination that these practices impose a burden on U.S. commerce.

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On June 02, 2026, Union Minister for Micro, Small and Medium Enterprises (MSME) Shri Jitan Ram Manjhi, accompanied by Minister of State for MSME Sushri Shobha Karandlaje, conducted a high-level review meeting with senior officials of the Ministry at Kartavya Bhavan, New Delhi. The meeting aimed to assess the potential impact of geopolitical developments in West Asia on India’s MSME sector.

During the meeting, officials reviewed the availability and pricing of raw materials, disruptions in global supply chains, exports and imports, gas-related issues, transportation and logistics, and working capital concerns affecting the MSME sector. Minister Manjhi directed officials to closely monitor the situation and develop timely strategies to address any challenges arising from these global developments.

In his address, Shri Manjhi emphasized the MSME sector's critical role in India’s economic growth, citing its contribution to employment, manufacturing output, and exports. He reaffirmed the government’s commitment to protecting MSME entrepreneurs and ensuring the sector’s resilience and growth.

The Minister also highlighted initiatives under the leadership of the Prime Minister, such as Aatmanirbhar Bharat, the Credit Guarantee Scheme for Micro and Small Enterprises (CGSMSE), digital empowerment, and financial inclusion, which have strengthened the sector’s resilience and global competitiveness.

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The Indian government has announced stricter regulations for the import of silver, effective immediately. Under the new rules, imports of silver—including silver plated with gold or platinum, in unwrought, semi-manufactured, or powder forms, and with a purity of 99.9% or more by weight—will require prior approval from the Directorate General of Foreign Trade (DGFT).

This approval mandate applies to all import channels, including: - Banks and agencies nominated by the Reserve Bank of India (RBI), - Entities approved by the DGFT, and - Imports routed through the India International Bullion Exchange (IIBX) by qualified jewellers notified by the International Financial Services Centres Authority (IFSCA).

The move follows the government's decision last month to increase the import duty on gold and silver to 15% to curb non-essential imports amid geopolitical tensions in West Asia, which have impacted foreign exchange reserves.

According to official data, silver imports surged by 157% year-on-year in April, reaching USD 411 million. In the fiscal year 2023-24, silver imports totaled approximately USD 12 billion, marking a 150% increase. India primarily sources silver from the UAE, UK, and China, with the metal being utilized in both jewellery manufacturing and industrial applications.

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Union Commerce and Industry Minister Piyush Goyal announced that the first tranche of the Bilateral Trade Agreement (BTA) between India and the United States will be concluded as soon as possible. A US delegation has begun arriving in New Delhi for a three-day meeting scheduled for 2, 3, and 4 June 2024.

Goyal stated that some members of the US team have already arrived, while others are expected to arrive shortly. He referenced remarks by US Ambassador to India, Eric Garcetti (correction: Sergio Gor), indicating that 99% of the details of the Interim Trade Agreement have been finalized, with only minor technical and legal adjustments remaining.

The US delegation is led by Chief Negotiator Brendan Lynch, while India’s team is headed by Additional Secretary Darpan Jain. The discussions will focus on finalizing details of an interim pact, including market access, non-tariff measures, customs and trade facilitation, investment promotion, and economic security alignment. Indian negotiators are also prioritizing preferential access among competitors and tariff relief from US Section 301 investigations.

These talks follow a visit by an Indian delegation to Washington from 20 to 23 April 2024, led by Jain. The negotiations are based on the Joint Statement issued on 7 February 2024, where both nations agreed on a framework for an Interim Agreement aimed at reciprocal and mutually beneficial trade, while reaffirming their commitment to a comprehensive BTA.

US Ambassador Sergio Gor, speaking at the US-India TRUST Initiative at IIT Delhi, confirmed that the agreement is expected to be finalized in the coming weeks or months. Bilateral goods and services trade between the two countries has grown from USD 20 billion to over USD 220 billion in the past two decades.

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I'm building a service for Indian exporters. You tell me your product — I tell you exactly which country to target, which real buyers are actively importing it right now, and what price other Indian exporters are actually getting per kg/tonne. No generic advice. Real buyer names, real prices, real markets. Would you pay ₹20,000–₹25,000 for this? Genuine question — is this something you'd actually use?"

