AGP Executive Report

Steel Decarbonisation: India’s small steelmakers face a costly transition, with limited access to capital and few clear pathways to cut emissions. Manufacturing Policy: India joined 14 economies in a call to address excess industrial capacity and market-distorting policies, as US-India trade talks remain stalled. Circular Economy: Andhra Pradesh signed a ₹150 crore MoU for a project to recycle one million tonnes of industrial and plastic waste a year. Telecom: Starlink says it is ready to launch in India, with 20 gateway sites built, but still awaits government clearances. Logistics: Brookfield’s US$444 million acquisition of ESR India warehouse parks adds a major investor to the country’s industrial and logistics property market. Energy Storage: India’s battery storage needs could reach 236 GWh by FY32, requiring an estimated ₹3.49 trillion in investment. Business Activity: September manufacturing and services surveys showed expansion, with manufacturing PMI reaching a seven-month high.

Monetary Policy: The RBI raised its policy rate by 25 basis points for the first time since 2023, while lifting its FY27 growth forecast to 7.1%; inflation remains a concern. Manufacturing: FICCI’s Q2 survey found output, demand and hiring improving, with 95% of firms reporting stable or higher production. Steel output rose 3.4% year on year in September. Pharma: Aragen opened a Hyderabad facility for developing and manufacturing high-potency drugs, including oncology treatments. Energy Storage: India’s battery storage needs could reach 236 GWh by FY32, requiring an estimated ₹3.49 trillion in investment. Infrastructure & SMEs: A new integrated transport and logistics authority and a ₹10,000-crore SME fund aim to strengthen multimodal planning and support manufacturing-focused businesses. Shipbuilding: Hindustan Shipyard launched the Navy’s first fleet support ship and upgraded facilities to build larger vessels, boosting domestic shipbuilding capacity.

Semiconductors & Chemicals: Sumitomo Chemical signed an India MoU to study stable supply of semiconductor materials, including a possible chemicals facility, as Tata Electronics builds the country’s first front-end fab. Trade & Economy: World Bank lifted India’s FY27 growth forecast to 7.1% on resilient domestic demand and exports; at the same time, India-US trade talks hit a “plateau” with limited room for concessions. Aviation & Defence: Civil Aviation Minister Naidu said India could make a made-in-India civilian aircraft within two years; Defence Minister Rajnath launched the indigenous fleet support ship ‘Surya’ and flagged a second Shakti engine line in Koraput. Food & Consumer Regulation: Delhi HC stayed FSSAI’s “energy drink” label ban for PepsiCo and Monster (existing stock can be sold); Reliance also got relief in the Campa case. Shipping & Security: India condemned projectile attacks in the Strait of Hormuz injuring 11 Indian crew; it also reiterated calls to stop targeting commercial shipping. Logistics & Industry: Cabinet cleared the Integrated Transport & Logistics Authority and a ₹10,000-crore SME growth fund; Blue Dart and NCRTC inked an MoU to explore express parcel movement on the Delhi-Meerut Namo Bharat corridor. Renewables & Manufacturing: Sangam India secured 5 MW captive renewable power via a stake in CGE II Hybrid Energy; Godrej Consumer Products expanded in Indonesia with a new Kendal plant.

India–Switzerland Diplomacy: PM Modi said India and Switzerland will work for global peace and stability, trusted supply chains, defence production cooperation and nuclear energy ties as President Guy Parmelin visited New Delhi. Legal/Consumer Protection: Delhi High Court stayed FSSAI’s order against Reliance Consumer Products to drop the “Energy Drink” tag for Campa, citing lack of a show-cause notice; it also flagged “tip of the iceberg” concerns over Axis Bank arbitrations handled by one sole arbitrator and asked RBI to caution banks. Transport & Logistics Push: Cabinet cleared the Integrated Transport & Logistics Authority (ITLA) to unify multimodal planning and appraise projects, alongside an Rs 10,000 crore SME growth fund. Aviation Expansion: Air India Express plans 40+ new routes for Winter 2026, lifting flights to ~4,100 weekly; Navi Mumbai airport adds cheaper electric bus and shuttle options. Shipping Security: India condemned a projectile strike on a Panama-flagged vessel in the Strait of Hormuz that injured 11 Indian crew; India urged immediate cessation of attacks on civilian shipping. Energy/Industry: Rooftop solar push highlights PM Surya Ghar momentum; Cygni Energy and Indus Towers ink MoUs for telecom BESS; Fujifilm India appoints Rashmika Mandanna for imaging solutions. Economy Signals: HSBC PMI showed India’s services growth hit a 3-month high in September on stronger domestic demand.

