Economic News

The DPIIT has requested manufacturing units to submit monthly production statistics from April 2022 to rebase the Index of Industrial Production to 2022-23. India’s industrial production growth slowed to 3.2% in December 2024, with manufacturing expected to grow at a reduced rate in FY25.

The European Union’s stringent environmental regulations pose significant challenges in the ongoing free trade agreement negotiations with India. Issues such as the Carbon Border Adjustment Mechanism and privacy data protection laws could impose additional costs on Indian exports, despite efforts for exemptions or compensatory measures.

India and the European Union will commence their tenth round of negotiations for a proposed free trade agreement in Brussels. Key issues such as agricultural tariffs, auto import duties, and regulatory barriers will be the focus, with hopes to finalize the deal by the end of the year.

The Indian government has imposed a 10 per cent import duty on lentils, effective from March 8, to boost domestic supply. Additionally, the duty-free import of yellow peas has been extended until May 31. Previously, India allowed duty-free import of lentils and imported 30 lakh tonnes of yellow peas in 2024.

Italian Agriculture Minister Francesco Lollobrigida has called for stronger trade ties with India during the ‘Vinitaly’ trade promotion fair in New Delhi. Highlighting a robust relationship between the governments, he emphasized mutual exports and renewing trade relations.