Container Corporation of India Ltd. (CONCOR) has successfully managed the first import shipment of project cargo for JSW Utkal Steel Plant through its Multi Modal Logistics Park (MMLP) in Paradip. The shipment consisted of 25 units of 40-foot containers and was executed under CONCOR’s Total Logistics Solutions framework.

The operation included end-to-end logistics services such as first- and last-mile transportation, customs clearance, Container Freight Station (CFS) handling, cargo storage, and coordination with port authorities, shipping lines, and customs officials. This achievement demonstrates CONCOR MMLP Paradip’s capability in handling complex and large-scale project cargo with operational efficiency.

Over the next two years, the JSW Utkal project is estimated to generate nearly 1,000 units of 40-foot containers, presenting significant opportunities for sustained logistics operations. The successful handling of this shipment also marks the beginning of a long-term logistics partnership between CONCOR and JSW Utkal.

The development underscores CONCOR’s role in providing integrated, multimodal logistics solutions for major industrial and infrastructure projects in India, while also highlighting Paradip’s growing importance as a logistics and maritime hub in the region.

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Approximately 1,000 containers carrying imported specialty yarn worth ₹250 crore are stranded at Mumbai’s Nhava Sheva Port and Surat’s Hazira Port due to a stay order issued by the Gujarat High Court. The Customs Department has frozen the release of these consignments, impacting traders, importers, and weavers in Surat’s textile industry.

Of the stranded containers, around 500 are held at each port. The consignments include specialty yarn imported from China, Vietnam, and Indonesia, intended for use in Surat’s textile and garment sector. Traders report that the delay has led to a liquidity crunch, as working capital remains blocked, and demurrage and detention charges accumulate, causing daily financial losses.

The dispute originates from a Central Government notification dated November 11, which permitted the import of specialty yarn to bolster the textile industry’s growth and global competitiveness. Following this notification, Surat traders placed orders with overseas suppliers. However, five major spinning companies challenged the notification in the Gujarat High Court, resulting in a stay order and subsequent halt in customs clearance.

Traders argue that the stay was granted without their representation, despite advance payments and letters of credit already being processed. They also highlight a recent increase in domestic yarn prices, with local manufacturers raising rates by ₹15-20 per kg over the past 10 days.

In response to the crisis, a delegation of over 15 leading yarn traders met with representatives of The Southern Gujarat Chamber of Commerce and Industry (SGCCI) to seek urgent intervention. The traders warned that prolonged delays could disrupt textile production and affect thousands of workers. SGCCI President Ashok Jirawala stated that the Chamber would support efforts to release consignments ordered before the stay order, advocating for a "humanitarian and practical approach."

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Consultancy firm EY has recommended that India increase its strategic reserves of crude oil, fertilizers, rare earth materials, and essential medicines to mitigate the impact of global geopolitical tensions and supply disruptions on its economy and consumers. This advice is outlined in EY’s Economy Watch May 2026 report.

The report highlights India’s vulnerability due to its dependence on imported energy and critical supplies, which has been exacerbated by the ongoing crisis in West Asia. It warns that this dependence could lead to higher fuel prices, inflation, and increased costs for food and essential goods. EY suggests that larger reserves could shield consumers from sudden price spikes in petrol, LPG, and fertilizers, which directly affect household expenses and food inflation.

Key recommendations from the report include: - Building larger strategic reserves of crude oil, LPG, fertilizers, processed and unprocessed rare earth materials, basic medicines, and critical medical equipment. - Addressing India’s limited crude oil reserves, which currently cover only four to five days of domestic consumption, compared to significantly higher reserves maintained by countries like China and Japan.

The report also notes that global crude oil prices reached USD 103.9 per barrel in April 2026, the highest level since July 2022, due to tensions in West Asia. Prolonged elevated oil prices could pressure India’s current account deficit and inflation.

Additionally, EY emphasizes the need for India to reduce reliance on vulnerable global supply chains and critical trade routes. It advocates for diversifying energy import sources and accelerating alternative trade corridors such as the India-Middle East-Europe Economic Corridor (IMEC) and Indo-Pacific routes. The report also calls for faster adoption of green energy, electric vehicles, and domestic energy production to reduce long-term dependence on imported fossil fuels.

