Daily News - Friday, 08 May 2026
India-EU Free Trade Agreement to Cover USD $11 Trillion Trade and Impact 2 Billion People (Economic Times)
The India-European Union Free Trade Agreement (FTA), described by Commerce Ministry Additional Secretary Darpan Jain as the mother of all deals, will cover nearly one-third of global trade (USD $11 trillion / INR ₹91.5 lakh crore) and impact around 2 billion people. The agreement spans goods, services, digital trade, telecom, financial services, and intellectual property, with India’s goods exports at USD $442 billion (INR ₹36.8 lakh crore) and services exports at USD $421 billion (INR ₹35 lakh crore) in FY26. Industry leaders highlighted sectoral gains: BMW Group India CEO Hardeep Singh Brar noted auto tariffs on cars above USD $40,000 (INR ₹33.3 lakh) would drop from 110% to 40%, strengthening supply chains. Biesse India CEO Sayeed Ahmed emphasized improved access to advanced European machinery, supporting India’s manufacturing ambitions. A study released at the event showed 5,833 EU firms operate in India, generating EUR 186 billion (USD $200 billion / INR ₹16.6 lakh crore) turnover, 6 million jobs, and EUR 23.5 billion (USD $25.3 billion / INR ₹2.1 lakh crore) in goods exports. EU-India goods trade reached EUR 120 billion (USD $129 billion / INR ₹10.8 lakh crore) in 2024, nearly doubling over the past decade, making the EU India’s largest trading partner in goods.
BlackRock to Invest USD $200M Investment in India's Shapoorji Pallonji Dollar Bonds (Reuters)
BlackRock, the world’s largest asset manager, is set to invest USD $100-200 million (INR ₹9.5-19 billion) in a dollar bond issue by Goswami Infratech, a unit of the Shapoorji Pallonji Group, via its Asia focused fund. The company plans to raise about USD $3 billion (INR ₹284 billion), with USD $750-950 million (INR ₹71-90 billion) from dollar bonds and the remainder through rupee denominated debt, arranged by Deutsche Bank. Goswami Infratech had earlier raised ₹143 billion (USD $1.51 billion) in June 2023, but delays in fundraising and rising rupee hedging costs forced an extension on repayment of high yield debt due April 30, 2026. The fresh debt issue will refinance those notes, with BlackRock’s participation expected to reassure other global investors. Ratings agency CareEdge recently downgraded Goswami Infratech’s bonds from BB- to B+, citing fundraising delays, highlighting the risks involved. Despite this, sources indicate other large funds are also considering joining the issue, signaling continued foreign investor interest in India’s infrastructure linked debt markets.
India to Boost Export Incentives Worth USD $1 Billion Under RoDTEP (Reuters)
India plans to raise spending on its Remission of Duties and Taxes on Export Products (RoDTEP) scheme and extend it by five years, as the Iran war disrupts Gulf trade routes and weakens exports. The scheme, currently budgeted at just over USD $1 billion (INR ₹94.6 billion) and valid until September 30, 2026, reimburses exporters for local taxes and levies not refunded under other programmes, covering more than 10,000 products from agriculture to engineering goods. India’s merchandise exports fell 7.4% year‑on‑year in March 2026, with shipments to the UAE and Saudi Arabia dropping sharply, affecting 24 of 30 major export categories. The Finance Ministry and Commerce Ministry are jointly reviewing incentive rates, which were halved in February’s budget but restored in March as the conflict escalated. Exporters, represented by the Engineering Exports Promotion Council, argue current rates of 1-4% of product value do not adequately offset rising costs, especially with freight charges at USD $3,00-6,000 (INR ₹2.8-5.7 lakh) per container. To ease liquidity stress, the government also approved a new USD $1.9 billion (INR ₹180 billion) emergency credit guarantee programme and offered insurance cover for shipments through affected corridors.
Apple Commits USD $12 Million to Support India's Clean Energy Initiatives (Fortune India)
Apple announced an investment of ₹100 crore (USD $12 million) in India to expand clean energy and environmental initiatives, partnering with CleanMax to add over 150 MW of renewable capacity, enough to power 150,000 households annually. The initiative supports Apple’s global goal of becoming carbon neutral by 2030, with India positioned as a key hub in its supply chain sustainability strategy. Apple is also collaborating with WWF-India and Saahas Zero Waste to scale plastic recycling and waste management projects, including new facilities in Goa and Coimbatore, ensuring full traceability of recovered materials. Additionally, Apple partnered with Acumen to fund six early-stage green enterprises in waste management, circular economy, regenerative agriculture, and livelihoods, offering grants, mentorship, and technical support. Enterprises supported include Saptkrishi (low cost farm storage), Yotuh Energy (electric refrigerated trucks), and Mowo Fleet (women EV drivers). Apple’s latest Environmental Progress Report highlights a 60% cut in global emissions since 2015, while revenue grew 78%, underscoring the business case for sustainability.
India Tops Global Remittance Chart with USD $138 Billion (News18)
India topped the global remittance chart in 2024, with inflows reaching a record USD $138 billion (INR ₹11.5 lakh crore), according to the World Migration Report 2026 by the International Organization for Migration (IOM). This marks a sharp rise from USD $53 billion (INR ₹4.4 lakh crore) in 2010, underscoring the growing economic significance of India’s 19 million strong diaspora. Key destinations driving these inflows include the United States, UAE, UK, Canada, and Australia, reflecting both traditional labor migration and a surge in high skilled professionals in technology, healthcare and engineering. India remains the only country to cross the USD $100 billion (INR ₹8.3 lakh crore) mark, far ahead of Mexico (USD $68 billion / INR ₹5.6 lakh crore) and China (USD $48 billion / INR ₹4 lakh crore). The report highlights a shift in migration patterns, with Gulf countries still employing large numbers of Indian workers in construction and services, but advanced economies increasingly absorbing skilled talent. Policymakers in the Ministry of External Affairs and Finance Ministry view these inflows as critical for foreign exchange stability and household consumption.