India–Switzerland Diplomacy: PM Narendra Modi hosted Swiss President Guy Parmelin in New Delhi, agreeing on cooperation for global peace amid Ukraine and West Asia tensions, plus steps to deepen trade, defence production, nuclear energy ties, and reforms in global institutions. Mobility & Trade Pacts: India and Switzerland signed a migration and mobility partnership, a young professionals exchange, and deals to expand Swiss market access and boost transport and mobility collaboration. AI in India: Anthropic enabled in-country inference for Claude via Amazon Bedrock, aiming to meet data-residency needs for regulated enterprises. Telecom Scale-Up: TRAI said India’s internet subscribers crossed 1.09 billion in FY26, with wireless data use up nearly 25%. Urban Infrastructure: Mumbai BMC proposed a stricter trenching and reinstatement policy, including 5x penalties for unauthorised digging and longer road defect liability. Power & Industry Orders: L&T bagged power transmission orders across Saudi Arabia, UAE and India. Energy Imports: Oman replaced the US as India’s top LNG supplier in September as overall LNG imports fell 14% month-on-month. Markets & Growth: Tata Sons flagged energy security and advanced manufacturing jobs as key to sustaining long-term growth.

Food Safety & Consumer Protection: FSSAI ordered an immediate recall of Everest pre-packed cumin powder after pesticide residues were found “unsafe”, and suspended Creative Bakers’ licence; it also flagged a Nestle low-fat dairy whitener sample as “unsafe/substandard”. Capital Markets: SEBI chief Tuhin Kanta Pandey warned investors against anonymous tips, finfluencers and “guaranteed” returns as demat accounts surge. Elections & Governance: The Supreme Court asked for replies on a plea alleging unilateral CEC decisions in the SIR process, and said it never approved changes to Form 6, seeking records on who modified it. EV Infrastructure (Delhi): MHI approved 382 sites for Delhi’s EV charging network; tendering for the first 160–180 sites is next. Power & Renewables: L&T won multiple EPC orders across India and the Middle East; UltraTech commissioned 116.55 MW wind and 10 MW WHRS, taking green capacity to 2,024 MW. Energy Logistics: India’s LNG imports fell 14% in September; Oman topped as supplier. Trade & Industry: India probes soybean imports declared from Niger over possible mislabelling to dodge tariffs; NCEL signed an MoU with Sri Lanka’s co-ops to facilitate essential food supplies. Real Estate (Mumbai): VB Group targets INR 7,200 cr topline from new projects across Versova, Santacruz, Dadar and Thane.

Insurance Regulation: A survey finds nearly 70% of Indian insurance buyers back IRDAI’s proposed caps on commissions to intermediaries, with 8 in 10 also wanting upfront disclosure of commission amounts before purchase. Tax Reform: GST Council is set to consider “GST 2.0” compliance changes, including easier registration for small e-commerce sellers using platform warehouses and steps to cut low-value disputes. Clean Energy IPOs: Inox Clean Energy has filed for an IPO of up to ₹100 bn to fund growth in solar and wind, aiming to repay debt and tap renewed primary-market interest. Real Estate Finance: National Housing Bank has launched a forensic audit into SRG Housing Finance over alleged fictitious loans and manipulated repayment records. Food Safety: FSSAI suspended a confectionery licence and ordered a nationwide recall of unsafe packaged cumin powder; it also flagged a dairy whitener as unsafe/substandard. Healthcare Access: Nearly half of India’s medical colleges (44.5%) failed to set up NMC disability “Enabling Units,” per an affidavit. Energy & Industry: Telangana is poised to benefit from Green Energy Corridor Phase-III, targeting major renewable and battery-storage additions. Urban Infra: MMRDA plans pedestrian bridges to improve safety and reduce road-level crossings near Mumbai Metro 7. Trade & Geopolitics: Jaishankar said India is discussing Black Sea shipping safety, grain and energy exports with both Russia and Ukraine, while reiterating India’s distinct NPT stance from Iran.

