Daily News - Thursday, 2 April 2026
India’s BRICS Presidency Faces Toughest Test Amid Iran War (money control)
India’s BRICS presidency in 2026 has entered its most difficult phase as the ongoing war involving Iran, Saudi Arabia, and the UAE all new BRICS members has fractured the bloc. Instead of focusing on setting an ambitious agenda, New Delhi’s chairmanship under Prime Minister Narendra Modi has been forced into crisis management, working to prevent the grouping from collapsing under geopolitical strain. The conflict has exposed deep divisions within BRICS, undermining its vision of a multipolar world and raising questions about the bloc’s ability to act cohesively. India’s role has shifted toward balancing rival interests, mediating tensions, and keeping dialogue alive among members. Analysts note that this presidency will test India’s diplomatic agility more than any previous term. The situation underscores how global conflicts can directly challenge the credibility and unity of emerging multilateral institutions.
India’s Metal Forming Market Set to Cross USD $94 Billion by 2030 (Business World)
India’s automotive metal forming market, valued at around USD 40 billion in FY25, is projected to expand to USD 94 billion by 2030, reflecting an annual growth rate of about 12%. According to a report by Avendus Capital, the country’s auto components industry has already surpassed USD 80 billion in turnover in FY25, marking its transition from a net importer to a net exporter of high-value parts. Growth is being driven by rising exports, with OEMs and tier-1 suppliers in Europe and North America increasingly sourcing from India due to its cost advantages and robust supplier ecosystem. Metal forming processes such as stamping, forging, and roll forming remain critical for both internal combustion engine vehicles and emerging electric vehicle platforms, ensuring sustained demand. While challenges like raw material price volatility and capital-intensive upgrades persist, India’s scale and capability to serve both legacy and next-generation vehicle segments are strengthening its role in global supply chains. The report underscores that India is positioning itself as a long-term hub for automotive metal forming, powered by export orientation and industrial resilience.
India Grants Full Customs Duty Exemption on Petrochemicals Amid Middle East War (Times Now)
In response to supply disruptions caused by the ongoing Middle East conflict, India has announced a full customs duty exemption on critical petrochemical products including methanol, styrene, and PVC, effective until June 30, 2026. The Finance Ministry stated this measure will ensure availability of feedstock for industries such as plastics, packaging, textiles, pharmaceuticals, chemicals, and automotive components, while easing cost pressures on downstream sectors. At the same time, India’s diesel exports surged 20% in March 2026 to 12.9 million barrels, driven by higher margins, while petrol exports fell 33% as refiners shifted production. To stabilize domestic fuel prices, the government cut excise duty on petrol to ₹3 per litre and reduced it to zero for diesel, while imposing a windfall tax of ₹21.5 per litre on diesel exports. Aviation Turbine Fuel (ATF) now carries a revised excise duty of ₹50 per litre, with exemptions lowering the effective burden to ₹29.5 per litre. These steps reflect India’s balancing act between safeguarding domestic supply, supporting industry, and managing revenue amid global energy volatility.
India Restricts Precious Metal Jewellery Imports from ASEAN (Economic Times)
India has imposed restrictions on imports of gold, silver, and platinum jewellery from ASEAN countries, particularly Thailand, which previously entered duty-free under the trade pact. The Directorate General of Foreign Trade (DGFT) announced that jewellery studded with pearls, diamonds, and other precious metals will now require a license, except for imports destined for Special Economic Zones (SEZs) and Export Oriented Units (EOUs) that are not sold domestically. This measure follows earlier restrictions on platinum alloys with less than 99% purity, aimed at curbing illicit imports that exploited tariff differentials between gold and platinum. With this move, all precious metal jewellery imports are now restricted, closing loopholes created by zero-duty ASEAN imports. The Most Favoured Nation (MFN) duty on these goods is 20%, while under the UAE trade pact it is 17%, but ASEAN imports had been duty-free, creating opportunities for misuse. Industry representatives noted that the new licensing regime effectively seals all gaps in India’s jewellery import policy.
