Sources told ANI that the Union Cabinet is expected to approve on Wednesday a Rs 7,000-crore incentive scheme aimed at boosting domestic production of rare earth magnets. The seven-year scheme is designed to cut India’s reliance on imported critical minerals and strengthen supply chains for advanced manufacturing. The initiative is likely to support the development of nearly 6,000 tonnes of rare earth magnet production capacity. These magnets are vital for electric vehicles, electronics, wind turbines, defence systems, and other high-tech industries.
According to sources, the Finance Ministry has already cleared the proposal, enabling the Cabinet—whose meeting began today at 12:30 pm—to consider it. The Ministry of Mines has drafted the scheme with an emphasis on attracting both global and domestic companies, increasing value addition within India, and ensuring long-term access to strategic materials.
India currently depends heavily on Chinese rare-earth permanent magnet imports. The new incentive programme aims to spur investment in processing, refining, and magnet-making capabilities, which are currently limited in the country. Sources added that the scheme supports the government’s broader goal of strengthening critical mineral supply chains and boosting technological self-reliance in emerging sectors. The Cabinet is expected to give its approval soon.
Disclaimer: This image is taken from ANI.
India and Canada have agreed to restart negotiations for a Free Trade Agreement (FTA), aiming to boost bilateral trade to $50 billion by 2030, Commerce and Industry Minister Piyush Goyal said. Speaking at an event on Monday, Goyal described the FTA, or Comprehensive Economic Partnership Agreement (CEPA), as a strategic initiative reflecting the trust between the two nations. He added that the agreement would enhance confidence among investors and businesses on both sides.
“We have agreed to begin high-ambition CEPA negotiations and aim to double trade between our countries by 2030,” Goyal said, noting that India and Canada are natural allies rather than competitors. He highlighted that the complementary strengths of both countries could benefit businesses and investors. Goyal pointed out potential areas of collaboration, including critical minerals, processing technologies, and nuclear energy, particularly uranium supplies, while emphasizing opportunities to diversify supply chains.
Negotiations for an India-Canada FTA were paused in 2023 after tensions arose following former Prime Minister Justin Trudeau’s allegations linking India to the killing of Hardeep Singh Nijjar, which India dismissed as “absurd.” Earlier, in March 2022, both countries had relaunched talks through an Early Progress Trade Agreement (EPTA), and more than half a dozen negotiation rounds have been held so far.
Typically, such trade agreements aim to reduce or remove customs duties on traded goods, liberalize service trade, and attract investment. India’s exports to Canada rose 9.8% to $4.22 billion in 2024-25 from $3.84 billion in 2023-24, while imports fell 2.33% to $4.44 billion from $4.55 billion during the same period.
The renewed engagement follows talks between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at the G7 summit in Kananaskis, Canada, in June. Bilateral trade in goods and services between the two nations totaled $18.38 billion in 2023, with around 2.9 million people of Indian origin and over 427,000 Indian students residing in Canada.
Disclaimer: This image is taken from PTI.
Exporters believe the government’s two recently approved schemes, worth a total of ₹45,000 crore, will help the industry overcome persistent challenges such as limited access to affordable finance, complex compliance procedures, and weak branding. The Export Promotion Mission (₹25,060 crore) and the Credit Guarantee Scheme (₹20,000 crore) are expected to strengthen India’s export ecosystem and boost its global competitiveness.
According to Sanjay Budhia, Chairman of CII’s National Committee on Exports and Managing Director of Patton International Ltd, these initiatives aim to empower MSMEs, first-time exporters, and labour-intensive sectors, building resilience in a volatile global trade environment. He noted that by combining financial and non-financial support, the schemes address long-standing hurdles and open new opportunities for smaller enterprises. Budhia added that digital integration with existing trade systems will simplify procedures, reduce paperwork, accelerate disbursals, and improve coordination.
A. Sakthivel, Vice Chairman of the Apparel Export Promotion Council (AEPC), shared a similar view, saying the initiatives will improve access to finance, enhance market preparedness, strengthen the export ecosystem, and generate large-scale employment—giving a strong push to India’s export growth.
S. C. Ralhan, President of the Federation of Indian Export Organisations (FIEO), said the Export Promotion Mission ensures continuity and flexibility to adapt to global trade dynamics. He added that the Credit Guarantee Scheme will particularly benefit MSMEs by facilitating collateral-free loans and improving liquidity at a crucial time.