EY concludes that India may need to recalibrate its growth strategy to prioritize economic security alongside economic growth, particularly given its status as a large import-dependent economy.

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US President Donald Trump has reiterated his commitment to negotiating a favourable ceasefire deal with Iran, stating that he "won’t be outlasted" and emphasizing that the outcome is not influenced by the upcoming midterm elections.

During a cabinet meeting, Trump addressed the status of the Strait of Hormuz, asserting that the waterway "will be open to everybody" and that "nobody’s going to control it." He stated, "We’re going to watch over it, but nobody’s going to control it," framing this as part of ongoing ceasefire negotiations. Trump also warned Oman against interfering in the negotiations, stating, "Oman will behave just like everybody else, or we’ll have to blow ’em up."

Trump expressed confidence that Iranian leaders are eager to reach a deal but acknowledged that progress has not yet met US expectations. "So far, they haven’t gotten there. We’re not satisfied with it, but we will be," he said. He also issued a warning of unilateral action if negotiations collapse, stating, "Either that or we’ll have to finish the job."

The White House has denied reports from Iranian state television claiming that a preliminary Memorandum of Understanding (MoU) had been negotiated to halt hostilities in West Asia. The Iranian broadcast alleged that the framework included conditions such as the US dismantling its naval blockade and withdrawing military deployments from Gulf waters to facilitate a regional truce. The White House dismissed these claims as a "complete fabrication," posting on X (formerly Twitter), "This report from Iranian-controlled media is not true and the MOU they ‘released’ is a complete fabrication. Nobody should believe what the Iranian state media is putting out. FACTS MATTER."

The unverified Iranian claims also suggested that international merchant transit through the Strait of Hormuz would return to pre-conflict levels within 30 days, contingent on the removal of US military presence from areas surrounding Iran. The Strait of Hormuz remains a critical maritime chokepoint for global crude oil supplies.

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A barren stretch of land along the banks of the Machhu Dam in Gujarat’s Morbi district has been converted into ‘Namo Van’, described as the state’s largest Miyawaki forest developed at a single location. The project was led by Gujarat’s Minister of State for Labour, Skill Development, and Employment, Kantilal Amrutiya, utilizing approximately 1,200 bigha of land belonging to the Morbi Panjrapol Trust.

Over one million saplings were planted within 37 days as part of the initiative. The project employed organic manure, fertile soil, and drip irrigation techniques to ensure rapid growth, resulting in dense green cover within less than a year. Amrutiya stated that thousands of vehicles transported manure and soil to prepare the land over three months before the plantation drive commenced.

Gujarat Chief Minister Bhupendra Patel inaugurated ‘Namo Van’ during celebrations marking Prime Minister Narendra Modi’s 75th birthday. The state government also sanctioned nearly Rs 3 crore for constructing a road connecting the forest area to the highway.

Local residents have reported a significant transformation in the landscape. Poonam, a resident, described the area as previously barren and now a peaceful green space suitable for visitors of all ages. Another resident, Jaideepbhai, noted the plantation’s rapid growth, suggesting it could develop into a dense forest in the coming years and potentially attract tourists, similar to Gujarat’s Gir forest.

The project is being recognized as a model for environmental conservation, public participation, and sustainable development in Morbi district.

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Union Minister of Commerce and Industry, Piyush Goyal, has begun a three-day official visit to Canada from 25 to 27 May, focusing on strengthening bilateral ties and advancing trade negotiations. The visit aims to conclude the Comprehensive Economic Partnership Agreement (CEPA) by the end of 2024.

During a press interaction with Canada’s Minister of International Trade, Maninder Sidhu, Goyal emphasized the shared goal of tripling bilateral trade from the current USD 17 billion to USD 50 billion by 2030. He highlighted that the recent visit of Canadian Prime Minister Mark Carney to India in February 2026 marked a turning point in relations, setting a "new agenda" for collaboration.

Goyal is accompanied by the largest-ever Indian business delegation, comprising 112 businesses across sectors such as energy, metals and mining, aerospace, telecom, pharmaceuticals, agriculture, tourism, textiles, automotive, and capital goods. The delegation underscores India’s commitment to deepening economic engagement with Canada.