Deepwater Gas Pricing: India raised the ceiling for gas from difficult fields to $9.89/MMBtu for Oct 1, 2026–Mar 31, 2027, with KG-D6 (Reliance-BP) among key beneficiaries, while legacy ONGC/OIL gas remains capped at $7. EV Charging Rollout: MHI approved 382 sites for Delhi’s EV charging network; a tender is set for the first tranche of 160–180 high-readiness locations. Industrial Pulse: IIP data shows apparel production contracting (down 7.4% in Aug; -5.6% in Apr–Aug), even as textiles grow (up 13.1% in Aug). AI Safety Debate: Experts urge India to craft a homegrown AI safety framework for deepfakes, cyberattacks and governance gaps, using a techno-legal approach. Energy Security & Trade: Former Singapore FM George Yeo says India and China are better placed for Hormuz-linked shocks via diversified sourcing and stockpiles, and India may keep buying some Russian oil. Shipping/Logistics: India-backed project cleared nearly 198,000 sq m of mine-contaminated land in Cambodia under the Mekong-Ganga Cooperation. Consumer Watch: Delhi consumer panel ordered Swiggy and a restaurant to pay ₹1 lakh over misleading buffet pricing.

Maritime & Shipping: Union Ports Minister Sarbananda Sonowal backed Shipping Corporation of India’s push for a self-reliant, globally competitive fleet, citing SCI’s role during the Strait of Hormuz and urging it to lead shipbuilding ambitions. Newbuild Orders: Great Eastern Shipping agreed to buy a 157,000 DWT Suezmax newbuild, with delivery expected between Oct 2028 and Mar 2029, funded internally. Corporate & Finance: Bank of India reported strong Q2 FY27 growth, with global business crossing ₹18.9 lakh crore; OnEMI Technology Solutions posted a Q2FY27 update showing user base and AUM growth. Metals & Power: Hindustan Zinc logged record mined and refined output in 2QFY27; Vedanta’s power, oil & gas, and aluminium units reported record Q2/half-year operational momentum. Consumer Disputes: Delhi consumer panel ordered Swiggy and a restaurant to pay ₹1 lakh over a misleading “cost for two” buffet listing. Regulatory/Tech: Apple removed Jack Dorsey’s offline app Bitchat from India’s App Store after a MeitY order. Industrial Safety: A minor fire at Filatex India’s Dahej plant caused no production loss and was brought under control quickly.

Power & Energy Tech Tie-up: PrudenTech Power Technologies and Gita Power Infrastructure ink a pan-India partnership to build C&I power procurement intelligence, AI-enabled trading, renewable integration and BESS optimisation, plus derivatives analytics and exchange-grade matching engines. Industrial Policy Push (West Bengal): The state’s GoM clears a draft industrial policy aimed at attracting investment and backing MSMEs, with focus on AI, semiconductors and data centres; it now heads for chief secretary vetting and Cabinet approval. Food Safety Crackdown (Delhi): FSSAI orders a halt on substandard dairy whitener sales after lab findings deem the product unsafe; it also proposes tighter rules on “paneer” analogue products. Fuel Prices Watch: Nayara Energy raises petrol by ₹5/litre and diesel by ₹3/litre across 7,000+ pumps, citing higher global crude and refined-product costs and retail margin pressure. Infrastructure Update (Ahmedabad): NHSRCL completes a 480-metre Sabarmati River bridge for the Mumbai-Ahmedabad bullet train corridor. Waste & Water Stress (Delhi/Mumbai): Delhi CM Rekha Gupta says landfill garbage mountains are shrinking, with 100 acres reclaimed and legacy waste largely processed; in Navi Mumbai, water cuts continue as rainfall stays weak. Defence Procurement: IAF chief says India is likely to finalise the 114 Rafale deal by FY27-end if talks stay on track. E-waste Drive (Wayanad): Kerala targets making Wayanad e-waste-free by Nov 1, collecting 31 tonnes from government offices in phase one.

