Morning Brief: India Plans More Import Duty Cuts To Placate Trump; Over 33 Per Cent Of India's Highways Now 4-Lane Or Above; Market Rebounds Despite US Tariffs; And More

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India Plans More Import Duty Cuts To Placate Trump

India is considering another round of import duty cuts before April 2, ahead of US President Donald Trump's expected reciprocal tariff announcement. The government is preparing a list of US-specific products for duty reductions on a most favoured nation (MFN) basis, ensuring the benefits apply broadly.

The list may include electronics, chemicals, plastics, aircraft, parachutes, and cruise ships, which currently face duties of 7.5-10 per cent. Recent cuts have already been made on items like bourbon whiskey, scrap, and motorcycles. A final decision will be taken at the highest levels after reviewing progress on the India-US Bilateral Trade Agreement.

Over 33 Per Cent Of India's Highways Now 4-Lane Or Above

The share of four-lane and above national highways in India has risen to over 33 per cent in the last decade. The proportion of single-lane and intermediate-lane highways has decreased by 52 per cent due to higher budgetary allocations and a push for multi-lane expansion.

Out of the 1.46 lakh km national highway network, 48,430 km consists of four-lane and above roads, while single-lane and intermediate-lane highways have been reduced to 13,000 km, or 9 per cent of the total. Two-lane highways remain the largest category, covering 84,774 km or 58 per cent of the network.

Market Rebounds Despite US Tariffs

The market staged a strong recovery on Thursday (27 March), with the Sensex rising 317 points to close at 77,405 and the Nifty 50 gaining 105 points to settle at 23,592. Early losses, triggered by US President Donald Trump’s 25 per cent tariff on imported automobiles and auto parts, initially dampened sentiment but were later offset by renewed investor confidence.

Auto stocks bore the brunt, with Tata Motors plunging 5.47 per cent and Sun Pharma slipping 1.40 per cent, while Hero MotoCorp managed a 3.13 per cent gain. Foreign Institutional Investors (FIIs) played a crucial role in the turnaround, buying Rs 21,377 crore worth of shares over five sessions.

Other Developments

Mamata Banerjee Faces Protests At Oxford

West Bengal Chief Minister Mamata Banerjee was heckled by protesting students during her speech at Kellogg College, Oxford University, on Thursday. The protesters raised issues of post-poll violence and the RG Kar College scandal, but Banerjee responded calmly, telling them to strengthen their party in Bengal if they wanted to challenge her. The audience, though initially shocked, applauded her response, and the protesters were forced to leave.

Banerjee was in London for trade and industry meetings and was invited to speak on social development. In her speech, she highlighted her government's welfare schemes like 'Swasthya Saathi' and 'Kanyashree.'

Canada’s New PM Uses US Rift To Boost Party Ahead Of Polls

Canadian Prime Minister Mark Carney has said that the era of deep economic and security integration with the United States is over. Speaking in Ottawa, he urged Canadians to "fundamentally reimagine" their economy in response to US President Donald Trump's tariffs. Carney announced that Canada would impose retaliatory tariffs.

Trump has introduced a 25 per cent tariff on imported vehicles and parts, calling it "permanent," alongside existing duties on aluminium, steel, and other Canadian goods. The dispute has politically benefited the ruling Liberal Party, which was trailing the Conservatives but has now gained a slight lead as the election campaign kicks off, with the New Democrats positioned as a likely ally in a hung parliament.

Putin Wants Fresh Ukraine Elections Before Peace Deal

Russian President Vladimir Putin has proposed the establishment of a temporary UN-supervised government in Ukraine to oversee new elections, arguing that peace talks should be held with a regime “trusted by the people.” He stated that legitimate agreements to end the three-year-long war could only be signed with a new administration, indirectly dismissing President Volodymyr Zelenskyy’s authority.

Questioning Zelenskyy’s legitimacy, Putin claimed that Ukraine’s current leadership is illegal since no elections were held after his term ended in May 2024. He reiterated that Russia sees no valid negotiation partner in Kyiv.

US TikTok Ban Likely As Republican Rejects ByteDance Stake

US House Republicans oppose any TikTok divestiture deal that allows China's ByteDance to retain a stake, even as President Donald Trump appears open to such an arrangement. Michigan Republican John Moolenaar stated that any deal keeping ByteDance involved would violate US law and pose a security risk. Reports suggest a proposed deal where ByteDance keeps a stake while Oracle oversees data collection and software updates.

The White House is leading negotiations, but Trump has not explicitly stated his stance on ByteDance’s involvement. Instead, he has emphasised saving TikTok and even suggested lowering tariffs on China to secure Beijing’s support, while also leaving room to extend the April 5 sale-or-ban deadline.

From The States

Uttar Pradesh: Meerut Bans Eid Namaz On Streets

Police in UP's Meerut have restricted this year’s Eid namaz to designated places such as mosques and the ground at Faiz-e-Aam inter college. It has warned that violators would face legal action, including FIRs, arrests, and the cancellation of passports and driving licences. A large security deployment, including drones, video surveillance, has been put in place to monitor key areas.

Reacting to the police advisory, RLD leader and NDA minister Jayant Chaudhary posted a cryptic comment on social media, writing: "Policing Towards Orwellian 1984!" His remark was widely interpreted as a reference to George Orwell’s novel, which describes a state maintaining absolute control over its citizens.

Karnataka Hikes Nandini Milk By Rs 4 Per Litre

Karnataka will increase Nandini milk prices by Rs 4 per litre from April 1, Cooperation Minister K N Rajanna announced on Thursday. The hike comes after pressure from milk federations and farmers, who initially sought a Rs 5 increase. The Minister stated that the entire Rs 4 hike would go to farmers.

The Karnataka Milk Federation (KMF), which markets dairy products under the 'Nandini' brand, had previously hinted at a price revision. In 2024, KMF raised prices by Rs 2 per packet while increasing the quantity by 50ml, maintaining that it was not a price hike.

J&K: Three Policemen, Two Terrorists Killed In Kathua Encounter

Three policemen and two terrorists were killed in an encounter in Jammu’s Kathua district on Thursday. While no official confirmation has been given, sources said the deceased policemen, including a selection grade constable, were PSOs of the SDPO Border.

The terrorists, suspected to have crossed from Pakistan, were first spotted by a local couple collecting firewood near the International Border on Sunday evening. Since then, security forces led by J&K DGP Nalin Prabhat have been conducting intensive search operations across the Hiranagar sector.

You’re all caught up—until next time.