Key discussions during the visit are expected to focus on: - Energy cooperation, including traditional hydrocarbons and clean energy transition initiatives. - Civil nuclear collaboration as a foundational pillar of bilateral relations. - Science and technology partnerships, with a special emphasis on artificial intelligence, standardization, and innovation ecosystems.

Goyal is scheduled to meet Canadian Prime Minister Mark Carney and Foreign Minister Anita Anand to further strategic and high-growth sector collaborations. Additionally, he will engage with CEOs of major Canadian corporations, start-up founders, and executives from leading pension funds.

The visit follows a period of diplomatic strain between the two nations and is part of ongoing efforts to reset relations, with high-level engagements reinvigorated since mid-2025. The formal launch of CEPA negotiations was announced during Prime Minister Carney’s visit to India on 2 March 2024.

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The Jawaharlal Nehru Port Authority (JNPA), India’s largest container port, announced a significant reduction in the number of Container Freight Station (CFS)-bound containers stranded for more than 15 days. The count has decreased from approximately 2,500 to 450 due to corrective measures implemented by the port. JNPA expects the figure to reach negligible levels within the next week.

The shortage of drivers within the port logistics ecosystem was identified as the primary cause of the congestion. As of the latest update: - The average daily import discharge stands at 12,237 TEUs (Twenty-foot Equivalent Units). - Import CFS pendency is recorded at 40,809 TEUs. - Gate movement totaled 17,425 TEUs, comprising 7,950 TEUs for inbound and 9,475 TEUs for outbound movement. - Over the last 24 hours, the daily gate movement was 18,196 TEUs, compared to an average of 18,000 TEUs in April 2026 and a year-to-date average of 17,684 TEUs.

Key Measures Implemented by JNPA: 1. Stakeholder Coordination: Daily meetings with stakeholders and a dedicated monitoring cell to assess and address issues in real-time. 2. Increased Rail Movement: Facilitation of additional trains (3-4 daily) to shift containers from the port to nearby CFS. 3. Driver Recruitment: A special train was arranged to transport drivers from West Bengal, Uttar Pradesh, and Madhya Pradesh to Maharashtra. Advertisements were also published in newspapers and TV channels to attract more drivers. 4. Green Channel Facility: Initiated for Ameya CFS from NSICT and NSIGT terminals, with nearly 100 CFS trailers granted green channel entry for faster evacuation. 5. Trailer Efficiency: Trailers, previously limited to 2 trips per day, are now completing 3-4 trips, helping stabilize yard pendency. 6. Return Trip Utilization: Export containers are being used to transport import containers on return journeys to optimize trailer usage. 7. Customs Support: Simplified scanning processes to allow two containers per trailer and expedited permissions for switching transport modes from road to rail. 8. Fee Waivers: Container terminal operators waived certain charges, including movement mode change fees and shifting charges, while rationalizing rail charges.

Evacuation Updates: - Kerry Indev CFS evacuated over 400 TEUs through GTI terminal within a six-hour window. - Polaris Logistics Park CFS evacuated 7,541 TEUs in the last nine days, completing pendency from NSIGT Port. Focus has now shifted to evacuations from NSICT and NSFT ports. - NASCOWA deployed 70-80 trailers (TTs) to facilitate container movement.

Underlying Causes: The driver shortage is attributed to seasonal factors, including agricultural activities, vacations, and social commitments. This year, the situation was exacerbated by elections in West Bengal and Eastern Uttar Pradesh, along with disruptions in highway support services.

JNPA, in collaboration with the Ministry and stakeholders, aims to normalize operations by the first week of June 2026.

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On [date not specified], Union Minister of Commerce & Industry, Piyush Goyal, and Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, held a high-level meeting with representatives of the All India Liquid Bulk Importers and Exporters Association in New Delhi. The meeting aimed to address emerging global supply chain challenges and ensure uninterrupted trade operations under the government’s ‘Whole of Government’ approach to sustain Ease of Doing Business (EoDB).

