Daily News - Tuesday, 24 February 2026
India aims to raise USD $19.7 Billion from state‑firm IPOs by FY30 (Reuters)
NITI Aayog released a report saying India aims to raise INR 1.79 trillion (USD $19.7 billion) from initial public offerings of state‑run firms by the 2029/30 financial year. These IPOs form part of a broader asset‑monetisation programme targeting INR 16.7 trillion (USD $183.7 billion) over the next four years under the Centre’s second phase of privatisation. Planned listings span railways, power, petroleum & natural gas, aviation and coal, with the proposed IPOs of seven railway firms alone potentially fetching INR 837 billion (USD $9.2 billion) by FY30. The report targets INR 170 billion (USD $1.87 billion) from listings in the coming fiscal year beginning 1 April 2026, and foresees INR 310 billion (USD $3.41 billion) from subsidiaries of state power firms plus INR 483 billion (USD $5.31 billion) from Coal India subsidiaries and renewable assets. The Airports Authority of India plans to divest a stake in one subsidiary and list four airports held via joint ventures, while GAIL GAS is pencilled in for a potential INR 31 billion (USD $0.34 billion) IPO in FY2027/28. Observers say the pipeline could deepen India’s capital markets and attract foreign investment, but meeting the ambitious INR 16.7 trillion (USD $183.7 billion) target will depend on valuations, state‑level approvals and execution.
India’s forex reserves at USD $650 Billion. RBI may buy USD if rupee hits 88-89 per dollar (Bloomberg)
Citigroup Inc. said India’s central bank may begin buying U.S. dollars to bolster foreign‑exchange reserves if the rupee strengthens to 88-89 per USD. Aditya Bagree, Citi’s Head of Markets for India and the Subcontinent, noted that in the short term the rupee is expected to trade in a 90-91.25 band, after closing at 90.88 per USD on Monday. The Reserve Bank of India (RBI) currently holds over USD $650 billion (INR 54 lakh crore) in reserves, and further accumulation would provide a buffer against external shocks. The move comes amid rising foreign inflows and stronger economic activity, with India’s PMI indices showing acceleration in February. Analysts say dollar purchases would help stabilize the rupee, but could also increase liquidity that the Ministry of Finance may need to sterilize through bond sales. Citi’s outlook suggests India is positioning itself to attract more foreign capital while maintaining currency stability in the face of global volatility.
India seeks wider access for fruits and vegetables in Brazil (Financial Express)
India’s Agriculture Minister Shivraj Singh Chouhan met Brazil’s Minister for Agrarian Development and Family Farming Luiz Paulo Teixeira Ferreira to push for greater market access for Indian fruits and vegetables including pomegranates, garlic, grapes, and raisins. Brazil is simultaneously negotiating exports of tea, tur dal, and other agri‑commodities with Indian officials, with phytosanitary agreements under discussion between ICAR (Indian Council of Agricultural Research) and Brazil’s Embrapa. Brazil agreed to establish a Centre of Excellence in India to boost productivity of pulses and promote integrated farming models, while also showing interest in India’s natural and organic farming initiatives. India has begun sourcing pulses such as urad and soybean oil from Brazil to diversify away from suppliers like Myanmar, Tanzania, and Malawi, with Brazil aiming to become a key supplier of edible oils. The Indian Farmers Fertiliser Cooperative (IFFCO) announced a joint venture (7:3) with Brazil’s Nanofert to set up a plant producing 4.5 million litres of nano‑fertilisers annually, strengthening bilateral agri‑tech cooperation. Analysts note that these moves could reshape India–Brazil agri‑trade, balancing India’s import dependence while opening new export opportunities, though opposition voices in India urge caution on over‑reliance on Brazil for critical food supplies.
U.S. Commerce Department weighs anti‑subsidy tariffs on solar imports from India, Indonesia, Laos (Reuters)
U.S. Commerce Department announced it will issue a preliminary decision on whether to impose anti‑subsidy tariffs on solar cells and panels imported from India, Indonesia, and Laos. The case was filed in July 2025 by the Alliance for American Solar Manufacturing and Trade, which includes Hanwha Qcells (South Korea) and First Solar Inc (Arizona, USA), seeking protection for billions invested in U.S. solar factories. Commerce will also decide next month whether these imports were dumped below cost, potentially triggering anti‑dumping duties. The petition alleges that Chinese companies shifted production to Southeast Asia (Indonesia, Laos) and India to bypass earlier U.S. tariffs on Malaysia, Cambodia, Vietnam, and Thailand. If duties are imposed, Indian manufacturers could face significant export losses, with the Ministry of Commerce and Industry (India) monitoring the case closely as solar exports form a growing share of India’s clean‑energy trade. Final determinations are expected later in 2026, with implications for global solar supply chains, U.S. renewable energy costs, and India’s green‑export strategy.
