On self-reliance: Policy Updates
This week, read up on India and the US tariffs, the amendments to Punjab’s mining policy, self-reliance policy and India’s steel imports, and RBI’s first meet of FY26.
India-USA Bilateral Trade Agreement
Following President Trump’s Tariff imposition, India is likely to continue to navigate a bilateral trade relationship with the USA. In addition to the 10% baseline tariff that is applicable to all countries, a 26% duty will also be implemented for India from April 9 (Wednesday), with a few exceptions. The exceptions include pharmaceutical products, semiconductors, copper, gold, and more. India aims to strike a balanced trade deal to reduce the imposed duties, possibly reducing tariffs on products in order to get concessions from the USA. While the rest of the world contemplates their trade strategy regarding the USA, more than 50 countries have contacted the USA hoping to negotiate.
Punjab’s Mining policy
Last Thursday, Punjab approved an amendment to the Punjab Minor Mineral Policy, allowing landowners with property containing sand deposits to apply for a mining lease, and sell the material at an open market per the government’s notified rates. The amendment is expected to curb illegal transportation of material from other states, and increase the availability of crushed sand and gravel in the market.
Steel imports and self-reliance
The Domestically Manufactured Iron & Steel Products (DMISP) Policy (2025) has been announced by the Centre to restrict rising steel imports and promote self-reliance. The policy warrants exclusive use of homegrown Indian steel in government contracts, and aims to protect domestic steel manufacturers from foreign competition. This is applicable to government ministries, PSUs, trusts, and statutory bodies. A Standing Committee will oversee the compliance checks, grievance redressal and grant exemptions.
RBI’s Monetary Policy Committee to hold first meet of FY26
From Monday, the Reserve Bank of India will be conducting its first meeting of the financial year as it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators.
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