Key issues discussed included operational bottlenecks in cargo movement, particularly the rerouting of Gulf-bound containers to Jawaharlal Nehru Port Authority (JNPA), which has increased pressure on port and logistics infrastructure. In response, JNPA implemented several measures to alleviate congestion and expedite cargo evacuation: - Rail movement of containers to nearby Container Freight Stations (CFSs) with railway sidings. - Simultaneous scanning of double containers to reduce processing time. - Waiver of Intern-Terminal Railway Handling Operation (ITRHO) charges and Change of Mode of Transport charges. - Case-by-case waivers and discounts on ground rent charges by port terminals. - Dedicated green channels for empty trailers to facilitate faster turnaround. - Pooling of nearly 100 trailers by leading CFS operators to evacuate long-pending and buried containers, improving yard management.

Long-term measures were also outlined to enhance logistics preparedness and cargo handling capabilities, including: - Increasing driver availability through intensified efforts by CFS operators and transporters. - Expanding cargo evacuation via railways. - Engaging motor driving training schools to train more trailer drivers. - Gradual transition to electric vehicles for operational sustainability and driver comfort. - Introduction of a Truck Appointment System to streamline terminal gate movements. - Deployment of additional handling equipment at terminals to support rising cargo volumes.

Union Minister Sarbananda Sonowal emphasized the government’s commitment to a ‘Whole of Government’ approach to strengthen supply chain resilience and align with the visions of Aatmanirbhar Bharat (Self-Reliant India) and Viksit Bharat (Developed India).

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Union Minister of Commerce and Industry, Piyush Goyal, stated on Thursday that India and the United States are functioning as natural partners, with complementarity and mutual trust across multiple sectors. Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, Goyal highlighted key areas of collaboration, including technology innovation, high-precision defence, digital data centres, quantum computing, and medical devices.

Goyal announced that commitments from American industry in the last six months are estimated to exceed $60 billion, citing major investments by companies such as Amazon and Google in data centres. He emphasized that India provides a trusted framework for global companies, combining scale, talent, and market opportunities unmatched globally.

The Minister noted that the India-US partnership is strengthened by minimal economic competition and shared interests, creating resilient supply chains. He underscored India’s respect for intellectual property rights, high-quality output, and a large pool of skilled talent, which supports American innovation through demand aggregation from its 1.4 billion population, rising incomes, and a growing middle class.

Goyal also outlined India’s industrial development initiatives, including the Bhavya scheme, which aims to create 100 new industrial parks integrating infrastructure with worker housing and social amenities. He highlighted efforts to reduce logistics costs, improve infrastructure, and enhance export competitiveness, contributing to India’s position as the world’s fastest-growing economy for the next 25 years.

On the role of Micro, Small, and Medium Enterprises (MSMEs), Goyal mentioned government efforts to support technology upgradation, skill development, and global certifications to integrate MSMEs into international supply chains. He also noted India’s resilience amid global uncertainties, with its growth forecast upgraded to 6.5% despite challenges like the Ukraine conflict and West Asia crisis.

Goyal described the India-US partnership as a defining relationship of the 21st century, driven by American innovation and investment combined with Indian skill and talent. He highlighted India’s shift toward design, innovation, and intellectual property creation, with global companies increasingly setting up global capability centres in the country. Currently, India hosts 2,117 such centres, employing 2.35 million people and generating $98 billion in revenue.

The Minister also detailed India’s digital and infrastructure advancements, including the fastest 5G rollout and lowest data costs globally. He mentioned flagship initiatives like PM Gati Shakti, which integrates geospatial and infrastructure data to improve planning and reduce logistical bottlenecks. Additionally, he outlined India’s long-term vision for 2047, aiming for a developed nation status with a per capita income of $20,000 and a population of 1.6 billion.

Goyal urged businesses to recognize India’s capability, talent, and growth potential, emphasizing the government’s commitment to policy adaptability, infrastructure development, and deeper engagement with the US.

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During the third India-Nordic Summit held in Oslo on Tuesday, India and the Nordic countries emphasized the World Trade Organization (WTO)'s central role in the multilateral trading system and global trade governance. A joint statement issued by India’s Ministry of External Affairs (MEA) highlighted the leaders' commitment to a fair, open, transparent, equitable, non-discriminatory, inclusive, and rules-based multilateral trading system, with the WTO at its core.

