Daily News - Wednesday, 13 May 2026

India Raises Gold, Silver Import Tariffs to 15% Amid Forex Pressure and Rupee Weakness (Business Standard)

Government of India raised import tariffs on gold and silver to 15% (10% basic customs duty + 5% Agriculture Infrastructure and Development Cess), up from 6%, to curb imports and protect foreign exchange reserves. India, the world’s second-largest consumer of precious metals, meets almost all of its gold demand through imports, which surged amid high prices and weak equity returns. The move aims to narrow the current account deficit and support the rupee, one of Asia’s worst-performing currencies, but industry officials warn it could revive smuggling, which had eased after tariff cuts in 2024. Surendra Mehta, National Secretary of the India Bullion and Jewellers Association, said higher duties will dampen demand as prices are already elevated. Inflows into India’s gold ETFs rose 186% year‑on‑year in Q1 2026 to 20 metric tons, reflecting strong investment demand despite policy tightening. Imports had already fallen to a 30‑year low in April after banks halted shipments due to a new 3% IGST levy, and dealers expect further declines following this duty hike.

India Approves Ozempic Tablets to Launch in Canada After Patent Expiry (Reuters)

Dr Reddy’s Laboratories Ltd announced plans to launch its generic version of Ozempic (semaglutide) in Canada within days, after receiving approval from Health Canada. Semaglutide, the active ingredient in Novo Nordisk’s Wegovy and Ozempic, is seen by Dr Reddy’s as a key growth driver amid rising global demand for diabetes and weight-loss treatments. The company also secured approval from India’s drug regulator for generic semaglutide tablets, with launches expected shortly, following the expiry of semaglutide’s patent in India in March 2026. In March, Dr Reddy’s had already introduced Obeda, its semaglutide injectable for diabetes, in India, and is considering launches in Brazil and other markets as patents lapse. Despite this pipeline, Dr Reddy’s reported an 86% slump in quarterly profit to ₹2.21 billion (USD $23.1M), down from ₹15.93 billion a year earlier, due to impairment charges of ₹2.28 billion linked to its discontinued CAR-T cancer therapy program. Revenues fell 11.5% to ₹75.46 billion (USD $789M), below analyst estimates, hit by pricing pressure in the U.S. and slowing demand for lenalidomide (generic Revlimid).

L&T Commits USD $1.2 Billion to Build 200 MW Data Centres Across India by 2031 (Business Today)

Larsen & Toubro (L&T) has earmarked ₹100 billion (USD $1.2B) under its Lakshya 2031 strategy to build 200 MW of AI-ready data centre capacity across Vizag, Bengaluru, and Mumbai over the next five years. The business, rebranded as L&T Vyoma, has already commissioned 12 MW at Kanchipuram and is adding another 18 MW, bringing total available capacity to 30 MW. L&T is pursuing a build to suit model, partnering with server chip suppliers, GPU providers, and end users, with a notable MoU signed with Nvidia to ensure AI‑enabled infrastructure. According to R. Shankar Raman, CFO, the company expects 13-14% returns at optimal scale, driven by a mix of hyperscaler and non-hyperscaler clients. The expansion is designed to cater to quantum computing organisations, sovereign private cloud offerings, and high‑performance computing needs, positioning India as a hub for advanced data storage. Management noted that the full benefits will flow in the 2031-2036 horizon, as supply chains and client ecosystems mature.

India Japan Advance Cooperation in Critical Minerals and Semiconductors (Economic Times)

India and Japan held their 2nd Economic Security Dialogue in New Delhi (May 11-13, 2026), co‑chaired by Foreign Secretary Vikram Misri and Japan’s Vice Ministers Takehiro Funakoshi and Takehiko Matsuo, focusing on cooperation in critical minerals, semiconductors, ICT (AI & telecom), clean energy, and pharmaceuticals. The talks emphasized resilient supply chains amid global tensions, aligning India’s Semiconductor Mission with Japan’s chip ecosystem, expanding collaboration on hydrogen and renewables, and reducing non‑tariff barriers in pharma. Both governments highlighted public-private partnerships, with Japan establishing a new centre to help its firms expand in India, and the dialogue positioned as a precursor to the upcoming Quad Foreign Ministers’ meeting.