Agriculture Innovation: Punjab Agricultural University’s new kharif urdbean (black gram) variety, Mash 878, has been approved for commercial cultivation across India’s North West Plain Zone, aiming to boost protein-rich dal output while tackling disease risks like Yellow Mosaic Virus. Anti-Corruption & Infra: CBI arrested five, including a CPWD executive engineer, in a Wadala NOC bribery case, recovering Rs 50 lakh and finding more during searches. Power & Industry Deals: NCLT approved GE Power India’s demerger of its Durgapur thermal equipment business into JSW Energy, clearing transfer of thermal power assets. Energy Transition: ADF Foods will install a 950 KWp rooftop solar plant at its Surat facility to meet about 46% of energy needs on-site. Capital Markets: Carlsberg India got SEBI nod for confidential IPO pre-filing; TCS will take over Best Buy’s India GCC to build an AI-native capability centre. Banking: Union Bank of India reported strong Q2 FY27 growth in advances and deposits. Trade & Diplomacy: Canada’s trade minister will lead a ~300-member mission to India for CEPA talks; India and Kazakhstan urged moving from discussions to concrete AI, digital and trade projects. Retail & Payments: Traders observed “No UPI Day” over MDR concerns, while Delhi consumer court ordered Swiggy and a restaurant to pay Rs 1 lakh for misleading “cost for two” pricing. Public Health: Delhi saw dengue and malaria cases nearly triple since August, with MCD reporting a sharp rise in September.

Green Energy Corridor-III: India has approved the $19.3 billion Green Energy Corridor Phase III, adding 50GWh battery energy storage to cut renewable curtailment and strengthen the grid. Energy Policy: The government also proposes tougher penalties for petroleum licence offences while decriminalising “regulatory” breaches via a civil-penalty regime. Industrial AI: Infinite Uptime is moving manufacturing AI from alerts to validated outcomes through an expanded collaboration with Microsoft. AI Infrastructure: SentraForge AI, backed by GVPR, is planning a 120 MW sovereign AI infrastructure project in Odisha with ₹22,634 crore investment. Power Equipment: TARIL won a large DVC order for 500 MVA and 200 MVA auto transformers, with execution over 15–28 months. Trade Diplomacy: Piyush Goyal says India has no structural excess manufacturing capacity at G20 and pushes WTO-compliant action on forced labour; India-US talks remain in “short strokes,” with no imminent deal. Aviation Safety: India will review aviation security protocols after the flydubai cockpit attack involving Captain Smit Machchhar. Markets/Jobs: SSC released proposed exam dates for JE, Delhi Police SI and CHSL for Nov–Dec 2026.

E-commerce Compliance: Amazon and Flipkart have started reviewing security camera listings on India platforms after reports of unlicensed models; products without Bureau of Indian Standards approval are set to be removed, tightening cybersecurity and espionage-risk controls. Air Quality Tech: Delhi CM Rekha Gupta inaugurated an AI-enabled Integrated Command and Control Centre for real-time pollution monitoring, hotspot detection and GPS-tracked enforcement at construction sites and other sources. Trade Talks: India and Australia pushed to expedite CECA and review ECTA progress for duty-free access, while India-US trade negotiations are in “short strokes” with Modi and Trump likely to speak again soon. Energy Transition: Cabinet cleared Green Energy Corridor Phase-III to build intra-state transmission plus 50 GWh battery storage to evacuate up to 135 GW renewables by FY2032-33. Food & Safety: India’s food market is growing fast, but regulators are also intensifying food safety raids and front-of-pack warning label moves. Manufacturing Pulse: HSBC PMI rose to 55.1 in September, signaling the strongest factory improvement in seven months. Auto & Logistics: Truck and tipper sales jumped in September on mining demand, while Nissan dispatches crossed 10,000 units on festive and export momentum.