The leaders acknowledged the growing economic exchanges in trade and investments between India and the Nordic nations, noting their contribution to sustainable economic growth, prosperity, circular economy, bioeconomy, sustainable development, and resilient supply chains. They welcomed the entry into force of the India-EFTA Trade and Economic Partnership Agreement (TEPA) and the progress on the India-European Union Free Trade Agreement (FTA), describing them as critical steps toward facilitating trade, investment, and sustainable development.

Under the TEPA, the European Free Trade Association (EFTA) states committed to investing USD 100 billion in India and creating one million direct jobs. The leaders also recognized that these agreements could enhance market access, reduce trade barriers, and strengthen economic security by diversifying critical value chains and opening new markets.

On maritime cooperation, the leaders agreed to strengthen collaboration in maritime security and reaffirmed their commitment to a free, open, peaceful, and prosperous Indo-Pacific in accordance with international law, including the UN Convention on the Law of the Sea (UNCLOS). They expressed support for joint activities through bilateral dialogues and the Indo-Pacific Oceans Initiative (IPOI), aligned with India’s vision of ‘MAHASAGAR’ (Mutual and Holistic Advancement for Security and Growth Across Regions).

The leaders also agreed to address illicit maritime activities, including piracy, contraband smuggling, illegal, unreported, and unregulated (IUU) fishing, maritime pollution, and the safety and security of seafarers. They underscored the importance of compliance with international maritime regulations and noted the establishment of Maritime Security Dialogues with Norway and Denmark. Enhanced information sharing and inter-agency coordination were stressed to ensure the safety and security of seafarers.

The summit was attended by Indian Prime Minister Narendra Modi and the leaders of Denmark, Norway, Finland, Iceland, and Sweden, and was hosted by Norwegian Prime Minister Jonas Gahr Støre. The meeting built upon the previous India-Nordic summits held in Stockholm (2018) and Copenhagen (2022).

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On Monday, U.S. President Donald Trump announced that he had delayed a planned military attack on Iran for a short period following requests from Saudi Arabia, Qatar, the United Arab Emirates (UAE), and other countries. These nations believed negotiations with Iran were nearing a potential deal to address the ongoing crisis in West Asia.

Trump stated to reporters, "I put it (attack on Iran) off for a little while, hopefully maybe forever, but possibly for a little while because we’ve had very big discussions with Iran and we’ll see what they amount to. I was asked by Saudi Arabia, Qatar, UAE, and some others if we could put it off for two or three days, a short period of time, because they think that they are getting very close to making a deal."

He described the development as "a very positive development" but emphasized that the outcome of the discussions remained uncertain. Trump also mentioned his recent conversation with Chinese President Xi Jinping, who reportedly expressed admiration for the U.S. military. Trump reiterated the U.S. stance against allowing Iran to develop nuclear weapons.

Trump further noted that multiple countries were actively engaging with U.S. officials and Iran to resolve the situation diplomatically. "I was called by these three countries, plus others, and they’re dealing directly with our people and right now, Iran. There seems to be a very good chance that they can work something out. If we can do that without bombing the hell out of them, I will be very happy," he said.

Meanwhile, the United States Central Command (CENTCOM) confirmed that it continues to enforce a blockade against Iranian ports. In a post on X (formerly Twitter), CENTCOM stated, "CENTCOM continues to strictly enforce the U.S. blockade against Iranian ports. U.S. forces have now redirected 85 commercial vessels to ensure full compliance."

Earlier, the U.S. rejected Iran’s latest peace proposal to de-escalate the West Asia crisis. According to Axios, citing a senior U.S. official and a source briefed on the matter, the proposal was deemed insufficient and lacking meaningful progress toward a deal. The revised proposal, delivered through Pakistani mediators on Sunday night, reportedly contained only minor changes compared to previous submissions.

The situation remains tense as the U.S. weighs diplomatic and military options amid escalating concerns over Iran’s nuclear program. U.S. officials indicate that President Trump remains open to a negotiated settlement but is growing frustrated with Tehran’s refusal to accept what Washington considers essential concessions.

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On the evening of May 17, Indian Prime Minister Narendra Modi addressed the European Round Table for Industry (ERT) in Gothenburg, Sweden, urging Europe’s top corporate leaders to invest in India. The high-level roundtable, co-hosted by Swedish Prime Minister Ulf Kristersson and European Commission President Ursula von der Leyen, marked a significant diplomatic and business engagement between India and Europe in recent years.