Disclaimer: This image is taken from Bloomberg.
External Affairs Minister S. Jaishankar met Canadian Foreign Minister Anita Anand on Tuesday (local time) on the sidelines of the G7 Foreign Ministers’ Meeting in Niagara, where they reviewed progress in bilateral cooperation under the India-Canada Roadmap 2025. In a post on X, Jaishankar said he was pleased to meet Anand, congratulating her on hosting the G7 meeting and appreciating the ongoing implementation of the New Roadmap 2025. He added that he looks forward to strengthening the bilateral partnership further.
Their meeting follows last month’s discussions in India, where both ministers agreed on a New Roadmap for India-Canada relations based on shared democratic values, respect for sovereignty, and the rule of law, according to the Ministry of External Affairs. During his visit to Canada, Jaishankar also held talks with his counterparts from South Africa, Mexico, France, Germany, and Brazil, as well as with Saskatchewan Premier Scott Moe, to boost cooperation across multiple sectors.
He met South African Foreign Minister Ronald Lamola and Mexican Foreign Minister Juan Ramon de la Fuente, focusing on trade, health, pharmaceuticals, and technology. With Premier Moe, discussions centred on collaboration in energy, food, and fertilisers. Jaishankar also met German Foreign Minister Johann Wadephul to advance India-Germany strategic ties and discuss developments in West Asia, Afghanistan, and the Indo-Pacific. His talks with French Foreign Minister Jean-Noël Barrot and Brazilian Foreign Minister Mauro Vieira covered strengthening partnerships in trade, investment, health, and technology.
Jaishankar is in Canada from November 11 to 13 to attend the G7 Foreign Ministers’ Meeting with Outreach Partners at the invitation of Canada’s Foreign Minister. India’s participation underscores its commitment to working with global partners on shared challenges and amplifying the Global South’s voice in international forums. The G7 meeting includes foreign ministers from Canada, France, Germany, Italy, Japan, the UK, the US, and the EU, along with outreach nations such as India, Australia, Brazil, Saudi Arabia, Mexico, South Korea, South Africa, and Ukraine.
Disclaimer: This image is taken from X/@DrSJaishankar.
The Bank of England proposed allowing major stablecoin issuers to invest up to 60% of their reserves in short-term government debt, easing its earlier stance. Only 40% of assets would need to be held with the BoE, down from a previous proposal of 100%. The new rules mark progress toward the UK’s stablecoin framework, with temporary limits on holdings and potential central bank liquidity support. Stablecoins mainly used for crypto trading will remain under FCA oversight.
Disclaimer: This image is taken from Reuters.
From April's "Liberation Day" to the end of the year, tariff changes have produced distinct winners and losers, along with a long list of countries still under close examination. Some nations hit hardest by the tariffs have managed to mitigate the impact by shifting supply chains and negotiating strategic side agreements. As global trade patterns adjust, new beneficiaries are starting to emerge. The wave of bilateral agreements expected in 2026 could once again alter the global landscape. Andrea Heng and Susan Ng discuss the year's developments with Chris Humphrey, Executive Director of the EU-Asean Business Council.
Disclaimer: This Podcast is taken from CNA.
China has lifted its ban on approving exports of “dual-use items” — including gallium, germanium, antimony, and super-hard materials — to the United States. Originally imposed in December 2024, the suspension will remain in effect until 27 November 2026. Daniel Martin discusses the matter with Malminderjit Singh, Founder and Managing Director of Terra Corporate Affairs.
Disclaimer: This Podcast is taken from CNA.
Singapore plans to update its “30 by 30” food sustainability goal with new, more specific targets as part of a refreshed food resilience strategy. Under the new plan, local farms are expected to produce 20 percent of the nation’s fibre and 30 percent of its protein needs by 2035. Hairianto Diman and Rani Samtani discuss the practicality of meeting these goals with Luke Tay, Founder of Cornucopia FutureScapes.
Disclaimer: This Podcast is taken from CNA.
On Open For Business’ daily market review, Andrea Heng discusses the latest insights with Heng Koon How, Head of Markets Strategy for Global Economics and Markets Research at UOB.
Disclaimer: This podcast is taken from CNA.