Tariff Watch: India is considering cutting import duties on pulses to cool prices after a patchy monsoon, with any relief likely focused on lentils and yellow peas. Renewables & Storage: Adani Green Energy commissioned expanded BESS capacity to 6.63 GWh at Khavda, while Actis launched Leo Energies targeting 3 GW+ of wind/solar/BESS. Policy Push: The Cabinet approved Green Energy Corridor Phase-III (₹1.86 lakh crore) to evacuate up to 135 GW RE, including 50 GWh BESS. Auto Industry: India notified CAFE III fuel-efficiency norms from April next year, allowing multiple powertrain routes; JSW MG Motor India reported 19% YoY growth in September and started deliveries of the Hector Tomahawk EV. Manufacturing Pulse: HSBC PMI showed India’s factory growth hit a seven-month high in September on stronger orders and hiring. Trade & Compliance: India revised anti-dumping duties on jute goods from Bangladesh and Nepal; Amazon and Flipkart began checking and removing unapproved security camera listings. Energy Access: Centre launched National PNG Drive 3.0 to add 50 lakh new PNG connections and conversions. Markets: Accel-backed Moneyview’s IPO debut valued it above $1b, while IRDAI insurance distribution reforms drew industry calls for a phased rollout.

Energy Security: A former diplomat warns India’s crude, LNG and LPG dependence—and parts of its renewables supply chain still reliant on China—makes disruptions around the Strait of Hormuz a direct risk to energy security and strategic autonomy. Green Power Grid Build: The Union Cabinet cleared the ₹1.86 lakh crore Green Energy Corridor Phase-III, targeting evacuation of up to 135 GW renewables by 2032-33 with 50 GWh BESS to cut curtailment and congestion. India-US Business Push: PM Modi and US President Trump held a “productive” call on trade, defence, energy and critical tech as India seeks an interim US deal; Commerce minister Piyush Goyal also urged American manufacturers to co-invest in advanced manufacturing. Manufacturing Momentum: India’s formal manufacturing sector grew—GVA +9.6% and industrial output +7.8% in 2024-25—adding 1.4 million jobs. Payments & Consumer Tech: Apple Pay launched in India via Axis Bank, while iPhone 18 Pro demand reportedly jumped nearly 20%. Logistics & Trade: A Taiwan-based shipping line launched a weekly service to Mombasa, and rail logistics is being pitched as the next multimodal freight lever for exports. Policy & Regulation: TRAI’s 5G slicing rules sparked a clash between telcos and consumer groups over coverage and service-quality benchmarks.

Renewables & Grid Buildout: Cabinet clears Green Energy Corridor Phase-III to evacuate up to 135 GW RE, with Rs 1.86 lakh crore outlay and 50 GWh BESS support, while NPTI inaugurates the PRISM smart/micro-grid emulation centre in Delhi to train power and renewable engineers. Wind M&A: KPI Green Energy signs binding offer to buy Alfanar Energy and Netra Wind for ~₹2,410 crore, adding 507.9 MW operational SECI-contracted wind in Gujarat’s Kutch. Energy Storage for Telecom: Replus Engitech and Indus Towers plan 1.5 GWh BESS capacity over two years for telecom infrastructure, including exploration of sodium-ion batteries. Solar Manufacturing: India’s DCR-compliant solar module production hits 17.87 GW and sales 16.99 GW, per NISE portal data. Policy & Markets: India’s registered manufacturing output grows 7.81% in FY25 and jobs rise 7.19% (ASI). Finance: SBI buys ~40% of Reliance’s $1.35 bn 10-year debt sale. Consumer Tech & Payments: Apple Pay launches in India with Axis Bank credit cards (Visa/Mastercard), enabling tap payments without PIN/OTP. Regulatory Watch: Tax notice flags Haier, Godrej & Blue Star for failing to detect fake e-waste recycling claims. Industry Orders: CSML bags ~₹40 crore order for India’s largest family entertainment centre; Action Construction Equipment gets MoD order for 4X4 backhoe loaders.