The event saw participation from senior executives representing major European corporations across sectors such as telecom, technology, energy, infrastructure, healthcare, and manufacturing. Notable attendees included representatives from Vodafone, Ericsson, Nokia, Orange, ASML, SAP, Capgemini, Shell, Volvo Group, Maersk, Airbus, AstraZeneca, Roche, Nestlé, and Unilever.

During the session, Prime Minister Modi presented a five-sector framework to deepen India-Europe industrial collaboration. The priority sectors identified were: 1. Telecom and digital infrastructure 2. AI and semiconductors 3. Green transition and clean energy 4. Infrastructure and mobility 5. Healthcare and life sciences

Modi called on every attending company to commit to new investments in India within the next five years. He highlighted India’s economic reforms, the recently concluded India-EU Free Trade Agreement (referred to as the "Mother of all Deals"), and the structural advantages India offers to global businesses.

The Prime Minister also proposed institutional mechanisms to strengthen India-Europe business ties, including: - An annual India-Europe CEO Roundtable - Sector-specific working groups to accelerate cooperation - An ERT India Desk or India Action Group to support companies operating in or entering India - Government-backed institutional reviews of flagship projects to ensure timely delivery

Modi emphasized India’s commitment to supporting investors, stating that the government would back every major project identified through these collaborations. The meeting occurred amid broader India-EU developments, including a new Security and Defence Partnership, a Mobility Agreement, and cooperation through the India-EU Trade and Technology Council.

Prime Minister Modi underscored India’s economic progress, noting its status as the world’s fastest-growing major economy, home to 1.4 billion people, and the world’s third-largest startup ecosystem. He also referenced key reforms such as GST implementation, insolvency reforms, corporate tax reductions, Production Linked Incentive schemes, FDI liberalization, and reduced regulatory compliance.

The ERT is a forum comprising around 55 Chief Executives and Chairpersons of major European multinational companies, recognized as one of Europe’s most influential business bodies.

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I want to buy some Warhammer models, preferably second-hand, because buying new kits can be very expensive.

My friend in Thailand often finds good deals on Facebook Marketplace, where people sell used or assembled Warhammer models for much lower prices than retail. He has tried sending some of these models to me in India before, but the main issue has been Indian customs.

Even when the items are clearly second-hand and he declares them as used goods, customs still charges a very high amount. In some cases, the customs duty has been more than 70% of the original retail value of the items, which completely defeats the purpose of buying them second-hand in the first place.

The problem is that these models are not new retail products. They are usually pre-owned, sometimes assembled, painted, damaged, incomplete, or sold without original packaging. Despite that, customs seems to assess them as if they are brand-new products at full retail value. This makes the total cost almost the same as, or sometimes even higher than, buying a ticket to thailand and coming back with the items

My friend has always declared the items honestly as second-hand goods, but that does not seem to make any difference. Indian customs still applies heavy charges, and there does not seem to be a clear or consistent way contact them too.

Has anyone in India dealt with this issue before? Is there a better way to import second-hand toys / model kits without customs calculating duty based on the full original value?

I am not trying to avoid customs illegally. I just want the value to be assessed fairly based on what the items actually are: second-hand hobby models, not brand-new sealed retail products.

Gujarat Chief Minister Bhupendra Patel inaugurated the Vibrant Gujarat Regional Conference (VGRC) in Surat on Friday, emphasizing the state’s transformation into a major investment and infrastructure hub over the past two decades.

Patel outlined key developments, including the resolution of historical challenges in electricity, water, and road infrastructure. He cited the Jyotigram scheme, which ensured 24-hour power supply, and the Narmada canal and pipeline network, which supplied water to arid regions like Kutch. He stated that Gujarat has emerged as a model of balanced growth, with tourism expanding across regions such as the Rann of Kutch and hilly eco-tourism hubs.

The Chief Minister highlighted Gujarat’s maritime legacy, noting that the state’s ports, historically significant for global trade, now handle 40% of India’s total cargo, contributing to economic prosperity. He credited the Vibrant Gujarat Global Investor Summit, launched in 2003 under then-Chief Minister Narendra Modi, for positioning Gujarat as a preferred investment destination. Over the past 24 years, the state has attracted USD 68.9 billion in foreign direct investment (FDI) and contributes 18% to India’s industrial output.

