domestic production

Commerce Minister Piyush Goyal urged industry to identify import-dependent products for domestic manufacturing, aiming to boost local production and exports. He highlighted India's export growth to $863.11 billion and set a $1 trillion target for the current year, emphasizing quality, competitiveness, and scale. Goyal also stressed the importance of Swadeshi and value addition in agri-exports.

India has blocked China's request for a World Trade Organization (WTO) dispute settlement panel concerning New Delhi's support for its solar and IT sectors. China alleged that India's measures discriminate against its goods, violating WTO provisions. India rejected these claims, asserting its measures align with WTO rules.

Bengaluru-based Scapia, a travel-fintech innovator, has secured $63 million in a funding round led by General Catalyst. This capital infusion will fuel the expansion of its integrated travel and financial services, including co-branded credit cards and AI-driven product development. The company aims to enhance user experience across bookings and payments, with domestic travel bookings showing significant growth.

Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament on February 1, 2026 with a focus on driving economic growth and making India a developed country by 2047, under the Viksit Bharat vision.

In a momentous celebration of faith and storytelling, Mel Gibson's two-part biblical epic, 'The Resurrection of the Christ,' wrapped up filming in Italy, marking a milestone in cinematic history. Following in the steps of 'The Passion of the Christ,' these films are scheduled for release on May 6, 2027, and May 25, 2028.

India's defence sector achieved a significant milestone with the successful final trials of the Unmanned Aerial Vehicle Launched Precision Guided Missile (ULPGM)-V3. Developed entirely domestically, the missile demonstrated potent anti-tank and air-to-air capabilities, bolstering India's self-reliance in defence production and marking a strategic advancement for the nation's indigenous defence ecosystem.

India's defence self-reliance receives a significant boost as DRDO successfully completes final trials for its unmanned aerial vehicle launched precision guided missile (ULPGM)-V3. Developed entirely within the Indian defence ecosystem, the missile is ready for mass production, confirming a mature domestic supply chain.

Fresh US intelligence suggests Iran has resumed military production, including drones, much sooner than anticipated, raising concerns about its rapid arsenal regeneration. Tehran's strategy of decentralized manufacturing and reliance on commercially available components allows for swift replenishment of weapons like Shahed drones and Fateh missiles, even after recent strikes.

Bokaro Steel Plant has achieved a significant milestone by obtaining Lloyd's Register certification for its indigenous shipbuilding steel grades. This crucial approval bolsters India's self-reliance in strategic steel production, marking a breakthrough for the nation's maritime and shipbuilding sectors. The plant successfully navigated stringent international welding norms and quality standards.

Uday Kotak, founder of Kotak Mahindra Bank, urged India to reduce its reliance on foreign capital and cultivate a robust domestic pool of long-term risk capital for true self-reliance. He emphasized that companies should prioritize building businesses with a three-to-five-year vision over short-term stock price fluctuations, advocating for stronger domestic private equity and venture capital ecosystems.

India has banned sugar exports until September 30 to control domestic prices amid fears of lower production. This move is expected to impact global supplies and boost international rates. While some shipments already in transit will be allowed, traders face challenges fulfilling existing contracts. The decision follows concerns over weakening cane yields and potential monsoon disruptions.