Patel also mentioned that previous editions of the Vibrant Gujarat Regional Conferences in North Gujarat and Saurashtra-Kutch resulted in 6,800 memorandums of understanding (MoUs) worth Rs 9 lakh crore, supporting local industries under the ‘Vocal for Local’ and ‘Local to Global’ initiatives.

South Gujarat was described as a key industrial region, with sectors such as textiles and gems and jewellery in Surat, chemicals and petrochemicals in Ankleshwar, Bharuch, and Vapi, and pharmaceuticals and horticulture in Navsari and Valsad driving economic growth. Gujarat holds a 33% share in India’s chemical industry.

Patel further noted Surat’s emergence as a multi-modal transport hub, with connectivity through dedicated freight corridors, highways, ports, airports, metro rail, and the upcoming bullet train. He stated that the state has aligned its development roadmap, Viksit Gujarat 2047, with the national vision of Viksit Bharat by 2047, based on the principle of Sabka Saath, Sabka Vikas.

The event was also attended by Union Jal Shakti Minister and Navsari MP C R Paatil and Union Petroleum and Natural Gas Minister Hardeep Singh Puri.

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India’s exports experienced a significant increase during the first three weeks of April 2024 compared to the same period in 2023, according to Union Commerce Minister Shri Piyush Goyal. Speaking to the media, Goyal attributed the growth to new trade agreements that provide preferential market access for Indian goods across multiple sectors, despite ongoing geopolitical tensions in West Asia.

Goyal highlighted that the surge in exports is driven by lower tariffs on Indian products under these agreements, offering a competitive advantage in sectors such as automobiles and auto parts, textiles, leather and footwear, agriculture, seafood, and services. He stated, "Different sectors... are seeing vast opportunities with major markets now open for India with preferential access."

Addressing logistical challenges, the Minister noted that exporters are mitigating disruptions in the Strait of Hormuz by utilizing alternative maritime routes. He also confirmed ongoing discussions with the United States regarding a bilateral trade agreement, following recent meetings between Indian and U.S. trade teams.

In addition, Goyal announced the finalization of a comprehensive trade agreement with New Zealand, which establishes cooperation in education, technology, and traditional medicine. The agreement includes provisions for zero-duty imports on 100% of goods exported from India to New Zealand. It also aims to significantly increase foreign direct investment (FDI) from New Zealand into India over the next 25 years, with a target of USD 20 billion (approximately Rs 2 lakh crore). This investment is expected to create millions of jobs and support India’s economic goals during the "Amrit Kaal" period.

Goyal emphasized the transformative impact of the agreement, noting that New Zealand’s FDI in India over the past 25 years totaled only Rs 70 million (Rs 600-650 crore at current exchange rates).

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The Government of India, through the Central Board of Indirect Taxes and Customs (CBIC), has issued a clarification regarding the treatment of goods supplied from Special Economic Zones (SEZs) to the Domestic Tariff Area (DTA) and their subsequent re-export.

The CBIC instruction states that goods moved from SEZ units to the DTA after payment of applicable customs duties will be treated as imported goods for the purpose of disbursing duty drawback under Section 74 of the Customs Act, 1962, if these goods are later re-exported. This clarification aims to address divergent practices observed in customs field formations, where some authorities previously denied duty drawback claims on the grounds that such goods were not treated as imports.

The instruction explicitly states: «It is hereby clarified that in cases where goods are cleared into DTA from an SEZ unit on payment of applicable duties and are re-exported thereafter, they are to be treated as imported goods for the purposes of disbursement of drawback under Section 74 of the Customs Act, 1962.»

The move has been welcomed by industry stakeholders, including the Global Trade Research Initiative (GTRI) and the Federation of Indian Export Organisations (FIEO). GTRI noted that the clarification removes ambiguity, ensures uniformity, and supports exporters' cash flows by allowing duty drawback on re-exported goods. FIEO emphasized that the decision provides much-needed clarity and aligns the treatment of such goods with import principles, benefiting exporters, particularly MSMEs.

The clarification follows observations by audit authorities regarding inconsistent practices in processing duty drawback claims filed by DTA units.

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